Cognex Corporation reported third quarter 2025 results with revenue increasing 18% year over year, or 16% on a constant-currency basis. Excluding a one-time benefit from a commercial partnership with a medical lab automation channel partner, revenue grew 13% year over year. The company recorded a net income of $18 million compared to $30 million in the third quarter of 2024, a decrease of 40%. Adjusted net income was $56 million, up 65% from $34 million a year earlier. Net income per diluted share was $0.10, down from $0.17 in the same period last year, while adjusted diluted earnings per share were $0.33, an increase of 69% from $0.20 in the third quarter of 2024. Excluding the one-time benefit, adjusted diluted earnings per share were $0.28, up 44% year over year. The operating margin was 20.9% and adjusted EBITDA margin was 24.9%. Cognex generated $87 million in cash from operating activities, up 55% from $56 million in the third quarter of 2024. As of September 28, 2025, the company had $600 million in cash and investments with no debt. During the quarter, Cognex launched the Solutions Experience $(SLX)$ product portfolio in Logistics, focused on AI-enabled vision applications, and returned $37 million to shareholders.