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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


  Date of Report (date of earliest event reported)  February 4, 2026
   

Vishay Intertechnology, Inc.
 
(Exact name of registrant as specified in its charter)


Delaware
1-7416
38-1686453
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)

   
63 Lancaster Avenue
Malvern, PA
19355-2143
(Address of Principal Executive Offices)
Zip Code
 
Registrant's telephone number, including area code    610-644-1300

 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 
Title of each class
 
Trading symbol
 
Name of exchange on which registered
Common stock, par value $0.10 per share
VSH
 
New York Stock Exchange


Item 2.02 – Results of Operations and Financial Condition

On February 4, 2026, Vishay Intertechnology, Inc. issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2025.  A copy of the press release is attached as Exhibit 99.1 to this report.  

Item 9.01 – Financial Statements and Exhibits
 
(d) Exhibits

Exhibit No.
 
Description
 
 
  
 
 
   104   Cover Page Interactive Data File (embedded within the Inline XBRL document).
 



 
Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 4, 2026

 
VISHAY INTERTECHNOLOGY, INC.
  
       
 
By:
   /s/ David L. Tomlinson                                        
 
       
 
Name:
  
David L. Tomlinson
 
Title:
  
Senior Vice President – Chief Accounting Officer

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1
Exhibit 99.1



Vishay Intertechnology Reports Fourth Quarter and Full Year 2025 Results

Malvern, PA, February 4, 2026 – Vishay Intertechnology, Inc., (NYSE: VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today announced results for the fiscal fourth quarter and year ended December 31, 2025.

Highlights
•
 4Q 2025 revenues of $800.9 million
•
Gross margin was 19.6% and included the negative impact of approximately 130 basis points related to Newport
•
4Q 2025 GAAP EPS of $0.01
•
4Q 2025 book-to-bill of 1.20 with book-to-bill of 1.27 for semiconductors and 1.13 for passive components
•
Backlog at quarter end was 4.9 months

"Fourth quarter financial results capped a year of steadily improving performance.  Revenue was 1.3% higher than the third quarter, reflecting growing demand for a broad range of industrial and AI-related power applications, with growth in each channel, led by distribution.  Orders for the quarter reached a three-year high and we ended the quarter with a book-to-bill of 1.20,” said Joel Smejkal, president and CEO. ”As a result, we enter 2026 ready to take off as we push our factories to maintain competitive lead times and win our customers’ trust, push to outperform the market and push to advance our strategy to accelerate revenue growth, elevate profitability and enhance our return on capital.”

1Q 2026 Outlook
For the first quarter of 2026, management expects revenues in the range of $800 million and $830 million and a gross profit margin in the range of 19.9% +/- 50 basis points, including the negative impact of approximately 50 to 75 basis points related to Newport.

Conference Call
A conference call to discuss Vishay’s fourth quarter financial results is scheduled for Wednesday, February 4, 2026, at 9:00 a.m. ET. To participate in the live conference call, please pre-register at VSH 4Q25 Earnings Call. Upon registering, you will be emailed a dial-in number, and unique PIN.

A live audio webcast of the conference call and a PDF copy of the press release and the quarterly presentation will be accessible directly from the Investor Relations section of the Vishay website at http://ir.vishay.com.

There will be a replay of the conference call available on the Investor Relations website approximately one hour following the call and will remain available for 30 days.












About Vishay
Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay is The DNA of tech.® Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

