COGNEX CORP, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 28, 2025
Oct. 26, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-34218  
Entity Registrant Name COGNEX CORP  
Entity Incorporation, State or Country Code MA  
Entity Tax Identification Number 04-2713778  
Entity Address, Address Line One One Vision Drive  
Entity Address, City or Town Natick  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 01760  
City Area Code 508  
Local Phone Number 650-3000  
Title of 12(b) Security Common Stock, par value $.002 per share  
Trading Symbol CGNX  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   167,598,049
Document Period End Date Sep. 28, 2025  
Entity Central Index Key 0000851205  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Income Statement [Abstract]        
Revenue $ 276,892 $ 234,742 $ 742,021 $ 684,831
Cost of revenue 89,602 75,343 242,532 216,896
Gross profit 187,290 159,399 499,489 467,935
Research, development, and engineering expenses 35,081 35,210 102,910 107,277
Selling, general, and administrative expenses 94,444 92,625 269,289 276,433
Operating income 57,765 31,564 127,290 84,225
Foreign currency gain (loss) 840 1,221 (3,116) 1,086
Investment income 4,197 3,561 12,227 9,797
Other income (expense) 61 209 2,322 581
Income before income tax expense 62,863 36,555 138,723 95,689
Income tax expense 45,199 6,964 56,945 17,864
Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825
Net income per weighted-average common and common-equivalent share:        
Basic (usd per share) $ 0.11 $ 0.17 $ 0.49 $ 0.45
Diluted (usd per share) $ 0.10 $ 0.17 $ 0.48 $ 0.45
Weighted-average common and common-equivalent shares outstanding:        
Basic (shares) 167,840 171,519 168,324 171,588
Diluted (shares) 169,323 172,753 169,507 172,733
Cash dividends per common share (usd per share) $ 0.080 $ 0.075 $ 0.240 $ 0.225
v3.25.3
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825
Available-for-sale investments:        
Net unrealized gain (loss) on available-for-sale investments, net of tax 805 6,252 5,258 7,631
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations (96) 0 (150) 8
Net change related to available-for-sale investments 709 6,252 5,108 7,639
Foreign currency translation adjustments:        
Foreign currency translation adjustments (9,112) 26,511 21,489 108
Net change related to foreign currency translation adjustments (9,112) 26,511 21,489 108
Other comprehensive income (loss), net of tax (8,403) 32,763 26,597 7,747
Total comprehensive income (loss) 9,261 62,354 108,375 85,572
Accumulated Other Comprehensive Loss        
Available-for-sale investments:        
Net unrealized gain (loss) on available-for-sale investments, net of tax 805 6,252 5,258 7,631
Reclassification of net realized (gain) loss on the sale of available-for-sale investments into current operations (96)   (150) 8
Foreign currency translation adjustments:        
Foreign currency translation adjustments (9,112) 26,511 21,489 108
Retained Earnings        
Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825
v3.25.3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Statement of Comprehensive Income [Abstract]        
Tax effect of unrealized gain (loss) on available-for-sale investments $ 232 $ 2,040 $ 1,667 $ 2,493
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 245,898 $ 186,094
Current investments, allowance for credit losses of $0 in 2025 and 2024 54,368 59,956
Accounts receivable, allowance for credit losses of $732 and $827 in 2025 and 2024, respectively 154,612 143,359
Unbilled revenue 16,909 3,055
Inventories 143,679 157,527
Prepaid expenses and other current assets 55,453 63,376
Total current assets 670,919 613,367
Non-current investments, allowance for credit losses of $0 in 2025 and 2024 300,078 340,898
Property, plant, and equipment, net 89,868 98,445
Operating lease assets 74,182 67,326
Goodwill 392,084 384,937
Intangible assets, net 86,751 90,684
Deferred income taxes 383,611 392,166
Other assets 5,257 5,027
Total assets 2,002,750 1,992,850
Current liabilities:    
Accounts payable 45,480 38,046
Accrued expenses 86,708 71,760
Accrued income taxes 2,705 25,685
Deferred revenue and customer deposits 23,767 25,035
Operating lease liabilities 10,613 8,854
Total current liabilities 169,273 169,380
Non-current operating lease liabilities 68,312 61,363
Deferred income taxes 249,082 217,155
Reserve for income taxes 26,359 26,365
Other liabilities 88 1,082
Total liabilities 513,114 475,345
Commitments and Contingencies
Shareholders’ equity:    
Preferred stock, $.01 par value – Authorized: 400 shares in 2025 and 2024, respectively; no shares issued and outstanding 0 0
Common stock, $.002 par value – Authorized: 300,000 shares in 2025 and 2024, respectively; issued and outstanding: 167,549 and 170,434 shares in 2025 and 2024, respectively 335 341
Additional paid-in capital 1,123,134 1,090,638
Retained earnings 412,347 499,303
Accumulated other comprehensive loss, net of tax (46,180) (72,777)
Total shareholders’ equity 1,489,636 1,517,505
Total liabilities and shareholders' equity $ 2,002,750 $ 1,992,850
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for credit losses $ 0 $ 0
Allowance for credit losses, current 732 827
Allowance for credit losses, non-current $ 0 $ 0
Preferred stock par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock shares authorized (in shares) 400,000 400,000
Preferred stock shares issued (in shares) 0 0
Preferred stock shares outstanding (in shares) 0 0
Common stock par value (in dollars per share) $ 0.002 $ 0.002
Common stock shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 167,549,000 170,434,000
Common stock, shares outstanding (in shares) 167,549,000 170,434,000
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Cash flows from operating activities:    
Net income $ 81,778 $ 77,825
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 34,649 39,367
Depreciation of property, plant, and equipment 15,521 15,904
(Gain) loss on disposal of property, plant, and equipment 6 0
Amortization of intangible assets 7,945 8,926
Excess and obsolete inventory charges 2,582 1,968
Fair value adjustment on acquired inventories 0 1,224
Amortization of discounts or premiums on investments (439) 437
Realized (gain) loss on sale of investments (150) 8
Change in deferred income taxes 37,741 (13,440)
Accounts receivable (9,414) (43,669)
Unbilled revenue (13,816) 298
Inventories 11,878 3,424
Prepaid expenses and other current assets 8,855 (1,420)
Accounts payable 6,927 9,567
Accrued expenses 10,529 5,342
Accrued income taxes (23,238) (11,060)
Deferred revenue and customer deposits (1,500) (1,703)
Other 758 4,679
Net cash provided by (used in) operating activities 170,612 97,677
Cash flows from investing activities:    
Purchases of investments (249,471) (649,020)
Maturities and sales of investments 303,242 622,240
Purchases of property, plant, and equipment (6,147) (12,970)
Net payments related to business acquisitions 0 (1,444)
Net cash provided by (used in) investing activities 47,624 (41,194)
Cash flows from financing activities:    
Net payments from issuance of common stock under stock plans (2,152) (205)
Repurchase of common stock (126,233) (23,841)
Payment of excise tax on prior year common stock repurchases (388) 0
Payment of dividends (40,424) (38,619)
Net cash provided by (used in) financing activities (169,197) (62,665)
Effect of foreign exchange rate changes on cash and cash equivalents 10,765 602
Net change in cash and cash equivalents 59,804 (5,580)
Cash and cash equivalents at beginning of period 186,094 202,655
Cash and cash equivalents at end of period $ 245,898 $ 197,075
v3.25.3
Consolidated Statement of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2023   171,599      
Beginning Balance at Dec. 31, 2023 $ 1,504,752 $ 343 $ 1,037,202 $ 512,543 $ (45,336)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   471      
Net issuance of common stock under stock plans (205) $ 1 (206)    
Stock-based compensation expense 39,367   39,367    
Payment of dividends (38,619)     (38,619)  
Repurchase of common stock (in shares)   (555)      
Repurchase of common stock (23,841) $ (1)   (23,840)  
Net income 77,825     77,825  
Net unrealized gain (loss) on available-for-sale investments, net of tax 7,631       7,631
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 8       8
Foreign currency translation adjustment 108       108
Ending Balance (in shares) at Sep. 29, 2024   171,515      
Ending Balance at Sep. 29, 2024 1,567,026 $ 343 1,076,363 527,909 (37,589)
Beginning Balance (in shares) at Jun. 30, 2024   171,501      
Beginning Balance at Jun. 30, 2024 1,506,730 $ 343 1,061,597 515,142 (70,352)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   96      
Net issuance of common stock under stock plans 1,666 $ 1 1,665    
Stock-based compensation expense 13,101   13,101    
Payment of dividends (12,863)     (12,863)  
Repurchase of common stock (in shares)   (82)      
Repurchase of common stock (3,962) $ (1)   (3,961)  
Net income 29,591     29,591  
Net unrealized gain (loss) on available-for-sale investments, net of tax 6,252       6,252
Reclassification of net realized (gain) loss on the sale of available-for-sale investments 0        
Foreign currency translation adjustment 26,511       26,511
Ending Balance (in shares) at Sep. 29, 2024   171,515      
Ending Balance at Sep. 29, 2024 $ 1,567,026 $ 343 1,076,363 527,909 (37,589)
Beginning Balance (in shares) at Dec. 31, 2024 170,434 170,434      
Beginning Balance at Dec. 31, 2024 $ 1,517,505 $ 341 1,090,638 499,303 (72,777)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   709      
Net issuance of common stock under stock plans (2,152) $ 1 (2,153)    
Excise tax on repurchase of common stock (2,084)     (2,084)  
Stock-based compensation expense 34,649   34,649    
Payment of dividends (40,424)     (40,424)  
Repurchase of common stock (in shares)   (3,594)      
Repurchase of common stock (126,233) $ (7)   (126,226)  
Net income 81,778     81,778  
Net unrealized gain (loss) on available-for-sale investments, net of tax 5,258       5,258
Reclassification of net realized (gain) loss on the sale of available-for-sale investments (150)       (150)
Foreign currency translation adjustment $ 21,489       21,489
Ending Balance (in shares) at Sep. 28, 2025 167,549 167,549      
Ending Balance at Sep. 28, 2025 $ 1,489,636 $ 335 1,123,134 412,347 (46,180)
Beginning Balance (in shares) at Jun. 29, 2025   167,899      
Beginning Balance at Jun. 29, 2025 1,506,057 $ 336 1,110,458 433,040 (37,777)
Increase (Decrease) in Stockholders' Equity          
Net issuance of common stock under stock plans (in shares)   197      
Net issuance of common stock under stock plans 260   260    
Excise tax on repurchase of common stock (915)     (915)  
Stock-based compensation expense 12,416   12,416    
Payment of dividends (13,443)     (13,443)  
Repurchase of common stock (in shares)   (547)      
Repurchase of common stock (24,000) $ (1)   (23,999)  
Net income 17,664     17,664  
Net unrealized gain (loss) on available-for-sale investments, net of tax 805       805
Reclassification of net realized (gain) loss on the sale of available-for-sale investments (96)       (96)
Foreign currency translation adjustment $ (9,112)       (9,112)
Ending Balance (in shares) at Sep. 28, 2025 167,549 167,549      
Ending Balance at Sep. 28, 2025 $ 1,489,636 $ 335 $ 1,123,134 $ 412,347 $ (46,180)
v3.25.3
Consolidated Statement of Shareholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends per common share (usd per share) $ 0.080 $ 0.075 $ 0.240 $ 0.225
Tax effect of unrealized gain (loss) on available-for-sale investments $ 232 $ 2,040 $ 1,667 $ 2,493
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 28, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
As permitted by the rules of the Securities and Exchange Commission applicable to Quarterly Reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by accounting principles generally accepted in the United States ("GAAP"). Reference should be made to the consolidated financial statements and related notes included in Cognex Corporation's ("Cognex" or the "Company") Annual Report on Form 10-K for the year ended December 31, 2024 for a full description of other significant accounting policies.
