Cognex Corp
cognex.comWhat Do They Do?
Sells machine-vision systems and barcode-reading products to manufacturers and distribution companies, helping automate inspection, identification, measurement and tracking of individual goods.
10-K for FY2025, filed Feb 12, 2026Founded in 1981, Cognex Corporation (the "Company” or “Cognex”) makes advanced machine vision easy, paving the way for manufacturing and…View ↗
Cognex offers a range of machine vision systems and sensors, vision software, and barcode readers designed to meet customer needs at…View ↗
Cognex industrial image-based barcode readers read 1D, 2D, label-based, and direct part mark ("DPM") codes found in nearly every industry…View ↗
How Do They Make Money?
Customers pay for standard products when shipped or delivered, and for application-specific solutions when validated; service fees come in as support is provided. In the medical-lab partnership, the partner pays annual minimum software-license fees over the partnership term and received related inventory at cost.
10-K for FY2025, filed Feb 12, 2026The Company recognizes revenue when it transfers the promised goods or services to the customer. Revenue for standard products is…View ↗
Revenue for application-specific customer solutions is recognized at the point in time when the solution is validated, which is the point…View ↗
Year Ended December 31, 2025 2024 2023 Standard products and services (1) $ 880,015 $ 795,319 $ 734,140 Application-specific customer…View ↗
Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing primarily for certain…View ↗
Cognex’s service offerings represent less than 10% of our total revenue and include maintenance and support, consulting, and training…View ↗
$994.4M
-
10-K for FY2025, filed Feb 12, 2026
$994.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Standard products and services (1)
Sold outright
10-K for FY2025, filed Feb 12, 2026 |
89%
FY2022: 84%
|
Standard products and services (1), FY2025
$880M Sources
|
Sold outright |
|
Application-specific customer solutions
Sold outright
10-K for FY2025, filed Feb 12, 2026 |
12%
FY2022: 16%
|
Application-specific customer solutions, FY2025
$114.3M Sources
|
Sold outright |
|
License Fees and Transferred Inventory Revenue
Mix
|
1.3% |
License Fees and Transferred Inventory Revenue, FY2025
$13M Sources
|
Mix |
|
License Fees Revenue
Licensed
|
1.0% |
License Fees Revenue, FY2025
$10.4M Sources
|
Licensed |
Who Are Their Customers?
Manufacturers and distribution operators, including e-commerce and parcel companies, buy machine-vision products directly from Cognex or through machine builders, system integrators and other automation partners.
10-K for FY2025, filed Feb 12, 2026Founded in 1981, Cognex Corporation (the "Company” or “Cognex”) makes advanced machine vision easy, paving the way for manufacturing and…View ↗
The logistics industry demands high-speed, efficient throughput combined with end-to-end supply chain traceability. Consumers expect fast…View ↗
Market Creation and Expansion – a team focused on acquiring new customers and deepening relationships with existing accounts by promoting…View ↗
Cognex’s service offerings represent less than 10% of our total revenue and include maintenance and support, consulting, and training…View ↗
10-K for FY2025, filed Feb 12, 2026
Revenue from a single customer accounted for 15% and 10% of total revenue in 2025 and 2024, respectively. Revenue from this customer was…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 24 cents into free cash flow.
10-K for FY2025, filed Feb 12, 2026
$162.6MView ↗
10-K for FY2025, filed Feb 12, 2026
$114.4MView ↗
10-K for FY2025, filed Feb 12, 2026
$236.8MView ↗
How Are They Changing?
-
Aug 5, 2026
Cognex issued full-year growth and profitability guidance
It anticipated double-digit revenue growth and year-over-year profitability expansion.
Sources
8-K, filed Aug 5, 2026
Achieved record quarterly revenue of $291 million, driven by broad-based strength across most major end markets; second-quarter revenue…View ↗
-
May 6, 2026
Cognex completed the sale of its Japan-focused trading business
The divestiture was part of its portfolio optimization.
Sources
8-K, filed May 6, 2026
Revenue increased 24% year over year, or 21% on a constant-currency basis, exceeding expectations due to broad-based strength across major…View ↗
Flat. Revenue was $994.4M in FY2025, about the same as the $1B of FY2021.
Integrated sales model
The older report describes an Emerging Customer initiative that expanded the sales force to reach newer automation buyers. The latest report describes a broader transformation toward an integrated, data-driven sales organization, with dedicated teams and more deliberate work with systems integrators, machine builders and service partners.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 12, 2026We reach a broad base of customers through our worldwide direct sales force that sells primarily to large, strategic customers, as well as…View ↗
Beginning in 2025, we have evolved our emerging customer initiative to a comprehensive salesforce transformation strategy. While both…View ↗
The emerging customer initiative primarily emphasized adding headcount and deploying easy-to-use products through a stand-alone sales…View ↗
Our go-to-market strategy has evolved through our salesforce transformation into an integrated global organization supported by a unified…View ↗
Market Creation and Expansion – a team focused on acquiring new customers and deepening relationships with existing accounts by promoting…View ↗
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