Gentex Corporation reported financial results for the fourth quarter and the calendar year ended December 31, 2025.

Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics, today reported financial results for the fourth quarter and calendar year ended December 31, 2025.

Fourth Quarter and Calendar Year 2025 Highlights:

Fourth Quarter 2025

Net Sales: Consolidated $644.4 million; Core Gentex (ex-VOXX) $541.0 million

Gross Margin: Consolidated 34.8%; Core Gentex (ex-VOXX) 35.5%

Income from Operations: Consolidated $120.1 million

Net Income attributable to Gentex: Consolidated $93.0 million

Consolidated earnings per diluted share attributable to Gentex: $0.43

Calendar Year 2025

Net Sales: Consolidated $2.53 billion; Core Gentex (ex- VOXX) $2.27 billion

Gross Margin: Consolidated 34.2%; Core Gentex (ex-VOXX) 34.7%

Income from Operations: Consolidated $473.9 million

Net income attributable to Gentex: Consolidated $384.8 million

Earnings per diluted share attributable to Gentex: Consolidated $1.74

Capital returned to shareholders: $425.9 million (35% increase vs. 2024)

$319.0 million in share repurchases (13.6 million shares)

$106.9 million in dividends

 

Fourth Quarter 2025 

For the fourth quarter of 2025, the Company reported consolidated net sales of $644.4 million, an increase of 19% compared to net sales of $541.6 million for the fourth quarter of 2024. VOXX contributed $103.4 million of revenue during the fourth quarter, and core Gentex revenue was $541.0 million, approximately flat compared with revenue in the fourth quarter of 2024 (which also excluded VOXX), despite a 2% decline in light vehicle production quarter-over-quarter in the Company's primary markets of North America, Europe, and Japan/Korea. "While core Gentex revenue was essentially flat compared to the fourth quarter of last year, our performance within our primary markets was notably stronger. Revenue in these regions grew approximately 3% quarter-over-quarter, compared to a 2% decline in light-vehicle production, representing a five-point outperformance relative to the underlying market. Sales into China totaled approximately $34.5 million for the quarter despite the impact from tariffs and counter-tariffs that have impacted our exports into the China market. In addition, VOXX delivered over $100 million in revenue in large part due to seasonal sales that contributed significantly to our strong revenue performance during the quarter." said Steve Downing, President and CEO of Gentex Corporation.

The consolidated gross margin in the fourth quarter of 2025 was 34.8%, compared with a gross margin of 32.5% in the fourth quarter of 2024, which did not include VOXX. The core Gentex gross margin was 35.5% in the fourth quarter of 2025, representing a 300 basis-point increase compared to the fourth quarter of 2024. The increase in gross margin in the fourth quarter of 2025 resulted primarily from favorable product mix, continuing operational efficiencies, and purchasing cost reductions, partially offset by tariff-related costs. "In the fourth quarter, core Gentex gross margin improved by 300 basis points versus the prior year, ending at 35.5% for the quarter, and representing the highest gross margin achieved by the Company in a quarter since the first half of 2021," said Downing. "The steady improvement in gross margin reflects the Company's disciplined focus on cost control, productivity, and execution. Over the last couple of years, we established and announced a target of getting back to the 35 - 36% gross margin range and the team has accomplished this goal through unbelievable grit and determination, despite external headwinds. It is also important to note that the gross margin improvement was partially offset by incremental tariff-related costs, which reduced gross margin by approximately 150 basis points (net of recoveries) compared to the fourth quarter of 2024," said Downing.

Consolidated operating expenses during the fourth quarter of 2025 were $104.4 million, compared to operating expenses of $86.5 million in the fourth quarter of 2024, which did not include VOXX. The increase was primarily due to the VOXX acquisition, which accounted for $24.6 million of the increase. Core Gentex operating expenses (excluding VOXX) were $79.8 million in the fourth quarter of 2025, compared to $86.5 million during the fourth quarter of 2024. The fourth quarter of 2024 included impairment charges of $8.9 million related to goodwill and certain intangible assets, which did not repeat in 2025. During the fourth quarter of 2025, core Gentex operating expenses included $0.8 million in Gentex-specific severance expenses. "In addition to the progress we have made in improving gross margins, the Company has also taken deliberate steps to improve our operating cost structure. Over the past several quarters, we have implemented early-retirement programs aimed at decreasing headcount and reduced third-party spend to lower ongoing operating expenses, while maintaining the organizational capacity needed to advance our key technology and product initiatives. These actions position Gentex to continue investing in the innovations that are necessary to support our long-term growth trajectory," said Gentex COO and CTO, Neil Boehm. 

Consolidated income from operations for the fourth quarter of 2025 was $120.1 million, compared to income from operations of $89.8 million for the fourth quarter of 2024, which did not include VOXX. Core Gentex income from operations (excluding VOXX) was $112.5 million in the fourth quarter of 2025, representing a 25.3% increase versus the fourth quarter of 2024. 

Total other loss was $8.7 million during the fourth quarter of 2025, compared to other income of $8.0 million in the fourth quarter of 2024. During the fourth quarter of 2025, this other loss included an impairment loss related to certain investments and adjustments to credit loss reserves against select loans receivable. In comparison, the fourth quarter of 2024 included a gain resulting from the fair value adjustment of the Company's original investment in VOXX. 