This press release includes certain financial measures which are not recognized in accordance with U.S. generally accepted accounting principles ("GAAP"), including adjusted net earnings; adjusted earnings per share; adjusted gross margin; adjusted operating margin; free cash; earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; and adjusted EBITDA margin; which are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP measures supplement our GAAP measures of performance or liquidity and should not be viewed as an alternative to GAAP measures of performance or liquidity. Non-GAAP measures such as adjusted net earnings, adjusted earnings per share, adjusted gross margin, adjusted operating margin, free cash, EBITDA, adjusted EBITDA, and adjusted EBITDA margin do not have uniform definitions. These measures, as calculated by Vishay, may not be comparable to similarly titled measures used by other companies. Management believes that such measures are meaningful to investors because they provide insight with respect to intrinsic operating results of the Company. Although the terms "free cash" and "EBITDA" are not defined in GAAP, the measures are derived using various line items measured in accordance with GAAP. Reconciling items to arrive at adjusted net earnings represent significant charges or credits that are important to understanding the Company's intrinsic operations. Reconciling items to calculate adjusted gross margin, adjusted operating margin and adjusted EBITDA represent those same items used in computing adjusted net earnings, as relevant. Furthermore, the presented calculation of adjusted EBITDA is substantially similar to, but not identical to, a measure used in the calculation of financial ratios required for covenant compliance under Vishay's revolving credit facility. These reconciling items are indicated on the accompanying reconciliation schedules and are more fully described in the Company's financial statements presented in its annual report on Form 10-K and its quarterly reports presented on Forms 10-Q.

Statements contained herein that relate to the Company's future performance, including forecasted revenues and margins, return on capital investment, capacity expansion, product lead times, and the performance of the economy in general, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words and expressions such as “will,” “expect,” “push” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; manufacturing or supply chain interruptions or changes in customer demand; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; an inability to attract and retain highly qualified personnel; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in U.S. and foreign trade regulations and tariffs, and uncertainty regarding the same; volatility in prices for metals and materials; changes in applicable domestic and foreign tax regulations, and uncertainty regarding the same; changes in applicable accounting standards and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The DNA of tech® is a trademark of Vishay Intertechnology.

Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Executive Vice President, Corporate Development
+1-610-644-1300



VISHAY INTERTECHNOLOGY, INC.
            
Summary of Operations
            
(Unaudited - In thousands, except per share amounts)
            
             
   
Years ended
  
   
December 31, 2025
    
December 31, 2024
  
             
             
Net revenues
  
$
3,069,048
    
$
2,937,587
  
Costs of products sold
    
2,474,165
      
2,311,295
  
Gross profit
    
594,883
      
626,292
  
  Gross margin
    
19.4
%
    
21.3
%
                 
Selling, general, and administrative expenses*
    
538,015
      
513,564
  
Restructuring and severance costs
    
-
      
40,614
  
Impairment of goodwill
    
-
      
66,487
  
Operating income
    
56,868
      
5,627
  
  Operating margin
    
1.9
%
    
0.2
%
                 
Other income (expense):
                
  Interest expense
    
(38,651
)
    
(27,480
)
  Other
    
7,296
      
19,464
  
  Total other income (expense) - net
    
(31,355
)
    
(8,016
)
                 
Income (loss) before taxes
    
25,513
      
(2,389
)
                 
Income tax expense
    
34,491
      
27,366
  
                 
Net earnings (loss)
    
(8,978
)
    
(29,755
)
                 
Less: net earnings attributable to noncontrolling interests
    
-
      
1,395
  
                 
Net earnings (loss) attributable to Vishay stockholders
  
$
(8,978
)
  
$
(31,150
)
                 
Basic earnings (loss) per share attributable to Vishay stockholders
  
$
(0.07
)
  
$
(0.23
)
                 
Diluted earnings (loss) per share attributable to Vishay stockholders
  
$
(0.07
)
  
$
(0.23
)
                 
Weighted average shares outstanding - basic
    
135,737
      
136,964
  
                 
Weighted average shares outstanding - diluted
    
135,737
      
136,964
  
                 
Cash dividends per share
  
$
0.40
    
$
0.40
  
                 
* Selling, general, and administrative expenses for the fiscal year ended December 31, 2025 include a ($11,293) benefit recognized upon the favorable resolution of a contingency.
  

VISHAY INTERTECHNOLOGY, INC.
                  