In the opinion of the management of the Company, the accompanying consolidated unaudited financial statements contain all adjustments, consisting of normal, recurring adjustments and financial statement reclassifications necessary to present fairly the Company’s financial position as of September 28, 2025, and the results of its operations for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024, and changes in shareholders’ equity, comprehensive income, and cash flows for the periods presented.
The results disclosed in the Consolidated Statements of Operations for the three-month and nine-month periods ended September 28, 2025 are not necessarily indicative of the results to be expected for the full year.
v3.25.3
New Pronouncements
 9 Months Ended
Sep. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
New Pronouncements New Pronouncements
Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures"
The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, are equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures.
Accounting Standards Update (ASU) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)
This ASU aims to enhance transparency for users of financial statements by requiring public business entities to disaggregate specific expense categories. This ASU mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, this ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The adoption will result in disclosure changes only.
Accounting Standards Update (ASU) 2025-05 - Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
This ASU provides a practical expedient to simplify the measurement of credit losses for certain receivables and contract assets. The amendments allow entities to assume that current conditions at the balance sheet date will persist over the life of these assets, eliminating the need to develop forward-looking forecasts required under the current expected credit loss ("CECL") model. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. Management does not expect ASU 2025-05 to have a material impact on the Company's financial statements and disclosures.
Accounting Standards Update (ASU) 2025-06 - Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
The amendments in this ASU updates the accounting and disclosure guidance for internal-use software to better reflect modern, iterative development practices. The amendments replace the former “development stage” model with a judgment-based framework and require entities to evaluate whether significant development uncertainty exists before capitalizing costs. The ASU also incorporates website development guidance into Subtopic 350-40
and aligns disclosures for capitalized software with those for property, plant, and equipment. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. Management is currently evaluating the impact that adopting ASU 2025-06 would have on the Company's financial statements and disclosures.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Cash, Cash Equivalents, and Investments
The following table summarizes the Company’s cash, cash equivalents, and investments as of September 28, 2025 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$152,453 $— $— $152,453 $152,453 $— $— 
Money market instrumentsLevel 157,023 — — 57,023 57,023 — — 
Certificates of depositLevel 236,422 — — 36,422 36,422 — — 
Corporate bondsLevel 2315,660 2,697 (592)317,765 — 51,879 265,886 
Treasury notesLevel 229,604 113 (7)29,710 — — 29,710 
Asset-backed securitiesLevel 24,822 — (340)4,482 — — 4,482 
Treasury billsLevel 21,489 — — 1,489 — 1,489 — 
Sovereign bondsLevel 21,000 — — 1,000 — 1,000 — 
Total$598,473 $2,810 $(939)$600,344 $245,898 $54,368 $300,078 
The following table summarizes the Company’s cash, cash equivalents, and investments as of December 31, 2024 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$170,852 $— $— $170,852 $170,852 $— $— 
Money market instrumentsLevel 115,242 — — 15,242 15,242 — — 
Corporate bondsLevel 2344,804 411 (4,299)340,916 — 55,742 285,174 
Treasury notesLevel 246,071 2 (439)45,634 — 2,487 43,147 
Asset-backed securitiesLevel 213,870 — (556)13,314 — 737 12,577 
Sovereign bondsLevel 21,013 — (23)990 — 990 — 
Total$591,852 $413 $(5,317)$586,948 $186,094 $59,956 $340,898 
The Company’s money market instruments are reported at fair value based upon the daily market price for identical assets in active markets, and are therefore classified as Level 1.
The Company’s debt securities are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. Management is responsible for estimating the fair value of these financial instruments, and in doing so, considers valuations provided by a large, third-party pricing service. This service maintains regular contact with market makers, brokers, dealers, and analysts to gather information on market movement, direction, trends, and other specific data. They use this information to structure yield curves for various types of debt securities and arrive at the daily valuations.
Accrued interest receivable is recorded in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,268,000 and $4,144,000 as of September 28, 2025 and December 31, 2024, respectively.
Realized Gains (Losses) on Debt Securities
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Gross realized gains$116 $— $173 $8 
Gross realized losses(20)— (23)(16)
Net realized gains (losses)$96 $— $150 $(8)
Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive income (loss).
Unrealized Losses on Debt Securities
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 28, 2025 (in thousands):
Unrealized Loss Position For:
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$72,812 $(190)$33,955 $(403)$106,767 $(593)
Treasury notes11,075 (6)— — 11,075 (6)
Asset-backed securities— — 4,483 (340)4,483 (340)
Sovereign bonds— — 1,000 — 1,000 — 
$83,887 $(196)$39,438 $(743)$123,325 $(939)
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):
Unrealized Loss Position For:
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$172,049 $(2,227)$87,815 $(2,071)$259,864 $(4,298)
Treasury notes42,149 (425)2,487 (14)44,636 (439)
Asset-backed securities11,024 (547)2,290 (10)13,314 (557)
Sovereign bonds— — 990 (23)990 (23)
$225,222 $(3,199)$93,582 $(2,118)$318,804 $(5,317)
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of September 28, 2025 or December 31, 2024. Management currently intends to hold these securities to full value recovery at maturity.
Debt Securities Maturities
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 28, 2025 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$51,879 $73,474 $93,202 $70,619 $28,591 $— $317,765 
Treasury notes— 18,690 11,020 — — — 29,710 
Asset-backed securities— — — 1,713 — 2,769 4,482 
Treasury bills1,489 — — — — — 1,489 
Sovereign bonds1,000 — — — — — 1,000 
$54,368 $92,164 $104,222 $72,332 $28,591 $2,769 $354,446 
Derivative Instruments
The Company’s foreign currency risk management strategy is principally designed to mitigate the potential financial impact of changes in the value of transactions and balances denominated in foreign currencies resulting from changes in foreign currency exchange rates. The Company enters into economic hedges utilizing foreign currency forward contracts with maturities that do not exceed twelve months to manage the exposure to fluctuations in foreign currency exchange rates arising primarily from foreign-denominated receivables and payables. The gains and losses on these derivatives are intended to be offset by the changes in the fair value of the assets and liabilities being hedged. These economic hedges are not designated as hedging instruments for hedge accounting treatment.
The Company had the following outstanding forward contracts (in thousands):
September 28, 2025December 31, 2024
CurrencyNotional
Value		USD
Equivalent		Notional
Value		USD
Equivalent
Derivatives Not Designated as Hedging Instruments:
Singapore Dollar38,000 $29,317 40,000 $29,457 
Chinese Renminbi90,000 12,628 95,000 12,990 
Mexican Peso100,000 5,417 220,000 10,701 
Hungarian Forint2,500,000 7,466 2,360,000 5,951 
British Pound4,000 5,362 3,200 4,008 
Japanese Yen200,000 1,341 2,000,000 12,789 
Euro— — 25,000 26,029 
Swiss Franc— — 2,200 2,432 
Canadian Dollar— — 2,000 1,390 
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance Sheet LocationFair Value LevelSeptember 28, 2025December 31, 2024Balance Sheet LocationFair Value LevelSeptember 28, 2025December 31, 2024
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assetsLevel 2$262 $689 Accrued expensesLevel 2$316 $757 
Activity:
Gross amounts recognized$262 $689 $316 $757 
Gross amounts offset— — — — 
Net amounts presented on the Consolidated Balance Sheets$262 $689 $316 $757 
The Company’s forward contracts are reported at fair value based on model-driven valuations in which all significant inputs are observable or can be derived from or corroborated by observable market data for substantially the full term of the asset or liability, and are therefore classified as Level 2. The Company's forward contracts are typically traded or executed in over-the-counter markets with a high degree of pricing transparency. The market participants are generally large commercial banks.
