Logistics, representing roughly 26% of revenue, grew double digits for eight consecutive quarters but is expected to moderate to mid-single to high-single digits in 2026. Semiconductors delivered mid-single-digit growth on capacity expansion, consumer electronics surprised with double-digit gains linked to supply-chain shifts, packaging remained stable, and automotive headwinds persisted but showed sequential stabilization. CFO Dennis Fehr highlighted improving customer sentiment based on U.S. PMI and semiconductor uptake but noted January and February are volatile due to Lunar New Year and typical slow starts in Europe. He reiterated the company’s preference for economic indicators over annual guidance and stressed the need for additional quarterly data to confirm a durable market rebound. Cognex recorded $994 million revenue in 2025, including a $10 million non-recurring partnership that set a $984 million organic baseline. The company plans to exit about $22 million of annualized revenue through portfolio optimization, using a $17 million illustrative reduction to establish a $965 million starting point for growth analysis. After a flat 2024, Cognex achieved mid-single-digit organic growth in 2025 driven by stronger fourth-quarter factory automation demand. Management emphasized the business’s short cycle nature with only weeks of backlog, meaning quarterly results depend heavily on broader market trends rather than a long-term order book.