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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 011-07416

Vishay Intertechnology, Inc.

(Exact name of registrant as specified in its charter)

Delaware		38-1686453
(State or Other Jurisdiction of Incorporation)		(I.R.S. Employer Identification Number)

63 Lancaster Avenue Malvern, Pennsylvania 19355-2143		610-644-1300
(Address of Principal Executive Offices)		(Registrant’s Area Code and Telephone Number)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of exchange on which registered
Common stock, par value $0.10 per share	VSH	New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

☒Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

	Large Accelerated Filer ☒	Accelerated filer ☐
	Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

As of November 3, 2025 the registrant had 123,491,247 shares of its common stock and 12,097,148 shares of its Class B common stock outstanding.

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VISHAY INTERTECHNOLOGY, INC.

FORM 10-Q

September 27, 2025

CONTENTS

			Page Number
PART I.		FINANCIAL INFORMATION

	Item 1.	Financial Statements (Unaudited)

		Consolidated Condensed Balance Sheets – September 27, 2025 and December 31, 2024	4

		Consolidated Condensed Statements of Operations – Fiscal Quarters Ended September 27, 2025 and September 28, 2024	6

		Consolidated Condensed Statements of Comprehensive Income – Fiscal Quarters Ended September 27, 2025 and September 28, 2024	7

		Consolidated Condensed Statement of Operations – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024	8

		Consolidated Condensed Statements of Comprehensive Income – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024	9

		Consolidated Condensed Statements of Cash Flows – Nine Fiscal Months Ended September 27, 2025 and September 28, 2024	10

		Consolidated Condensed Statements of Equity	11

		Notes to the Consolidated Condensed Financial Statements	13

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

	Item 4.	Controls and Procedures	46

PART II.		OTHER INFORMATION

	Item 1.	Legal Proceedings	47

	Item 1A.	Risk Factors	47

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

	Item 3.	Defaults Upon Senior Securities	47

	Item 4.	Mine Safety Disclosures	47

	Item 5.	Other Information	47

	Item 6.	Exhibits	47

		SIGNATURES	48

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Balance Sheets

(Unaudited - In thousands)

	September 27, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	443,858		$	590,286
Short-term investments		266			16,130
Accounts receivable, net		463,602			401,901
Inventories:
Finished goods		186,507			175,176
Work in process		331,136			296,393
Raw materials		242,277			217,812
Total inventories		759,920			689,381

Prepaid expenses and other current assets		227,294			217,809
Total current assets		1,894,940			1,915,507

Property and equipment, at cost:
Land		86,449			84,124
Buildings and improvements		826,406			766,058
Machinery and equipment		3,455,844			3,259,213
Construction in progress		428,897			367,564
Allowance for depreciation		(3,165,034	)		(2,931,221	)
Property and equipment, net		1,632,562			1,545,738

Right of use assets		119,582			117,953

Deferred income taxes		177,621			159,769

Goodwill		180,378			179,005

Other intangible assets, net		81,896			87,223

Other assets		108,997			105,501
Total assets	$	4,195,976		$	4,110,696

Continues on following page.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Balance Sheets (continued)

(Unaudited - In thousands)

	September 27, 2025			December 31, 2024
Liabilities and equity
Current liabilities:
Trade accounts payable	$	213,186		$	216,313
Payroll and related expenses		179,492			137,101
Lease liabilities		26,323			25,901
Other accrued expenses		274,366			264,471
Income taxes		17,309			64,562
Total current liabilities		710,676			708,348

Long-term debt less current portion		919,698			905,019
Deferred income taxes		94,476			96,363
Long-term lease liabilities		96,036			94,218
Other liabilities		105,630			104,086
Accrued pension and other postretirement costs		186,396			173,700
Total liabilities		2,112,912			2,081,734

Equity:
Common stock		13,416			13,361
Class B convertible common stock		1,210			1,210
Capital in excess of par value		1,319,934			1,306,245
Retained earnings		904,818			955,500
Treasury stock (at cost)		(224,590	)		(212,062	)
Accumulated other comprehensive income (loss)		68,276			(35,292	)
Total equity		2,083,064			2,028,962
Total liabilities and equity	$	4,195,976		$	4,110,696

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Operations

(Unaudited - In thousands, except per share amounts)

	Fiscal quarters ended
	September 27, 2025			September 28, 2024

Net revenues	$	790,640		$	735,353
Costs of products sold		636,781			584,470
Gross profit		153,859			150,883

Selling, general, and administrative expenses		134,712			128,545
Restructuring and severance costs		-			40,614
Operating income (loss)		19,147			(18,276	)

Other income (expense):
Interest expense		(9,525	)		(6,596	)
Other		2,265			803
Total other income (expense)		(7,260	)		(5,793	)

Income (loss) before taxes		11,887			(24,069	)

Income tax expense (benefit)		19,763			(5,076	)

Net loss		(7,876	)		(18,993	)

Less: net earnings attributable to noncontrolling interests		-			306

Net loss attributable to Vishay stockholders	$	(7,876	)	$	(19,299	)

Basic loss per share attributable to Vishay stockholders	$	(0.06	)	$	(0.14	)

