[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","w72noi6rk0gfbj5w8mdaxacll","revision",3,"title","Benchmark Electronics披露截至2026年9月30日的第三季度及九个月业绩：九个月销售额22.442亿美元、净利润5,005万美元","originalTitle","BENCHMARK ELECTRONICS INC (0000863436) (Filer)","summary","Benchmark Electronics截至2026年9月30日的第三季度销售额为8.109亿美元、净利润1,715万美元；前九个月销售额为22.442亿美元、净利润5,005万美元，摊薄每股收益1.38美元。","reason","材料披露了Benchmark Electronics截至2026年9月30日的季度及九个月业绩、现金流和股东回报安排，可用于了解其经营表现与资金使用情况。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_78":90},"publishedAt","2026-10-28T20:56:38.000Z","discoveredAt","2026-10-28T22:53:05.811Z","timelineAt","category","ai-products","tags",[84,85,86,87],"stockSymbols",[83],"score",71,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fXfCPSssiuTg",{"_73":74,"_16":75},"reportCount",2,"additionalSourceCount",0,"developmentCount","publicId","6b4df232-c2d1-447f-97bd-e80a0cf054af","Benchmark Electronics公布第三季度业绩并上调第四季度EPS预期",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（勾选一项）

\n \n \n \n \n \n

☑ 根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

截至以下日期的季度期间 2026年9月30日

或

\n \n \n \n \n \n

☐ 根据《1934年证券交易法》第13条或第15(d)条提交的过渡期报告

过渡期自 _________________ 至 ________________

委员会档案编号： 1-10560

BENCHMARK ELECTRONICS, INC.

（注册人章程中列明的确切名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
得克萨斯州		74-2211011
（州或其他司法管辖区		（美国国税局雇主
注册成立或组织地）		识别号码）

56 South Rockford Drive		85288
坦佩，亚利桑那州		（邮政编码）
（主要行政办公地址）

(623) 300-7000

（注册人电话号码，包括区号）

根据该法第12(b)条登记的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
各类别名称	交易代码	上市交易所名称
普通股，每股面值 $0.10	BHE	纽约证券交易所

请勾选注册人是否：(1) 已在此前12个月内（或在注册人须提交此类报告的较短期间内）提交《1934年证券交易法》第13条或第15(d)条要求提交的所有报告；且 (2) 在过去90天内一直受此类申报要求约束。是 ☑ 否 ☐

请勾选注册人是否已在此前12个月内（或在注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第405条（本章第232.405条）要求提交的所有交互式数据文件。是 ☑ 否 ☐

请勾选注册人属于大型加速申报人、加速申报人、非加速申报人、较小报告公司还是新兴成长型公司。相关定义见《交易法》规则12b-2中“大型加速申报人”“加速申报人”“较小报告公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
大型加速申报人	☑		加速申报人	☐
非加速申报人	☐		较小报告公司	☐
			新兴成长型公司	☐

如果属于新兴成长型公司，请勾选注册人是否已选择不采用《交易法》第13(a)条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 ☐

请勾选注册人是否为壳公司（定义见《交易法》规则12b-2）。

是 ☐ 否 ☑

截至 2026 年 10 月 26 日，Benchmark Electronics, Inc. 面值为每股 $0.10 的普通股已发行35,765,341股。

\n	\n	\n
		页码

第一部分—财务信息

第 1 项	财务报表（未经审计）	1
	简明合并资产负债表	1
	简明合并收益表	2
	简明合并综合收益表	3
	简明合并股东权益表	4
	简明合并现金流量表	5
	简明合并财务报表附注	6
第 2 项	管理层对财务状况及经营业绩的讨论与分析	23
第 3 项	关于市场风险的定量和定性披露	32
第 4 项	控制和程序	32

第二部分—其他信息

第 1 项	法律诉讼	34
第 1A 项	风险因素	34
第 2 项	未注册股权证券的销售及所得款项用途	34
第 5 项	其他信息	34
第 6 项	附件	35

	签名	36

第一部分—财务信息

第 1 项\t财务报表。

BENCHMARK ELECTRONICS, INC. 及其子公司

简明合并资产负债表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9 月 30 日			12 月 31 日
（单位：千美元，面值除外）		2026			2025
资产
流动资产：
现金及现金等价物		$	290,656			$	322,064
受限现金			—				336
应收账款，扣除呆账准备 $255 和 $438（分别）			435,296				391,101
合同资产			221,548				182,870
存货			633,575				482,544
预付费用及其他流动资产			118,182				69,226
流动资产总额			1,699,257				1,448,141
不动产、厂房及设备净额			239,032				223,784
经营租赁使用权资产			101,175				102,664
商誉			192,116				192,116
递延所得税			33,896				34,936
其他长期资产			51,794				70,074
资产总额		$	2,317,270			$	2,071,715
负债和股东权益
流动负债：
长期债务的当期分期偿还额		$	3,750			$	3,750
应付账款			663,708				403,222
客户预付款			123,722				115,545
应付所得税			3,085				7,685
应计负债			115,659				105,375
流动负债总额			909,924				635,577
长期债务，扣除当期分期偿还额			154,086				206,826
经营租赁负债			95,948				98,689
其他长期负债			20,929				23,307
递延所得税			7,929				7,513
负债总额			1,188,816				971,912
股东权益：
优先股，面值 $0.10；授权股份 5,000 股，未发行			—				—
普通股，$0.10 面值；授权股数 145,000 股；已发行及流通股数分别为 35,823 股和 35,669 股			3,582				3,567
额外实收资本			546,569				537,048
留存收益			588,173				568,163
累计其他综合亏损			(9,870	)			(8,975	)
股东权益总额			1,128,454				1,099,803
负债和股东权益总额		$	2,317,270			$	2,071,715

请参阅未经审计的简明合并财务报表附注。

BENCHMARK ELECTRONICS, INC. 及其子公司

简明合并损益表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
（千美元，每股数据除外）		2026			2025			2026			2025
销售额		$	810,898			$	680,678			$	2,244,158			$	1,954,777
销售成本			726,451				612,735				2,012,077				1,758,882
毛利			84,447				67,943				232,081				195,895
销售、一般及行政费用			50,372				41,520				138,913				120,889
无形资产摊销			1,205				1,205				3,613				3,613
重组费用及其他成本			2,171				1,557				6,729				15,487
营业收入			30,699				23,661				82,826				55,906
利息支出			(3,433	)			(4,418	)			(10,833	)			(16,061	)
利息收入			1,952				1,955				5,842				7,822
其他费用，净额			(2,363	)			(608	)			(3,843	)			(2,076	)
税前收入			26,855				20,590				73,992				45,591
所得税费用			9,708				6,327				23,940				26,712
净利润		$	17,147			$	14,263			$	50,052			$	18,879
每股收益：
基本		$	0.48			$	0.40			$	1.40			$	0.53
摊薄		$	0.47			$	0.39			$	1.38			$	0.52
加权平均流通股数：
基本			35,879				35,802				35,848				35,947
摊薄			36,396				36,182				36,359				36,337

请参阅未经审计的简明合并财务报表附注。

BENCHMARK ELECTRONICS, INC. 及其子公司

简明合并综合收益表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
（千美元）		2026			2025			2026			2025
净利润		$	17,147			$	14,263			$	50,052			$	18,879
其他综合收益（亏损）：
外币折算调整			(61	)			(45	)			(2,546	)			10,251
衍生品未实现收益，扣除税项后			570				182				1,044				3,866
其他			310				(256	)			607				(56	)
其他综合收益（亏损）总额			819				(119	)			(895	)			14,061
综合收益		$	17,966			$	14,144			$	49,157			$	32,940

请参阅未经审计的简明合并财务报表附注。

BENCHMARK ELECTRONICS, INC. 及其子公司

简明合并股东权益变动表

（未经审计）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（千美元）		股数			普通股			额外实收资本			留存收益			累计其他综合亏损			股东权益总额
2025年12月31日余额			35,669			$	3,567			$	537,048			$	568,163			$	(8,975	)		$	1,099,803
净利润			—				—				—				50,052				—				50,052
其他综合亏损			—				—				—				—				(895	)			(895	)
已宣告股息			—				—				—				(18,298	)			—				(18,298	)
回购并注销的股份			(225	)			(23	)			(2,499	)			(11,744	)			—				(14,266	)
股份支付费用			—				—				21,156				—				—				21,156
限制性股票单位归属			531				53				(53	)			—				—				—
代扣税款的股份			(152	)			(15	)			(9,083	)			—				—				(9,098	)
2026年9月30日余额			35,823			$	3,582			$	546,569			$	588,173			$	(9,870	)		$	1,128,454

2026年6月30日余额			35,919			$	3,592			$	539,106			$	584,274			$	(10,689	)		$	1,116,283
净利润			—				—				—				17,147				—				17,147
其他综合收益			—				—				—				—				819				819
已宣告股息			—				—				—				(6,090	)			—				(6,090	)
回购并注销的股份			(117	)			(12	)			(1,297	)			(7,158	)			—				(8,467	)
股份支付费用			—				—				9,545				—				—				9,545
限制性股票单位归属			31				3				(3	)			—				—				—
代扣税款的股份			(10	)			(1	)			(782	)			—				—				(783	)
2026年9月30日余额			35,823			$	3,582			$	546,569			$	588,173			$	(9,870	)		$	1,128,454

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（千美元）		股数			普通股			额外实收资本			留存收益			累计其他综合亏损			股东权益总额
2024年12月31日余额			35,992			$	3,599			$	534,945			$	596,010			$	(21,241	)		$	1,113,313
净利润			—				—				—				18,879				—				18,879
其他综合收益			—				—				—				—				14,061				14,061
已宣告股息			—				—				—				(18,306	)			—				(18,306	)
因资产剥离而终止确认子公司权益			—				—				—				(622	)			—				(622	)
回购并注销的股份			(682	)			(68	)			(7,594	)			(18,332	)			—				(25,994	)
股份支付费用			—				—				15,077				—				—				15,077
行使的股票期权			1				—				4				—				—				4
受限股票单位归属			547				55				(55	)			—				—				—
因纳税而扣留的股份			(176	)			(18	)			(7,134	)			—				—				(7,152	)
2025年9月30日余额			35,682			$	3,568			$	535,243			$	577,629			$	(7,180	)		$	1,109,260

2025年6月30日余额			35,912			$	3,591			$	533,155			$	577,185			$	(7,061	)		$	1,106,870
净利润			—				—				—				14,263				—				14,263
其他综合亏损			—				—				—				—				(119	)			(119	)
已宣告股息			—				—				—				(6,065	)			—				(6,065	)
因资产剥离而终止确认子公司权益			—				—				—				(622	)			—				(622	)
回购并注销的股份			(255	)			(25	)			(2,842	)			(7,132	)			—				(9,999	)
股份支付费用			—				—				5,345				—				—				5,345
受限股票单位归属			36				4				(4	)			—				—				—
因纳税而扣留的股份			(11	)			(2	)			(411	)			—				—				(413	)
2025年9月30日余额			35,682			$	3,568			$	535,243			$	577,629			$	(7,180	)		$	1,109,260