Summary of Operations
                  
(Unaudited - In thousands, except per share amounts)
                  
                   
   
Fiscal quarters ended
  
   
December 31, 2025
    
September 27, 2025
    
December 31, 2024
  
                   
Net revenues
  
$
800,922
    
$
790,640
    
$
714,716
  
Costs of products sold
    
644,135
      
636,781
      
572,584
  
Gross profit
    
156,787
      
153,859
      
142,132
  
  Gross margin
    
19.6
%
    
19.5
%
    
19.9
%
                         
Selling, general, and administrative expenses
    
141,999
      
134,712
      
132,330
  
Impairment of goodwill
    
-
      
-
      
66,487
  
Operating income (loss)
    
14,788
      
19,147
      
(56,685
)
  Operating margin
    
1.8
%
    
2.4
%
    
-7.9
%
                         
Other income (expense):
                        
  Interest expense
    
(9,748
)
    
(9,525
)
    
(7,731
)
  Other
    
537
      
2,265
      
5,563
  
  Total other income (expense) - net
    
(9,211
)
    
(7,260
)
    
(2,168
)
                         
Income (loss) before taxes
    
5,577
      
11,887
      
(58,853
)
                         
Income tax expense
    
4,591
      
19,763
      
7,232
  
                         
Net earnings (loss)
    
986
      
(7,876
)
    
(66,085
)
                         
Less: net earnings attributable to noncontrolling interests
    
-
      
-
      
223
  
                         
Net earnings (loss) attributable to Vishay stockholders
  
$
986
    
$
(7,876
)
  
$
(66,308
)
                         
Basic earnings (loss) per share attributable to Vishay stockholders
  
$
0.01
    
$
(0.06
)
  
$
(0.49
)
                         
Diluted earnings (loss) per share attributable to Vishay stockholders
  
$
0.01
    
$
(0.06
)
  
$
(0.49
)
                         
Weighted average shares outstanding - basic
    
135,727
      
135,720
      
136,050
  
                         
Weighted average shares outstanding - diluted
    
136,730
      
135,720
      
136,050
  
                         
Cash dividends per share
  
$
0.10
    
$
0.10
    
$
0.10
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Balance Sheets
            
(Unaudited - In thousands)
            
             
   
December 31, 2025
    
December 31, 2024
  
Assets
            
Current assets:
            
  Cash and cash equivalents
  
$
514,966
    
$
590,286
  
  Short-term investments
    
265
      
16,130
  
  Accounts receivable, net
    
381,802
      
401,901
  
  Inventories:
                
    Finished goods
    
182,444
      
175,176
  
    Work in process
    
331,347
      
296,393
  
    Raw materials
    
245,412
      
217,812
  
  Total inventories
    
759,203
      
689,381
  
                 
  Prepaid expenses and other current assets
    
231,004
      
217,809
  
Total current assets
    
1,887,240
      
1,915,507
  
                 
Property and equipment, at cost:
                
  Land
    
86,399
      
84,124
  
  Buildings and improvements
    
839,856
      
766,058
  
  Machinery and equipment
    
3,477,884
      
3,259,213
  
  Construction in progress
    
464,475
      
367,564
  
  Allowance for depreciation
    
(3,195,455
)
    
(2,931,221
)
     
1,673,159
      
1,545,738
  
                 
Right of use assets
    
119,746
      
117,953
  
Deferred income taxes
    
183,016
      
159,769
  
Goodwill
    
180,390
      
179,005
  
Other intangible assets, net
    
78,487
      
87,223
  
Other assets
    
112,122
      
105,501
  
     Total assets
  
$
4,234,160
    
$
4,110,696
  

VISHAY INTERTECHNOLOGY, INC.
           
Consolidated Condensed Balance Sheets (continued)
            
(Unaudited - In thousands)
            
             
   
December 31, 2025
    
December 31, 2024
  
Liabilities and equity
            
Current liabilities:
            
  Trade accounts payable
  
$
214,984
    
$
216,313
  
  Payroll and related expenses
    
164,114
      
137,101
  
  Lease liabilities
    
26,546
      
25,901
  
  Other accrued expenses
    
300,031
      
264,471
  
  Income taxes
    
14,751
      
64,562
  
Total current liabilities
    
720,426
      
708,348
  
                 
Long-term debt less current portion
    
950,893
      
905,019
  
Deferred income taxes
    
96,818
      
96,363
  
Long-term lease liabilities
    
95,799
      
94,218
  
Other liabilities
    
109,228
      
104,086
  
Accrued pension and other postretirement costs
    
172,723
      
173,700
  
Total liabilities
    
2,145,887
      
2,081,734
  
                 
Equity:
                