Information regarding the effect of derivative instruments on the Consolidated Statements of Operations was as follows (in thousands):
Statement of Operations LocationThree-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$(447)$944 $(1,414)$1,575 
Activities related to derivative instruments are reflected within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows.
v3.25.3
Inventories
 9 Months Ended
Sep. 28, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
September 28, 2025December 31, 2024
Raw materials$79,683 $86,917 
Work-in-process5,011 5,544 
Finished goods58,985 65,066 
$143,679 $157,527 
v3.25.3
Leases
 9 Months Ended
Sep. 28, 2025
Leases [Abstract]  
Leases Leases
The Company's leases are primarily leased properties across different worldwide locations where the Company conducts its business. All of these leases are classified as operating leases. Certain leases may contain options to extend or terminate the lease at the Company's sole discretion. As of September 28, 2025, there were no options to terminate and nineteen options to extend that were accounted for in the determination of the applicable lease term for the Company's outstanding leases. Certain leases contain leasehold improvement incentives, retirement obligations, escalating clauses, rent holidays, and variable payments tied to a consumer price index. There were no restrictions or covenants for outstanding leases as of September 28, 2025. The Company did not have any leases that had not yet commenced but that created significant rights and/or obligations as of September 28, 2025.
The components of lease expense were as follows (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Operating lease expense$3,637 $3,610 $10,629 $10,647 
Short-term lease expense (1)
290 $52 710 $191 
(1) Leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability
Supplemental balance sheet information related to leases was as follows:
September 28, 2025December 31, 2024
Weighted average remaining lease term9.2 years9.9 years
Weighted average discount rate6.3 %5.9 %
Supplemental cash flow information related to leases was as follows (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Cash paid for amounts included in the measurement of operating lease liabilities$3,594 $3,516 $10,428 $10,130 
Maturities of lease liabilities as of September 28, 2025 were as follows (in thousands):
Amount
Remainder of fiscal 2025$4,044 
202614,688 
202713,063 
202811,650 
20299,846 
20308,774 
Thereafter42,171 
Total undiscounted lease payments$104,236 
Less: imputed interest25,311 
Total operating lease liabilities$78,925 
The Company leases a building in Singapore that serves as a distribution center for customers in Asia. The lease contains two components: an 88,000 square-foot premises that had a commencement date in June of 2023 and a second 27,000 square-foot premises that does not commence until the fourth quarter of 2025. Accordingly, the second component of the lease has not yet been recorded on the Consolidated Balance Sheets, nor has it created any significant rights and obligations as of September 28, 2025. This second lease component has an original term of eight years. Undiscounted lease payment obligations associated with this lease component total $8,420,000, $169,000 of which is payable in the remainder of 2025. Undiscounted lease payment obligations related to this lease component are not included in the lease liability maturity table above as the lease component has not yet commenced.
The Company has entered into a lease for a 6,500 square-foot building in Aachen, Germany for a term of ten years. The lease was recorded on the Consolidated Balance Sheet upon commencement in June of 2025. The Company has the right and option to extend the term of this lease for an additional period of five years, commencing upon the expiration of the original term. Undiscounted lease payment obligations associated with this lease are included in the lease liability maturity table above and total $9,128,000, $223,000 of which is payable in the remainder of 2025.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the carrying value of goodwill were as follows (in thousands):
Balance as of December 31, 2024$384,937 
Foreign exchange rate changes7,147 
Balance as of September 28, 2025$392,084 
Amortized intangible assets as of September 28, 2025 consisted of the following (in thousands):
Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$70,730 $(14,058)$56,672 
Completed technologies59,843 (30,058)29,785 
Trademarks851 (567)284 
Non-compete agreements340 (330)10 
Balance as of September 28, 2025$131,764 $(45,013)$86,751 
Amortized intangible assets as of December 31, 2024 consisted of the following (in thousands):
Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$67,781 $(10,229)$57,552 
Completed technologies58,373 (25,766)32,607 
Trademarks810 (337)473 
Non-compete agreements340 (288)52 
Balance as of December 31, 2024$127,304 $(36,620)$90,684 
Future amortization expense related to intangible assets as of September 28, 2025 is as follows (in thousands):
Amount
Remainder of fiscal 2025$2,596 
202610,145 
20279,210 
20288,480 
20298,480 
20307,937 
Thereafter39,903 
$86,751 
v3.25.3
Warranty Obligations
 9 Months Ended
Sep. 28, 2025
Product Warranties Disclosures [Abstract]  
Warranty Obligations Warranty Obligations
The Company records the estimated cost of fulfilling product warranties at the time of sale based upon historical costs to fulfill claims. Obligations may also be recorded subsequent to the time of sale whenever specific events or changes in circumstances impacting product quality become known that would not have been taken into account using historical data. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers and third-party contract manufacturers, the Company’s warranty obligation is affected by product failure rates, material usage, and service delivery costs incurred in correcting a product failure. An adverse change in any of these factors may result in the need for additional warranty provisions. Warranty obligations are included in “Accrued expenses” on the Consolidated Balance Sheets.
The changes in the warranty obligation were as follows (in thousands):
Balance as of December 31, 2024$5,140 
Provisions for warranties issued during the period2,771 
Fulfillment of warranty obligations(2,457)
Foreign exchange rate changes10 
Balance as of September 28, 2025$5,464 
v3.25.3
Commitment and Contingencies
 9 Months Ended
Sep. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
As of September 28, 2025, the Company had outstanding purchase orders totaling $42,597,000 to procure inventory from various vendors. Certain of these purchase orders may be canceled by the Company, subject to cancellation penalties. These purchase commitments relate primarily to expected sales in the next twelve months.
A significant portion of the Company's outstanding inventory purchase orders as of September 28, 2025, as well as additional preauthorized commitments to procure strategic components based on the Company's expected customer demand, are placed with the Company's primary contract manufacturer for the Company's assembled products. The Company has the obligation to purchase any non-cancelable and non-returnable components that have been purchased by the contract manufacturer with the Company's preauthorization, when these components have not been consumed within the period defined in the terms of the Company's agreement with this contract manufacturer. While the Company typically expects such purchased components to be used in future production of Cognex finished goods, these components are considered in the Company's reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase of non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in demand, indicate that the value of the components may not be recoverable, the loss is probable, and management has the ability to reasonably estimate the amount of the loss.
Various claims and legal proceedings generally incidental to the normal course of business are pending or threatened on behalf of or against the Company. While we cannot predict the outcome of these matters, we believe that any liability arising from them will not have a material adverse effect on our financial position, liquidity, or results of operations.
v3.25.3
Stockholder's Equity
 9 Months Ended
Sep. 28, 2025
Equity [Abstract]  
Stockholder's Equity Stockholders' Equity
Stock Repurchase Program
In March 2022, the Company's Board of Directors (the "Board") authorized a program providing for the repurchase of $500,000,000 of the Company's common stock (the "Program"). Under the Program, in addition to repurchases made in other periods, the Company repurchased 555,000 shares at a total cost of $23,841,000 during the nine-month period ended September 29, 2024 and 3,594,000 shares at a total cost of $126,233,000 during the nine-month period ended September 28, 2025, leaving a remaining balance of $140,020,000 as of September 28, 2025. The Company may repurchase shares under the Program in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions.
Stock-Based Compensation Expense
The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs").
The following table summarizes the number of stock-based awards granted by the Company and the weighted-average grant-date fair value per unit for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024:
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in
 thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value
Stock options30 $17.03 21 $14.75 1,669 $12.14 1,641 $14.89 
Restricted stock units54 $43.51 41 $36.40 1,313 $32.77 838 $38.90 
Performance restricted stock units— $— — $— 184 $32.14 55 $39.05 
84 62 3,166 2,534 
During the first quarter of 2025, the Company granted PRSUs that vest upon the achievement of (1) a service condition of three years of continuous employment and (2) a performance condition established by the Compensation Committee of the Board as of the grant date. The number of shares earned could range between 0% and 120% based on achievement of the performance condition, which includes certain financial targets over the three-year measurement period. The fair value of these PRSUs is calculated based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. Compensation expense for these PRSUs is recognized based on the probable outcome of the performance condition with a cumulative catch-up adjustment for prior periods in the period that the probable outcome changes. During the three-month and nine-month periods ended September 28, 2025, the Company recorded $345,000 and $841,000 in compensation expense based on the probable three-year financial target outcome for the PRSUs granted during the first quarter of 2025.
The Company stratifies its employee population into two groups: one consisting of senior management and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 11% to all stock-based awards for senior management and a rate of 13% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. Credits of $4,789,000 and $1,832,000 were recorded in 2025 and 2024, respectively, to true up previously recorded compensation expense for this forfeiture rate revision.
As of September 28, 2025, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $59,613,000, which is expected to be recognized over a weighted-average period of 1.7 years.
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Cost of revenue$489 $442 $1,694 $1,460 
Research, development, and engineering3,794 3,707 11,933 11,636 
Selling, general, and administrative8,133 8,952 21,022 26,271 
Total stock-based compensation expense$12,416 $13,101 $34,649 $39,367 
No compensation expense was capitalized as of September 28, 2025 or December 31, 2024.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Americas$104,513 $82,293 $296,499 $250,590 
Europe74,687 57,246 190,640 166,751 
Greater China49,708 45,301 121,502 129,760 
Other Asia47,984 49,902 133,380 137,730 
276,892 234,742 742,021 684,831 

The following table summarizes disaggregated revenue information by revenue type (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Standard products and services (1)
232,619 203,182 653,164 591,670 
Application-specific customer solutions44,273 31,560 88,857 93,161 
276,892 234,742 742,021 684,831 
(1) In July 2025, the Company entered into a commercial partnership with a strategic channel partner (the “Partner”) to better serve Original Equipment Manufacturer (OEM) customers in the specialized field of medical lab automation. Through 2030, the Partner has exclusive rights to sell machine vision hardware into these applications in combination with licensed Company software, in exchange for annual minimum license fees paid to the Company. The contract includes a substantive termination penalty if the contract is cancelled by the Partner. As such, the Company recognized the minimum license fees as revenue in the third quarter of 2025, at the point in time when the Partner received access to the software. Although the license revenue was recognized upfront, payments are expected to be received over the duration of the partnership, resulting in unbilled revenue. Also in the third quarter of 2025, the Company transferred related inventories at cost to the Partner. As a result of the upfront recognition of the license revenue and transfer of inventories, the Company recognized one-time revenue of approximately $13 million in the third quarter of 2025, which is included in the "Standard products and services" amount in the table above for the three-month and nine-month periods ended September 28, 2025.