请参阅未经审计的简明合并财务报表附注。

BENCHMARK ELECTRONICS, INC.及其子公司

简明合并现金流量表简明合并现金流量表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
（单位：千）		2026			2025
经营活动现金流量：
净利润		$	50,052			$	18,879
将净利润调节为经营活动提供（使用）的现金净额的调整项：
折旧			28,437				27,898
摊销			7,605				7,731
股份支付费用			21,156				15,077
呆账准备			295				—
递延所得税			999				(1,442	)
持有待售资产收益			(399	)			—
出售不动产、厂房和设备的损失			4				44
业务剥离收益			—				(2,351	)
经营性资产和负债变动：
应收账款			(46,004	)			38,744
合同资产			(38,678	)			(31,429	)
存货			(152,258	)			48,547
预付费用及其他资产			(24,357	)			(20,926	)
应付账款			260,485				19,566
客户预付款			8,176				(19,449	)
应计负债			12,605				(12,365	)
经营租赁			(913	)			1,908
所得税			(15,590	)			(25,144	)
经营活动提供的现金净额			111,615				65,288
投资活动现金流量：
购置不动产、厂房和设备			(43,310	)			(25,175	)
购置资本化软件			(3,359	)			(2,779	)
业务剥离收到的现金			—				5,056
出售持有待售资产所得款项			2,260				—
处置不动产、厂房和设备所得款项			99				89
其他，净额			(77	)			(1	)
投资活动使用的现金净额			(44,387	)			(22,810	)
融资活动现金流量：
借款融资项下的借款			457,000				733,594
偿还借款融资项下本金			(509,813	)			(772,578	)
支付的股息			(18,269	)			(18,360	)
以扣留股份支付的员工税款			(9,098	)			(7,152	)
行使股票期权所得款项			—				4
债务发行成本			(362	)			(2,289	)
偿还融资租赁本金			—				(142	)
股份回购			(14,266	)			(25,994	)
融资活动使用的现金净额			(94,808	)			(92,917	)
汇率变动对现金、现金等价物及受限现金的影响			(4,164	)			8,473
现金、现金等价物及受限现金净减少额			(31,744	)			(41,966	)
年初现金、现金等价物及受限现金			322,400				328,027
期末现金、现金等价物及受限现金		$	290,656			$	286,061

现金流量补充信息：
已支付所得税净额		$	22,241			$	58,974
已付利息			10,337				15,461
非现金投资活动：
期末尚未支付的物业、厂房及设备采购款			11,846				3,978
期末尚未支付的资本化外购软件成本			646				2,053

请参阅随附的未经审计简明合并财务报表附注。

BENCHMARK ELECTRONICS, INC. 及其子公司

简明合并财务报表附注

（金额以千计，每股数据除外，另有说明者除外）

（未经审计）

附注1——列报基础

Benchmark Electronics, Inc.（以下简称“公司”）是一家德克萨斯州公司，提供先进制造服务，包括设计与工程服务及技术解决方案。自最初的产品构想到批量生产，包括直接订单履行和售后服务，公司自1979年以来一直为原始设备制造商（OEM）提供集成服务和解决方案。公司服务于以下市场领域：先进计算与通信（AC&C）、航空航天与国防（A&D）、工业、医疗以及半导体资本设备（semi-cap）。公司在美国和墨西哥（美洲）、亚洲及欧洲设有制造业务。

本文件所载未经审计简明合并财务报表由公司根据美国证券交易委员会（SEC）有关中期财务报表的规则和条例编制。简明合并财务报表反映了管理层认为为公允列报所示中期的财务状况、经营业绩和现金流量所必需的所有正常经常性调整。所示期间的经营业绩不一定代表全年预期业绩。阅读本未经审计简明合并财务报表时，应结合公司截至2025年12月31日止年度的2025年10-K年度报告中所载的合并财务报表及其附注。

管理层编制本未经审计简明合并财务报表时，按照美国中期财务报表公认会计原则（U.S. GAAP），对资产和负债的列报以及或有资产和或有负债的披露作出了若干估计和假设。然而，实际结果可能与这些估计存在重大差异。

附注2——新会计公告

2025年12月，财务会计准则委员会（FASB）发布了会计准则更新（ASU）2025-10《政府补助（ASU 2025-10）：企业实体收到的政府补助的会计处理》，该准则为《会计准则汇编》（ASC）第832主题新增了指引。该准则要求企业实体在很可能满足相关条件且很可能收到补助时确认政府补助。该准则适用于营利性实体，要求与收益相关的补助在相关成本发生期间系统地确认，与资产相关的补助则通过递延收益法或净额冲减法处理。该指引适用于2028年12月15日之后开始的财政年度，以及这些年度报告期内的中期期间。允许提前采用。本公司目前正在评估该指引及其对财务报表的影响。

2025年9月，FASB发布了ASU 2025-06《无形资产——商誉及其他——内部使用软件（子主题350-40）：内部使用软件会计处理的针对性改进（ASU 2025-06）》，该准则删除了对项目阶段的引用，并要求在管理层批准并承诺为软件项目提供资金，且很可能完成该项目并使用软件执行预定功能时，开始资本化软件成本。该指引适用于2027年12月15日之后开始的财政年度，以及这些年度报告期内的中期期间。允许提前采用。本公司目前正在评估该指引及其对财务报表的影响。

2024年11月，FASB发布了ASU 2024-03《收益表——综合收益报告——费用分拆披露（子主题220-40）：收益表费用分拆（ASU 2024-03）》，该准则要求上市实体披露有关某些成本和费用的指定信息。ASU 2024-03适用于2026年12月15日之后开始的年度期间，以及2027年12月15日之后开始的年度期间内的中期期间。允许提前采用。本公司目前正在评估该指引及其对财务报表的影响。

本公司认为，近期发布的其他会计准则均不会对其合并财务状况、经营业绩或现金流量产生重大影响，亦不适用于其经营活动。

附注3——存货

存货成本汇总如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日			12月31日
（单位：千）		2026			2025
原材料		$	608,779			$	461,134
在制品			21,866				17,193
产成品			2,930				4,217
存货总额		$	633,575			$	482,544

附注4——商誉及其他无形资产

分配至本公司应报告经营分部的商誉如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

（单位：千）

美洲

亚洲

合计

截至2026年9月30日和2025年12月31日的商誉

154,014

38,102

192,116

本公司收购的可辨认无形资产及资本化外购软件成本汇总如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（单位：千）		总额账面金额			累计摊销			净额账面金额
客户关系		$	100,173			$	(85,163	)		$	15,010
资本化购入软件成本			43,885				(33,409	)			10,476
技术许可			15,500				(15,500	)			—
商品名称和商标			7,800				—				7,800
其他			869				(470	)			399
截至2026年9月30日的无形资产总额		$	168,227			$	(134,542	)		$	33,685

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（以千计）		账面总额			累计摊销			账面净额
客户关系		$	100,176			$	(81,603	)		$	18,573
资本化购入软件成本			42,105				(30,121	)			11,984
技术许可			15,500				(15,500	)			—
商品名称和商标			7,800				—				7,800
其他			868				(452	)			416
截至2025年12月31日的无形资产总额		$	166,449			$	(127,676	)		$	38,773

以下是合并现金流量表中列示的摊销费用组成部分摘要：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
（以千计）		2026			2025			2026			2025
无形资产摊销		$	1,205			$	1,205			$	3,613			$	3,613
资本化购入软件成本摊销			1,199				1,124				3,558				3,493
债务成本摊销			151				141				434				625
摊销费用总额		$	2,555			$	2,470			$	7,605			$	7,731

以下是与公司截至2026年9月30日持有的无形资产相关的未来摊销费用预测，列示未来五年（以千计）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
截至12月31日的年度		摊销费用
2026年剩余3个月		$	1,204
2027			4,817
2028			4,817
2029			4,218
2030			56

附注5—借款安排

长期债务包括以下各项：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日			12月31日
（以千计）		2026			2025
马来西亚融资安排		$	15,000			$	—
循环信贷额度			—				65,000
定期贷款			145,313				148,125
减：未摊销债务发行成本			(2,477	)			(2,549	)
长期债务总额（含当期分期偿还款项）		$	157,836			$	210,576

2025年6月27日，公司与其若干子公司（担保人）、参与贷款的贷款人以及作为行政代理、循环贷款机构及信用证签发方的美国银行（Bank of America, N.A.）（美国银行）签订了一项金额为$700亿美元的第二次修订并重述的信贷协议（信贷协议）。信贷协议包括一项期限为五年、金额为$550亿美元的循环信贷额度（循环信贷额度）以及一项期限为五年、金额为$150亿美元的定期贷款额度（定期贷款额度），二者均于2030年6月27日到期。2026年9月2日，公司的马来西亚子公司按照信贷协议的规定，与作为贷款方的马来西亚美国银行（Bank of America Malaysia Berhad）签订了一项单独的信贷协议（马来西亚协议），获得金额为$45亿美元的循环信贷额度（马来西亚额度，与循环信贷额度合称循环借款额度）。马来西亚额度将于2030年6月27日到期。

信贷协议对公司此前于2021年12月21日签订的681.25百万美元经修订及重述的信贷协议进行了整体修订和重述。该协议的签约方包括公司、担保人、作为协议一方的贷款人以及美国银行；此后，该协议分别于2022年5月20日通过第1号修正案、2023年2月3日通过第2号修正案以及2023年5月1日通过第3号修正案进行了修订。作为债务再融资交易的一部分，公司在截至2025年6月30日的季度，将其在中国和泰国的业务所产生的净股息136.4百万美元汇回美国。该金额由毛股息151.6百万美元减去在这些司法管辖区缴纳的15.2百万美元预扣税构成。该等净股息用于偿还公司此前循环信贷额度项下的未偿借款。

信贷协议包含一项增额机制，据此，公司可新增一笔或多笔增量定期贷款，和/或提高循环信贷额度项下的承诺额，合计金额不超过175百万美元，但须满足若干条件和例外情形。

循环借款额度可用于一般公司用途。定期贷款额度项下的本金分季度等额偿还，每期金额为初始定期贷款预付款总额的0.625%，自2025年9月30日起至2028年6月30日止。此后，每季度的偿还金额将增至初始定期贷款预付款总额的1.25%，直至到期日。

信贷协议和马来西亚协议项下未偿借款（摆动额度贷款除外）将按公司选择，按以下利率计息：(a) 定期担保隔夜融资利率（Term SOFR）加适用利率（定义见信贷协议，根据不同因素约为每年1.00%至2.125%）；或(b) 对于以美元计价的贷款，按基准利率计息（基准利率为以下各项中的最高者：(i) 联邦基金利率加0.50%，(ii) 美国银行全国协会的优惠利率，(iii) Term SOFR加1.00%，以及(iv)1.00%)。

截至2026年9月30日，信贷协议项下145.3百万美元未偿债务中的一部分，因一项名义金额为145.3百万美元的利率互换协议（见附注13）而实际上适用3.965%的固定利率，另加信用利差。循环信贷额度未使用部分按每年0.15%至0.30%（基于债务与EBITDA比率）计收承诺费，并按季度于期后支付。