  Common stock
    
12,351
      
13,361
  
  Class B convertible common stock
    
1,210
      
1,210
  
  Capital in excess of par value
    
1,101,086
      
1,306,245
  
  Retained earnings
    
892,232
      
955,500
  
  Treasury stock (at cost)
    
-
      
(212,062
)
  Accumulated other comprehensive income (loss)
    
81,394
      
(35,292
)
Total equity
    
2,088,273
      
2,028,962
  
Total liabilities and equity
  
$
4,234,160
    
$
4,110,696
  

VISHAY INTERTECHNOLOGY, INC.
            
Consolidated Condensed Statements of Cash Flows
            
(Unaudited - In thousands)
            
   
Years ended
  
   
December 31, 2025
    
December 31, 2024
  
Operating activities
            
Net earnings (loss)
  
$
(8,978
)
  
$
(29,755
)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
                
      Depreciation and amortization
    
224,738
      
210,645
  
      (Gain) loss on disposal of property and equipment
    
100
      
(1,969
)
      Inventory write-offs for obsolescence
    
34,967
      
37,245
  
      Impairment of goodwill
    
-
      
66,487
  
      Pensions and other postretirement benefits, net of contributions
    
(5,540
)
    
(6,036
)
      Stock compensation expense
    
22,355
      
20,921
  
      Deferred income taxes
    
(10,864
)
    
(23,514
)
      Other
    
6,776
      
20,416
  
      Change in U.S. transition tax liability
    
(47,027
)
    
(37,622
)
      Change in repatriation tax liability
    
(9,375
)
    
(15,000
)
      Changes in operating assets and liabilities, net of effects of businesses acquired
    
(22,844
)
    
(68,116
)
Net cash provided by operating activities
    
184,308
      
173,702
  
                 
Investing activities
                
Capital expenditures
    
(273,293
)
    
(320,079
)
Proceeds from sale of property and equipment
    
1,162
      
3,015
  
Purchase of businesses, net of cash acquired
    
-
      
(216,024
)
Purchase of short-term investments
    
(28,575
)
    
(145,327
)
Maturity of short-term investments
    
45,111
      
164,983
  
Other investing activities
    
(2,336
)
    
970
  
Net cash used in investing activities
    
(257,931
)
    
(512,462
)
                 
Financing activities
                
Principal payment upon maturity of convertible senior notes due 2025
    
(41,911
)
    
-
  
Repurchase of convertible senior notes due 2025
    
-
      
(52,960
)
Net proceeds on revolving credit facility
    
83,000
      
136,000
  
Debt issuance and amendment costs
    
-
      
(1,062
)
Dividends paid to common stockholders
    
(49,399
)
    
(49,833
)
Dividends paid to Class B common stockholders
    
(4,839
)
    
(4,839
)
Repurchase of common stock
    
(12,528
)
    
(50,406
)
Distributions to noncontrolling interests
    
-
      
(2,500
)
Acquisition of noncontrolling interests
    
-
      
(5,500
)
Cash withholding taxes paid when shares withheld for vested equity awards
    
(3,986
)
    
(4,303
)
Other financing activities
    
10,000
      
-
  
Net cash used in financing activities
    
(19,663
)
    
(35,403
)
Effect of exchange rate changes on cash and cash equivalents
    
17,966
      
(8,270
)
                 
Net decrease in cash and cash equivalents
    
(75,320
)
    
(382,433
)
                 
Cash and cash equivalents at beginning of period
    
590,286
      
972,719
  
Cash and cash equivalents at end of period
  
$
514,966
    
$
590,286
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Adjusted Earnings Per Share
                              
(Unaudited - In thousands, except per share amounts)
                          