Diluted loss per share attributable to Vishay stockholders	$	(0.06	)	$	(0.14	)

Weighted average shares outstanding - basic		135,720			136,793

Weighted average shares outstanding - diluted		135,720			136,793

Cash dividends per share	$	0.10		$	0.10

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Statements of Comprehensive Income

(Unaudited - In thousands)

	Fiscal quarters ended
	September 27, 2025			September 28, 2024

Net loss	$	(7,876	)	$	(18,993	)

Other comprehensive income, net of tax

Pension and other post-retirement actuarial items		231			511

Foreign currency translation adjustment		3,420			31,266

Other comprehensive income		3,651			31,777

Comprehensive income (loss)		(4,225	)		12,784

Less: comprehensive income attributable to noncontrolling interests		-			306

Comprehensive income (loss) attributable to Vishay stockholders	$	(4,225	)	$	12,478

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Operations

(Unaudited - In thousands, except per share amounts)

	Nine fiscal months ended
	September 27, 2025			September 28, 2024

Net revenues	$	2,268,126		$	2,222,871
Costs of products sold		1,830,030			1,738,711
Gross profit		438,096			484,160

Selling, general, and administrative expenses		396,016			381,234
Restructuring and severance costs		-			40,614
Operating income		42,080			62,312

Other income (expense):
Interest expense		(28,903	)		(19,749	)
Other		6,759			13,901
Total other income (expense)		(22,144	)		(5,848	)

Income before taxes		19,936			56,464

Income tax expense		29,900			20,134

Net earnings (loss)		(9,964	)		36,330

Less: net earnings attributable to noncontrolling interests		-			1,172

Net earnings (loss) attributable to Vishay stockholders	$	(9,964	)	$	35,158

Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.07	)	$	0.26

Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.07	)	$	0.25

Weighted average shares outstanding - basic		135,739			137,281

Weighted average shares outstanding - diluted		135,739			138,039

Cash dividends per share	$	0.30		$	0.30

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Statements of Comprehensive Income

(Unaudited - In thousands)

	Nine fiscal months ended
	September 27, 2025			September 28, 2024

Net earnings (loss)	$	(9,964	)	$	36,330

Other comprehensive income, net of tax

Pension and other post-retirement actuarial items		671			(1,297	)

Foreign currency translation adjustment		102,897			5,768

Other comprehensive income		103,568			4,471

Comprehensive income		93,604			40,801

Less: comprehensive income attributable to noncontrolling interests		-			1,172

Comprehensive income attributable to Vishay stockholders	$	93,604		$	39,629

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Cash Flows

(Unaudited - In thousands)

	Nine fiscal months ended
	September 27, 2025			September 28, 2024

Operating activities
Net earnings (loss)	$	(9,964	)	$	36,330
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		167,036			155,272
(Gain) loss on disposal of property and equipment		56			(1,168	)
Inventory write-offs for obsolescence		25,614			27,163
Deferred income taxes		(7,461	)		(13,667	)
Stock compensation expense		17,635			14,928
Other		(2,189	)		14,506
Change in U.S. transition tax liability		(47,027	)		(37,622	)
Change in repatriation tax liability		(9,375	)		(15,000	)
Net change in operating assets and liabilities, net of effects of businesses acquired		(99,379	)		(74,696	)
Net cash provided by operating activities		34,946			106,046

Investing activities
Capital expenditures		(178,491	)		(175,175	)
Proceeds from sale of property and equipment		854			1,397
Purchase of businesses, net of cash acquired		-			(200,185	)
Purchase of short-term investments		(28,575	)		(101,263	)
Maturity of short-term investments		45,111			123,561
Other investing activities		(2,336	)		(1,220	)
Net cash used in investing activities		(163,437	)		(352,885	)

Financing activities
Principal payments on long-term debt		(41,911	)		-
Net proceeds from revolving credit facility		53,000			-
Debt issuance and amendment costs		-			(1,062	)
Dividends paid to common stockholders		(37,050	)		(37,467	)
Dividends paid to Class B common stockholders		(3,629	)		(3,629	)
Repurchase of common stock held in treasury		(12,538	)		(37,784	)
Cash withholding taxes paid when shares withheld for vested equity awards		(4,000	)		(4,092	)
Other financing activities		10,080			-
Net cash used in financing activities		(36,048	)		(84,034	)
Effect of exchange rate changes on cash and cash equivalents		18,111			1,925

Net decrease in cash and cash equivalents		(146,428	)		(328,948	)

Cash and cash equivalents at beginning of period		590,286			972,719
Cash and cash equivalents at end of period	$	443,858		$	643,771

See accompanying notes.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Equity

(Unaudited - In thousands, except share and per share amounts)

