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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to________________

Commission File Number: 1-10560

BENCHMARK ELECTRONICS, INC.

(Exact name of registrant as specified in its charter)


Texas		74-2211011
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)

56 South Rockford Drive		85288
Tempe, Arizona		(Zip Code)
(Address of principal executive offices)

(623) 300-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.10 per share	BHE	The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of October 26, 2026, there were 35,765,341 shares of common stock of Benchmark Electronics, Inc., par value $0.10 per share, outstanding.

TABLE OF CONTENTS


		Page

PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Shareholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to the Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 5.	Other Information	34
Item 6.	Exhibits	35

	SIGNATURES	36

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)


	September 30,			December 31,
(in thousands, except par value)	2026			2025
Assets
Current assets:
Cash and cash equivalents	$	290,656		$	322,064
Restricted cash		—			336
Accounts receivable, net of allowance for doubtful accounts of $255 and $438, respectively		435,296			391,101
Contract assets		221,548			182,870
Inventories		633,575			482,544
Prepaid expenses and other current assets		118,182			69,226
Total current assets		1,699,257			1,448,141
Property, plant and equipment, net		239,032			223,784
Operating lease right-of-use assets		101,175			102,664
Goodwill		192,116			192,116
Deferred income taxes		33,896			34,936
Other long-term assets		51,794			70,074
Total assets	$	2,317,270		$	2,071,715
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$	3,750		$	3,750
Accounts payable		663,708			403,222
Advance payments from customers		123,722			115,545
Income taxes payable		3,085			7,685
Accrued liabilities		115,659			105,375
Total current liabilities		909,924			635,577
Long-term debt, net of current installments		154,086			206,826
Operating lease liabilities		95,948			98,689
Other long-term liabilities		20,929			23,307
Deferred income taxes		7,929			7,513
Total liabilities		1,188,816			971,912
Shareholders’ equity:
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued		—			—
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding – 35,823 and 35,669, respectively		3,582			3,567
Additional paid-in capital		546,569			537,048
Retained earnings		588,173			568,163
Accumulated other comprehensive loss		(9,870	)		(8,975	)
Total shareholders’ equity		1,128,454			1,099,803
Total liabilities and shareholders’ equity	$	2,317,270		$	2,071,715

See the accompanying notes to the unaudited condensed consolidated financial statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2026			2025			2026			2025
Sales	$	810,898		$	680,678		$	2,244,158		$	1,954,777
Cost of sales		726,451			612,735			2,012,077			1,758,882
Gross profit		84,447			67,943			232,081			195,895
Selling, general and administrative expenses		50,372			41,520			138,913			120,889
Amortization of intangible assets		1,205			1,205			3,613			3,613
Restructuring charges and other costs		2,171			1,557			6,729			15,487
Income from operations		30,699			23,661			82,826			55,906
Interest expense		(3,433	)		(4,418	)		(10,833	)		(16,061	)
Interest income		1,952			1,955			5,842			7,822
Other expense, net		(2,363	)		(608	)		(3,843	)		(2,076	)
Income before income taxes		26,855			20,590			73,992			45,591
Income tax expense		9,708			6,327			23,940			26,712
Net income	$	17,147		$	14,263		$	50,052		$	18,879
Earnings per share:
Basic	$	0.48		$	0.40		$	1.40		$	0.53
Diluted	$	0.47		$	0.39		$	1.38		$	0.52
Weighted-average number of shares outstanding:
Basic		35,879			35,802			35,848			35,947
Diluted		36,396			36,182			36,359			36,337

See the accompanying notes to the unaudited condensed consolidated financial statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2026			2025			2026			2025
Net income	$	17,147		$	14,263		$	50,052		$	18,879
Other comprehensive income (loss):
Foreign currency translation adjustments		(61	)		(45	)		(2,546	)		10,251
Unrealized gain on derivatives, net of tax		570			182			1,044			3,866
Other		310			(256	)		607			(56	)
Total other comprehensive income (loss)		819			(119	)		(895	)		14,061
Comprehensive income	$	17,966		$	14,144		$	49,157		$	32,940