《信贷协议》通常以以下资产作为担保：(a) 公司国内子公司的全部股本，以及其直接持有的外国子公司股本的65%；(b) 公司及担保人的所有现有和未来个人财产及资产（包括但不限于公司及担保人的应收账款、存货、知识产权和固定资产），在每种情况下均受惯例例外和限制约束；以及 (c) 上述 (a) 和 (b) 项所述财产及资产的所有收益和产品。

《信贷协议》包含与利息覆盖率和债务杠杆率有关的若干财务契约，以及若干惯例性的肯定性和否定性契约，包括限制公司新增债务和留置权、支付股息、回购股份、出售资产以及与其他主体合并或整合的能力。发生惯例规定的特定违约事件时，《信贷协议》项下到期款项可能被加速到期，包括未能支付到期款项、违反契约、陈述存在重大不准确，或发生破产或无力偿债，在某些情况下还受补救期限约束。截至2026年9月30日，公司遵守了所有这些契约和限制。

截至2026年9月30日，公司在定期贷款融资项下有$145.3百万未偿借款，在马来西亚融资项下有$15.0百万未偿借款，并在循环信贷融资项下有$4.0百万未偿信用证。截至2026年9月30日，在遵守利息覆盖率和债务杠杆率财务契约以及其他适用债务契约限制的前提下，公司在循环借款融资项下合计有$576.0百万可供未来借款。

附注6——租赁

公司在合同开始时确定该合同是否为租赁或包含租赁。公司租赁若干设施、车辆及其他设备。公司的租赁主要为经营租赁，到期日分布于2036年之前的不同日期。可变租赁付款通常在发生时计入费用，主要包括若干基于指数的租金变动，以及若干非租赁组成部分（如出租人提供的维护和其他服务）。

租赁费用组成如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
（千元）		2026			2025			2026			2025
融资租赁成本：
租赁负债利息		$	—			$	1			$	—			$	4
经营租赁成本			4,735				5,124				14,566				16,981
短期租赁成本			171				243				525				521
可变租赁成本			472				470				1,524				1,514
租赁成本总额		$	5,378			$	5,838			$	16,615			$	19,020

租赁相关现金流信息摘要如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n
	截至9月30日的九个月
（千元）	2026			2025
计入租赁负债计量的金额所支付的现金：
经营租赁所用经营活动现金流	$	15,027			$	16,809
融资租赁所用经营活动现金流		—				3
融资租赁所用融资活动现金流		—				142
通过新增经营租赁负债换取的使用权资产		10,096				655

以下是有关公司租赁的其他信息摘要：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日，			12月31日，
（金额单位：千美元）		2026			2025
经营租赁使用权资产		$	101,175			$	102,664
经营租赁负债，流动（计入应计负债）		$	14,382			$	14,042
经营租赁负债，非流动		$	95,948			$	98,689
经营租赁加权平均剩余租期		7.6 年			8.4 年
经营租赁加权平均折现率			4.7	%			4.6	%

截至2026年9月30日的未来年度最低租赁付款额摘要如下（单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
截至12月31日的年度		经营租赁
2026年剩余3个月		$	5,042
2027			18,534
2028			17,646
2029			16,488
2030年及以后			74,516
最低租赁付款额总计			132,226
减：估算利息			(21,896	)
租赁负债现值总额		$	110,330

附注7——普通股和股票薪酬奖励

股息

截至2026年9月30日的三个月和九个月期间，已支付现金股息分别为$6.1百万和$18.3百万。截至2025年9月30日的三个月和九个月期间，已支付现金股息分别为$6.1百万和$18.4百万。

2026年9月8日，公司宣布向截至2026年9月30日登记在册的公司普通股股东派发每股$0.17的季度现金股息。该股息于2026年10月13日支付。

董事会目前打算继续按季度派发股息。但是，公司未来的股息政策须遵守适用法律，并取决于（除其他事项外）公司的经营业绩、财务状况、负债水平、资本要求、合同限制、公司债务协议中的限制，以及董事会可能认为相关的其他因素。股息支付并非强制或保证，公司不保证未来会继续派发股息。

股票回购授权

2020年2月19日，董事会批准扩大股票回购授权，授予公司回购最多$150百万普通股的权限。

公司可酌情根据市场情况，在公开市场、私下协商交易或大宗交易中购买股票。购买资金将来自可用现金，且可随时开始、暂停或终止购买，无需事先通知。根据该计划回购的股票将予以注销。

公司在截至2026年9月30日的三个月和九个月内分别回购了0.1百万股和0.2百万股，总金额分别为$8.5百万和$14.3百万，平均价格分别为$72.61和$63.50。截至2026年9月30日，公司根据股票回购授权尚有$108.4百万额度。

股票薪酬

根据经修订的2019年综合激励薪酬计划（以下简称“2019年计划”），经董事会薪酬委员会批准，公司可向公司的任何董事、高管、员工或顾问（包括任何拟任董事、高管、员工或顾问）授予股票期权、限制性股票、限制性股票单位（包括基于时间和基于业绩的）以及某些其他形式的股权奖励，或上述奖励的任意组合。股票期权（自2015年以来未曾授予）授予员工时的行权价等于授予日公司普通股的市场价格，通常自授予日起经过四年归属期，并且期限通常为10年。授予员工的基于时间的限制性股票单位通常自授予日起经过三年或四年归属期，并以持续受雇于公司为条件。基于业绩的限制性股票单位通常经过三年业绩周期归属，该周期包括授予年度，并根据公司是否实现特定业绩指标确定。根据2019年计划授予非雇员董事的奖励历来采用限制性股票单位的形式，自授予日起每年归属。

2026年5月28日，公司股东批准修订2019年计划，将该计划下可供授予的授权普通股总数增加1.8百万股。截至2026年9月30日，公司根据2019年计划尚有2.9百万股普通股可供发行。

公司向员工支付的所有股份形式付款，包括授予员工股票期权（上次授予时间为2015年），均根据授予日公允价值在合并财务报表中确认。截至2026年9月30日止三个月和九个月，确认的股票奖励薪酬成本总额分别为$9.5 million和$21.2 million。截至2025年9月30日止三个月和九个月，确认的股票奖励薪酬成本总额分别为$5.3 million和$15.1 million。按授予日计算，这些股票奖励的未来税收优惠截至2026年9月30日止三个月和九个月分别为$0.8 million和$2.3 million；截至2025年9月30日止三个月和九个月分别为$1.2 million和$2.2 million。股票期权授予的公允价值在授予日使用Black-Scholes期权定价模型估算。限制性股票单位和基于业绩的限制性股票单位的公允价值根据授予日公司普通股的收盘市场价格确定。对于基于业绩的限制性股票单位，薪酬成本的计算会考虑相关业绩目标实现的可能性，管理层会在必要服务期内持续监控该可能性。若根据管理层对公司在计量期间业绩的预期，先前估计的授予股份中将归属的股份数量可能增加或减少，则在确定该变化的期间，将其作为会计估计变更调整薪酬成本。

截至2026年9月30日，股票奖励相关的未确认薪酬成本和剩余加权平均摊销期限如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
（千美元）		基于时间的限制性股票单位			基于业绩的限制性股票单位(1)
未确认薪酬成本		$	28,578			$	7,598
剩余加权平均摊销期限		1.8 年			1.9 年

(1)\t根据各项奖励所列业绩目标可能实现的情况确定。

截至2026年和2025年9月30日止九个月，股份奖励归属实际实现的税收优惠分别为$4.8 million和$3.2 million。截至2025年9月30日止九个月，行使股票期权的总内在价值低于$0.1 million。

对于截至2026年和2025年9月30日止九个月内授予的基于业绩的限制性股票单位，最终获得的单位数量要到相应业绩期结束时才能确定，并可能根据某些业绩目标的达成程度，在目标数量的0至2倍之间变动。这些目标的达成程度取决于业绩期内最后一个完整日历年的公司财务业绩。业绩目标包括以下财务指标的特定达成水平：对于截至2026年9月30日止九个月内授予的基于业绩的限制性股票单位，指标为收入和每股收益；对于截至2025年9月30日止九个月内授予的基于业绩的限制性股票单位，指标为收入、营业利润率和经营现金流。如果根据公司的财务业绩未达到业绩目标，相应的基于业绩的限制性股票单位将不会归属，并将被没收。被没收的基于业绩的限制性股票单位所对应的股份可根据2019计划重新发行。

下表汇总了与公司基于时间的限制性股票单位相关的活动：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
（单位：千，股份数据除外）		单位数量			加权平均授予日公允价值
截至2025年12月31日尚未归属的奖励			1,087			$	34.14
授予			370				60.23
已归属			(531	)			31.84
已没收			(46	)			39.05
截至2026年9月30日尚未归属的奖励			880			$	46.25

下表汇总了与公司基于业绩的限制性股票单位相关的活动：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
（单位：千，股份数据除外）		单位数量			加权平均授予日公允价值
截至2025年12月31日尚未归属的奖励			448			$	32.50
授予(1)			94				58.05
已没收			(156	)			25.55
截至2026年9月30日尚未归属的奖励			386			$	41.54

(1)\t 表示可根据业绩目标达成情况归属的目标单位数量。

附注8——每股收益

基本每股收益按加权平均流通普通股数量计算。稀释每股收益按加权平均流通普通股数量计算，并根据归属于尚未结算的股票等价物的增量股份进行调整。股票等价物包括行使股票期权或限制性股票单位归属时可发行的普通股及其他权益工具，并采用库存股法计算。根据库存股法，假设在本期使用一股的行权价格以及公司尚未确认的任何未来服务补偿成本，用于回购股份。

下表列示了公司基本和稀释每股收益的计算：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
（单位：千，每股数据除外）		2026			2025			2026			2025
净利润		$	17,147			$	14,263			$	50,052			$	18,879

基本每股收益的分母			35,879				35,802				35,848				35,947
归属于未偿还限制性股票单位的增量普通股			517				380				511				390
稀释后每股收益的分母			36,396				36,182				36,359				36,337

每股收益：
基本		$	0.48			$	0.40			$	1.40			$	0.53
稀释后		$	0.47			$	0.39			$	1.38			$	0.52

截至2026年9月30日的三个月和九个月期间，限制性股票单位对应的普通股总数均少于0.1百万股，因此未计入稀释后每股收益的计算，因为其影响会造成反稀释。截至2025年9月30日的三个月和九个月期间，限制性股票单位对应的普通股总数均少于0.1百万股，因此未计入稀释后每股收益的计算，因为其影响会造成反稀释。

附注9——所得税

所得税费用如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
（千美元）		2026			2025			2026			2025
所得税前利润		$	26,855			$	20,590			$	73,992			$	45,591
所得税费用		$	9,708			$	6,327			$	23,940			$	26,712
有效税率			36.1	%			30.7	%			32.4	%			58.6	%

截至2026年9月30日的三个月和九个月期间，公司的有效所得税率分别为36.1%和32.4%，而美国联邦法定所得税率为21%。较高的有效税率主要归因于公司在某些司法管辖区发生亏损且未确认相应税收优惠、公司经营所在司法管辖区之间的收益地域组合，以及经济合作与发展组织（OECD）第二支柱全球最低税的影响。某些外国司法管辖区提供的税收优惠部分抵消了这些影响。

