Vishay Intertechnology reported strong Q2 2026 results, with **comparable revenue of $918.6M** (after tariff refund adjustments) – **up 9.46% sequentially and 20.5% year-over-year**. Gross profit held at $207.4M, with tariff adjustments affecting only reported revenue, not margins.
Overall book-to-bill reached 1.32 – orders exceeding shipments. Passive components led at 1.40, while power semiconductors stood at 1.23 – clear tightness remains.
Segment performance: Resistors posted the highest revenue, driven by computing and military demand. Inductors delivered the highest gross margin at 31.1% , fueled by server and EV power premiums. MOSFET profitability recovered after a long correction. Diodes showed strong backlog, optoelectronics rose nearly 20% QoQ on optical comms and base stations, and capacitors (MLCC) gained from AI hardware and automotive.
By end-market: Industrial surpassed automotive as Vishay's largest revenue source at 38% , growing 30% YoY on AI power supplies, cooling, automation, and smart grid components. Automotive accounted for 32% , steady on autonomous and EV electronics. Aerospace/defense and comms/medical also grew.
Regional: Americas led growth with passive orders hitting a 20-year high – driven by defense and cloud compute. Asia remained the largest region with foundry recovery boosting comms/AI shipments. Europe held steady with temporary channel inventory adjustments.
Q3 2026 guidance: Revenue $945M–$975M, with gross margin expected to recover to ~24%. Full-year capex set at $400M–$440M, focused on passive and power chip line expansions for long-term AI demand.
ICgoodFind Take:
Book-to-bill 1.32 and 20.5% revenue growth – passive components are now the bottleneck in AI power chains. Vishay's industrial segment overtaking automotive is a structural signal. Procurement should lock in resistor/inductor lead times – this tightening is not seasonal.