See the accompanying notes to the unaudited condensed consolidated financial statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(unaudited)


(in thousands)	Shares			Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Shareholders' Equity
Balances, December 31, 2025		35,669		$	3,567		$	537,048		$	568,163		$	(8,975	)	$	1,099,803
Net income		—			—			—			50,052			—			50,052
Other comprehensive loss		—			—			—			—			(895	)		(895	)
Dividends declared		—			—			—			(18,298	)		—			(18,298	)
Shares repurchased and retired		(225	)		(23	)		(2,499	)		(11,744	)		—			(14,266	)
Stock-based compensation expense		—			—			21,156			—			—			21,156
Vesting of restricted stock units		531			53			(53	)		—			—			—
Shares withheld for taxes		(152	)		(15	)		(9,083	)		—			—			(9,098	)
Balances, September 30, 2026		35,823		$	3,582		$	546,569		$	588,173		$	(9,870	)	$	1,128,454

Balances, June 30, 2026		35,919		$	3,592		$	539,106		$	584,274		$	(10,689	)	$	1,116,283
Net income		—			—			—			17,147			—			17,147
Other comprehensive income		—			—			—			—			819			819
Dividends declared		—			—			—			(6,090	)		—			(6,090	)
Shares repurchased and retired		(117	)		(12	)		(1,297	)		(7,158	)		—			(8,467	)
Stock-based compensation expense		—			—			9,545			—			—			9,545
Vesting of restricted stock units		31			3			(3	)		—			—			—
Shares withheld for taxes		(10	)		(1	)		(782	)		—			—			(783	)
Balances, September 30, 2026		35,823		$	3,582		$	546,569		$	588,173		$	(9,870	)	$	1,128,454


(in thousands)	Shares			Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
Balances, December 31, 2024		35,992		$	3,599		$	534,945		$	596,010		$	(21,241	)	$	1,113,313
Net income		—			—			—			18,879			—			18,879
Other comprehensive income		—			—			—			—			14,061			14,061
Dividends declared		—			—			—			(18,306	)		—			(18,306	)
Derecognition of subsidiary equity due to divestiture		—			—			—			(622	)		—			(622	)
Shares repurchased and retired		(682	)		(68	)		(7,594	)		(18,332	)		—			(25,994	)
Stock-based compensation expense		—			—			15,077			—			—			15,077
Stock options exercised		1			—			4			—			—			4
Vesting of restricted stock units		547			55			(55	)		—			—			—
Shares withheld for taxes		(176	)		(18	)		(7,134	)		—			—			(7,152	)
Balances, September 30, 2025		35,682		$	3,568		$	535,243		$	577,629		$	(7,180	)	$	1,109,260

Balances, June 30, 2025		35,912		$	3,591		$	533,155		$	577,185		$	(7,061	)	$	1,106,870
Net income		—			—			—			14,263			—			14,263
Other comprehensive loss		—			—			—			—			(119	)		(119	)
Dividends declared		—			—			—			(6,065	)		—			(6,065	)
Derecognition of subsidiary equity due to divestiture		—			—			—			(622	)		—			(622	)
Shares repurchased and retired		(255	)		(25	)		(2,842	)		(7,132	)		—			(9,999	)
Stock-based compensation expense		—			—			5,345			—			—			5,345
Vesting of restricted stock units		36			4			(4	)		—			—			—
Shares withheld for taxes		(11	)		(2	)		(411	)		—			—			(413	)
Balances, September 30, 2025		35,682		$	3,568		$	535,243		$	577,629		$	(7,180	)	$	1,109,260