During the fourth quarter of 2025, the Company had an effective tax rate of 16.3%, compared to an effective tax rate of 10.3% in the fourth quarter of 2024. The increase was driven by lower tax benefits related to stock-based compensation compared to the fourth quarter of 2024, as well as a reduced benefit from the Foreign-Derived Intangible Income ("FDII") deduction.

In the fourth quarter of 2025, consolidated net income attributable to Gentex was $93.0 million, compared to $87.7 million in the fourth quarter of 2024. Consolidated net income attributable to core Gentex (excluding VOXX) was $86.5 million. 

Earnings per diluted share attributable to Gentex in the fourth quarter of 2025 were $0.43, compared with earnings per diluted share attributable to Gentex of $0.39 in the fourth quarter of 2024, which did not include VOXX. 

Calendar Year 2025

For calendar year 2025, the Company's consolidated net sales were $2.53 billion, an increase of 10% compared to net sales of $2.31 billion in calendar year 2024. The Company completed its acquisition of VOXX on April 1, 2025 and included VOXX's results in the Company's financial statements beginning at the start of the second quarter of calendar year 2025. Core Gentex sales were $2.27 billion for calendar year 2025, a 2% decline versus calendar year 2024, primarily driven by tariff and counter-tariff actions and the resulting reduction in demand for exports of the Company's products into the China market. In the Company's primary regions — North America, Europe, and Japan/Korea — revenues increased approximately 1% year-over-year for calendar year 2025, despite a 1% decline in light-vehicle production in those same markets compared to 2024.

For calendar year 2025, the consolidated gross margin was 34.2%, compared to a gross margin of 33.3% for calendar year 2024, which did not include VOXX. The core Gentex gross margin was 34.7%, representing a 140 basis-point increase compared to calendar year 2024. Gross margin improvements were primarily the result of purchasing cost reductions, continuing operational efficiencies, and favorable product mix, which were partially offset by tariff related costs that were not reimbursed during the year. "The gross margin expansion during calendar year 2025 was exceptional performance for the Company, especially when considering that the 140 basis-point gain was achieved despite lower sales on a year-over-year basis and new tariff-related headwinds that were not fully offset during the year," concluded Downing. 

For calendar year 2025, consolidated operating expenses increased 26% to $392.8 million, compared to $311.4 million for calendar year 2024, which did not include VOXX. VOXX accounted for $74.3 million of the year-over-year change. Core Gentex operating expenses were $318.5 million, for calendar year 2025 in comparison to the $311.4 million in 2024. Calendar year 2025 operating expenses included $10.4 million in Gentex-specific severance expenses.

Total other loss was $12.9 million during calendar year 2025, compared to other income of $12.5 million in calendar year 2024.

For calendar year 2025, the Company's effective tax rate was 16.6%, compared to an effective tax rate of 14.3% for calendar year 2024. The rate increase was driven by reduced tax benefits related to stock-based compensation compared to calendar year 2024, as well as a lower benefit from the FDII deduction.

Consolidated net income attributable to Gentex for calendar year 2025 was $384.8 million, compared to net income attributable to Gentex of $404.5 million in calendar year 2024, which did not include VOXX. 

Earnings per diluted share attributable to Gentex for calendar year 2025 were $1.74, compared to earnings per diluted share of $1.76 in calendar year 2024, which did not include VOXX.

Revenue by Category

Gentex Automotive          

Gentex Automotive net sales during the fourth quarter of 2025 were $527.6 million, down less than 1% versus $531.3 million in the fourth quarter of 2024, compared with a quarter-over-quarter decline in auto-dimming mirror shipments of 3%. For calendar year 2025, Gentex Automotive net sales were $2.22 billion, also slightly down compared to $2.26 billion in 2024, compared with a year-over-year decline in auto-dimming mirror shipments of 6%.

Other net sales in the fourth quarter of 2025, which includes dimmable aircraft windows, fire protection products, medical products, and biometric products were $13.3 million, compared to Other net sales of $10.3 million in the fourth quarter of 2024. Other net sales for calendar year 2025 were $51.1 million, compared to Other net sales of $48.6 million in calendar year 2024.

VOXX

VOXX net sales contributed $103.4 million during the fourth quarter of 2025 and $267.2 million for calendar year 2025. The fourth quarter reflected a seasonal and sequential increase consistent with holiday-period demand. Post-acquisition integration remains on track, with the Company aligning product strategies, furthering customer engagement, and pursuing operational synergies across the combined businesses.

Share Repurchases

The Company repurchased 3.8 million shares of its common stock during the fourth quarter of 2025, at an average price of $23.43 per share. For the year ended December 31, 2025, the Company repurchased 13.6 million shares of its common stock at an average price of $23.48 per share, for a total of $319.0 million. As of December 31, 2025, the Company has 35.9 million shares remaining available for repurchase pursuant to its previously announced share repurchase plan. The Company intends to continue to repurchase additional shares of its common stock in the future in support of the previously disclosed capital allocation strategy, but share repurchases may vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.

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