GENTEX CORP
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
GNTX$19.42-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Income
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| NET SALES | $675,443,125 | $576,773,090 |
| COST OF GOODS SOLD | 446,816,212 | 385,039,503 |
| Gross profit | 228,626,913 | 191,733,587 |
| OPERATING EXPENSES: | ||
| Engineering, research and development | 51,652,619 | 45,924,364 |
| Selling, general & administrative | 49,791,834 | 29,933,005 |
| Impairment charges (Note 3) | 2,800,000 | — |
| Severance expense | 722,541 | 2,889,112 |
| Total operating expenses | 104,966,994 | 78,746,481 |
| Income from operations | 123,659,919 | 112,987,106 |
| OTHER (LOSS) INCOME | ||
| Investment (loss) income, net | (87,371) | 4,874,855 |
| Other, net | (5,524,986) | (4,234,379) |
| Total other (loss) income, net | (5,612,357) | 640,476 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 118,047,562 | 113,627,582 |
| PROVISION FOR INCOME TAXES | 19,626,503 | 18,753,537 |
| NET INCOME | $98,421,059 | $94,874,045 |
| Less: Net loss attributable to non-controlling interests | (34,084) | — |
| NET INCOME ATTRIBUTABLE TO GENTEX CORPORATION | $98,455,143 | $94,874,045 |
| EARNINGS PER SHARE ATTRIBUTABLE TO GENTEX CORPORATION: (1) | ||
| Basic | $0.46 | $0.42 |
| Diluted | $0.46 | $0.42 |
| Cash Dividends Declared per Share | $0.120 | $0.120 |
| (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. | ||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Net income from consolidated operations | $98,421,059 | $94,874,045 |
| Other comprehensive income before tax: | ||
| Foreign currency translation adjustments | 1,745,052 | (345,230) |
| Unrealized losses on derivatives | (186,436) | — |
| Unrealized (losses) gains on debt securities, net | (813,826) | 2,182,847 |
| Other comprehensive income, before tax | 744,790 | 1,837,617 |
| Income tax impact related to components of other comprehensive income | (210,056) | 458,398 |
| Other comprehensive income, net of tax | 954,846 | 1,379,219 |
| Comprehensive income from consolidated operations | $99,375,905 | $96,253,264 |
| Net loss attributable to non-controlling interests | (34,084) | — |
| Comprehensive income attributable to Gentex Corporation | $99,409,989 | $96,253,264 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
| Common StockShares | Common StockAmount | Additional Paid-InCapital | Retained Earnings | Accumulated OtherComprehensiveLoss | Total | Equity Attributable to Noncontrolling Interests | Total Shareholders’Investment | |
|---|---|---|---|---|---|---|---|---|
| BALANCE AS OF JANUARY 1, 2026 | 215,445,024 | 12,926,701 | 1,008,589,267 | 1,466,046,002 | 267,754 | 2,487,829,724 | $— | $2,487,829,724 |
| Issuance of common stock from stock plan transactions | 787,593 | 47,256 | 2,056,531 | — | — | 2,103,787 | — | 2,103,787 |
| Repurchases of common stock | (3,252,696) | (195,162) | (13,336,052) | (58,076,711) | — | (71,607,925) | — | (71,607,925) |
| Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | 10,406,965 | — | — | 10,406,965 | — | 10,406,965 |
| Dividends declared ($0.12 per share) | — | — | — | (25,557,374) | — | (25,557,374) | — | (25,557,374) |
| Net income (loss) (1) | — | — | — | 98,455,143 | — | 98,455,143 | — | 98,455,143 |
| Other comprehensive income | — | — | — | — | 954,846 | 954,846 | — | 954,846 |
| BALANCE AS OF MARCH 31, 2026 | 212,979,921 | $12,778,795 | $1,007,716,711 | $1,480,867,060 | $1,222,600 | $2,502,585,166 | $— | $2,502,585,166 |
| BALANCE AS OF JANUARY 1, 2025 | 227,207,472 | $13,632,448 | $1,010,440,420 | $1,450,287,128 | $(6,409,341) | $2,467,950,655 | $4,149,000 | $2,472,099,655 |
