Consolidated Revenue Growth (Q4 & FY)
Consolidated net sales for Q4 2025 were $644.4 million, up 19% year-over-year (voxx contributed $103.4M). Consolidated revenue for calendar year 2025 was $2.53 billion, up 10% versus $2.31 billion in 2024 (includes nine months of VOXX). Core Gentex Q4 revenue was $541 million and core Gentex full-year sales were $2.27 billion.
Significant Gross Margin Improvement
Consolidated gross margin in Q4 was 34.8% versus 32.5% last year (last year excluded VOXX). Core Gentex gross margin in Q4 was 35.5%, a 300 basis point improvement year-over-year and the highest since 2021. Core Gentex full-year gross margin was 34.7%, a 140 basis point increase versus prior year driven by favorable mix, operational efficiencies and purchasing cost reductions.
Stronger Profitability Metrics
Consolidated income from operations in Q4 was $120.1 million (versus $89.8M prior year). Core Gentex income from operations was $112.5 million, a 25.3% increase year-over-year. Consolidated Q4 net income was $93.0 million and EPS was $0.43 versus $0.39 last year (Q4).
Product Launches, Wins and Technology Momentum
Full display mirror shipments increased to 3.19 million units in 2025 (~8% increase vs 2024). Began shipping driver monitoring systems to Volvo and Polestar (and previously Rivian), and expect two additional OEM production programs in 2026. First customer launch for dimmable sun visors targeting 2027. CES showcase earned 26 awards across product lines including premium audio and new automotive technologies.
VOXX Acquisition Progress and Synergy Plan
VOXX contributed $267.2 million in revenue from April–Dec and $103.4 million in Q4. Integration is on track and management expects approximately $40 million per year in positive cash flow from VOXX cost improvements; management indicated they are roughly halfway to the targeted improvement entering 2026.
Strong Operating Cash Flow and Capital Deployment
Operating cash flow for 2025 was $587.3 million, up from $498.2 million in 2024. The company repurchased 13.6 million shares in 2025 for approximately $319 million (3.8M shares in Q4 at $23.43 average), with $35.9 million shares remaining under authorization.
Controlled CapEx and Depreciation Discipline
Net capital expenditures for the full year were $126 million versus $141.4 million in the prior year (Q4 CapEx $17.5M vs $38.0M prior year). Depreciation & amortization increased to $104.0 million for the year from $94.7 million as investment in product platforms continued.