截至2025年9月30日的三个月和九个月期间，公司的有效所得税率分别为30.7%和58.6%，而美国联邦法定所得税率为21%。较高的有效税率主要归因于公司在某些司法管辖区发生亏损且未确认相应税收优惠，以及公司经营所在司法管辖区之间的收益地域组合。某些外国司法管辖区提供的税收优惠部分抵消了这些影响。此外，九个月期间的有效税率还受到一项单独税务费用的影响，该费用与汇回股息的外国预提税以及确认与中国未汇出收益相关的递延所得税负债有关。

公司已为其在泰国和中国的子公司获得某些税收优惠，包括免税期。这些优惠将在不同日期到期，除非获得延期、续期或以其他方式修改，并且须满足某些条件，公司预计将继续遵守这些条件。泰国的税收优惠将在截至 December 31, 2031 的不同日期到期。2024 年第四季度，公司获得了一项中国税收优惠，追溯适用于 2024 年 1 月 1 日至 2026 年 12 月 31 日，将法定税率从 25% 降至 15%。这些税收优惠使截至 2026 年和 2025 年 9 月 30 日的九个月期间的外国所得税费用分别净减少约 $4.3 百万美元（摊薄后每股约 $0.12）和 $4.1 百万美元（摊薄后每股约 $0.11）。

公司税收优惠摘要如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至九个月 9 月 30 日，
（单位：千）		2026			2025
泰国		$	3,207			$	2,847
中国			1,124				1,247
税收优惠总额		$	4,331			$	4,094

确定合并所得税费用、所得税负债以及递延所得税资产和负债涉及判断。公司在其运营所在的每个税务辖区计算并计提所得税，这需要估算当前税务风险，并判断各辖区递延所得税资产的可收回性。实际结果可能与这些估计不同，进而可能对未来期间的经营业绩产生重大影响。

附注 10 – 收入

公司的收入主要来自制造服务，即销售按照客户规格制造的产品。公司还通过设计、开发和工程服务以及销售其他存货获得收入。

收入根据与客户签订的合同中约定的对价计量。公司通过转让制成品的控制权给客户来履行履约义务，并在履行时确认收入。公司与客户签订的合同通常期限较短。通常在产品发货时或提供服务时向客户开具账单。在公司与客户签订的大多数制造合同中，产品制造过程中在制品的控制权由客户掌握。这些合同的收入根据成本投入法按进度确认。对于其他制造合同，客户只有在产品完工后才取得控制权。根据这些合同，公司在将产品控制权转让给客户时确认收入，通常是在货物发运时。设计、开发和工程服务收入随着服务的提供而随时间确认。公司在发货后不承担重大义务，因为通常仅对工艺质量提供保证。因此，保修准备通常并不重大。

如果公司确认了收入但未开具发票，则确认合同资产。当收款权变为无条件时，合同资产转入贸易应收账款。

政府机构征收的税款，如该税款针对特定创收交易征收且与该交易同时发生，并由公司向客户收取，则不计入收入。

产品控制权转移给客户后，与出库货运相关的运输和处理成本作为履约成本核算，并计入销售成本。

收入细分

下表汇总了公司按市场领域细分的收入，并将细分收入与公司按应报告经营分部划分的收入进行调节：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的三个月
（千美元）		美洲			亚洲			欧洲			总计
市场领域：
半导体资本设备		$	54,855			$	158,939			$	26,904			$	240,698
工业			30,988				116,196				24,426				171,610
航空航天与国防			101,092				11,236				15,616				127,944
医疗			78,613				39,756				19,801				138,170
汽车、计算与通信			93,988				38,488				—				132,476
外部收入			359,536				364,615				86,747				810,898
抵销分部间销售			9,861				10,663				2,644				23,168
分部收入		$	369,397			$	375,278			$	89,391			$	834,066

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的九个月
（千美元）		美洲			亚洲			欧洲			总计
市场领域：
半导体资本设备		$	145,212			$	422,797			$	86,831			$	654,840
工业			89,532				302,832				73,131				465,495
航空航天与国防			281,080				33,373				44,489				358,942
医疗			230,464				118,100				51,638				400,202
汽车、计算与通信			246,916				117,763				—				364,679
外部收入			993,204				994,865				256,089				2,244,158
抵销分部间销售			27,948				29,052				8,107				65,107
分部收入		$	1,021,152			$	1,023,917			$	264,196			$	2,309,265

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的三个月
（千美元）		美洲			亚洲			欧洲			总计
市场领域：
半导体资本设备		$	44,042			$	113,772			$	27,347			$	185,161
工业			28,782				96,667				26,903				152,352
航空航天与国防			103,067				8,506				17,085				128,658
医疗			70,462				43,355				12,463				126,280
汽车、计算与通信			50,137				38,090				—				88,227
外部收入			296,490				300,390				83,798				680,678
抵销分部间销售			12,521				6,925				2,496				21,942
分部收入		$	309,011			$	307,315			$	86,294			$	702,620

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的九个月
（千美元）		美洲			亚洲			欧洲			总计
市场领域：
半导体资本设备		$	135,539			$	357,148			$	77,923			$	570,610
工业			84,850				260,707				85,171				430,728
航空航天与国防			311,606				17,178				47,985				376,769
医疗			185,691				115,610				38,186				339,487
汽车、计算与通信			137,140				100,043				—				237,183
外部收入			854,826				850,686				249,265				1,954,777
抵销分部间销售			33,680				27,734				6,707				68,121
分部收入		$	888,506			$	878,420			$	255,972			$	2,022,898

收入确认、开票和现金收款的时间差异导致形成已开票应收账款、合同资产和客户预付款。在截至2026年和2025年9月30日的九个月内，公司分别有88.5%和87.7%的收入，是随着产品和服务随时间转移而确认的。

合同资产主要涉及公司截至期末已完成工作但尚未向客户开票所享有的对价权利。当相关权利变为无条件时，合同资产余额转入贸易应收账款。

以下为公司合同资产相关活动摘要：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至九个月 9月30日
（千美元）		2026			2025
年初余额		$	182,870			$	167,578
已确认收入			1,985,388				1,718,689
已收取或已开票金额			(1,946,710	)			(1,687,260	)
期末余额		$	221,548			$	199,007

截至2026年9月30日和2025年12月31日，公司分别有$123.7百万和$115.5百万的客户预付款。其中，分别有$102.6百万和$97.0百万属于客户存款和库存预付款，另有分别为$21.1百万和$18.5百万的款项与付款的合同时间安排有关。这些预付款不被视为重大融资组成部分，因为它们用于满足合同的营运资金需求、抵消库存风险，并保护公司免受其他方未能履行合同义务的影响。

附注11——分部和地理区域信息

公司的首席执行官是我们的首席运营决策者（CODM），负责评估资源分配、评估业绩并作出战略和运营决策。公司目前在美洲、亚洲和欧洲设有制造工厂，为客户提供服务。公司按地理区域运营和管理，管理层按地理区域评估业绩并分配公司资源。我们在美洲、亚洲和欧洲提供制造服务、设计与工程服务以及技术解决方案。分部间销售通常按接近公平交易价格的价格入账。经营分部的盈利能力衡量指标以经营收入为基础。公司总部及分部间抵销包括：(1)未分配至公司三个报告分部的总部费用，主要为一般及行政费用，例如总部员工薪酬和福利成本以及总部设施成本；(2)报告分部之间分部间销售产生的经营收入。总部职能包括法务、财务、税务、资金管理、信息技术、风险管理、人力资源、业务发展及其他行政职能。应报告经营分部的会计政策与公司整体的会计政策相同。公司有三个应报告经营分部：美洲、亚洲和欧洲。

公司经营分部的信息如下：：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的三个月
（千元）		美洲			亚洲			欧洲			总计
来自外部客户的销售额		$	359,536			$	364,615			$	86,747			$	810,898
分部间销售额			9,861				10,663				2,644				23,168
		$	369,397			$	375,278			$	89,391			$	834,066

销售额调节
抵销分部间销售额												(23,168	)
销售额											$	810,898

减：
销售成本			328,092				317,012				75,853
销售、一般及行政费用			6,021				4,105				2,444
其他(1)			1,524				62				—
分部经营收入		$	23,899			$	43,436			$	8,450			$	75,785

税前收入调节
其他——公司总部及抵销项目(2)												(45,086	)
利息支出												(3,433	)
利息收入												1,952
其他费用，净额												(2,363	)
税前收入											$	26,855

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的九个月
（千元）		美洲			亚洲			欧洲			总计
来自外部客户的销售额		$	993,204			$	994,865			$	256,089			$	2,244,158
分部间销售额			27,948				29,052				8,107				65,107
		$	1,021,152			$	1,023,917			$	264,196			$	2,309,265

销售额调节
抵销分部间销售额												(65,107	)
销售额											$	2,244,158

减：
销售成本			917,146				856,051				223,487
销售、一般及管理费用			18,933				11,740				7,630
其他(1)			5,869				130				64
分部营业收入		$	51,256			$	126,944			$	24,908			$	203,108

税前收入调节
其他——公司及抵销项目(2)												(120,282	)
利息费用												(10,833	)
利息收入												5,842
其他费用净额												(3,843	)
税前收入											$	73,992

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的三个月
（以千计）		美洲			亚洲			欧洲			总计
来自外部客户的销售额		$	296,490			$	300,390			$	83,798			$	680,678
分部间销售额			12,521				6,925				2,496				21,942
		$	309,011			$	307,315			$	86,294			$	702,620

销售额调节
抵销分部间销售额												(21,942	)
销售额											$	680,678

减：
销售成本			278,028				259,180				72,453
销售、一般及管理费用			7,548				4,049				2,362
其他(1)			217				6				—
分部营业收入		$	10,697			$	37,155			$	8,983			$	56,835

税前收入调节
其他——公司及抵销项目(2)												(33,174	)
利息费用												(4,418	)
利息收入												1,955
其他费用净额												(608	)
税前收入											$	20,590

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月30日的九个月
（以千计）		美洲			亚洲			欧洲			总计
来自外部客户的销售额		$	854,826			$	850,686			$	249,265			$	1,954,777
分部间销售额			33,680				27,734				6,707				68,121
		$	888,506			$	878,420			$	255,972			$	2,022,898

销售额调节
抵销分部间销售额												(68,121	)
销售额											$	1,954,777

减：
销售成本			801,570				729,611				218,559
销售、一般及管理费用			22,377				11,432				7,071
其他(1)			13,833				19				—
分部营业收入		$	17,046			$	109,624			$	23,635			$	150,305

税前收入调节
其他——公司及抵销项目(2)												(94,399	)
利息费用												(16,061	)
利息收入												7,822
其他费用净额												(2,076	)
税前收入											$	45,591

(1) \t包括无形资产摊销、重组费用及其他成本。

(2)\t包括未分配费用、无形资产摊销、重组费用及其他成本的公司费用，以及抵销分部间销售成本。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9月30日的三个月，			截至 9月30日的九个月，
（以千计）		2026			2025			2026			2025
折旧及摊销：
美洲		$	4,875			$	5,146			$	14,564			$	15,613
亚洲			3,487				2,950				10,027				8,558
欧洲			1,080				1,045				3,304				3,034
公司			2,715				2,703				8,147				8,424
折旧及摊销总额		$	12,157			$	11,844			$	36,042			$	35,629

资本支出：
美洲		$	5,594			$	1,523			$	18,863			$	7,883
亚洲			8,295				6,641				23,286				12,503
欧洲			479				2,631				1,066				4,855
公司			1,109				699				3,454				2,713
资本支出总额		$	15,477			$	11,494			$	46,669			$	27,954

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
						9月30日，			12月31日，
（以千计）						2026			2025
资产：
美洲						$	914,265			$	819,820
亚洲							890,436				752,962
欧洲							269,189				269,728
公司							243,380				229,205
资产总额						$	2,317,270			$	2,071,715

Geographic sales information about the Company’s sales is determined based on the destination of the product shipped. Long-lived assets information is determined based on the physical location of the Company’s assets and includes property, plant and equipment, net, operating lease right-of-use assets and other long-term assets, net.