See the accompanying notes to the unaudited condensed consolidated financial statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Nine Months Ended September 30,
(in thousands)	2026			2025
Cash flows from operating activities:
Net income	$	50,052		$	18,879
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		28,437			27,898
Amortization		7,605			7,731
Stock-based compensation expense		21,156			15,077
Provision for doubtful accounts		295			—
Deferred income taxes		999			(1,442	)
Gain on assets held for sale		(399	)		—
Loss on the sale of property, plant and equipment		4			44
Gain on business divestiture		—			(2,351	)
Changes in operating assets and liabilities:
Accounts receivable		(46,004	)		38,744
Contract assets		(38,678	)		(31,429	)
Inventories		(152,258	)		48,547
Prepaid expenses and other assets		(24,357	)		(20,926	)
Accounts payable		260,485			19,566
Advance payments from customers		8,176			(19,449	)
Accrued liabilities		12,605			(12,365	)
Operating leases		(913	)		1,908
Income taxes		(15,590	)		(25,144	)
Net cash provided by operating activities		111,615			65,288
Cash flows from investing activities:
Additions to property, plant and equipment		(43,310	)		(25,175	)
Additions to capitalized purchased software		(3,359	)		(2,779	)
Cash received from business divestiture		—			5,056
Proceeds from the sale of assets held for sale		2,260			—
Proceeds from the disposal of property, plant and equipment		99			89
Other, net		(77	)		(1	)
Net cash used in investing activities		(44,387	)		(22,810	)
Cash flows from financing activities:
Borrowings under borrowing facilities		457,000			733,594
Principal payments on borrowing facilities		(509,813	)		(772,578	)
Dividends paid		(18,269	)		(18,360	)
Employee taxes paid with shares withheld		(9,098	)		(7,152	)
Proceeds from stock options exercised		—			4
Debt issuance costs		(362	)		(2,289	)
Principal payments on finance leases		—			(142	)
Share repurchases		(14,266	)		(25,994	)
Net cash used in financing activities		(94,808	)		(92,917	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(4,164	)		8,473
Net decrease in cash, cash equivalents and restricted cash		(31,744	)		(41,966	)
Cash, cash equivalents and restricted cash at the beginning of the year		322,400			328,027
Cash, cash equivalents and restricted cash at the end of the period	$	290,656		$	286,061

Supplemental cash flow information:
Income taxes paid, net	$	22,241		$	58,974
Interest paid		10,337			15,461
Non-cash investing activities:
Unpaid purchases of property, plant and equipment at the end of the period		11,846			3,978
Unpaid purchases of capitalized purchased software costs at the end of the period		646			2,053

See the accompanying notes to the unaudited condensed consolidated financial statements.

BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements

(amounts in thousands, except per share data, unless otherwise noted)

(unaudited)

Note 1 – Basis of Presentation

Benchmark Electronics, Inc. (the Company) is a Texas corporation that provides advanced manufacturing services, which include design and engineering services and technology solutions. From initial product concept to volume production, including direct order fulfillment and aftermarket services, the Company has been providing integrated services and solutions to original equipment manufacturers (OEMs) since 1979. The Company serves the following market sectors: 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.

The unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) relating to interim financial statements. The condensed consolidated financial statements reflect all normal and recurring adjustments necessary in the opinion of management for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025 (the 2025 10-K).

Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these unaudited condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial statements. However, actual results could differ materially from these estimates.

Note 2 – New Accounting Pronouncements

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-10, Government Grants (ASU 2025-10): Accounting for Government Grants Received by Business Entities, which adds guidance to Accounting Standards Codification (ASC) Topic 832. It requires business entities to recognize government grants when it is probable that conditions will be met and the grant will be received. It applies to for-profit entities, requiring recognition of income-related grants systematically over related costs and asset-related grants via deferred income or net reduction methods. The guidance is effective for fiscal years beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which removes references to project stages, and requires capitalization of software costs to begin when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the guidance and its impact to the financial statements.

The Company does not believe that any other recently issued accounting standards will have a material impact on its consolidated financial position, results of operations or cash flows, or will apply to its operations.

