MALVERN, PA — Vishay Intertechnology Inc. (NYSE: VSH) reported higher sequential revenue in the second quarter and projected another increase for the current period as orders outpaced shipments across its semiconductor and passive-component businesses.
The Malvern-based electronics manufacturer reported $888.6 million in GAAP revenue for the quarter ended July 4, 2026. Adjusted revenue was $918.6 million, up 9.5% sequentially and above the high end of the company’s guidance.
GAAP revenue was reduced by $30 million in tariff refunds passed through to customers, with no effect on gross profit.
Vishay reported a GAAP gross margin of 23.3% and operating margin of 6%. On an adjusted basis, gross margin was 22.6% and operating margin was 5.8%.
Diluted earnings were $0.19 per share.
Orders strengthened during the quarter, with Vishay reporting an overall book-to-bill ratio of 1.32, indicating bookings exceeded revenue. The ratio was 1.23 for semiconductors and 1.40 for passive components.
Backlog stood at 6.1 months at the end of the quarter.
Chief Executive Officer Joel Smejkal attributed the sequential revenue increase to stronger demand “across all end markets, channels and regions” and indicated the company is positioning for continued growth during the current industry upcycle.
For the third quarter, Vishay expects revenue of $945 million to $975 million. At the midpoint of $960 million, the forecast would represent an increase of about 4.5% from second-quarter adjusted revenue.
Management expects third-quarter gross margin of 24%, plus or minus 50 basis points, implying a range of 23.5% to 24.5%.
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