A summary of the Company’s geographic sales and long-lived assets follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)		2026			2025			2026			2025
Geographic sales:
United States		$	432,623			$	356,579			$	1,197,435			$	1,014,382
Singapore			161,401				121,332				423,629				392,079
Other Asia			80,929				78,012				222,317				191,297
Europe			117,328				110,872				349,012				310,508
Other			18,617				13,883				51,765				46,511
Total sales		$	810,898			$	680,678			$	2,244,158			$	1,954,777

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
						September 30,			December 31,
(in thousands)						2026			2025
Long-lived assets:
United States						$	181,188			$	195,317
Asia							115,464				101,206
Europe							37,099				41,629
Other							58,250				58,370
Total long-lived assets						$	392,001			$	396,522

Note 12 – Accounts Receivable Sale Programs

As of September 30, 2026, in connection with trade accounts receivable sale programs with unaffiliated financial institutions, the Company may elect to sell, at a discount, on an ongoing basis, up to a maximum of $200.0 million of specific accounts receivable at any one time.

During the three months ended September 30, 2026 and 2025, the Company sold $132.1 million and $140.7 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $131.3 million and $139.8 million, respectively, net of the discount.

During the nine months ended September 30, 2026 and 2025, the Company sold $419.0 million and $469.4 million, respectively, of accounts receivable under these programs, and in exchange, the Company received cash proceeds of $416.6 million and $466.4 million, respectively, net of the discount.

The Company recognizes the loss on sale resulting from the discount in other expense, net in its consolidated statements of income.

Note 13 – Financial Instruments

The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, long-term debt, interest rate swaps and foreign currency hedges. For cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, the Company believes that the carrying values of its financial instruments approximate the fair values because of their short-term nature. For borrowings under the Credit Agreement and Malaysia Agreement in long-term debt, the Company believes that the fair value approximates the carrying value because the interest rates are variable. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivatives for speculative purposes.

The fair value of the Company’s derivative instruments follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
				September 30,			December 31,
(in thousands)		Balance Sheet Location		2026			2025
Derivatives designated as hedging instruments:
Forward currency exchange contracts		Other long-term assets		$	831			$	3,584
Interest rate swap agreement		Other long-term assets			1,696				—
Interest rate swap agreement		Other long-term liabilities			—				2,441

Forward Currency Exchange Contracts

The Company utilizes forward currency exchange contracts to manage its foreign currency exposure. The Company enters into forward currency exchange contracts for its operations in Mexico, Europe and Asia. These instruments are designated as cash flow hedges and the changes in fair value of the derivatives are recorded in accumulated other comprehensive loss on the consolidated balance sheets until earnings are affected by the variability of the cash flows. The fair value estimates for the Company’s forward currency exchange contracts are based on Level 2 inputs of the fair value hierarchy, which includes obtaining directly or indirectly observable values from third parties active in the relevant markets. Inputs in the fair value of the foreign currency forward contracts include prevailing forward and spot prices for currencies.

During the three and nine months ended September 30, 2026, the Company recorded unrealized losses of $1.0 million ($0.8 million net of tax) and $2.8 million ($2.1 million net of tax), respectively, on its forward currency exchange contracts in other comprehensive income and transferred unrealized gains of $1.0 million and $3.6 million, respectively, to cost of sales.

During the three and nine months ended September 30, 2025, the Company recorded unrealized gains of $0.6 million ($0.4 million net of tax) and $7.6 million ($5.7 million net of tax), respectively, on its forward currency exchange contracts in other comprehensive income and transferred unrealized gains of $0.6 million and unrealized losses of $0.6 million, respectively, to cost of sales.

At times, the Company enters into forward currency exchange contracts that have not been designated as accounting hedges and, therefore, changes in fair value are recorded in other expense, net in the consolidated statements of income.

Interest Rate Swap Agreement

The Company entered into an interest rate swap agreement on August 1, 2025 to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. The Company’s previous interest rate swap agreement was terminated effective August 1, 2025. Under the interest rate swap agreement, the Company receives variable rate interest payments based on the one-month Term SOFR rate and pays fixed rate interest payments based on a 3.965% fixed interest rate. The effect of the swap is to convert a portion of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap agreement and the underlying borrowings outstanding under the Credit Agreement, the interest rate swap agreement was determined to be highly effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap agreement are recorded in accumulated other comprehensive loss on the consolidated balance sheets until earnings are affected by the variability of cash flows. The fair value estimates for the Company’s interest rate swap agreement were based on Level 2 inputs of the fair value hierarchy, as the Company obtains the valuation from a third party active in relevant markets. The valuation of the interest rate swap agreement is primarily measured through various pricing models and discounted cash flow analysis that incorporate observable market parameters, such as interest rate yield curves and volatility.

As of September 30, 2026, the notional amount of the interest rate swap agreement was $145.3 million.

During the three and nine months ended September 30, 2026, the Company recorded unrealized gains of $1.8 million ($1.4 million net of tax) and $4.1 million ($3.1 million net of tax), respectively, on the interest rate swap agreement in other comprehensive income (loss).

During the three and nine months ended September 30, 2025, the Company recorded unrealized losses of $0.3 million ($0.2 million net of tax) and $2.4 million ($1.8 million net of tax), respectively, on the Company's previous interest rate swap agreement in other comprehensive income (loss).

Note 14 – Accumulated Other Comprehensive Loss

A summary of the changes in accumulated other comprehensive loss follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,
		2026			2025
(in thousands)		Foreign Currency Translation Adjustments			Derivative Instruments, Net of Tax			Other			Total			Foreign Currency Translation Adjustments			Derivative Instruments, Net of Tax			Other			Total
Beginning balance		$	(9,597	)		$	1,331			$	(2,423	)		$	(10,689	)		$	(7,150	)		$	800			$	(711	)		$	(7,061	)
Other comprehensive (loss) gain before reclassifications			(61	)			1,558				310				1,807				(45	)			778				(256	)			477
Amounts reclassified from accumulated other comprehensive loss			—				(988	)			—				(988	)			—				(596	)			—				(596	)
Total other comprehensive (loss) income			(61	)			570				310				819				(45	)			182				(256	)			(119	)
Ending balance		$	(9,658	)		$	1,901			$	(2,113	)		$	(9,870	)		$	(7,195	)		$	982			$	(967	)		$	(7,180	)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025
(in thousands)		Foreign Currency Translation Adjustments			Derivative Instruments, Net of Tax			Other			Total			Foreign Currency Translation Adjustments			Derivative Instruments, Net of Tax			Other			Total
Beginning balance		$	(7,112	)		$	857			$	(2,720	)		$	(8,975	)		$	(17,446	)		$	(2,884	)		$	(911	)		$	(21,241	)
Other comprehensive (loss) gain before reclassifications			(2,546	)			4,657				607				2,718				10,251				3,232				(56	)			13,427
Amounts reclassified from accumulated other comprehensive loss			—				(3,613	)			—				(3,613	)			—				634				—				634
Total other comprehensive (loss) income			(2,546	)			1,044				607				(895	)			10,251				3,866				(56	)			14,061
Ending balance		$	(9,658	)		$	1,901			$	(2,113	)		$	(9,870	)		$	(7,195	)		$	982			$	(967	)		$	(7,180	)

See Note 13 for further discussion about the Company’s derivative instruments.

Note 15 – Contingencies

On December 23, 2025, the Company’s subsidiaries Benchmark Electronics Phoenix, Inc. and Benchmark Electronics Tijuana S. de R.L. C.V. (Claimants) commenced an arbitration action against CommScope Holding Company, Inc., CommScope, Inc., CommScope, LLC, ARRIS Technology, Inc. and their affiliated entities (Respondents). The Claimants contend that Respondents are liable for excess and obsolete inventory for electronic components procured at Respondents’ request and for their benefit under the parties’ manufacturing services agreement. Efforts to settle the dispute amicably were unsuccessful and demand was made for payment for the excess and obsolete inventory the Claimants procured on Respondents’ behalf pursuant to the parties' manufacturing services agreement, plus carrying charges, prejudgment and post judgment interest, interim, preliminary or provisional remedies, declaratory relief, and costs. Respondents filed their answer and a counterclaim for breach of contract on January 14, 2026 and Claimants filed a motion to dismiss Respondents’ counterclaim on February 2, 2026. On March 30, 2026, Respondents agreed to dismiss their counterclaim voluntarily. The parties are engaged in discovery and the nature and extent of any potential recoveries, counterclaims, defenses or set offs are unknown at this time. While the Company is unable to provide any assurance as to the ultimate outcome of this matter, the Claimants intend to vigorously prosecute their claims against the Respondents.

The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations.

Note 16 – Restructuring Charges and Other Costs

The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The Company’s restructuring process entails moving production between facilities, reducing staff levels, realigning business processes, reorganizing management and other activities.

During the three and nine months ended September 30, 2026, the Company recognized $2.2 million and $7.0 million, respectively, of restructuring charges, which primarily related to a planned closure of our site in Phoenix, Arizona and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Phoenix, Arizona operations ceased during the second quarter of 2026 and all related restructuring activity is expected to be substantially complete in 2026. Additionally, the Company recorded a $0.3 million net recovery related to the settlement of tax assessments in the Americas for the nine months ended September 30, 2026.

During the three and nine months ended September 30, 2025, the Company recognized $1.2 million and $4.5 million, respectively, of restructuring charges, which primarily related to closures of our site in Fremont, California and our prior facility in Guadalajara, Mexico in the Americas, the exit of a business in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Additionally, the Company incurred $0.3 million and $11.0 million of settlement costs related to a tax assessment in the Americas for the three and nine months ended September 30, 2025, respectively.

Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheets.

The components of restructuring charges were as follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30, 2026
(in thousands)		Americas			Asia			Europe			Total
Severance costs		$	4,368			$	113			$	64			$	4,545
Lease facility costs			158				—				—				158
Other exit costs			2,341				—				—				2,341
Total restructuring charges		$	6,867			$	113			$	64			$	7,044

The changes in the Company’s accrued restructuring costs were as follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(in thousands)		Balances as of December 31, 2025			Restructuring Charges			Cash Payments			Balances as of September 30, 2026
Severance costs		$	1,575			$	4,545			$	(5,963	)		$	157
Lease facility costs			—				158				(158	)			—
Other exit costs			—				2,341				(2,341	)			—
Total accrued restructuring costs		$	1,575			$	7,044			$	(8,462	)		$	157

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

The financial information and the discussion below should be read in conjunction with other information, including the unaudited condensed consolidated financial statements and Notes thereto in Part I, Item 1 of this quarterly report on Form 10-Q for the quarterly period ended September 30, 2026 (this Report), the consolidated financial statements and Notes thereto appearing in the Company’s annual report on Form 10-K for the year ended December 31, 2025 (the 2025 10-K), and Part I, Item 1A, Risk Factors of the 2025 10-K. In this Report, references to Benchmark, the Company or use of the words “we,” “our” and “us” include Benchmark’s subsidiaries unless otherwise noted.