Note 3 – Inventories

Inventory costs are summarized as follows:


	September 30,		December 31,
(in thousands)	2026		2025
Raw materials	$	608,779	$	461,134
Work in process		21,866		17,193
Finished goods		2,930		4,217
Total inventories	$	633,575	$	482,544

Note 4 – Goodwill and Other Intangible Assets

Goodwill allocated to the Company’s reportable operating segments follows:


(in thousands)	Americas		Asia		Total
Goodwill as of September 30, 2026 and December 31, 2025	$	154,014	$	38,102	$	192,116

A summary of the Company’s acquired identifiable intangible assets and capitalized purchased software costs follows:


(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	100,173	$	(85,163	)	$	15,010
Capitalized purchased software costs		43,885		(33,409	)		10,476
Technology licenses		15,500		(15,500	)		—
Trade names and trademarks		7,800		—			7,800
Other		869		(470	)		399
Total intangible assets as of September 30, 2026	$	168,227	$	(134,542	)	$	33,685


(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	100,176	$	(81,603	)	$	18,573
Capitalized purchased software costs		42,105		(30,121	)		11,984
Technology licenses		15,500		(15,500	)		—
Trade names and trademarks		7,800		—			7,800
Other		868		(452	)		416
Total intangible assets as of December 31, 2025	$	166,449	$	(127,676	)	$	38,773

A summary of the components of amortization expense, as presented in the consolidated statements of cash flows, follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Amortization of intangible assets	$	1,205	$	1,205	$	3,613	$	3,613
Amortization of capitalized purchased software costs		1,199		1,124		3,558		3,493
Amortization of debt costs		151		141		434		625
Total amortization expense	$	2,555	$	2,470	$	7,605	$	7,731

A summary of the future amortization expense related to the Company’s intangible assets held as of September 30, 2026 for each of the next five years follows (in thousands):


Year ending December 31,	Amortization Expense
Remaining 3 months of 2026	$	1,204
2027		4,817
2028		4,817
2029		4,218
2030		56

Note 5 – Borrowing Facilities

Long-term debt consists of the following:


	September 30,			December 31,
(in thousands)	2026			2025
Malaysia facility	$	15,000		$	—
Revolving credit facility		—			65,000
Term loan		145,313			148,125
Less: unamortized debt issuance costs		(2,477	)		(2,549	)
Total long-term debt, including current installments	$	157,836		$	210,576

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 Guarantors), the lenders party thereto and Bank of America, N.A., as Administrative Agent, Swingline Lender and an L/C Issuer (Bank of America). 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 (the Malaysia Agreement) for a $45 million revolving credit facility (the Malaysia Facility and, together with the Revolving Credit Facility, the Revolving Borrowing Facilities) with Bank of America Malaysia Berhad, as contemplated by the Credit Agreement. The Malaysia Facility matures on June 27, 2030.

The Credit Agreement amended and restated in its entirety the Company’s previous $681.25 million amended and restated credit agreement, dated as of December 21, 2021, by and among the Company, the Guarantors, the lenders party thereto and Bank of America, as amended by Amendment No. 1, dated as of May 20, 2022, Amendment No. 2, dated as of February 3, 2023, and Amendment No. 3, dated as of May 1, 2023. As part of the debt refinancing transaction, the Company repatriated net dividends of $136.4 million to the United States from its operations in China and Thailand during the quarter ended June 30, 2025. This amount represented gross dividends of $151.6 million, less $15.2 million in withholding taxes paid in those jurisdictions. Such net dividends were used to reduce outstanding borrowings under the Company’s prior revolving credit facility.

The Credit Agreement includes an accordion feature pursuant to which the Company is permitted to add one or more incremental term loans and/or increase commitments under the Revolving Credit Facility in an aggregate amount not exceeding $175 million, subject to the satisfaction of certain conditions and exceptions.

The Revolving Borrowing Facilities are available for general corporate purposes. Principal under the Term Loan Facility amortizes in equal quarterly installments of 0.625% of the initial aggregate term loan advances, beginning on September 30, 2025, through June 30, 2028. Thereafter, quarterly installments will increase to 1.25% of the initial aggregate term loan advances, continuing until the maturity date.