	Common Stock		Class B Convertible Common Stock		Capital in Excess of Par Value			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Total Vishay Stockholders' Equity			Noncontrolling Interests		Total Equity
Balance at December 31, 2023	$	13,319	$	1,210	$	1,291,499		$	1,041,372		$	(161,656	)	$	10,337		$	2,196,081		$	4,725	$	2,200,806
Net earnings		-		-		-			30,924			-			-			30,924			519		31,443
Other comprehensive income (loss)		-		-		-			-			-			(20,022	)		(20,022	)		-		(20,022	)
Issuance of stock and related tax withholdings for vested restricted stock units (371,055 shares)		38		-		(4,091	)		-			-			-			(4,053	)		-		(4,053	)
Dividends declared ($0.10 per share)		-		-		13			(13,765	)		-			-			(13,752	)		-		(13,752	)
Stock compensation expense		-		-		5,344			-			-			-			5,344			-		5,344
Repurchase of common stock held in treasury (565,420 shares)		-		-		-			-			(12,538	)		-			(12,538	)		-		(12,538	)
Balance at March 30, 2024	$	13,357	$	1,210	$	1,292,765		$	1,058,531		$	(174,194	)	$	(9,685	)	$	2,181,984		$	5,244	$	2,187,228
Net earnings		-		-		-			23,533			-			-			23,533			347		23,880
Other comprehensive income (loss)		-		-		-			-			-			(7,284	)		(7,284	)		-		(7,284	)
Issuance of stock and related tax withholdings for vested restricted stock units (19,809 shares)		1		-		(6	)		-			-			-			(5	)		-		(5	)
Dividends declared ($0.10 per share)		-		-		13			(13,713	)		-			-			(13,700	)		-		(13,700	)
Stock compensation expense		-		-		3,949			-			-			-			3,949			-		3,949
Repurchase of common stock held in treasury (554,587 shares)		-		-		-			-			(12,622	)		-			(12,622	)		-		(12,622	)
Balance at June 29, 2024	$	13,358	$	1,210	$	1,296,721		$	1,068,351		$	(186,816	)	$	(16,969	)	$	2,175,855		$	5,591	$	2,181,446
Net earnings (loss)		-		-		-			(19,299	)		-			-			(19,299	)		306		(18,993	)
Other comprehensive income		-		-		-			-			-			31,777			31,777			-		31,777
Issuance of stock and related tax withholdings for vested restricted stock units (4,149 shares)		-		-		(34	)		-			-			-			(34	)		-		(34	)
Dividends declared ($0.10 per share)		-		-		13			(13,657	)		-			-			(13,644	)		-		(13,644	)
Stock compensation expense		-		-		5,635			-			-			-			5,635			-		5,635
Repurchase of common stock held in treasury (577,325 shares)		-		-		-			-			(12,624	)		-			(12,624	)		-		(12,624	)
Balance at September 28, 2024	$	13,358	$	1,210	$	1,302,335		$	1,035,395		$	(199,440	)	$	14,808		$	2,167,666		$	5,897	$	2,173,563

Continues on following page.

VISHAY INTERTECHNOLOGY, INC.

Consolidated Condensed Statements of Equity (continued)

(Unaudited - In thousands, except share and per share amounts)

	Common Stock		Class B Convertible Common Stock		Capital in Excess of Par Value			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Total Vishay Stockholders' Equity			Noncontrolling Interests		Total Equity
Balance at December 31, 2024	$	13,361	$	1,210	$	1,306,245		$	955,500		$	(212,062	)	$	(35,292	)	$	2,028,962		$	-	$	2,028,962
Net earnings (loss)		-		-		-			(4,092	)		-			-			(4,092	)		-		(4,092	)
Other comprehensive income		-		-		-			-			-			31,204			31,204			-		31,204
Issuance of stock and related tax withholdings for vested restricted stock units (506,430 shares)		50		-		(3,943	)		-			-			-			(3,893	)		-		(3,893	)
Dividends declared ($0.10 per share)		-		-		13			(13,575	)		-			-			(13,562	)		-		(13,562	)
Stock compensation expense		-		-		6,051			-			-			-			6,051			-		6,051
Repurchase of common stock held in treasury (728,560 shares)		-		-		-			-			(12,538	)		-			(12,538	)		-		(12,538	)
Balance at March 29, 2025	$	13,411	$	1,210	$	1,308,366		$	937,833		$	(224,600	)	$	(4,088	)	$	2,032,132		$	-	$	2,032,132
Net earnings		-		-		-			2,004			-			-			2,004			-		2,004
Other comprehensive income		-		-		-			-			-			68,713			68,713			-		68,713
Issuance of stock and related tax withholdings for vested restricted stock units (35,366 shares)		4		-		(68	)		-			-			-			(64	)		-		(64	)
Dividends declared ($0.10 per share)		-		-		13			(13,570	)		-			-			(13,557	)		-		(13,557	)
Stock compensation expense		-		-		5,685			-			-			-			5,685			-		5,685
Other		-		-		70			-			8			-			78			-		78
Balance at June 28, 2025	$	13,415	$	1,210	$	1,314,066		$	926,267		$	(224,592	)	$	64,625		$	2,094,991		$	-	$	2,094,991
Net earnings (loss)		-		-		-			(7,876	)		-			-			(7,876	)		-		(7,876	)
Other comprehensive income		-		-		-			-			-			3,651			3,651			-		3,651
Issuance of stock and related tax withholdings for vested restricted stock units (4,453 shares)		1		-		(44	)		-			-			-			(43	)		-		(43	)
Dividends declared ($0.10 per share)		-		-		13			(13,573	)		-			-			(13,560	)		-		(13,560	)
Stock compensation expense		-		-		5,899			-			-			-			5,899			-		5,899
Other		-		-		-			-			2			-			2			-		2
Balance at September 27, 2025	$	13,416	$	1,210	$	1,319,934		$	904,818		$	(224,590	)	$	68,276		$	2,083,064		$	-	$	2,083,064