This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the Company's outlook and guidance for quarterly periods or fiscal year 2026 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s expectations regarding enterprise artificial intelligence (AI) opportunities, anticipated growth in bookings, and repurchases of shares of its common stock, the Company’s expectations regarding restructuring activity and charges, stock-based compensation expense, amortization of intangibles, award or extension of any tax incentives and capital expenditures, the Company’s intentions concerning the payment of dividends, the Company’s expectations regarding the impact of inflation, tariffs and trade policies, and the Company’s positions and strategies with respect to ongoing or threatened litigation and expected outcomes, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions, that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the 2025 10-K and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission (the SEC). Risks and uncertainties relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions in the Middle East and elsewhere, trade restrictions and sanctions, tariffs and retaliatory countermeasures, the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, or write-downs or write-offs of obsolete or unsold inventory including obsolete or unsold inventory that is the subject of current litigation as described in this Report, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.

OVERVIEW

Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides design engineering and advanced manufacturing services that include both electronic manufacturing services (EMS) and precision metal machining (PMM) services. We support customers throughout their product lifecycle starting from initial product concept through volume production, including the ability to manage direct order fulfillment and provide aftermarket services. We are a trusted partner to our European and U.S. based national and multinational original equipment manufacturers (OEMs). Served markets include: advanced computing and communications (AC&C), aerospace and defense (A&D), industrial, medical, and semiconductor capital equipment (semi-cap). The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe.

Our customer engagement focuses on two principal areas:

•

Manufacturing Services include printed circuit board assemblies (PCBAs), subsystem and full system integration, precision metal machining, complex electromechanical assembly, and related test and fulfillment services. We support build-to-order or configured-to-order programs across regulated, high-reliability markets. Our manufacturing capabilities span electronics assembly, precision machining, clean room assembly, systems integration, and direct order fulfillment.

•

Design & Engineering Services include turnkey product design, designing for manufacturability, design optimization for our factory processes and supply chain, test development, concurrent and sustaining engineering, and regulatory services. Our engineering services may be for systems, subsystems, printed circuit boards and assemblies, and components. We have the flexibility and capability to engage anywhere in the design process flow. We provide these services across all the industries we serve. We often partner with our customers to provide turnkey product realization from requirements through the launch

to volume production in our factories. We have also developed differentiated capabilities in radio frequency (RF) and optics. The need to improve size, weight and power (SWaP) to accommodate high frequency electronics communications is important to customers in the A&D, medical, and AC&C markets.

Our core strength lies in our ability to partner with our customers to provide concept-to-production solutions through a tightly integrated and seamless set of design, test, manufacturing, supply chain, and support services. The integration of these product realization services, along with our global manufacturing presence, increases our ability to respond to our customers’ needs by providing accelerated time-to-market and time-to-volume production of high-quality products, with an emphasis on complex products serving regulated markets with high reliability requirements. These capabilities and attributes enable us to build strong strategic relationships with our customers as an integral part of their business.

Our ability to deliver these integrated solutions is enabled by our highly skilled personnel who provide leading-edge technical capabilities in engineering services (including full life cycle), high frequency RF systems, microelectronics, optics, miniaturization, and manufacturing services (including electronics, complex precision machining, and clean room assembly). To support customers across these sectors, we have strategically invested in geographically diverse manufacturing locations and global supply chain capabilities.

A strong focus on human capital—encompassing the talent we attract, develop, and retain—is essential to sustaining our competitiveness and long-term success. Our people-first culture is grounded in our five core values: acting with integrity, valuing inclusion, commitment to customers, promoting ingenuity, and demonstrating genuine caring for one another, our customers, and the communities we serve. We are committed to fostering an environment where our team members feel engaged, valued, and empowered to thrive, recognizing that inclusion and diverse perspectives drive innovation, strengthen decision-making, and enhance overall performance. Our approach is centered on delivering exceptional value to our customers while achieving operational and financial performance aligned with our strategic objectives. Through ongoing employee engagement and customer listening strategies, we are committed to continually improving our practices, understanding that we serve our customers best by supporting our people first. We invest in building a forward-thinking, high-performing workforce by developing leaders at all levels and supporting the personal growth and career aspirations of our employees. These efforts are demonstrated through our executive development program, CLIMB; our general manager readiness program, ASCEND and self-guided leadership journeys for aspiring, new, mid-level, and senior-level leaders.

Our customers often face challenges in supply chain design, demand planning, material procurement, and inventory management due to demand variability, product design changes, short product life cycles, and component price fluctuations.

We employ enterprise resource planning (ERP) systems and lean/six sigma methodologies to efficiently and cost-effectively manage procurement and manufacturing processes. Because we are a significant purchaser of electronic components and other raw materials, we are generally able to capitalize on the economies of scale associated with our relationships with suppliers to negotiate price discounts, obtain components and other raw materials that are in short supply, and return excess components.

We recognize manufacturing services revenue as the customer takes control of the manufactured products built to customer specifications. We also generate revenue from our design, development and engineering services, in addition to the sale of other inventory.

Revenue is measured based on the consideration specified in a contract with a customer. Under the majority of our manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, we recognize revenue upon transfer of control of the product to the customer, which is generally when the goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. As a general matter, we assume no significant obligations after shipment as we typically warrant workmanship only. Therefore, warranty provisions are generally not significant.

Impact of Certain Factors on Results

Our sales depend on the success of our customers, some of which operate in businesses associated with rapid technological change and consequent product obsolescence. Developments adverse to our major customers or their products, including conditions affecting the availability of electronic components or the failure of a major customer to pay for components or services, can impact our ability to fulfill customer demand. A substantial percentage of our sales are made to a small number of customers, and the loss of a major customer, if not replaced, would adversely affect us. Sales to our ten largest customers represented 50% and 53% of our total sales during the nine months ended September 30, 2026 and 2025, respectively.

Industry supply conditions have reflected varying demand dynamics across end markets and component categories, including periods of imbalance across certain technologies, notably in the memory market. While supply conditions have improved in certain areas compared to prior periods, supply availability and pricing conditions continue to vary across the broader market.

We experience fluctuations in gross profit margin from period to period. Different programs contribute different gross profit margins depending on the type of services involved, location of production, size of the program, complexity of the product and level of material costs associated with the various products. Moreover, new programs can contribute relatively less to our gross profit margin in their early stages due to lower manufacturing volumes, which can result in inefficiencies and unabsorbed manufacturing overhead costs, as well as incremental investments required during the launch and ramp phases. During periods of low production volume, we generally have unabsorbed manufacturing overhead costs and reduced gross profit margin. Gross profit margin can also be impacted by higher costs associated with other situations, such as supply chain constraints. This includes supply chain premiums for excess component costs paid to secure available supply resulting in revenue with cost recovery only with no margin.

Inflation, interest rates, disruption in the global economy and financial markets, geopolitical events, tariffs and trade restrictions continue to create uncertainty. However, we are not aware of any specific event or circumstance that would require updates to our estimates or judgments or require us to revise the carrying value of our assets or liabilities as of the date we filed this Report. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions.

On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA), including, among others, tariffs on imports of certain Canadian, Chinese, and Mexican goods, a universal baseline tariff on imports from most countries, and reciprocal tariffs on select countries. In March 2026, the U.S. Court of International Trade further ruled that importers that paid such tariffs are entitled to refunds. During the second quarter of 2026, U.S. Customs and Border Protection launched a process to administer IEEPA tariff refund claims, and the Company submitted claims for qualifying IEEPA tariff refunds. We continue to monitor developments related to tariffs and trade policies and evaluate the potential impact on our results of operations and financial condition. For the nine months ended September 30, 2026, the Company recorded in the consolidated statement of income tariff refunds of $11.8 million as a reduction to cost of sales, reflecting the recovery of previously incurred tariff costs, and recorded a corresponding reduction to sales for amounts reimbursable to customers. For additional information, refer to Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

RESULTS OF OPERATIONS

The following table presents, for the periods indicated, certain statements of income data expressed as a percentage of net sales:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Sales			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			89.6				90.0				89.7				90.0
Gross profit			10.4				10.0				10.3				10.0
Selling, general and administrative expenses			6.2				6.1				6.2				6.2
Amortization of intangible assets			0.1				0.2				0.2				0.2
Restructuring charges and other costs			0.3				0.2				0.2				0.7
Income from operations			3.8				3.5				3.7				2.9
Other expense, net			(0.5	)			(0.5	)			(0.5	)			(0.6	)
Income before income taxes			3.3				3.0				3.2				2.3
Income tax expense			1.2				0.9				1.1				1.3
Net income			2.1	%			2.1	%			2.1	%			1.0	%

Sales

Sales for the three and nine months ended September 30, 2026 increased 19% and 15%, respectively, compared to the corresponding periods in 2025.

Sales are analyzed by management by market sector and by geographic segment, which reflect our reportable segments. Our global business development strategy is based on our targeted market sectors. Management measures operational performance and allocates resources on a geographic segment basis.

Sales by market sector were as follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)		2026			2025			2026			2025
Semi-Cap		$	240,698			$	185,161			$	654,840			$	570,610
Industrial			171,610				152,352				465,495				430,728
A&D			127,944				128,658				358,942				376,769
Medical			138,170				126,280				400,202				339,487
AC&C			132,476				88,227				364,679				237,183
Total net sales		$	810,898			$	680,678			$	2,244,158			$	1,954,777

Semiconductor Capital Equipment. Sales for the three months ended September 30, 2026 increased 30% to $240.7 million from $185.2 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 15% to $654.8 million from $570.6 million for the nine months ended September 30, 2025. The increases were primarily attributed to strong end-market demand and new program wins.

Industrial. Sales for the three months ended September 30, 2026 increased 13% to $171.6 million from $152.4 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 8% to $465.5 million from $430.7 million for the nine months ended September 30, 2025. The increases were primarily due to new program awards from key existing customers.

Aerospace and Defense. Sales for the three months ended September 30, 2026 decreased 1% to $127.9 million from $128.7 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 decreased 5% to $358.9 million from $376.8 million for the nine months ended September 30, 2025. The decreases primarily reflect the wind-down of certain programs, partially offset by new program wins.

Medical. Sales for the three months ended September 30, 2026 increased 9% to $138.2 million from $126.3 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 18% to $400.2 million from $339.5 million for the nine months ended September 30, 2025. The increases were primarily due to program ramps.

Advanced Computing and Communications. Sales for the three months ended September 30, 2026 increased 50% to $132.5 million from $88.2 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 54% to $364.7 million from $237.2 million for the nine months ended September 30, 2025. The increases were primarily due to program wins in the high performance computing market, supported by continued investment in data center infrastructure.