Interest on outstanding borrowings under the Credit Agreement and Malaysia Agreement (other than swingline loans) will accrue, at the Company’s option, at (a) Term Secured Overnight Financing Rate (Term SOFR) plus the Applicable Rate (as defined in the Credit Agreement, approximately 1.00% to 2.125% per annum depending on various factors) or (b) for U.S. dollar denominated loans, the base rate (which is the highest of (i) the federal funds rate plus 0.50%, (ii) the Bank of America, N.A. prime rate, (iii) Term SOFR plus 1.00% and (iv) 1.00%).

As of September 30, 2026, a portion of the $145.3 million outstanding debt under the Credit Agreement is effectively at a fixed interest rate of 3.965%, plus credit spread, resulting from a $145.3 million notional interest rate swap agreement, which is discussed in Note 13. A commitment fee of 0.15% to 0.30% per annum (based on the debt to EBITDA ratio) on the unused portion of the Revolving Credit Facility is payable quarterly in arrears.

The Credit Agreement is generally secured by a pledge of (a) all the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of its directly owned foreign subsidiaries, (b) all of the present and future personal property and assets of the Company and the Guarantors (including, but not limited to, accounts receivable, inventory, intellectual property and fixed assets of the Company and the Guarantors), in each case, subject to customary exceptions and limitations, and (c) all proceeds and products of the property and assets described in clauses (a) and (b) above.

The Credit Agreement contains certain financial covenants related to interest coverage and debt leverage, and certain customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional debt and liens, pay dividends, repurchase shares, sell assets and merge or consolidate with other persons. Amounts due under the Credit Agreement may be accelerated upon customary 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, the Company was in compliance with all of these covenants and restrictions.

As of September 30, 2026, the Company 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. 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.

Note 6 – Leases

The Company determines if a contract is or contains a lease at inception. The Company leases certain facilities, vehicles and other equipment. The Company’s leases primarily consist of operating leases which expire at various dates through 2036. Variable lease payments are generally expensed as incurred and primarily include certain index-based changes in rent and certain non-lease components, such as maintenance and other services provided by the lessor.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Finance lease costs:
Interest on lease liabilities	$	—	$	1	$	—	$	4
Operating lease costs		4,735		5,124		14,566		16,981
Short-term lease costs		171		243		525		521
Variable lease costs		472		470		1,524		1,514
Total lease costs	$	5,378	$	5,838	$	16,615	$	19,020

A summary of cash flow information related to leases follows:


	Nine Months Ended September 30,
(in thousands)	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	15,027	$	16,809
Operating cash flows used for finance leases		—		3
Financing cash flows used for finance leases		—		142
Right-of-use assets obtained in exchange for new operating lease liabilities		10,096		655

A summary of other information about the Company’s leases follows:


	September 30,			December 31,
(dollars in thousands)	2026			2025
Operating lease right-of-use assets	$	101,175		$	102,664
Operating lease liabilities, current (included in accrued liabilities)	$	14,382		$	14,042
Operating lease liabilities, noncurrent	$	95,948		$	98,689
Weighted average remaining lease term – operating leases	7.6 yrs			8.4 yrs
Weighted average discount rate – operating leases		4.7	%		4.6	%

A summary of the Company's future annual minimum lease payments as of September 30, 2026 follows (in thousands):


Year ending December 31,	Operating Leases
Remaining 3 months of 2026	$	5,042
2027		18,534
2028		17,646
2029		16,488
2030 and thereafter		74,516
Total minimum lease payments		132,226
Less: imputed interest		(21,896	)
Total present value of lease liabilities	$	110,330

Note 7 – Common Stock and Stock-Based Awards

Dividends

For the three and nine months ended September 30, 2026, cash dividends paid totaled $6.1 million and $18.3 million, respectively. For the three and nine months ended September 30, 2025, cash dividends paid totaled $6.1 million and $18.4 million, respectively.

On September 8, 2026, the Company 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 was paid on October 13, 2026.

The Board of Directors currently intends to continue to pay quarterly dividends. However, the Company’s future dividend policy is subject to the Company’s compliance with applicable laws, and depends 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 and no assurance is made 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.