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2025
    
September 27, 2025
    
December 31, 2024
    
December 31, 2025
    
December 31, 2024
  
                               
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
986
    
$
(7,876
)
  
$
(66,308
)
  
$
(8,978
)
  
$
(31,150
)
                                         
Reconciling items affecting operating income (loss):
                                        
Favorable resolution of contingency
  
$
-
    
$
-
    
$
-
    
$
(11,293
)
  
$
-
  
Impairment of goodwill
    
-
      
-
      
66,487
      
-
      
66,487
  
Restructuring and severance costs
    
-
      
-
      
-
      
-
      
40,614
  
                                         
Reconciling items affecting tax expense (benefit):
                                        
Change in tax laws and regulations
  
$
-
    
$
13,657
    
$
-
    
$
13,657
    
$
-
  
Tax effects of pre-tax items above
    
-
      
-
      
-
      
-
      
(10,299
)
                                         
Adjusted net earnings (loss)
  
$
986
    
$
5,781
    
$
179
    
$
(6,614
)
  
$
65,652
  
                                         
Adjusted weighted average diluted shares outstanding
    
136,730
      
136,582
      
136,883
      
135,737
      
137,741
  
                                         
Adjusted earnings (loss) per diluted share
  
$
0.01
    
$
0.04
    
$
0.00
    
$
(0.05
)
  
$
0.48
  

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of Free Cash
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2025
    
September 27, 2025
    
December 31, 2024
    
December 31, 2025
    
December 31, 2024
  
Net cash provided by operating activities
  
$
149,362
    
$
27,639
    
$
67,656
    
$
184,308
    
$
173,702
  
Proceeds from sale of property and equipment
    
308
      
360
      
1,618
      
1,162
      
3,015
  
Less: Capital expenditures
    
(94,802
)
    
(52,324
)
    
(144,904
)
    
(273,293
)
    
(320,079
)
Free cash
  
$
54,868
    
$
(24,325
)
  
$
(75,630
)
  
$
(87,823
)
  
$
(143,362
)

VISHAY INTERTECHNOLOGY, INC.
                              
Reconciliation of EBITDA and Adjusted EBITDA
                              
(Unaudited - In thousands)
                              
   
Fiscal quarters ended
    
Years ended
  
   
December 31, 2025
    
September 27, 2025
    
December 31, 2024
    
December 31, 2025
    
December 31, 2024
  
                               
GAAP net earnings (loss) attributable to Vishay stockholders
  
$
986
    
$
(7,876
)
  
$
(66,308
)
  
$
(8,978
)
  
$
(31,150
)
Net earnings attributable to noncontrolling interests
    
-
      
-
      
223
      
-
      
1,395
  
Net earnings (loss)
  
$
986
    
$
(7,876
)
  
$
(66,085
)
  
$
(8,978
)
  
$
(29,755
)
                                         
Interest expense
  
$
9,748
    
$
9,525
    
$
7,731
    
$
38,651
    
$
27,480
  
Interest income
    
(2,753
)
    
(2,710
)
    
(4,533
)
    
(13,363
)
    
(25,479
)
Income taxes
    
4,591
      
19,763
      
7,232
      
34,491
      
27,366
  
Depreciation and amortization
    
57,702
      
57,293
      
55,373
      
224,738
      
210,645
  
EBITDA
  
$
70,274
    
$
75,995
    
$
(282
)
  
$
275,539
    
$
210,257
  
                                         
Reconciling items
                                        
Favorable resolution of contingency
  
$
-
    
$
-
    
$
-
    
$
(11,293
)
  
$
-
  
Impairment of goodwill
    
-
      
-
      
66,487
      
-
      
66,487
  
Restructuring and severance costs
    
-
      
-
      
-
      
-
      
40,614
  
                                         
Adjusted EBITDA
  
$
70,274
    
$
75,995
    
$
66,205
    
$
264,246
    
$
317,358
  
                                         
Adjusted EBITDA margin**
    
8.8
%
    
9.6
%
    
9.3
%
    
8.6
%
    
10.8
%
                                         
** Adjusted EBITDA as a percentage of net revenues