See accompanying notes.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 1 – Basis of Presentation

The accompanying unaudited consolidated condensed financial statements of Vishay Intertechnology, Inc. (“Vishay” or the “Company”) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for presentation of financial position, results of operations, and cash flows required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. The information furnished reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair summary of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the fiscal quarter and nine fiscal months ended September 27, 2025 are not necessarily indicative of the results to be expected for the full year.

The Company reports interim financial information for 13-week periods beginning on a Sunday and ending on a Saturday, except for the first fiscal quarter, which always begins on January 1, and the fourth fiscal quarter, which always ends on December 31. The four fiscal quarters in 2025 end on March 29, 2025, June 28, 2025, September 27, 2025, and December 31, 2025, respectively. The four fiscal quarters in 2024 ended on March 30, 2024, June 29, 2024, September 28, 2024, and December 31, 2024, respectively.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses for the nine fiscal months ended September 27, 2025 include an $11,293 benefit recognized in the second fiscal quarter of 2025 upon the favorable resolution of a contingency.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current financial statement presentation.

Note 2 – Restructuring and Related Activities

In September 2024, the Company announced the implementation of restructuring actions designed to optimize the Company’s manufacturing footprint and streamline business decision making.

The following table summarizes activity to date related to this program:

Expense recorded in 2024	$	40,614
Utilized		(8,734	)
Foreign currency translation		(1,292	)
Balance at December 31, 2024	$	30,588
Utilized		(11,978	)
Foreign currency translation		1,741
Balance at September 27, 2025	$	20,351

Severance payment terms vary by country, but are generally paid in a lump sum at cessation of employment. Some payments are made over an extended period. Substantially all of the liability is current and is included in other accrued expenses in the accompanying consolidated condensed balance sheet.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 3 – Leases

The net right of use assets and lease liabilities recognized on the consolidated condensed balance sheets for the Company's operating leases were as follows:

	September 27, 2025		December 31, 2024
Right of use assets
Operating Leases
Buildings and improvements	$	114,128	$	112,528
Machinery and equipment		5,454		5,425
Total	$	119,582	$	117,953
Current lease liabilities
Operating Leases
Buildings and improvements	$	23,351	$	22,993
Machinery and equipment		2,972		2,908
Total	$	26,323	$	25,901
Long-term lease liabilities
Operating Leases
Buildings and improvements	$	93,632	$	91,772
Machinery and equipment		2,404		2,446
Total	$	96,036	$	94,218
Total lease liabilities	$	122,359	$	120,119

Lease expense is classified in the statements of operations based on asset use. Total lease cost recognized on the consolidated condensed statements of operations is as follows:

	Fiscal quarters ended				Nine fiscal months ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Lease expense
Operating lease expense	$	7,334	$	7,553	$	21,418	$	22,312
Short-term lease expense		543		262		1,496		738
Variable lease expense		96		120		489		482
Total lease expense	$	7,973	$	7,935	$	23,403	$	23,532

The Company paid $21,824 and $22,618 for its operating leases in the nine fiscal months ended September 27, 2025 and September 28, 2024, respectively, which are included in operating cash flows on the consolidated condensed statements of cash flows. The weighted-average remaining lease term for the Company's operating leases is 8.6 years and the weighted-average discount rate is 6.7% as of September 27, 2025.

The undiscounted future lease payments for the Company's operating lease liabilities are as follows:

	September 27, 2025
2025 (excluding the nine fiscal months ended September 27, 2025)	$	7,070
2026		25,917
2027		23,066
2028		17,979
2029		15,466
Thereafter		71,431

The undiscounted future lease payments presented in the table above include payments through the term of the lease, which may include periods beyond the noncancellable term. The difference between the total payments above and the lease liability balance is due to the discount rate used to calculate lease liabilities.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 4 – Income Taxes

The provision for income taxes consists of provisions for federal, state, and foreign income taxes. The effective tax rates for the periods ended September 27, 2025 and September 28, 2024 reflect the Company’s expected tax rate on reported income before income tax and tax adjustments. The Company operates in a global environment with significant operations in various jurisdictions outside the United States. Accordingly, the consolidated income tax rate is a composite rate reflecting the Company’s earnings and the applicable tax rates in the various jurisdictions where the Company operates.

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) issued model rules for a new global minimum tax (“Pillar Two”). Various jurisdictions around the world have passed legislation to enact Pillar Two and certain Pillar Two rules are in effect for 2025. The United States has not adopted Pillar Two. The Company does not anticipate a material increase in income tax expense for 2025 due to Pillar Two and the Company is continuing to monitor Pillar Two developments and the potential future impact on its operations and income tax expense.