Costs to Fulfill a Contract
Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $11,467,000 and $10,705,000 as of September 28, 2025 and December 31, 2024, respectively.
Accounts Receivable, Contract Assets, and Contract Liabilities
Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition.
The following table summarizes the allowance for credit losses activity for the nine-month period ended September 28, 2025 (in thousands):
Balance as of December 31, 2024$827 
Increases to the allowance for credit losses227 
Write-offs, net of recoveries(303)
Foreign exchange rate changes(19)
Balance as of September 28, 2025$732 
The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended September 28, 2025 (in thousands):
Balance as of December 31, 2024$25,035 
Deferral of revenue billed in the current period, net of recognition18,103 
Recognition of revenue deferred in prior period(19,956)
Foreign exchange rate changes585 
Balance as of September 28, 2025$23,767 
As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for our contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for our contracts that have an original expected duration of more than one year, primarily related to extended warranties, are not material.
v3.25.3
Segment and Geographic Information
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in one segment, machine vision technology. The Company has a single, company-wide management team that administers operations as a whole rather than as discrete operating segments. The Company’s chief operating decision maker is the chief executive officer, who assesses performance and allocates resources at the corporate level, as compared to the geography, product line, or end market levels. The Company offers a variety of machine vision products that have similar economic characteristics and are distributed by the same sales channels to the same types of customers.
The measure of segment profit or loss for the Company's single segment is net income. Segment expenses were disaggregated based on the information the chief operating decision maker uses to assess performance and allocate resources considering both quantitative and qualitative factors. The following table summarizes significant segment expenses, which represents the difference between segment revenue and segment net income (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 20250September 29, 2024
Revenue$276,892 $234,742 $742,021 $684,831 
Less:
Cost of revenue (1)
89,602 75,343 242,532 216,896 
Gross profit187,290 159,399 499,489 467,935 
Less:
Research, development, and engineering expenses
Salaries and fringe benefits18,921 19,789 56,752 59,843 
Incentive compensation (2)
3,350 1,492 6,789 4,277 
Stock-based compensation3,794 3,707 11,933 11,636 
Depreciation and amortization612 828 2,104 2,446 
Other segment expenses (3)
8,404 9,394 25,332 29,075 
Total research, development, and engineering expenses35,081 35,210 102,910 107,277 
Selling, general, and administrative expenses
Salaries and fringe benefits43,645 44,803 130,280 134,697 
Incentive compensation (2)
15,747 11,994 40,487 35,060 
Stock-based compensation8,133 8,952 21,022 26,271 
Depreciation and amortization3,816 4,616 12,095 12,872 
Other segment expenses (3)
23,103 22,260 65,405 67,533 
Total selling, general, and administrative expenses94,444 92,625 269,289 276,433 
Operating income57,765 31,564 127,290 84,225 
Foreign currency gain (loss)840 1,221 (3,116)1,086 
Investment income4,197 3,561 12,227 9,797 
Other income (expense)61 209 2,322 581 
Income before income tax expense62,863 36,555 138,723 95,689 
Income tax expense45,199 6,964 56,945 17,864 
Net income$17,664 $29,591 $81,778 $77,825 
(1) Cost of revenue includes depreciation and amortization expense (including amortization of acquired technologies) of $3,105,000 and $9,267,000 for the three-month and nine-month periods ended September 28, 2025, respectively, and $3,374,000 and $9,512,000 for the three-month and nine-month periods ended September 29, 2024, respectively.
(2) Incentive compensation includes company bonus and sales commissions.
(3) Other segment expenses include outside services, prototyping materials, sales demonstration equipment, travel and entertainment, marketing programs, and rent, among other less significant expenses.
Segment assets amounted to $2,002,750 and $1,992,850 as of September 28, 2025 and December 31, 2024, respectively.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 28, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate was 72% and 41% for the three-month and nine-month periods ended September 28, 2025, respectively, and 19% for the three-month and nine-month periods ended September 29, 2024, respectively.
The Company has defined its major tax jurisdictions as the United States, Ireland, China, Japan, and Korea, and within the United States, Massachusetts. The statutory tax rate is 12.5% in Ireland, 25% in China, 34.7% in Japan, and 21% in Korea, compared to the U.S. federal statutory corporate tax rate of 21%. These foreign tax rate differences resulted in a favorable impact to the effective tax rate for both the three-month and nine-month periods ended September 28, 2025 and September 29, 2024.
The Company recorded a net discrete tax expense totaling $33,650,000 and $33,132,000 for the three-month and nine-month periods ended September 28, 2025, respectively, and a net discrete tax expense totaling $889,000 and $3,511,000 for the three-month and nine-month periods ended September 29, 2024, respectively.
Discrete tax items for the nine-month period ended September 28, 2025 included (1) an increase in tax expense accrual of $33,265,000 related to changes in the accrual of the Company's deferred tax position upon a change in tax rates from the newly enacted One Big Beautiful Bill Act ("OBBBA"); (2) an increase in tax expense of $2,955,000 related to stock-based compensation; (3) an increase in tax expense of $1,286,000 for interest expense related to tax reserves; (4) an increase in tax expense of $669,000 related to taxability of payroll tax credit refunds received during the year; (5) a decrease in tax expense of $2,748,000 for release of tax reserves related to statute of limitation lapse; (6) a net decrease in tax expense of $2,013,000 related to an adjustment to the Company's deferred tax position; and (7) a net decrease in tax expense of $282,000 related to return-to-provision adjustments.
Discrete tax items for the nine-month period ended September 29, 2024 included (1) an increase in tax expense of $1,645,000 related to stock-based compensation; (2) an increase in tax expense of $320,000 related to state tax matters; (3) an increase in tax expense of $1,270,000 for interest expense related to tax reserves; (4) a net decrease in tax expense of $854,000 related to return-to-provision adjustments; and (5) an increase in tax expense of $1,130,000 for other tax matters.
The Company’s reserve for income taxes, including gross interest and penalties, was $28,478,000 as of September 28, 2025, of which $26,359,000 was classified as a non-current liability and $2,119,000 was classified as an offset to deferred tax assets. If the Company’s tax positions were sustained or the statutes of limitations related to certain positions expired, these reserves would be released and income tax expense would be reduced in a future period.
Within the United States, the tax years 2021 through 2024 remain open to examination by the Internal Revenue Service, and 2020 through 2024 remain open to examination by various state tax authorities. The tax years 2013 through 2024 remain open to examination by various international taxing authorities in other jurisdictions in which the Company operates.
On July 4, 2025, tax legislation known as the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. OBBBA modifies certain international tax provisions such as the tax on Global Intangible Low Taxed Income ("GILTI") and renames GILTI as Net CFC Tested Income ("NCTI"). The Company records NCTI taxes on a deferred basis, and as a result of OBBBA's enactment, accrued a discrete tax expense of approximately $33,265,000 to increase its deferred tax liability during the third quarter of 2025. The legislation is expected to result in a full-year cash tax benefit estimated between $12 million and $15 million, primarily driven by the Company's ability to immediately expense research and development costs. However, this benefit does not directly impact the Company's effective tax rate.
v3.25.3
Earnings per Share
 9 Months Ended
Sep. 28, 2025
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The following table shows the computation of basic and diluted earnings per share for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands, except per share amounts):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Net income17,664 29,591 $81,778 $77,825 
Basic weighted-average common shares outstanding167,840 171,519 168,324 171,588 
Effect of dilutive stock-based awards1,483 1,234 1,183 1,145 
Diluted weighted-average common shares outstanding169,323 172,753 169,507 172,733 
Earnings per share
Basic0.11 0.17 0.49 0.45 
Diluted0.10 0.17 0.48 0.45 
The computation of diluted weighted-average common shares outstanding excludes the following weighted average anti-dilutive stock-based awards outstanding for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Stock options9,352 8,640 10,206 8,490 
Restricted stock units9 — 4 — 
Performance restricted stock units— — — — 
Total weighted average anti-dilutive stock-based awards outstanding9,361 8,640 10,210 8,490 
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 28, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 29, 2025, the Board declared a cash dividend of $0.085 per share. The dividend is payable on November 28, 2025 to all shareholders of record as of the close of business on November 13, 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 28, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Laura MacDonald [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On August 6, 2025, Laura MacDonald, the Vice President and Principal Accounting Officer of the Company, adopted a trading arrangement for the sale of shares of the Company’s common stock (a “Rule 10b5-1 Trading Plan”). Ms. MacDonald’s Rule 10b5-1 Trading Plan, which has a term ending on August 7, 2026, provides for the exercise of vested stock options to sell up to 12,500 shares of common stock pursuant to the terms of such Rule 10b5-1 Trading Plan. Additionally, Ms. MacDonald's Rule 10b5-1 Trading Plan provides for the sale of 5,047 shares of common stock pursuant to the terms of the plan.
Name Laura MacDonald
Title Vice President and Principal Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 6, 2025
Expiration Date August 7, 2026
Arrangement Duration 366 days
Carl Gerst [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On September 10, 2025, Carl Gerst, the Executive Vice President of Vision and ID Products of the Company, adopted a Rule 10b5-1 Trading Plan. Mr. Gerst’s Rule 10b5-1 Trading Plan, which has a term ending on April 1, 2026, provides for the sale of up to 21,207 shares of common stock pursuant to the terms of such Rule 10b5-1 Trading Plan.