Share 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 will be funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares repurchased under the program are retired.

The Company repurchased 0.1 million shares and 0.2 million shares during the three and nine months ended September 30, 2026, respectively, for an aggregate of $8.5 million and $14.3 million, respectively, at an average price of $72.61 and $63.50, respectively. As of September 30, 2026, the Company had $108.4 million remaining under share repurchase authorizations.

Stock-Based Compensation

Under the 2019 Omnibus Incentive Compensation Plan (as amended, the 2019 Plan), the Company, upon approval of the Compensation Committee of the Board of Directors, may grant stock options, restricted shares, restricted stock units (both time-based and performance-based) and certain other forms of equity awards, or any combination thereof, to any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company. Stock options (which have not been awarded since 2015) are granted to employees with an exercise price equal to the market price of the Company’s common stock on the date of grant, generally vest over a four-year period from the date of grant and typically have a term of 10 years. Time-based restricted stock units granted to employees generally vest over a three-year or four-year period from the date of grant and are subject to continued employment with the Company. Performance-based restricted stock units generally vest over a three-year performance cycle, which includes the year of the grant, and are based upon the Company’s achievement of specified performance metrics. Awards under the 2019 Plan to non-employee directors have historically been in the form of restricted stock units, which vest annually starting on the grant date.

On May 28, 2026, the Company's shareholders approved an amendment to the 2019 Plan to increase the total number of authorized common shares available for grant thereunder by 1.8 million shares. As of September 30, 2026, the Company had 2.9 million common shares available for issuance under the 2019 Plan.

All share-based payments to employees of the Company, including grants of employee stock options (last awarded in 2015), are recognized in the consolidated financial statements based on their grant date fair values. The total compensation costs recognized for stock-based awards were $9.5 million and $21.2 million for the three and nine months ended September 30, 2026, respectively. The total compensation costs recognized for stock-based awards were $5.3 million and $15.1 million for the three and nine months ended September 30, 2025, respectively. The future tax benefit of these stock-based awards as of the grant date was $0.8 million and $2.3 million for the three and nine months ended September 30, 2026, respectively. The future tax benefit of these stock-based awards as of the grant date was $1.2 million and $2.2 million for the three and nine months ended September 30, 2025, respectively. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The fair values of restricted stock units and performance-based restricted stock units are determined based on the closing market price of the Company’s common stock on the date of grant. For performance-based restricted stock units, compensation cost is calculated taking into consideration the probability that the underlying performance goals will be achieved, which is monitored by management throughout the requisite service period. When it becomes probable, based on management’s expectation of the Company’s performance during the measurement period, that more or less than the previous estimate of the awarded shares will vest, an adjustment to compensation cost is recognized as a change in accounting estimate in the period the change is determined.

As of September 30, 2026, the unrecognized compensation costs and remaining weighted-average amortization periods related to stock-based awards were as follows:


(in thousands)	Time- Based Restricted Stock Units		Performance- Based Restricted Stock Units(1)
Unrecognized compensation cost	$	28,578	$	7,598
Remaining weighted-average amortization period	1.8 years		1.9 years

(1) Based on the probable achievement of the performance goals identified in each award.

The actual tax benefit realized as a result of vesting of share-based awards for the nine months ended September 30, 2026 and 2025 were $4.8 million and $3.2 million, respectively. For the nine months ended September 30, 2025, the total intrinsic value of stock options exercised was less than $0.1 million.

For performance-based restricted stock units granted during the nine months ended September 30, 2026 and 2025, the number of performance-based restricted stock units that will ultimately be earned will not be determined until the end of the respective performance periods, and may vary from as low as zero to as high as 2 times the target number depending on the level of achievement of certain performance goals. The level of achievement of these goals is based upon the financial results of the Company for the last full calendar year within the performance period. The performance goals consist of certain levels of achievement using the following financial metrics: for the performance-based restricted stock units granted during the nine months ended September 30, 2026, revenue and earnings per share, and for the performance-based restricted stock units granted during the nine months ended September 30, 2025, revenue, operating income margin, and operating cash flow. If the performance goals are not met based on the Company’s financial results, the applicable performance-based restricted stock units will not vest and will be forfeited. Shares subject to forfeited performance-based restricted stock units will be available for re-issuance under the 2019 Plan.