On July 4, 2025, H.R. 1 (“the Act”), a tax reconciliation act, was enacted into law in the United States. The Act did not change the U.S. federal tax rate and most of the provisions of the Act are effective for tax years beginning after December 31, 2025. The Company has recorded no change to the deferred U.S. taxes directly related to the Act. The Act allows the deduction in tax year 2025, or in tax years 2025 and 2026, of previously capitalized research and development costs. The Company anticipates that these additional tax deductions will preclude the utilization of a U.S. foreign tax credit ("FTC") that is due to expire in 2028. As an indirect result of this change in tax law, the Company recorded a valuation allowance of $9,420 on the deferred tax asset related to this FTC.

In the third fiscal quarter of 2025, the Federal Republic of Germany enacted tax legislation decreasing the federal tax rate beginning in 2028 by 1% per year for five years. The Company recorded deferred tax expense of $4,237 to reduce the carrying amount of deferred tax assets in Germany based on these new rates.

The Company repatriated $75,000 of accumulated earnings to the United States in the second fiscal quarter of 2025 and paid withholding taxes, in Israel, of $9,375. The withholding tax expense for the repatriation was recorded in prior years.

During the nine fiscal months ended September 27, 2025, the liabilities for unrecognized tax benefits decreased $682 on a net basis, primarily due to statute expirations, settlements, and payments, partially offset by accruals and foreign currency adjustments for the current period.

Note 5 – Long-Term Debt

Long-term debt consists of the following:

	September 27, 2025			December 31, 2024

Credit facility	$	189,000		$	136,000
Convertible senior notes, due 2025		-			41,911
Convertible senior notes, due 2030		750,000			750,000
Deferred financing costs		(19,302	)		(22,892	)
		919,698			905,019
Less current portion		-			-
	$	919,698		$	905,019

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2030 as of September 27, 2025:

	2030 Notes
Issuance date	September 12, 2023
Maturity date	September 15, 2030
Principal amount as of September 27, 2025	$	750,000
Cash coupon rate (per annum)		2.25	%
Conversion rate (per $1 principal amount)		33.1609
Effective conversion price (per share)	$	30.16
130% of the current effective conversion price (per share)	$	39.21

The convertible senior notes due 2025 matured on June 15, 2025. Upon maturity, $41,911 aggregate principal amount of the convertible senior notes due 2025 were settled in cash, funded by borrowings on the revolving credit facility. No shares were issued to settle the convertible senior notes due 2025.

Deferred financing costs are recognized as non-cash interest expense. Non-cash interest expense was $1,195 and $3,613 for the fiscal quarter and nine fiscal months ended September 27, 2025, respectively, and $1,249 and $3,675 for the fiscal quarter and nine fiscal months ended September 28, 2024.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 6 – Stockholders' Equity

In 2022, the Company's Board of Directors adopted a Stockholder Return Policy that will remain in effect until such time as the Board votes to amend or rescind the policy. The Stockholder Return Policy calls for the Company to return a prescribed amount of cash flows on an annual basis. The Company intends to return such amounts directly, in the form of dividends, or indirectly, in the form of stock repurchases.

The following table summarizes activity pursuant to this policy:

	Fiscal quarters ended					Nine fiscal months ended
		September 27, 2025		September 28, 2024			September 27, 2025		September 28, 2024
Dividends paid to stockholders		$	13,560	$	13,644		$	40,679	$	41,096
Stock repurchases			-		12,624			12,538		37,784
Total		$	13,560	$	26,268		$	53,217	$	78,880

The repurchased shares are being held as treasury stock. The number of shares of common stock being held as treasury stock was 10,662,155 and 9,933,595 as of September 27, 2025 and December 31, 2024, respectively.

Note 7 – Revenue Recognition

Sales returns and allowances accrual activity is shown below:

	Fiscal quarters ended						Nine fiscal months ended
	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024
Beginning balance	$	43,994		$	44,493		$	43,445		$	47,760
Sales allowances		18,688			21,969			66,764			68,200
Credits issued		(22,493	)		(24,448	)		(71,192	)		(73,635	)
Foreign currency		(384	)		456			788			145
Ending balance	$	39,805		$	42,470		$	39,805		$	42,470

Note 8 – Accumulated Other Comprehensive Income (Loss)

The cumulative balance of each component of other comprehensive income (loss) and the income tax effects allocated to each component are as follows:

	Pension and other post- retirement actuarial items			Currency translation adjustment			Total
Balance at January 1, 2025	$	(10,956	)	$	(24,336	)	$	(35,292	)
Other comprehensive income (loss) before reclassifications		-			102,897		$	102,897
Tax effect		-			-		$	-
Other comprehensive income before reclassifications, net of tax		-			102,897		$	102,897
Amounts reclassified out of AOCI		832			-		$	832
Tax effect		(161	)		-		$	(161	)
Amounts reclassified out of AOCI, net of tax		671			-		$	671
Net other comprehensive income (loss)	$	671		$	102,897		$	103,568
Balance at September 27, 2025	$	(10,285	)	$	78,561		$	68,276

Reclassifications of pension and other post-retirement actuarial items out of AOCI are included in the computation of net periodic benefit cost. See Note 9 for further information.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 9 – Pensions and Other Postretirement Benefits

The Company maintains various retirement benefit plans. The service cost component of net periodic pension cost is classified in costs of products sold or selling, general, and administrative expenses on the consolidated condensed statements of operations based on the respective employee's function. The other components of net periodic pension cost are classified as other expense on the consolidated condensed statements of operations.