Name Carl Gerst
Title Executive Vice President of Vision and ID Products
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 10, 2025
Expiration Date April 1, 2026
Arrangement Duration 203 days
Aggregate Available 21,207
Laura MacDonald Rule Trading Arrangement, Stock Options [Member] | Laura MacDonald [Member]  
Trading Arrangements, by Individual  
Aggregate Available 12,500
Laura MacDonald Rule Trading Arrangement, Common Stock [Member] | Laura MacDonald [Member]  
Trading Arrangements, by Individual  
Aggregate Available 5,047
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 28, 2025
Accounting Policies [Abstract]  
New Pronouncements New Pronouncements
Accounting Standards Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures"
The amendments in this ASU apply to all entities that are subject to Topic 740, Income Taxes. The amendments require public business entities to disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. They also require all entities to disclose income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions in which income taxes paid, net of refunds received, are equal to or greater than five percent of total income taxes paid. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. The amendments in this ASU should be applied on a prospective basis. Management does not expect ASU 2023-09 to have a material impact on the Company's financial statements and disclosures.
Accounting Standards Update (ASU) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)
This ASU aims to enhance transparency for users of financial statements by requiring public business entities to disaggregate specific expense categories. This ASU mandates disclosures in the notes to financial statements detailing the composition and trends of key expense categories within major income statement captions. These enhanced disclosures are intended to help investors more effectively assess the entity’s performance, understand its cost structure, and make more accurate forecasts of future cash flows. For public business entities, this ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The adoption will result in disclosure changes only.
Accounting Standards Update (ASU) 2025-05 - Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
This ASU provides a practical expedient to simplify the measurement of credit losses for certain receivables and contract assets. The amendments allow entities to assume that current conditions at the balance sheet date will persist over the life of these assets, eliminating the need to develop forward-looking forecasts required under the current expected credit loss ("CECL") model. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. Management does not expect ASU 2025-05 to have a material impact on the Company's financial statements and disclosures.
Accounting Standards Update (ASU) 2025-06 - Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
The amendments in this ASU updates the accounting and disclosure guidance for internal-use software to better reflect modern, iterative development practices. The amendments replace the former “development stage” model with a judgment-based framework and require entities to evaluate whether significant development uncertainty exists before capitalizing costs. The ASU also incorporates website development guidance into Subtopic 350-40
and aligns disclosures for capitalized software with those for property, plant, and equipment. For public business entities, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. Management is currently evaluating the impact that adopting ASU 2025-06 would have on the Company's financial statements and disclosures.
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 28, 2025
Fair Value Disclosures [Abstract]  
Summary of Available-for-Sale Investments
The following table summarizes the Company’s cash, cash equivalents, and investments as of September 28, 2025 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$152,453 $— $— $152,453 $152,453 $— $— 
Money market instrumentsLevel 157,023 — — 57,023 57,023 — — 
Certificates of depositLevel 236,422 — — 36,422 36,422 — — 
Corporate bondsLevel 2315,660 2,697 (592)317,765 — 51,879 265,886 
Treasury notesLevel 229,604 113 (7)29,710 — — 29,710 
Asset-backed securitiesLevel 24,822 — (340)4,482 — — 4,482 
Treasury billsLevel 21,489 — — 1,489 — 1,489 — 
Sovereign bondsLevel 21,000 — — 1,000 — 1,000 — 
Total$598,473 $2,810 $(939)$600,344 $245,898 $54,368 $300,078 
The following table summarizes the Company’s cash, cash equivalents, and investments as of December 31, 2024 (in thousands):
Fair Value LevelAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and Cash EquivalentsCurrent InvestmentsNon-current Investments
Cash$170,852 $— $— $170,852 $170,852 $— $— 
Money market instrumentsLevel 115,242 — — 15,242 15,242 — — 
Corporate bondsLevel 2344,804 411 (4,299)340,916 — 55,742 285,174 
Treasury notesLevel 246,071 2 (439)45,634 — 2,487 43,147 
Asset-backed securitiesLevel 213,870 — (556)13,314 — 737 12,577 
Sovereign bondsLevel 21,013 — (23)990 — 990 — 
Total$591,852 $413 $(5,317)$586,948 $186,094 $59,956 $340,898 
Realized Gain (Loss) on Investments
The following table summarizes the Company's gross realized gains and losses on the sale of debt securities for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Gross realized gains$116 $— $173 $8 
Gross realized losses(20)— (23)(16)
Net realized gains (losses)$96 $— $150 $(8)
Effective Maturity Dates of Available-for-Sale Investments
The following table presents the effective maturity dates of the Company’s available-for-sale investments as of September 28, 2025 (in thousands):
<1 year1-2 Years2-3 Years3-4 Years4-5 Years5-8 YearsTotal
Corporate bonds$51,879 $73,474 $93,202 $70,619 $28,591 $— $317,765 
Treasury notes— 18,690 11,020 — — — 29,710 
Asset-backed securities— — — 1,713 — 2,769 4,482 
Treasury bills1,489 — — — — — 1,489 
Sovereign bonds1,000 — — — — — 1,000 
$54,368 $92,164 $104,222 $72,332 $28,591 $2,769 $354,446 
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company had the following outstanding forward contracts (in thousands):
September 28, 2025December 31, 2024
CurrencyNotional
Value		USD
Equivalent		Notional
Value		USD
Equivalent
Derivatives Not Designated as Hedging Instruments:
Singapore Dollar38,000 $29,317 40,000 $29,457 
Chinese Renminbi90,000 12,628 95,000 12,990 
Mexican Peso100,000 5,417 220,000 10,701 
Hungarian Forint2,500,000 7,466 2,360,000 5,951 
British Pound4,000 5,362 3,200 4,008 
Japanese Yen200,000 1,341 2,000,000 12,789 
Euro— — 25,000 26,029 
Swiss Franc— — 2,200 2,432 
Canadian Dollar— — 2,000 1,390 
Offsetting Assets
Information regarding the fair value of the outstanding forward contracts was as follows (in thousands):
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance Sheet LocationFair Value LevelSeptember 28, 2025December 31, 2024Balance Sheet LocationFair Value LevelSeptember 28, 2025December 31, 2024
Derivatives Not Designated as Hedging Instruments:
Economic hedge forward contractsPrepaid expenses and other current assetsLevel 2$262 $689 Accrued expensesLevel 2$316 $757 
Activity:
Gross amounts recognized$262 $689 $316 $757 
Gross amounts offset— — — — 
Net amounts presented on the Consolidated Balance Sheets$262 $689 $316 $757 
Derivative Instruments, Gain (Loss)
Information regarding the effect of derivative instruments on the Consolidated Statements of Operations was as follows (in thousands):
Statement of Operations LocationThree-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Derivatives Not Designated as Hedging Instruments:
Gains (losses) recognized in current operationsForeign currency gain (loss)$(447)$944 $(1,414)$1,575 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of September 28, 2025 (in thousands):
Unrealized Loss Position For:
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$72,812 $(190)$33,955 $(403)$106,767 $(593)
Treasury notes11,075 (6)— — 11,075 (6)
Asset-backed securities— — 4,483 (340)4,483 (340)
Sovereign bonds— — 1,000 — 1,000 — 
$83,887 $(196)$39,438 $(743)$123,325 $(939)
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):
Unrealized Loss Position For:
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Corporate bonds$172,049 $(2,227)$87,815 $(2,071)$259,864 $(4,298)
Treasury notes42,149 (425)2,487 (14)44,636 (439)
Asset-backed securities11,024 (547)2,290 (10)13,314 (557)
Sovereign bonds— — 990 (23)990 (23)
$225,222 $(3,199)$93,582 $(2,118)$318,804 $(5,317)
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 28, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
September 28, 2025December 31, 2024
Raw materials$79,683 $86,917 
Work-in-process5,011 5,544 
Finished goods58,985 65,066 
$143,679 $157,527 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 28, 2025
Leases [Abstract]  
Lease, Cost
The components of lease expense were as follows (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Operating lease expense$3,637 $3,610 $10,629 $10,647 
Short-term lease expense (1)
290 $52 710 $191 
(1) Leases with a term of twelve months or less for which the Company elected not to recognize a lease asset or lease liability
Supplemental balance sheet information related to leases was as follows:
September 28, 2025December 31, 2024
Weighted average remaining lease term9.2 years9.9 years
Weighted average discount rate6.3 %5.9 %
Supplemental cash flow information related to leases was as follows (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Cash paid for amounts included in the measurement of operating lease liabilities$3,594 $3,516 $10,428 $10,130 
Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities as of September 28, 2025 were as follows (in thousands):
Amount
Remainder of fiscal 2025$4,044 
202614,688 
202713,063 
202811,650 
20299,846 
20308,774 
Thereafter42,171 
Total undiscounted lease payments$104,236 
Less: imputed interest25,311 
Total operating lease liabilities$78,925 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying value of goodwill were as follows (in thousands):
Balance as of December 31, 2024$384,937 
Foreign exchange rate changes7,147 
Balance as of September 28, 2025$392,084 
Schedule of Intangible Assets
Amortized intangible assets as of September 28, 2025 consisted of the following (in thousands):
Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$70,730 $(14,058)$56,672 
Completed technologies59,843 (30,058)29,785 
Trademarks851 (567)284 
Non-compete agreements340 (330)10 
Balance as of September 28, 2025$131,764 $(45,013)$86,751 
Amortized intangible assets as of December 31, 2024 consisted of the following (in thousands):
Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
Customer relationships$67,781 $(10,229)$57,552 
Completed technologies58,373 (25,766)32,607 
Trademarks810 (337)473 
Non-compete agreements340 (288)52 
Balance as of December 31, 2024$127,304 $(36,620)$90,684 
Schedule of Intangible Assets, Future Amortization Expense
Future amortization expense related to intangible assets as of September 28, 2025 is as follows (in thousands):
Amount
Remainder of fiscal 2025$2,596 
202610,145 
20279,210 
20288,480 
20298,480 
20307,937 
Thereafter39,903 
$86,751 
v3.25.3
Warranty Obligations (Tables)
 9 Months Ended
Sep. 28, 2025
Product Warranties Disclosures [Abstract]  
Changes in Warranty Obligations
The changes in the warranty obligation were as follows (in thousands):
Balance as of December 31, 2024$5,140 
Provisions for warranties issued during the period2,771 
Fulfillment of warranty obligations(2,457)
Foreign exchange rate changes10 
Balance as of September 28, 2025$5,464 
v3.25.3
Stockholder's Equity (Tables)
 9 Months Ended
Sep. 28, 2025
Equity [Abstract]  
Share-Based Payment Arrangement, Activity
The following table summarizes the number of stock-based awards granted by the Company and the weighted-average grant-date fair value per unit for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024:
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in
 thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value
Stock options30 $17.03 21 $14.75 1,669 $12.14 1,641 $14.89 
Restricted stock units54 $43.51 41 $36.40 1,313 $32.77 838 $38.90 
Performance restricted stock units— $— — $— 184 $32.14 55 $39.05 
84 62 3,166 2,534 
Stock-Based Compensation Expense
The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Cost of revenue$489 $442 $1,694 $1,460 
Research, development, and engineering3,794 3,707 11,933 11,636 
Selling, general, and administrative8,133 8,952 21,022 26,271 
Total stock-based compensation expense$12,416 $13,101 $34,649 $39,367 
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Geographic Areas
The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Americas$104,513 $82,293 $296,499 $250,590 
Europe74,687 57,246 190,640 166,751 
Greater China49,708 45,301 121,502 129,760 
Other Asia47,984 49,902 133,380 137,730 
276,892 234,742 742,021 684,831 
Revenue from External Customers by Products and Services
The following table summarizes disaggregated revenue information by revenue type (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Standard products and services (1)
232,619 203,182 653,164 591,670 
Application-specific customer solutions44,273 31,560 88,857 93,161 
276,892 234,742 742,021 684,831 
(1) In July 2025, the Company entered into a commercial partnership with a strategic channel partner (the “Partner”) to better serve Original Equipment Manufacturer (OEM) customers in the specialized field of medical lab automation. Through 2030, the Partner has exclusive rights to sell machine vision hardware into these applications in combination with licensed Company software, in exchange for annual minimum license fees paid to the Company. The contract includes a substantive termination penalty if the contract is cancelled by the Partner. As such, the Company recognized the minimum license fees as revenue in the third quarter of 2025, at the point in time when the Partner received access to the software. Although the license revenue was recognized upfront, payments are expected to be received over the duration of the partnership, resulting in unbilled revenue. Also in the third quarter of 2025, the Company transferred related inventories at cost to the Partner. As a result of the upfront recognition of the license revenue and transfer of inventories, the Company recognized one-time revenue of approximately $13 million in the third quarter of 2025, which is included in the "Standard products and services" amount in the table above for the three-month and nine-month periods ended September 28, 2025.