The following table summarizes the activities related to the Company’s time-based restricted stock units:


(in thousands, except per share data)	Number of Units			Weighted- Average Grant Date Fair Value
Non-vested awards outstanding as of December 31, 2025		1,087		$	34.14
Granted		370			60.23
Vested		(531	)		31.84
Forfeited		(46	)		39.05
Non-vested awards outstanding as of September 30, 2026		880		$	46.25

The following table summarizes the activities related to the Company’s performance-based restricted stock units:


(in thousands, except per share data)	Number of Units			Weighted- Average Grant Date Fair Value
Non-vested awards outstanding as of December 31, 2025		448		$	32.50
Granted(1)		94			58.05
Forfeited		(156	)		25.55
Non-vested awards outstanding as of September 30, 2026		386		$	41.54

(1) Represents target number of units that can vest based on the achievement of the performance goals.

Note 8 – Earnings Per Share

Basic earnings per share is computed using the weighted-average number of common shares outstanding. Diluted earnings per share is computed using the weighted-average number of common shares outstanding adjusted for the incremental shares attributed to outstanding stock equivalents. Stock equivalents include common shares issuable upon the exercise of stock options or the vesting of restricted stock units and other equity instruments and are computed using the treasury stock method. Under the treasury stock method, the exercise price of a share and the amount of compensation cost, if any, for future service that the Company has not yet recognized are assumed to be used to repurchase shares in the current period.

The following table sets forth the calculation of the Company’s basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net income	$	17,147	$	14,263	$	50,052	$	18,879

Denominator for basic earnings per share		35,879		35,802		35,848		35,947
Incremental common shares attributable to outstanding restricted stock units		517		380		511		390
Denominator for diluted earnings per share		36,396		36,182		36,359		36,337

Earnings per share:
Basic	$	0.48	$	0.40	$	1.40	$	0.53
Diluted	$	0.47	$	0.39	$	1.38	$	0.52

Restricted stock units totaling less than 0.1 million common shares for both the three and nine months ended September 30, 2026 were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive. Restricted stock units totaling less than 0.1 million common shares for both the three and nine months ended September 30, 2025 were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.

Note 9 – Income Taxes

Income tax expense consists of the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2026			2025			2026			2025
Income before income taxes	$	26,855		$	20,590		$	73,992		$	45,591
Income tax expense	$	9,708		$	6,327		$	23,940		$	26,712
Effective tax rate		36.1	%		30.7	%		32.4	%		58.6	%

The Company’s effective income tax rate was 36.1% and 32.4% for the three and nine months ended September 30, 2026, respectively, compared with the U.S. federal statutory income tax rate of 21%. The higher effective tax rates were primarily attributable to losses incurred in certain jurisdictions for which no tax benefit was recognized, the geographic mix of earnings among the jurisdictions in which the Company operates, and the impact of 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 Company's effective income tax rate was 30.7% and 58.6% for the three and nine months ended September 30, 2025, respectively, compared to the U.S. federal statutory income tax rate of 21%. The higher effective tax rates were primarily attributable to 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. These impacts were partially offset by tax incentives available in certain foreign jurisdictions. In addition, the effective tax rate for the nine-month period was impacted by a discrete tax expense related to foreign withholding taxes on repatriated dividends and the recognition of deferred tax liabilities associated with unremitted earnings in China.

The Company has been granted certain tax incentives, including tax holidays, for its subsidiaries in Thailand and China. These incentives expire at various dates, unless extended, renewed, or otherwise modified, and are subject to certain conditions with which the Company expects to remain in compliance. Tax incentives in Thailand expire at various dates through December 31, 2031. In the fourth quarter of 2024, the Company was granted a tax incentive in China that applies retroactively from January 1, 2024 through December 31, 2026 and reduces the statutory tax rate from 25% to 15%. The net impact of these tax incentives reduced foreign income tax expense by approximately $4.3 million (approximately $0.12 per diluted share) and $4.1 million (approximately $0.11 per diluted share) for the nine months ended September 30, 2026 and 2025, respectively.