Defined Benefit Pension Plans

The following table shows the components of the net periodic pension cost for the third fiscal quarters of 2025 and 2024 for the Company’s defined benefit pension plans:

	Fiscal quarter ended September 27, 2025					Fiscal quarter ended September 28, 2024
	U.S. Plans		Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-	$	776		$	-		$	783
Interest cost		380		1,623			381			1,688
Expected return on plan assets		-		(566	)		-			(586	)
Amortization of prior service cost		2		37			16			57
Amortization of losses (gains)		-		262			(108	)		463
Curtailment and settlement losses		-		24			-			102
Net periodic benefit cost	$	382	$	2,156		$	289		$	2,507

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 27, 2025 and September 28, 2024 for the Company’s defined benefit pension plans:

	Nine fiscal months ended September 27, 2025					Nine fiscal months ended September 28, 2024
	U.S. Plans		Non-U.S. Plans			U.S. Plans			Non-U.S. Plans

Net service cost	$	-	$	2,270		$	-		$	2,349
Interest cost		1,140		4,693			1,144			5,038
Expected return on plan assets		-		(1,666	)		-			(1,764	)
Amortization of prior service cost		4		107			49			171
Amortization of losses (gains)		-		762			(325	)		1,373
Curtailment and settlement losses		-		71			-			308
Net periodic benefit cost	$	1,144	$	6,237		$	868		$	7,475

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Other Postretirement Benefits

The following table shows the components of the net periodic benefit cost for the third fiscal quarters of 2025 and 2024 for the Company’s other postretirement benefit plans:

	Fiscal quarter ended September 27, 2025							Fiscal quarter ended September 28, 2024
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans

Service cost		$	4			$	61		$	6			$	61
Interest cost			51				62			53				62
Amortization of losses (gains)			(52	)			15			(60	)			21
Net periodic benefit cost		$	3			$	138		$	(1	)		$	144

The following table shows the components of the net periodic pension cost for the nine fiscal months ended September 27, 2025 and September 28, 2024 for the Company’s other postretirement benefit plans:

	Nine fiscal months ended September 27, 2025							Nine fiscal months ended September 28, 2024
	U.S. Plans				Non-U.S. Plans			U.S. Plans				Non-U.S. Plans

Service cost		$	14			$	176		$	16			$	181
Interest cost			152				178			158				184
Amortization of losses (gains)			(156	)			44			(180	)			62
Net periodic benefit cost		$	10			$	398		$	(6	)		$	427

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 10 – Stock-Based Compensation

The following table summarizes stock-based compensation expense recognized:

	Fiscal quarters ended						Nine fiscal months ended
	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024

Restricted stock units ("RSUs")		$	5,899		$	5,635		$	17,552		14,810
Phantom stock units			-			-			83		118
Total		$	5,899		$	5,635		$	17,635		14,928

The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at September 27, 2025 (amortization periods in years):

	Unrecognized Compensation Cost			Weighted Average Remaining Amortization Periods

Restricted stock units		$	32,559		2.0
Phantom stock units			-		n/a
Total		$	32,559

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Restricted Stock Units

RSU activity under the Company's stock incentive programs as of September 27, 2025 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):

	Number of RSUs			Weighted Average Grant-date Fair Value per Unit
Outstanding:
January 1, 2025		2,628		$	21.37
Granted*		1,889			15.11
Vested**		(772	)		21.78
Cancelled or forfeited		(203	)		19.89
Outstanding at September 27, 2025		3,542		$	18.03

Expected to vest at September 27, 2025		2,571

* Employees in certain countries are granted equity-linked awards that will be settled in cash and are accounted for as liability awards. The liability awards are not material. The number of RSUs granted excludes these awards.

** The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

The number of performance-based RSUs that are scheduled to vest increases ratably based on the achievement of defined performance and market criteria between the established target and maximum levels. RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number of RSUs in thousands):

Vesting Date	Expected to Vest		Not Expected to Vest		Total
January 1, 2026		-		137		137
January 1, 2027		-		533		533
January 1, 2028		569		301		870
March 1, 2029		175		-		175

Phantom Stock Units

Phantom stock unit activity as of September 27, 2025 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):

	Number of units		Grant-date Fair Value per Unit
Outstanding:
January 1, 2025		128
Granted		5		$	16.69
Dividend equivalents issued		3
Outstanding at September 27, 2025		136

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 11 – Segment Information

The following tables set forth business segment information:

	MOSFETs			Diodes		Optoelectronic Components		Resistors		Inductors		Capacitors		Corporate/ Other		Total
Fiscal quarter ended September 27, 2025:
Net revenues	$	167,133		$	149,628	$	55,590	$	195,707	$	91,990	$	130,592	$	-	$	790,640