Schedule of Allowance for Credit Loss Activity
The following table summarizes the allowance for credit losses activity for the nine-month period ended September 28, 2025 (in thousands):
Balance as of December 31, 2024$827 
Increases to the allowance for credit losses227 
Write-offs, net of recoveries(303)
Foreign exchange rate changes(19)
Balance as of September 28, 2025$732 
Deferred Revenue, by Arrangement, Disclosure
The following table summarizes the deferred revenue and customer deposits activity for the nine-month period ended September 28, 2025 (in thousands):
Balance as of December 31, 2024$25,035 
Deferral of revenue billed in the current period, net of recognition18,103 
Recognition of revenue deferred in prior period(19,956)
Foreign exchange rate changes585 
Balance as of September 28, 2025$23,767 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table summarizes significant segment expenses, which represents the difference between segment revenue and segment net income (in thousands):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 20250September 29, 2024
Revenue$276,892 $234,742 $742,021 $684,831 
Less:
Cost of revenue (1)
89,602 75,343 242,532 216,896 
Gross profit187,290 159,399 499,489 467,935 
Less:
Research, development, and engineering expenses
Salaries and fringe benefits18,921 19,789 56,752 59,843 
Incentive compensation (2)
3,350 1,492 6,789 4,277 
Stock-based compensation3,794 3,707 11,933 11,636 
Depreciation and amortization612 828 2,104 2,446 
Other segment expenses (3)
8,404 9,394 25,332 29,075 
Total research, development, and engineering expenses35,081 35,210 102,910 107,277 
Selling, general, and administrative expenses
Salaries and fringe benefits43,645 44,803 130,280 134,697 
Incentive compensation (2)
15,747 11,994 40,487 35,060 
Stock-based compensation8,133 8,952 21,022 26,271 
Depreciation and amortization3,816 4,616 12,095 12,872 
Other segment expenses (3)
23,103 22,260 65,405 67,533 
Total selling, general, and administrative expenses94,444 92,625 269,289 276,433 
Operating income57,765 31,564 127,290 84,225 
Foreign currency gain (loss)840 1,221 (3,116)1,086 
Investment income4,197 3,561 12,227 9,797 
Other income (expense)61 209 2,322 581 
Income before income tax expense62,863 36,555 138,723 95,689 
Income tax expense45,199 6,964 56,945 17,864 
Net income$17,664 $29,591 $81,778 $77,825 
(1) Cost of revenue includes depreciation and amortization expense (including amortization of acquired technologies) of $3,105,000 and $9,267,000 for the three-month and nine-month periods ended September 28, 2025, respectively, and $3,374,000 and $9,512,000 for the three-month and nine-month periods ended September 29, 2024, respectively.
(2) Incentive compensation includes company bonus and sales commissions.
(3) Other segment expenses include outside services, prototyping materials, sales demonstration equipment, travel and entertainment, marketing programs, and rent, among other less significant expenses.
Segment assets amounted to $2,002,750 and $1,992,850 as of September 28, 2025 and December 31, 2024, respectively.
v3.25.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 28, 2025
Earnings Per Share [Abstract]  
Calculation of Weighted-Average Shares
The following table shows the computation of basic and diluted earnings per share for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (in thousands, except per share amounts):
Three-months EndedNine-months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
Net income17,664 29,591 $81,778 $77,825 
Basic weighted-average common shares outstanding167,840 171,519 168,324 171,588 
Effect of dilutive stock-based awards1,483 1,234 1,183 1,145 
Diluted weighted-average common shares outstanding169,323 172,753 169,507 172,733 
Earnings per share
Basic0.11 0.17 0.49 0.45 
Diluted0.10 0.17 0.48 0.45 
v3.25.3
Financial Instruments - Components of Cash, Cash Equivalents, and Investments (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale    
Cash and cash equivalents $ 245,898 $ 186,094
Gross Unrealized Losses (939) (5,317)
Gross Unrealized Gains 2,810 413
Debt Securities, Available-for-Sale, Total 354,446  
Total 598,473 591,852
Fair Value 600,344 586,948
Current Investments 54,368 59,956
Non-current Investments 300,078 340,898
Corporate bonds    
Debt Securities, Available-for-sale    
Amortized Cost 315,660 344,804
Gross Unrealized Losses (592) (4,299)
Gross Unrealized Gains 2,697 411
Debt Securities, Available-for-Sale, Total 317,765 340,916
Current Investments 51,879 55,742
Non-current Investments 265,886 285,174
Treasury notes    
Debt Securities, Available-for-sale    
Amortized Cost 29,604 46,071
Gross Unrealized Losses (7) (439)
Gross Unrealized Gains 113 2
Debt Securities, Available-for-Sale, Total 29,710 45,634
Current Investments 0 2,487
Non-current Investments 29,710 43,147
Asset-backed securities    
Debt Securities, Available-for-sale    
Amortized Cost 4,822 13,870
Gross Unrealized Losses (340) (556)
Gross Unrealized Gains 0 0
Debt Securities, Available-for-Sale, Total 4,482 13,314
Current Investments 0 737
Non-current Investments 4,482 12,577
Sovereign bonds    
Debt Securities, Available-for-sale    
Amortized Cost 1,000 1,013
Gross Unrealized Losses 0 (23)
Gross Unrealized Gains 0 0
Debt Securities, Available-for-Sale, Total 1,000 990
Current Investments 1,000 990
Non-current Investments 0 0
Treasury bills    
Debt Securities, Available-for-sale    
Amortized Cost 1,489  
Gross Unrealized Losses 0  
Gross Unrealized Gains 0  
Debt Securities, Available-for-Sale, Total 1,489  
Current Investments 1,489  
Non-current Investments 0  
Cash    
Debt Securities, Available-for-sale    
Cash and cash equivalents 152,453 170,852
Cash and cash equivalents, fair value 152,453 170,852
Money market instruments    
Debt Securities, Available-for-sale    
Cash and cash equivalents 57,023 15,242
Cash and cash equivalents, fair value 57,023 $ 15,242
Certificates of deposit    
Debt Securities, Available-for-sale    
Cash and cash equivalents 36,422  
Cash and cash equivalents, fair value $ 36,422  
v3.25.3
Financial Instruments - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 28, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Debt securities, available-for-sale, allowance for credit loss $ 0 $ 0
Other current assets    
Cash and Cash Equivalents [Line Items]    
Accrued interest receivable $ 3,268,000 $ 4,144,000
Not Designated as Hedging Instrument    
Cash and Cash Equivalents [Line Items]    
Remaining maturity of foreign currency derivatives (up to) 12 months  
v3.25.3
Financial Instruments - Gross Realized Gains and Losses on the Sale of Debt Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Fair Value Disclosures [Abstract]        
Gross realized gains $ 116 $ 0 $ 173 $ 8
Gross realized losses (20) 0 (23) (16)
Net realized gains (losses) $ 96 $ 0 $ 150 $ (8)
v3.25.3
Financial Instruments - Gross Unrealized Losses and Fair Values for Available-for-Sale Investments (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale    
Fair value, less than 12 months $ 83,887 $ 225,222
Unrealized losses, less than 12 months (196) (3,199)
Fair value, 12 months or greater 39,438 93,582
Unrealized losses, 12 months or greater (743) (2,118)
Total fair value 123,325 318,804
Total unrealized Losses (939) (5,317)
Corporate bonds    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 72,812 172,049
Unrealized losses, less than 12 months (190) (2,227)
Fair value, 12 months or greater 33,955 87,815
Unrealized losses, 12 months or greater (403) (2,071)
Total fair value 106,767 259,864
Total unrealized Losses (593) (4,298)
Treasury notes    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 11,075 42,149
Unrealized losses, less than 12 months (6) (425)
Fair value, 12 months or greater 0 2,487
Unrealized losses, 12 months or greater 0 (14)
Total fair value 11,075 44,636
Total unrealized Losses (6) (439)
Asset-backed securities    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 0 11,024
Unrealized losses, less than 12 months 0 (547)
Fair value, 12 months or greater 4,483 2,290
Unrealized losses, 12 months or greater (340) (10)
Total fair value 4,483 13,314
Total unrealized Losses (340) (557)
Sovereign bonds    
Debt Securities, Available-for-sale    
Fair value, less than 12 months 0 0
Unrealized losses, less than 12 months 0 0
Fair value, 12 months or greater 1,000 990
Unrealized losses, 12 months or greater 0 (23)
Total fair value 1,000 990
Total unrealized Losses $ 0 $ (23)
v3.25.3
Financial Instruments - Effective Maturity Dates of Available-for-Sale Investments (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale    
less than 1 year $ 54,368  
1-2 Years 92,164  
2-3 Years 104,222  
3-4 Years 72,332  
4-5 Years 28,591  
5-8 Years 2,769  
Debt Securities, Available-for-Sale, Total 354,446  
Corporate bonds    
Debt Securities, Available-for-sale    
less than 1 year 51,879  
1-2 Years 73,474  
2-3 Years 93,202  
3-4 Years 70,619  
4-5 Years 28,591  
5-8 Years 0  
Debt Securities, Available-for-Sale, Total 317,765 $ 340,916
Treasury notes    
Debt Securities, Available-for-sale    
less than 1 year 0  
1-2 Years 18,690  
2-3 Years 11,020  
3-4 Years 0  
4-5 Years 0  
5-8 Years 0  
Debt Securities, Available-for-Sale, Total 29,710 45,634
Asset-backed securities    
Debt Securities, Available-for-sale    
less than 1 year 0  
1-2 Years 0  
2-3 Years 0  