Our international operations are subject to the risks of doing business abroad. See Part I, Item 1A of our 2025 10-K for factors pertaining to our international sales, fluctuations in foreign currency exchange rates and a discussion of potential adverse effects in operating results associated with the risks of doing business abroad. During the three months ended September 30, 2026 and 2025, 66% and 56%, respectively, of our sales were from international operations. During the nine months ended September 30, 2026 and 2025, 64% and 56%, respectively, of our sales were from international operations.

Sales by geographic segment were as follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)		2026			2025			2026			2025
Sales:
Americas		$	369,397			$	309,011			$	1,021,152			$	888,506
Asia			375,278				307,315				1,023,917				878,420
Europe			89,391				86,294				264,196				255,972
Elimination of intersegment sales			(23,168	)			(21,942	)			(65,107	)			(68,121	)
Total sales		$	810,898			$	680,678			$	2,244,158			$	1,954,777

Americas. Sales for the three months ended September 30, 2026 increased 20% to $369.4 million from $309.0 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 15% to $1,021.2 million from $888.5 million for the nine months ended September 30, 2025. The increases were primarily due to higher demand in AC&C, Medical, and Industrial sectors.

Asia. Sales for the three months ended September 30, 2026 increased 22% to $375.3 million from $307.3 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 17% to $1,023.9 million from $878.4 million for the nine months ended September 30, 2025. The increases were primarily due to an increase in demand for Industrial, AC&C, and Semi-Cap sectors.

Europe. Sales for the three months ended September 30, 2026 increased 4% to $89.4 million from $86.3 million for the three months ended September 30, 2025. Sales for the nine months ended September 30, 2026 increased 3% to $264.2 million from $256.0 million for the nine months ended September 30, 2025. The increases were primarily due to an increase in demand for Semi-Cap and Medical sectors, partially offset by lower demand in the Industrial sector.

Gross Profit

Gross profit for the three months ended September 30, 2026 increased 24% to $84.4 million from $67.9 million for the three months ended September 30, 2025. Gross profit margin increased to 10.4% for the three months ended September 30, 2026 from 10.0% for the three months ended September 30, 2025. The increases were primarily due to stronger revenue, resulting in enhanced manufacturing cost leverage, and a higher-margin product mix.

Gross profit for the nine months ended September 30, 2026 increased 18% to $232.1 million from $195.9 million for the nine months ended September 30, 2025. Gross profit margin increased to 10.3% for the nine months ended September 30, 2026 from 10.0% for the nine months ended September 30, 2025. The increases were primarily due to higher production volumes due to increased sales, which resulted in improved absorption of fixed manufacturing costs, along with a more favorable mix of products sold.

Income from Operations

Income from operations for the three months ended September 30, 2026 increased 30% to $30.7 million from $23.7 million in the three months ended September 30, 2025. Income from operations for the nine months ended September 30, 2026 increased 48% to $82.8 million from $55.9 million in the nine months ended September 30, 2025. The increases were primarily due to higher sales and gross profit as well as decreased restructuring expenses and other costs, as a charge relating to the settlement of a tax assessment in the Americas was recorded during the nine months ended September 30, 2025, partially offset by increased selling, general and administrative (SG&A) expenses.

Income from operations by reportable segment was as follows:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)		2026			2025			2026			2025
Income from operations:
Americas		$	23,899			$	10,697			$	51,256			$	17,046
Asia			43,436				37,155				126,944				109,624
Europe			8,450				8,983				24,908				23,635
Corporate and intersegment eliminations			(45,086	)			(33,174	)			(120,282	)			(94,399	)
Total income from operations		$	30,699			$	23,661			$	82,826			$	55,906

Americas. Income from operations for the three months ended September 30, 2026 increased 123% to $23.9 million from $10.7 million for the three months ended September 30, 2025. Income from operations for the nine months ended September 30, 2026 increased 201% to $51.3 million from $17.0 million for the nine months ended September 30, 2025. The increases were primarily due to higher sales and lower restructuring charges and other costs, as a charge relating to the settlement of a tax assessment in the Americas was recorded during the nine months ended September 30, 2025.

Asia. Income from operations for the three months ended September 30, 2026 increased 17% to $43.4 million from $37.2 million for the three months ended September 30, 2025. Income from operations for the nine months ended September 30, 2026 increased 16% to $126.9 million from $109.6 million for the nine months ended September 30, 2025. The increases were primarily due to higher sales.

Europe. Income from operations for the three months ended September 30, 2026 decreased 6% to $8.5 million from $9.0 million for the three months ended September 30, 2025. The decrease was primarily due to higher cost of sales due to product mix. Income from operations for the nine months ended September 30, 2026 increased 5% to $24.9 million from $23.6 million for the nine months ended September 30, 2025. The increase was primarily due to higher sales.

Selling, General and Administrative (SG&A) Expenses

SG&A expenses increased to $50.4 million for the three months ended September 30, 2026 from $41.5 million for the three months ended September 30, 2025. SG&A expenses increased to $138.9 million for the nine months ended September 30, 2026 from $120.9 million for the nine months ended September 30, 2025. The increases were primarily driven by higher variable compensation and stock-based compensation expense.

Amortization of Intangible Assets

Amortization of intangible assets was $1.2 million for both the three months ended September 30, 2026 and 2025. Amortization of intangible assets was $3.6 million for both the nine months ended September 30, 2026 and 2025.

Restructuring Charges and Other Costs

During the three and nine months ended September 30, 2026, we recognized $2.2 million and $7.0 million of restructuring charges which primarily related to a planned closure of our site in Phoenix, Arizona and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Phoenix, Arizona operations ceased during the second quarter of 2026 and all related restructuring activity is expected to be substantially complete in 2026. Additionally, the Company recorded a $0.3 million net recovery related to the settlement of tax assessments in the Americas for the nine months ended September 30, 2026.

During the three and nine months ended September 30, 2025, we recognized $1.2 million and $4.5 million of restructuring charges primarily related to closures of our site in Fremont, California and our prior facility in Guadalajara, Mexico in the Americas, the exit of a business in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain

facilities across various regions. Additionally, the Company incurred $0.3 million and $11.0 million of settlement costs related to a tax assessment in the Americas for the three and nine months ended September 30, 2025, respectively.

See Note 16 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report for additional information on our restructuring charges and other costs.

Interest Expense

Interest expense decreased to $3.4 million for the three months ended September 30, 2026 from $4.4 million for the three months ended September 30, 2025. Interest expense decreased to $10.8 million for the nine months ended September 30, 2026 from $16.1 million for the nine months ended September 30, 2025. The decreases were primarily due to decreased borrowings and lower short-term borrowing rates applicable to the Credit Agreement.

Interest Income

Interest income was $2.0 million for both the three months ended September 30, 2026 and 2025. Interest income decreased to $5.8 million for the nine months ended September 30, 2026 from $7.8 million for the nine months ended September 30, 2025 primarily due to lower short-term interest rates earned on cash balances and lower cash balances in interest-bearing accounts.

Other Expense, Net

Other expense, net increased to $2.4 million for the three months ended September 30, 2026 from $0.6 million for the three months ended September 30, 2025. Other expense, net increased to $3.8 million for the nine months ended September 30, 2026 from $2.1 million for the nine months ended September 30, 2025. The increases were primarily due to higher foreign currency exchange losses.

Income Tax Expense

Income tax expense was $9.7 million for the three months ended September 30, 2026, resulting in an effective tax rate of 36.1%, compared with income tax expense of $6.3 million and an effective tax rate of 30.7% for the three months ended September 30, 2025. Income tax expense was $23.9 million for the nine months ended September 30, 2026, resulting in an effective tax rate of 32.4%, compared with income tax expense of $26.7 million and an effective tax rate of 58.6% for the nine months ended September 30, 2025. The effective tax rates were primarily impacted by losses incurred in certain jurisdictions for which no tax benefit was recognized and the geographic mix of earnings among the jurisdictions in which the Company operates. The 2026 effective tax rates were also negatively impacted by the Organization for Economic Co-operation and Development (OECD) Pillar Two Global Minimum Tax. These impacts were partially offset by tax incentives available in certain foreign jurisdictions. The decrease in the effective tax rate for the nine months ended September 30, 2026 compared to the prior-year period was also attributable to discrete tax expense recorded in the second quarter of 2025 related to foreign withholding taxes on repatriated dividends and the recognition of deferred tax liabilities associated with unremitted earnings in China.

Net Income

We reported net income of $17.1 million, or $0.47 per diluted share, for the three months ended September 30, 2026, compared with net income of $14.3 million, or $0.39 per diluted share, for the three months ended September 30, 2025. We reported net income of $50.1 million, or $1.38 per diluted share, for the nine months ended September 30, 2026, compared with net income of $18.9 million, or $0.52 per diluted share, for the nine months ended September 30, 2025. The increases were primarily due to the items discussed above.

LIQUIDITY AND CAPITAL RESOURCES

We have historically financed our organic growth and operations through funds generated from operations and borrowings under our borrowing facilities, consisting of a $150 million term loan facility, a $550 million revolving credit facility, and a $45 million revolving credit facility through our Malaysian subsidiary, each with a maturity date of June 27, 2030. Cash, cash equivalents and restricted cash totaled $290.7 million as of September 30, 2026, which included $255.8 million held outside the United States in various foreign subsidiaries.

Management believes that our existing cash balances, funds generated from operations, and borrowing availability under our revolving credit facilities will be sufficient to permit us to meet our liquidity requirements over the next 12 months. Management further believes that our ongoing cash flows from operations and any borrowings we may incur under our revolving credit facilities will enable us to meet operating cash requirements in future years. From time to time, we may pursue strategic opportunities, including acquisitions, or experience changes in working capital or capital investment requirements, which could increase our capital needs and may result in our need to increase available borrowings under our Credit Agreement or access public or private debt and equity markets. There can be no assurance, however, that we would be successful in raising additional debt or equity on acceptable terms.

Cash Flows

Cash provided by operating activities was $111.6 million during the nine months ended September 30, 2026, and primarily consisted of $50.1 million of net income, adjusted for $36.0 million of depreciation and amortization, $21.2 million of stock-based compensation expense, a $260.5 million increase in accounts payable, a $12.6 million increase in accrued liabilities, and an $8.2 million increase in advance payments from customers, partially offset by a $152.3 million increase in inventories, a $46.0 million increase in accounts receivable, a $38.7 million increase in contract assets, a $24.4 million increase in prepaid expenses and other assets, and a $15.6 million increase to income taxes. Working capital was $0.8 billion as of September 30, 2026.