Cost of products sold (excluding depreciation)	$	136,338		$	107,150	$	38,855	$	145,064	$	59,469	$	99,697	$	-	$	586,573
Depreciation expense in costs of products sold		13,985			12,088		4,023		11,260		4,240		4,612		-		50,208
Total costs of products sold	$	150,323		$	119,238	$	42,878	$	156,324	$	63,709	$	104,309	$	-	$	636,781
Gross profit	$	16,810		$	30,390	$	12,712	$	39,383	$	28,281	$	26,283	$	-	$	153,859

Segment operating expenses	$	23,207		$	7,616	$	5,518	$	9,506	$	3,802	$	6,407	$	-	$	56,056
Segment operating income (loss)	$	(6,397	)	$	22,774	$	7,194	$	29,877	$	24,479	$	19,876	$	-	$	97,803

Total depreciation expense	$	14,691		$	12,377	$	4,142	$	11,463	$	4,294	$	4,656	$	2,385	$	54,008
Capital expenditures		32,225			7,796		2,292		3,876		738		4,754		643		52,324

Total assets as of September 27, 2025:	$	1,145,176		$	715,379	$	357,933	$	946,334	$	319,553	$	457,475	$	254,126	$	4,195,976

Fiscal quarter ended September 28, 2024:
Net revenues	$	147,134		$	145,183	$	63,227	$	180,889	$	90,253	$	108,667	$	-	$	735,353

Cost of products sold (excluding depreciation)	$	117,080		$	104,400	$	47,752	$	129,691	$	58,516	$	79,964	$	-	$	537,403
Depreciation expense in cost of products sold		12,876			11,538		3,927		10,547		4,371		3,808		-		47,067
Total cost of products sold	$	129,956		$	115,938	$	51,679	$	140,238	$	62,887	$	83,772	$	-	$	584,470
Gross profit	$	17,178		$	29,245	$	11,548	$	40,651	$	27,366	$	24,895	$	-	$	150,883

Segment operating expenses	$	21,443		$	6,497	$	5,395	$	8,346	$	3,717	$	5,978	$	-	$	51,376
Segment operating income (loss)	$	(4,265	)	$	22,748	$	6,153	$	32,305	$	23,649	$	18,917	$	-	$	99,507

Total depreciation expense	$	13,446		$	11,811	$	4,042	$	10,742	$	4,388	$	3,852	$	2,223	$	50,504
Capital expenditures		33,375			7,989		1,566		8,021		2,314		4,923		1,339		59,527

Total assets as of September 28, 2024:	$	1,082,808		$	745,232	$	354,035	$	1,007,259	$	345,603	$	442,753	$	242,668	$	4,220,358

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

	MOSFETs			Diodes		Optoelectronic Components		Resistors		Inductors		Capacitors		Corporate/ Other		Total
Nine fiscal months ended September 27, 2025:
Net revenues	$	457,879		$	438,533	$	160,877	$	569,976	$	271,786	$	369,075	$	-	$	2,268,126

Cost of products sold (excluding depreciation)	$	379,391		$	315,749	$	113,109	$	412,866	$	186,345	$	276,294	$	-	$	1,683,754
Depreciation expense in costs of products sold		40,693			34,834		11,798		33,043		12,727		13,181		-		146,276
Total costs of products sold	$	420,084		$	350,583	$	124,907	$	445,909	$	199,072	$	289,475	$	-	$	1,830,030
Gross profit	$	37,795		$	87,950	$	35,970	$	124,067	$	72,714	$	79,600	$	-	$	438,096

Segment operating expenses	$	67,411		$	21,794	$	16,542	$	28,130	$	11,384	$	19,465	$	-	$	164,726
Segment operating income (loss)	$	(29,616	)	$	66,156	$	19,428	$	95,937	$	61,330	$	60,135	$	-	$	273,370

Total depreciation expense	$	42,605		$	35,777	$	12,140	$	33,635	$	12,868	$	13,312	$	6,868	$	157,205
Capital expenditures		124,530			15,934		7,047		12,567		2,343		13,753		2,317		178,491

Nine fiscal months ended September 28, 2024:
Net revenues	$	455,360		$	440,578	$	165,436	$	548,583	$	272,965	$	339,949	$	-	$	2,222,871

Cost of products sold (excluding depreciation)	$	354,781		$	313,868	$	121,116	$	389,481	$	177,883	$	244,939	$	-	$	1,602,068
Depreciation expense in cost of products sold		36,359			34,096		11,566		30,798		12,645		11,179		-		136,643
Total cost of products sold	$	391,140		$	347,964	$	132,682	$	420,279	$	190,528	$	256,118	$	-	$	1,738,711
Gross profit	$	64,220		$	92,614	$	32,754	$	128,304	$	82,437	$	83,831	$	-	$	484,160

Segment operating expenses	$	58,604		$	19,441	$	16,415	$	24,967	$	11,060	$	17,419	$	-	$	147,906
Segment operating income	$	5,616		$	73,173	$	16,339	$	103,337	$	71,377	$	66,412	$	-	$	336,254

Total depreciation expense	$	37,757		$	34,988	$	11,865	$	31,327	$	12,705	$	11,334	$	6,669	$	146,645
Capital expenditures		99,508			25,232		3,991		26,609		5,777		10,627		3,431		175,175