| Issuance of common stock from stock plan transactions | 709,996 | 42,600 | 4,891,102 | — | — | 4,933,702 | — | 4,933,702 |
| Repurchases of common stock | (3,100,351) | (186,021) | (12,246,386) | (63,573,666) | — | (76,006,073) | — | (76,006,073) |
| Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | 8,671,763 | — | — | 8,671,763 | — | 8,671,763 |
| Dividends declared ($0.12 per share) | — | — | — | (26,977,308) | — | (26,977,308) | — | (26,977,308) |
| Capital contributions, net | — | — | — | — | — | — | 442,500 | 442,500 |
| Net income | — | — | — | 94,874,045 | — | 94,874,045 | — | 94,874,045 |
| Other comprehensive income | — | — | — | — | 1,379,219 | 1,379,219 | — | 1,379,219 |
| BALANCE AS OF MARCH 31, 2025 | 224,817,117 | $13,489,027 | $1,011,756,899 | $1,454,610,199 | $(5,030,122) | $2,474,826,003 | $4,591,500 | $2,479,417,503 |
(1)Net income (loss) excludes net loss attributable to redeemable non-controlling interest of $34,084 for the three months ended March 31, 2026 (see Note 16).
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2026 | 2025 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income from consolidated operations | $98,421,059 | $94,874,045 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 25,656,252 | 25,509,069 |
| Gain on disposal of assets | (18,375) | (24,367) |
| Loss on disposal of assets | 7,524 | — |
| Gain on sale of investments and technology investment income | (1,090,014) | (787,579) |
| Loss on sale of investments and technology investment losses | 3,665,560 | 3,274,941 |
| Reserve for credit losses | 2,211,597 | — |
| Deferred income taxes | (3,944,932) | (927,401) |
| Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | 10,406,965 | 8,671,763 |
| Impairment charges - intangible assets | 2,800,000 | — |
| Impairment charges - investments | 2,739,466 | — |
| Change in operating assets and liabilities: | ||
| Accounts receivable, net | (50,951,356) | (35,280,995) |
| Inventories | (7,255,989) | 27,562,638 |
| Prepaid expenses and other | 5,958,594 | 9,056,108 |
| Accounts payable | 21,070,064 | (3,809,528) |
| Accrued liabilities, excluding dividends declared | 27,406,814 | 20,386,827 |
| Net cash provided by operating activities | 137,083,229 | 148,505,521 |
| CASH FLOWS USED FOR INVESTING ACTIVITIES: | ||
| Activity in investments: | ||
| Sales proceeds | 492,475 | 48,810,102 |
| Purchases | (3,145,703) | (12,180,407) |
| Purchase of equity method investments | (5,491,789) | — |
| Plant and equipment additions | (17,042,162) | (36,722,401) |
| Proceeds from sale of plant and equipment | 70,262 | 53,110 |
| Loans to technology investment partners | (1,334,424) | — |
| Decrease (increase) in other assets | 877,306 | (5,061,949) |
| Net cash used for investing activities | (25,574,035) | (5,101,545) |
| CASH FLOWS USED FOR FINANCING ACTIVITIES: | ||
| Issuance of common stock from stock plan transactions | 2,103,787 | 4,933,702 |
| Cash dividends paid | (25,853,186) | (27,264,150) |
| Repurchases of common stock | (68,643,877) | (67,833,696) |
| Net cash used for financing activities | (92,393,276) | (90,164,144) |
| NET INCREASE IN CASH, CASH EQUIVALENTS, and RESTRICTED CASH | 19,115,918 | 53,239,832 |
| CASH AND CASH EQUIVALENTS, beginning of period | 145,645,715 | 233,318,766 |
| CASH AND CASH EQUIVALENTS, end of period | $164,761,633 | $286,558,598 |
| Three Months Ended March 31, | ||
|---|---|---|
| SUPPLEMENTAL CASH FLOW DATA | 2026 | 2025 |
| Non-cash investing and financing activities: | ||
| Change in property and equipment in accounts payable and accrued expenses and other current liabilities | $(2,890,402) | $9,778,725 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.