We primarily purchase components only after customer orders or forecasts are received, which mitigates, but does not eliminate, the risk of loss on inventories. Supplies of electronic components and other materials used in operations are subject to industry-wide shortages. In certain instances, suppliers may allocate available quantities to us. When shortages of these components and other material supplies used in operations have occurred, vendors have at times been unable to ship the quantities we need for production, forcing us to delay shipments, which can increase backorders and impact cash flows. Vendors also may increase the costs of components based on the market conditions including these shortages. In certain instances, we request and receive advance payments from customers as prepayments of inventory to meet working capital demands of a contract, offset inventory risks such as inventory purchased in advance of current needs and protect the Company from the failure of other parties to fulfill obligations under a contract. For example, we have been impacted by supply chain constraints, including shortages, longer lead times and increased transit times. Furthermore, the U.S. government’s trade policy and imposition of tariffs on certain foreign goods (as well as the possibility of imposing significant, additional tariffs in the future) and geopolitical issues or conflicts may make it more difficult or costly for us to procure components and other material supplies and, in turn, may increase the cost to our customers, which may materially and adversely impact demand for our products and services, our results of operations or our financial condition.

Cash used in investing activities was $44.4 million during the nine months ended September 30, 2026 primarily due to capital expenditures for property, plant and equipment of $43.3 million, and purchased software of $3.4 million, partially offset by proceeds from the sale of assets held for sale of $2.3 million. The purchases of property, plant and equipment were primarily for buildings and machinery and equipment in the Americas and Asia.

Cash used in financing activities was $94.8 million during the nine months ended September 30, 2026. Borrowings under our borrowing facilities were $457.0 million and principal payments under our borrowing facilities were $509.8 million. In addition, during the nine months ended September 30, 2026, we paid $18.3 million for dividends, $14.3 million for share repurchases, and $9.1 million for employee taxes in connection with the settlement of stock-based awards.

Borrowing Facilities

On June 27, 2025, the Company entered into a $700 million second amended and restated credit agreement (the Credit Agreement) by and among the Company, certain of its subsidiaries, the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and an L/C Issuer. The Credit Agreement is comprised of a five-year $550 million revolving credit facility (the Revolving Credit Facility) and a five-year $150 million term loan facility (the Term Loan Facility), both with a maturity date of June 27, 2030. On September 2, 2026, the Company’s Malaysian subsidiary entered into a separate credit agreement for a $45 million revolving credit facility (the Malaysia Facility and, together with the Revolving Credit Facility, the Revolving Borrowing Facilities) that matures on June 27, 2030. As of September 30, 2026, we had $145.3 million in borrowings outstanding under the Term Loan Facility, $15.0 million in borrowings outstanding under the Malaysia Facility, and $4.0 million in letters of credit outstanding under the Revolving Credit Facility. See Note 5 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report for more information regarding the terms of our borrowing facilities.

The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on our ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets, including trade accounts receivable, and merge or consolidate with other persons. Amounts due under the Credit Agreement could be accelerated upon specified events of default, including a failure to pay amounts due, breach of a covenant, material inaccuracy of a representation, or occurrence of bankruptcy or insolvency, subject, in some cases, to cure periods. As of September 30, 2026, we were in compliance with all of these covenants and restrictions.

As of September 30, 2026, the Company had an aggregate of $576.0 million available for future borrowings under the Revolving Borrowing Facilities subject to compliance with financial covenants as to interest coverage and debt leverage, in addition to other debt covenant restrictions, as applicable. During the next 12 months, we believe our capital expenditures will approximate $85 million to $90 million, principally for machinery and equipment to help increase our production capacity to support anticipated revenue growth and our ongoing business around the globe.

Dividends

During the nine months ended September 30, 2026 and 2025, cash dividends paid totaled $18.3 million and $18.4 million, respectively. On September 8, 2026, the Board of Directors declared a quarterly cash dividend of $0.17 per share of the Company’s common stock to shareholders of record as of September 30, 2026. The dividend of $6.1 million was paid on October 13, 2026.

The Board of Directors currently intends to continue paying quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable law, and dependent on, among other things, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in the Company’s debt agreements, and other factors that the Board of Directors may deem relevant. Dividend payments are not mandatory or guaranteed; there can be no assurance that the Company will continue to pay a dividend in the future.

Share Repurchase Authorization

On February 19, 2020, the Board of Directors approved an expanded share repurchase authorization granting the Company authority to repurchase up to $150 million in common stock.

The Company repurchased 0.2 million shares for an aggregate of $14.3 million at an average price of $63.50 per share during the nine months ended September 30, 2026. As of September 30, 2026, the Company had $108.4 million remaining under share repurchase authorizations. See Note 7 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report for more information on the share repurchase authorization.

CONTRACTUAL OBLIGATIONS

We have certain contractual obligations that were summarized in “Contractual Obligations” under Part II, Item 7 in our 2025 10-K. Other than items discussed in Note 5 and Note 6 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report, there have been no material changes to our contractual obligations, outside of the ordinary course of our business, since December 31, 2025.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES AND RECENTLY ENACTED ACCOUNTING PRINCIPLES

Management’s discussion and analysis of financial condition and results of operations is based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. See Note 2 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report for a discussion of recently enacted accounting principles. Also, our significant accounting policies are summarized in Note 1 to the consolidated financial statements included in our 2025 10-K. There have been no changes to the items disclosed as critical accounting estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our 2025 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our international sales comprise a significant portion of our business. We are exposed to risks associated with operating internationally, including:

•

Foreign currency exchange risk;

•

Import and export duties, taxes, tariffs and regulatory changes;

•

Inflationary economies or currencies; and

•

Economic and political instability.

Additionally, some of our operations are in developing countries. Certain events, including natural disasters, can impact the infrastructure of a developing country more severely than they would impact the infrastructure of a developed country. A developing country can also take longer to recover from such events, which could lead to delays in our ability to resume full operations.

We transact business in various foreign countries and are subject to foreign currency fluctuation risks. We use natural hedging and forward contracts to economically hedge transactional exposure primarily associated with trade accounts receivable, other receivables and trade accounts payable that are denominated in a currency other than the functional currency of the respective operating entity. We do not use derivative financial instruments for speculative purposes.

The Company enters into forward currency exchange contracts designated as cash flow hedges of forecasted foreign currency expenses. Changes in the fair value of the derivatives are recorded in accumulated other comprehensive loss on the condensed consolidated balance sheets until earnings are affected by the variability of the cash flows. At times, the Company enters into forward currency exchange contracts that have not been designated as accounting hedges and, therefore, changes in fair value are recorded in other expense, net in the consolidated statements of income.

Our sales are substantially denominated in U.S. dollars. Our foreign currency cash flows are generated in certain European and Asian countries and Mexico.

We are also exposed to market risk for changes in interest rates on our financial instruments, a portion of which relates to our invested cash balances. We do not use derivative financial instruments in our investing activities. We place cash and cash equivalents and investments with various major financial institutions. We protect our invested principal funds by limiting default risk, market risk and reinvestment risk. We mitigate default risk by generally investing in investment grade securities.

We are also exposed to interest rate risk on borrowings under our Credit Agreement. As of September 30, 2026, we had $145.3 million outstanding on the floating rate Term Loan Facility, and we have an interest rate swap agreement with a notional amount of $145.3 million and a fixed interest rate of 3.965%. Under this swap agreement, we receive variable rate interest rate payments and pay fixed rate interest payments. The effect of this swap is to convert our floating rate interest expense to a fixed interest rate expense. The interest rate swap is designated as a cash flow hedge.

For additional information regarding our forward currency exchange contracts and interest rate swap agreement, see Note 13 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report.

Item 4. Controls and Procedures

We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported, within the time periods specified in the

SEC’s rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Report. Based upon such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Report, our disclosure controls and procedures were effective at a reasonable assurance level.

There has been no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter covered by this Report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

We are currently upgrading our enterprise resource planning system (ERP), which is expected to occur in phases over the next several years. We have completed the implementation of the upgrades at certain of the Company’s locations and have revised and updated the related controls. These changes did not materially affect our internal control over financial reporting. As we implement the upgrades of this ERP system at the remaining locations over the next several years, we will continue to assess the impact on our internal control over financial reporting.

Management recognizes that any disclosure controls and procedures and internal control over financial reporting, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in designing such control systems, evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in a cost-effective control system, misstatements may occur and not be detected.

PART II—OTHER INFORMATION

Item 1.\tLegal Proceedings

We are involved in various legal actions arising in the ordinary course of business. See discussion under Note 15 to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Report, which is incorporated by reference herein.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our 2025 10-K.

Item 2.\tUnregistered Sales of Equity Securities and Use of Proceeds

(c) \tThe following table provides information for the three months ended September 30, 2026 about the Company’s repurchases of its equity securities registered pursuant to Section 12 of the Exchange Act:

(d)

(c)

Maximum

Total

Number (or

Number of

Approximate

Shares (or Units)

Dollar Value) of

(a)

Purchased as

Shares (or Units)

Total

(b)

Part of Publicly

that May Yet Be

Number of

Average Price

Announced

Purchased Under

Shares (or Units)

Paid per Share

Plans or

the Plans or

(amounts in millions, except share and per share data)

Purchased

(or Unit)

Programs

Programs (1)

July 1 to 31, 2026

—

116.9

August 1 to 31, 2026

109,892

72.78

109,892

108.9

September 1 to 30, 2026

6,686

69.85

6,686

108.4

Total

116,578

(1) \tOn February 24, 2020, the Board of Directors announced the authorization of the repurchase of an additional $150 million of the Company’s common stock. Stock purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases are funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares of stock repurchased under the program are retired.

Item 5.\tOther Information

Rule 10b5-1 Plan Adoptions and Terminations

During the three months ended September 30, 2026, other than as described below, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, each as defined in Item 408 of Regulation S-K.

On August 27, 2026, David A. Moezidis, the Company's Chief Executive Officer and President, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 16,916 shares of our common stock, subject to certain conditions, that will not occur before November 26, 2026. The arrangement's expiration date is February 18, 2027.

On August 18, 2026, Stephen J. Beaver, the Company's Senior Vice President, General Counsel & Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 20,000 shares of our common stock, subject to certain conditions, that will not occur before November 17, 2026. The arrangement's expiration date is August 31, 2027.

On August 5, 2026, Rhonda R. Buseman, the Company's Senior Vice President, Chief Human Resources Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the potential sale of up to 8,000 shares of our common stock, subject to certain conditions, that will not occur before November 4, 2026. The arrangement's expiration date is November 4, 2027.

Item 6.\tExhibits

\n	\n	\n
Exhibit No.		Exhibit Description

3.1		Restated Certificate of Formation dated May 17, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 17, 2016 (Commission file number 1-10560))

3.2		Amended and Restated Bylaws of the Company dated December 2, 2020 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K dated December 7, 2020 (Commission file number 1-10560))

4.1		Specimen form of certificate evidencing the Common Shares (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (Commission file number 1-10560))

31.1 (1)		Section 302 Certification of Chief Executive Officer

31.2 (1)		Section 302 Certification of Chief Financial Officer

32.1 (2)		Section 1350 Certification of Chief Executive Officer

32.2 (2)		Section 1350 Certification of Chief Financial Officer

101.INS (1)		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH (1)		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104 (1)		Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101)

(1)\tFiled herewith

(2)\tFurnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on October 28, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
	BENCHMARK ELECTRONICS, INC.

	(Registrant)

	By:		/s/ David A. Moezidis
			David A. Moezidis
			President and Chief Executive Officer
			(Principal Executive Officer)

	By:		/s/ Bryan R. Schumaker
			Bryan R. Schumaker
			Chief Financial Officer
			(Principal Financial and Accounting Officer)

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