	Fiscal quarters ended						Nine fiscal months ended
	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024
Reconciliation:
Segment Operating Income	$	97,803		$	99,507		$	273,370		$	336,254
Restructuring and Severance Costs		-			(40,614	)		-			(40,614	)
Unallocated Selling, General, and Administrative Expenses		(78,656	)		(77,169	)		(231,290	)		(233,328	)
Consolidated Operating Income (Loss)	$	19,147		$	(18,276	)	$	42,080		$	62,312
Unallocated Other Income (Expense)		(7,260	)		(5,793	)		(22,144	)		(5,848	)
Consolidated Income (Loss) Before Taxes	$	11,887		$	(24,069	)	$	19,936		$	56,464

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

The Company has a broad line of products that it sells to original equipment manufacturers ("OEMs"), electronic manufacturing services ("EMS") companies, and independent distributors. The distribution of sales by channel is shown below:

	Fiscal quarters ended				Nine fiscal months ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Distributors	$	445,597	$	406,468	$	1,264,249	$	1,200,456
OEMs		294,146		278,801		849,747		871,739
EMS companies		50,897		50,084		154,130		150,676
Total Revenue	$	790,640	$	735,353	$	2,268,126	$	2,222,871

Net revenues were attributable to customers in the following regions:

	Fiscal quarters ended				Nine fiscal months ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Asia	$	340,255	$	289,577	$	942,313	$	857,073
Europe		258,763		256,296		770,583		793,183
Americas		191,622		189,480		555,230		572,615
Total Revenue	$	790,640	$	735,353	$	2,268,126	$	2,222,871

The Company generates substantially all of its revenue from product sales to end customers in the industrial, automotive, telecommunications, computing, consumer products, power supplies, military and aerospace, and medical end markets. Sales by end market are presented below:

	Fiscal quarters ended				Nine fiscal months ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Industrial	$	271,880	$	243,610	$	783,834	$	753,872
Automotive		286,606		279,597		811,141		834,998
Military and Aerospace		79,139		81,264		235,944		245,189
Medical		38,794		37,010		113,225		110,855
Other		114,221		93,872		323,982		277,957
Total Revenue	$	790,640	$	735,353	$	2,268,126	$	2,222,871

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 12 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to Vishay stockholders (shares in thousands):

	Fiscal quarters ended						Nine fiscal months ended
	September 27, 2025			September 28, 2024			September 27, 2025			September 28, 2024

Numerator:
Net earnings (loss) attributable to Vishay stockholders	$	(7,876	)	$	(19,299	)	$	(9,964	)	$	35,158

Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares		135,586			136,667			135,606			137,155
Outstanding phantom stock units		134			126			133			126
Adjusted weighted average shares		135,720			136,793			135,739			137,281

Effect of dilutive securities:
Restricted stock units		-			-			-			758
Dilutive potential common shares		-			-			-			758

Denominator for diluted earnings (loss) per share:
Adjusted weighted average shares - diluted		135,720			136,793			135,739			138,039

Basic earnings (loss) per share attributable to Vishay stockholders	$	(0.06	)	$	(0.14	)	$	(0.07	)	$	0.26

Diluted earnings (loss) per share attributable to Vishay stockholders	$	(0.06	)	$	(0.14	)	$	(0.07	)	$	0.25

Diluted earnings (loss) per share for the periods presented do not reflect the following weighted average potential common shares that would have an antidilutive effect or have unsatisfied performance conditions (in thousands):

Fiscal quarters ended

Nine fiscal months ended

September 27, 2025

September 28, 2024

September 27, 2025

September 28, 2024

Restricted stock units

3,542

2,646

3,246

243

If the average market price of Vishay common stock is less than the effective conversion price of the convertible senior notes due 2030, no shares are included in the diluted earnings per share computation for the convertible senior notes due 2030. Pursuant to the indenture governing the convertible senior notes due 2030, Vishay will satisfy its conversion obligations by paying $1 cash per $1 principal amount of converted notes and settle any additional amounts due in cash and/or common stock.

In connection with the issuance of the convertible senior notes due 2030, the Company entered into capped call transactions, which were not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive. The capped calls are intended to reduce the potential dilution to the Company's common stock in the event that at the time of conversion of the convertible senior notes due 2030 the Company's common stock price exceeds the conversion price of the convertible senior notes due 2030.

NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(dollars in thousands, except per share amounts)

Note 13 – Fair Value Measurements

The following table provides the financial assets and liabilities carried at fair value measured on a recurring basis:

	Total Fair Value		Level 1		Level 2		Level 3
September 27, 2025
Assets:
Assets held in rabbi trusts	$	54,825	$	22,582	$	32,243	$	-
Available for sale securities	$	4,635		4,635		-		-
	$	59,460	$	27,217	$	32,243	$	-

Liability:
Acquisitions contingent consideration	$	3,522	$	-	$	-	$	3,522

December 31, 2024
Assets:
Assets held in rabbi trusts	$	53,508	$	24,518	$	28,990	$	-
Available for sale securities	$	4,043		4,043		-		-
	$	57,551	$	28,561	$

VISHAY INTERTECHNOLOGY INC 10-Q