3-4 Years 1,713  
4-5 Years 0  
5-8 Years 2,769  
Debt Securities, Available-for-Sale, Total 4,482 $ 13,314
Sovereign bonds    
Debt Securities, Available-for-sale    
less than 1 year 1,000  
1-2 Years 0  
2-3 Years 0  
3-4 Years 0  
4-5 Years 0  
5-8 Years 0  
Debt Securities, Available-for-Sale, Total 1,000  
Treasury bills    
Debt Securities, Available-for-sale    
less than 1 year 1,489  
1-2 Years 0  
2-3 Years 0  
3-4 Years 0  
4-5 Years 0  
5-8 Years 0  
Debt Securities, Available-for-Sale, Total $ 1,489  
v3.25.3
Financial Instruments - Outstanding Forward Contracts (Details) - Not Designated as Hedging Instrument
€ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SFr in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands
Sep. 28, 2025
SGD ($)
Sep. 28, 2025
USD ($)
Sep. 28, 2025
CNY (¥)
Sep. 28, 2025
MXN ($)
Sep. 28, 2025
HUF (Ft)
Sep. 28, 2025
GBP (£)
Sep. 28, 2025
JPY (¥)
Sep. 28, 2025
EUR (€)
Sep. 28, 2025
CHF (SFr)
Sep. 28, 2025
CAD ($)
Dec. 31, 2024
SGD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
MXN ($)
Dec. 31, 2024
HUF (Ft)
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
CHF (SFr)
Dec. 31, 2024
CAD ($)
Singapore Dollar                                        
Derivative [Line Items]                                        
Outstanding forward contracts $ 38,000 $ 29,317                 $ 40,000 $ 29,457                
Chinese Renminbi                                        
Derivative [Line Items]                                        
Outstanding forward contracts   12,628 ¥ 90,000                 12,990 ¥ 95,000              
Mexican Peso                                        
Derivative [Line Items]                                        
Outstanding forward contracts   5,417   $ 100,000               10,701   $ 220,000            
Hungarian Forint                                        
Derivative [Line Items]                                        
Outstanding forward contracts   7,466     Ft 2,500,000             5,951     Ft 2,360,000          
British Pound                                        
Derivative [Line Items]                                        
Outstanding forward contracts   5,362       £ 4,000           4,008       £ 3,200        
Japanese Yen                                        
Derivative [Line Items]                                        
Outstanding forward contracts   1,341         ¥ 200,000         12,789         ¥ 2,000,000      
Euro                                        
Derivative [Line Items]                                        
Outstanding forward contracts   0           € 0       26,029           € 25,000    
Swiss Franc                                        
Derivative [Line Items]                                        
Outstanding forward contracts   0             SFr 0     2,432             SFr 2,200  
Canadian Dollar                                        
Derivative [Line Items]                                        
Outstanding forward contracts   $ 0               $ 0   $ 1,390               $ 2,000
v3.25.3
Financial Instruments - Assets and liabilities presented on a net basis due to the right of offset (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative asset $ 262 $ 689
Derivative liability 316 757
Gross amounts recognized 262 689
Gross amounts offset 0 0
Net amounts presented on the Consolidated Balance Sheets 262 689
Gross amounts recognized 316 757
Gross amounts offset 0 0
Net amounts presented on the Consolidated Balance Sheets 316 757
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Derivative asset 262 689
Derivative liability 316 757
Net amounts presented on the Consolidated Balance Sheets 262 689
Net amounts presented on the Consolidated Balance Sheets $ 316 $ 757
v3.25.3
Financial Instruments - Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in current operations $ (447) $ 944 $ (1,414) $ 1,575
v3.25.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 79,683 $ 86,917
Work-in-process 5,011 5,544
Finished goods 58,985 65,066
Inventories $ 143,679 $ 157,527
v3.25.3
Leases - Narrative (Details)
 6 Months Ended
Jun. 29, 2025
Sep. 28, 2025
USD ($)
terminationOptions
extension_option
Dec. 31, 2024
ft²
Jun. 30, 2023
ft²
lease_component
Lessee, Lease, Description [Line Items]        
Operating lease, number of options to terminate | terminationOptions   0    
Operating leases, number of options to extend | extension_option   19    
Term of contract 10 years      
Future lease payments   $ 104,236,000    
Remainder of fiscal 2025   $ 4,044,000    
Weighted average discount rate   6.30% 5.90%  
Weighted average remaining lease term   9 years 2 months 12 days 9 years 10 months 24 days  
Singapore        
Lessee, Lease, Description [Line Items]        
Lease components | lease_component       2
Singapore | 88,000 square-foot premises        
Lessee, Lease, Description [Line Items]        
Rentable area | ft²       88,000
Singapore | 27,000 square-foot premises        
Lessee, Lease, Description [Line Items]        
Rentable area | ft²       27,000
Term of contract       8 years
Future lease payments   $ 8,420,000    
Remainder of fiscal 2025   169,000    
Aachen Germany        
Lessee, Lease, Description [Line Items]        
Area of real estate property | ft²     6,500  
Renewal term 5 years      
Lease total, future obligations   9,128,000    
Remainder of fiscal year   $ 223,000    
v3.25.3
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Dec. 31, 2024
Leases [Abstract]          
Operating lease expense $ 3,637 $ 3,610 $ 10,629 $ 10,647  
Short-term lease expense $ 290 52 $ 710 191  
Weighted average remaining lease term 9 years 2 months 12 days   9 years 2 months 12 days   9 years 10 months 24 days
Weighted average discount rate 6.30%   6.30%   5.90%
Cash paid for amounts included in the measurement of operating lease liabilities $ 3,594 $ 3,516 $ 10,428 $ 10,130  
v3.25.3
Leases - Future Minimum Lease Payment Obligations Under Operating Leases (Details)
$ in Thousands
Sep. 28, 2025
USD ($)
Leases [Abstract]  
Remainder of fiscal 2025 $ 4,044
2026 14,688
2027 13,063
2028 11,650
2029 9,846
2030 8,774
Thereafter 42,171
Total 104,236
Less: imputed interest 25,311
Total operating lease liabilities $ 78,925
v3.25.3
Goodwill and Intangible Assets (Details)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
USD ($)
Goodwill [Roll Forward]  
Balance as of December 31, 2024 $ 384,937
Foreign exchange rate changes 7,147
Balance as of September 28, 2025 $ 392,084
v3.25.3
Goodwill and Intangible Assets - Amortized Assets and Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value $ 131,764 $ 127,304
Accumulated Amortization (45,013) (36,620)
Net Carrying Value 86,751 90,684
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 86,751 90,684
Indefinite-lived intangible asset excluding in-process technologies    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Net Carrying Value 86,751  
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of fiscal 2025 2,596  
2026 10,145  
2027 9,210  
2028 8,480  
2029 8,480  
2030 7,937  
Thereafter 39,903  
Net Carrying Value 86,751  
Customer relationships    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 70,730 67,781
Accumulated Amortization (14,058) (10,229)
Net Carrying Value 56,672 57,552
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 56,672 57,552
Completed technologies    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 59,843 58,373
Accumulated Amortization (30,058) (25,766)
Net Carrying Value 29,785 32,607
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 29,785 32,607
Trademarks    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 851 810
Accumulated Amortization (567) (337)
Net Carrying Value 284 473
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value 284 473
Non-compete agreements    
Distribution Rights, Developed Technology Rights, Customer Contracts And Relationships, Other Intangible Assets, And Trademarks    
Gross Carrying Value 340 340
Accumulated Amortization (330) (288)
Net Carrying Value 10 52
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Net Carrying Value $ 10 $ 52
v3.25.3
Warranty Obligations (Detail)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Beginning balance $ 5,140
Provisions for warranties issued during the period 2,771
Fulfillment of warranty obligations (2,457)
Foreign exchange rate changes (10)
Ending balance $ 5,464
v3.25.3
Commitment and Contingencies (Details)
Sep. 28, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Outstanding purchase orders $ 42,597,000
v3.25.3
Stockholder's Equity (Details)
 3 Months Ended 9 Months Ended
Sep. 28, 2025
USD ($)
group
Sep. 29, 2024
USD ($)
Sep. 28, 2025
USD ($)
group
shares
Sep. 29, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
Mar. 03, 2022
USD ($)
Equity, Class of Treasury Stock [Line Items]            
Excise tax on repurchase of common stock $ 915,000   $ 2,084,000      
Stock-based compensation $ 12,416,000 $ 13,101,000 $ 34,649,000 $ 39,367,000    
Groups within the employee population | group 2   2      
Estimated annual forfeiture rate for unvested options for senior management 11.00%   11.00%      
Estimated annual forfeiture rate for unvested options for all other employees 13.00%   13.00%      
Decrease in compensation expense due to revised estimated forfeiture rates     $ 4,789,000 $ 1,832,000    
Unrecognized compensation expense $ 59,613,000   $ 59,613,000      
