$GNTX

GENTEX CORP

CIK:0000355811|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

NET SALES

$ 651,299,705

$ 657,858,210

$ 1,326,742,831

$ 1,234,631,300

COST OF GOODS SOLD

410,301,978

432,567,307

857,118,190

817,606,810

Gross profit

240,997,727

225,290,903

469,624,641

417,024,490

OPERATING EXPENSES:

Engineering, research and development

49,259,001

51,471,277

100,911,620

97,395,641

Selling, general & administrative

50,037,461

48,515,355

99,829,295

78,448,360

Impairment charges (Note 3)

2,800,000

Severance expense

362,871

6,784,136

1,085,413

9,673,248

Total operating expenses

99,659,333

106,770,768

204,626,328

185,517,249

Income from operations

141,338,394

118,520,135

264,998,313

231,507,241

OTHER (LOSS) INCOME

Investment (loss) income, net

(5,564,207)

(3,628,231)

(5,651,577)

1,246,624

Other, net

1,054,503

6,760,235

(4,470,484)

(3,656,144)

Total other (loss) income, net

(4,509,704)

(3,049,996)

(10,122,061)

(2,409,520)

INCOME BEFORE PROVISION FOR INCOME TAXES

136,828,690

115,470,139

254,876,252

229,097,721

PROVISION FOR INCOME TAXES

22,644,919

19,819,689

42,271,422

38,573,226

NET INCOME

114,183,771

95,650,450

212,604,830

190,524,495

Less: Net loss attributable to non-controlling interests

(505,646)

(389,134)

(539,730)

(389,134)

NET INCOME ATTRIBUTABLE TO GENTEX CORPORATION

$ 114,689,417

$ 96,039,584

$ 213,144,560

$ 190,913,629

EARNINGS PER SHARE ATTRIBUTABLE TO GENTEX CORPORATION:

Basic (in dollars per share)

^[1]

$ 0.54

$ 0.43

$ 1.00

$ 0.85

Diluted (in dollars per share)

^[1]

0.54

0.43

1.00

0.85

Cash Dividends Declared per Share (in dollars per share)

$ 0.12

$ 0.24

[1]	(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 CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from consolidated operations	$ 212,604,830	$ 190,524,495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,430,181	52,880,443
Gain on disposal of assets	(1,873,306)	(133,576)
Loss on disposal of assets	14,730	791
Gain on sale of investments and technology investment income	(2,021,165)	(832,046)
Loss on sale of investments and technology investment losses	4,793,822	5,163,260
Reserve for credit losses	5,094,288	0
Deferred income taxes	(7,026,153)	(5,593,627)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	20,140,355	16,160,289
Impairment charges - intangible assets	2,800,000	0
Impairment charges - investments	12,163,239	6,182,000
Change in operating assets and liabilities:
Accounts receivable, net	(17,821,395)	(20,896,565)
Inventories	(2,696,794)	57,495,782
Prepaid expenses and other	23,045,953	2,765,009
Accounts payable	(1,854,712)	5,032,376
Accrued liabilities, excluding dividends declared	22,869,807	5,896,241
Net cash provided by operating activities	321,663,680	314,644,872
Activity in investments:
Sales proceeds	1,863,489	48,810,102
Maturities and calls	1,000,000	1,655,000
Purchases	(3,586,746)	(17,331,563)
Purchase of equity method investments	(4,035,584)	0
Plant and equipment additions	(36,237,437)	(67,834,222)
Proceeds from sale of plant and equipment	442,187	245,105
Acquisition of businesses, net of cash acquired	0	(143,328,862)
Loans to technology investment partners	(4,936,796)	0
Decrease (increase) in other assets	(3,103,663)	(3,573,774)
Net cash used for investing activities	(48,594,550)	(181,358,214)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	4,012,818	6,283,742
Cash dividends paid	(51,409,775)	(54,244,161)
Repurchases of common stock	(137,873,659)	(198,870,165)
Net cash used for financing activities	(185,270,616)	(246,830,584)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	87,798,514	(113,543,926)
CASH AND CASH EQUIVALENTS, beginning of period	145,645,715	233,318,766
CASH AND CASH EQUIVALENTS, end of period	233,444,229	119,774,840
Non-cash investing and financing activities:
Change in property and equipment in accounts payable and accrued expenses and other current liabilities	$ (647,112)	$ 13,722,396

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2026

Dec. 31, 2025

^[1]

CURRENT ASSETS

Cash and cash equivalents

$ 233,444,229

$ 145,645,715

Short-term investments

9,366,704

5,386,566

Accounts receivable, net

386,338,964

368,517,569

Inventories, net

518,950,411

516,253,617

Prepaid expenses and other

82,831,174

92,631,001

Total current assets

1,230,931,482

1,128,434,468

PLANT AND EQUIPMENT—NET

780,173,903

790,935,378

OTHER ASSETS

Goodwill

360,849,822

357,211,919

Long-term investments

238,487,553

272,975,939

Intangible assets, net

184,618,279

189,341,387

Deferred tax asset

112,638,362

108,338,592

Patents and other assets, net

91,729,143

81,355,151

Total other assets

988,323,159

1,009,222,988

TOTAL ASSETS

2,999,428,544

2,928,592,834

CURRENT LIABILITIES

Accounts payable

248,271,728

248,983,498

Short-term debt

3,706,980

3,795,925

Accrued liabilities

153,138,565

134,763,546

Total current liabilities

405,117,273

387,542,969

OTHER NON-CURRENT LIABILITIES

52,468,099

49,209,006

DEFERRED INCOME TAXES

909,631

908,922

TOTAL LIABILITIES

458,495,003

437,660,897

REDEEMABLE NON-CONTROLLING INTEREST

2,832,783

3,102,213

SHAREHOLDERS’ INVESTMENT

Common stock

12,642,483

12,926,701

Additional paid-in capital

1,008,061,267

1,008,589,267

Retained earnings

1,515,686,310

1,466,046,002

Accumulated other comprehensive income

1,710,698

267,754

TOTAL SHAREHOLDERS' INVESTMENT

2,538,100,758

2,487,829,724

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND SHAREHOLDERS' INVESTMENT

$ 2,999,428,544

$ 2,928,592,834

[1]

The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.