Weighted average period to be recognized     1 year 8 months 12 days      
Recognized period costs capitalized 0   $ 0   $ 0  
Performance Restricted Stock Units            
Equity, Class of Treasury Stock [Line Items]            
Award requisite service period     3 years      
Measurement period     3 years      
Stock-based compensation 345,000   $ 841,000      
Financial target outcome period     3 years      
Minimum | Performance Restricted Stock Units            
Equity, Class of Treasury Stock [Line Items]            
Award achievement range     0.00%      
Maximum | Performance Restricted Stock Units            
Equity, Class of Treasury Stock [Line Items]            
Award achievement range     120.00%      
Repurchase Program March 2022            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount           $ 500,000,000
Shares repurchased (in shares) | shares     3,594,000 555,000    
Value of shares repurchased at cost     $ 126,233,000 $ 23,841,000    
Remaining authorized repurchase amount $ 140,020,000   $ 140,020,000      
v3.25.3
Stockholder's Equity - Stock-based Awards Granted (Details) - $ / shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 30 21 1,669 1,641
Granted (in dollars per shares) $ 17.03 $ 14.75 $ 12.14 $ 14.89
Granted (in shares) 84 62 3,166 2,534
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 54 41 1,313 838
Granted (in dollars per share) $ 43.51 $ 36.40 $ 32.77 $ 38.90
Performance restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 0 0 184 55
Granted (in dollars per share) $ 0 $ 0 $ 32.14 $ 39.05
v3.25.3
Stockholder's Equity - Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense $ 12,416 $ 13,101 $ 34,649 $ 39,367
Performance Restricted Stock Units        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 345   841  
Cost of revenue        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 489 442 1,694 1,460
Research, development, and engineering        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense 3,794 3,707 11,933 11,636
Selling, general, and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Stock-based compensation expense $ 8,133 $ 8,952 $ 21,022 $ 26,271
v3.25.3
Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 276,892 $ 234,742 $ 742,021 $ 684,831
Americas        
Disaggregation of Revenue [Line Items]        
Revenue 104,513 82,293 296,499 250,590
Europe        
Disaggregation of Revenue [Line Items]        
Revenue 74,687 57,246 190,640 166,751
Greater China        
Disaggregation of Revenue [Line Items]        
Revenue 49,708 45,301 121,502 129,760
Other Asia        
Disaggregation of Revenue [Line Items]        
Revenue $ 47,984 $ 49,902 $ 133,380 $ 137,730
v3.25.3
Revenue Recognition - Revenue Disaggregated by Products and Services (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Revenue from External Customer [Line Items]        
Revenue $ 276,892 $ 234,742 $ 742,021 $ 684,831
Standard products and services (1)        
Revenue from External Customer [Line Items]        
Revenue 232,619 203,182 653,164 591,670
Application-specific customer solutions        
Revenue from External Customer [Line Items]        
Revenue 44,273 $ 31,560 $ 88,857 $ 93,161
License Fees and Transferred Inventory Revenue        
Revenue from External Customer [Line Items]        
Revenue $ 13,000      
v3.25.3
Revenue Recognition - Additional Information (Details) - USD ($)
Sep. 28, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Costs to fulfill contract $ 11,467,000 $ 10,705,000
v3.25.3
Revenue Recognition - Schedule of Allowance for Credit Loss (Details)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance as of December 31, 2024 $ 827
Increases to the allowance for credit losses 227
Write-offs, net of recoveries (303)
Foreign exchange rate changes (19)
Balance as of September 28, 2025 $ 732
v3.25.3
Revenue Recognition - Deferred Revenue Activity (Details)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
USD ($)
Movement in Deferred Revenue [Roll Forward]  
Balance as of December 31, 2024 $ 25,035
Deferral of revenue billed in the current period, net of recognition 18,103
Recognition of revenue deferred in prior period (19,956)
Foreign exchange rate changes 585
Balance as of September 28, 2025 $ 23,767
v3.25.3
Segment Information - Additional Information (Detail)
$ in Thousands
 9 Months Ended
Sep. 28, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Segment Reporting [Abstract]    
Assets | $ $ 2,002,750 $ 1,992,850
Number of reportable segments | segment 1  
v3.25.3
Segment Information - Disaggregation of Segment Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Segment Reporting Information [Line Items]        
Revenue $ 276,892 $ 234,742 $ 742,021 $ 684,831
Cost of revenue 89,602 75,343 242,532 216,896
Gross profit 187,290 159,399 499,489 467,935
Stock-based compensation 12,416 13,101 34,649 39,367
Total research, development, and engineering expenses 35,081 35,210 102,910 107,277
Total selling, general, and administrative expenses 94,444 92,625 269,289 276,433
Operating income 57,765 31,564 127,290 84,225
Foreign currency gain (loss) 840 1,221 (3,116) 1,086
Investment income 4,197 3,561 12,227 9,797
Other income (expense) 61 209 2,322 581
Income before income tax expense 62,863 36,555 138,723 95,689
Income tax expense 45,199 6,964 56,945 17,864
Net income 17,664 29,591 81,778 77,825
Cost of revenue 3,105 3,374 9,267 9,512
Research, Development and Engineering Expenses        
Segment Reporting Information [Line Items]        
Salaries and fringe benefits 18,921 19,789 56,752 59,843
Incentive compensation 3,350 1,492 6,789 4,277
Stock-based compensation 3,794 3,707 11,933 11,636
Depreciation and amortization 612 828 2,104 2,446
Other Expenses 8,404 9,394 25,332 29,075
Segment, General, And Engineering Expense        
Segment Reporting Information [Line Items]        
Salaries and fringe benefits 43,645 44,803 130,280 134,697
Incentive compensation 15,747 11,994 40,487 35,060
Stock-based compensation 8,133 8,952 21,022 26,271
Depreciation and amortization 3,816 4,616 12,095 12,872
Other Expenses $ 23,103 $ 22,260 $ 65,405 $ 67,533
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Dec. 31, 2025
Sep. 28, 2025
Sep. 29, 2024
Income Tax Contingency [Line Items]          
Effective tax rate 72.00% 19.00%   41.00% 19.00%
Discrete tax expense (benefit) $ 33,650 $ 889   $ 33,132 $ 3,511
Increase in tax expense accrual related to change in tax rates       33,265  
Increase in tax expense related to stock-based compensation       2,955 1,645
Increase in tax expense, tax reserves       1,286 1,270
Increase in tax expense related to payroll tax credit refunds       669  
Increase in tax expense arising from tax settlement         320
Decrease in tax expense for release of tax reserves       (2,748)  
Tax expense related to other tax matters       (2,013)  
Tax expense related to return-to-provision adjustments       (282) 1,130
Tax expense related to return-to-provision adjustments         $ (854)
Liability for uncertain tax positions 28,478     28,478  
Unrecognized tax benefits, gross, noncurrent liability 26,359     26,359  
Unrecognized tax benefits, gross, offset to tax attributes $ 2,119     $ 2,119  
Tax years open to examination by Internal Revenue Service       2021 through 2024  
Tax years open to examination by various taxing authorities for other entities       2013 through 2024  
Forecast | Minimum          
Income Tax Contingency [Line Items]          
Estimated cash tax benefit     $ 12,000    
Forecast | Maximum          
Income Tax Contingency [Line Items]          
Estimated cash tax benefit     $ 15,000    
Foreign Tax Authority | Ireland          
Income Tax Contingency [Line Items]          
Statutory tax rate       12.50%  
Foreign Tax Authority | China          
Income Tax Contingency [Line Items]          
Statutory tax rate       25.00%  
Foreign Tax Authority | Korea          
Income Tax Contingency [Line Items]          
Statutory tax rate       21.00%  
Foreign Tax Authority | JAPAN          
Income Tax Contingency [Line Items]          
Statutory tax rate       34.70%  
Domestic Tax Authority          
Income Tax Contingency [Line Items]          
Statutory tax rate       21.00%  
v3.25.3
Earnings per Share - Calculation of Weighted-Average Shares (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Earnings Per Share [Abstract]        
Net income $ 17,664 $ 29,591 $ 81,778 $ 77,825
Basic weighted-average common shares outstanding (in shares) 167,840 171,519 168,324 171,588
Effect of dilutive equity awards (in shares) 1,483 1,234 1,183 1,145
Weighted-average common and common-equivalent shares outstanding (in shares) 169,323 172,753 169,507 172,733
Earnings per share        
Basic (usd per share) $ 0.11 $ 0.17 $ 0.49 $ 0.45
Diluted (usd per share) $ 0.10 $ 0.17 $ 0.48 $ 0.45
v3.25.3
Earnings per Share - Narrative (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Sep. 28, 2025
Sep. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 9,361 8,640 10,210 8,490
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 9,352 8,640 10,206 8,490
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 9 0 4 0
Performance restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (shares) 0 0 0 0
v3.25.3
Subsequent Events (Details)
Oct. 29, 2025
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Dividends (in dollars per share) $ 0.085