A summary of the Company’s tax incentives follows:


	Nine Months Ended September 30,
(in thousands)	2026		2025
Thailand	$	3,207	$	2,847
China		1,124		1,247
Total tax incentives	$	4,331	$	4,094

Determining the consolidated income tax expense, income tax liabilities and deferred tax assets and liabilities involves judgment. The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates, which requires estimating current tax exposures and making judgments regarding the recoverability of deferred tax assets in each jurisdiction. Actual results may differ from these estimates, which could have a significant impact on operating results in future periods.

Note 10 – Revenue

The Company’s revenues are generated primarily from its manufacturing services, which entails the sale of manufactured products built to customer specifications. The Company also generates revenue from 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. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are generally short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s 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, the Company recognizes revenue upon transfer of control of the product to the customer, which is generally when goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, warranty provisions are generally not significant.

If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to trade accounts receivable when the entitlement to payment becomes unconditional.

Taxes assessed by governmental authorities that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales.

Disaggregation of Revenue

The following tables provide a summary of the Company’s revenue disaggregated by market sector and a reconciliation of the disaggregated revenue to the Company’s revenue by reportable operating segment:


	Three Months Ended September 30, 2026
(in thousands)	Americas		Asia		Europe		Total
Market sector:
Semi-Cap	$	54,855	$	158,939	$	26,904	$	240,698
Industrial		30,988		116,196		24,426		171,610
A&D		101,092		11,236		15,616		127,944
Medical		78,613		39,756		19,801		138,170
AC&C		93,988		38,488		—		132,476
External revenue		359,536		364,615		86,747		810,898
Elimination of intersegment sales		9,861		10,663		2,644		23,168
Segment revenue	$	369,397	$	375,278	$	89,391	$	834,066


	Nine Months Ended September 30, 2026
(in thousands)	Americas		Asia		Europe		Total
Market sector:
Semi-Cap	$	145,212	$	422,797	$	86,831	$	654,840
Industrial		89,532		302,832		73,131		465,495
A&D		281,080		33,373		44,489		358,942
Medical		230,464		118,100		51,638		400,202
AC&C		246,916		117,763		—		364,679
External revenue		993,204		994,865		256,089		2,244,158
Elimination of intersegment sales		27,948		29,052		8,107		65,107
Segment revenue	$	1,021,152	$	1,023,917	$	264,196	$	2,309,265


	Three Months Ended September 30, 2025
(in thousands)	Americas		Asia		Europe		Total
Market sector:
Semi-Cap	$	44,042	$	113,772	$	27,347	$	185,161
Industrial		28,782		96,667		26,903		152,352
A&D		103,067		8,506		17,085		128,658
Medical		70,462		43,355		12,463		126,280
AC&C		50,137		38,090		—		88,227
External revenue		296,490		300,390		83,798		680,678
Elimination of intersegment sales		12,521		6,925		2,496		21,942
Segment revenue	$	309,011	$	307,315	$	86,294	$	702,620


	Nine Months Ended September 30, 2025
(in thousands)	Americas		Asia		Europe		Total
Market sector:
Semi-Cap	$	135,539	$	357,148	$	77,923	$	570,610
Industrial		84,850		260,707		85,171		430,728
A&D		311,606		17,178		47,985		376,769
Medical		185,691		115,610		38,186		339,487
AC&C		137,140		100,043		—		237,183
External revenue		854,826		850,686		249,265		1,954,777
Elimination of intersegment sales		33,680		27,734		6,707		68,121
Segment revenue	$	888,506	$	878,420	$	255,972	$	2,022,898

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, contract assets and advance payments from customers. During the nine months ended September 30, 2026 and 2025, 88.5% and 87.7%, respectively, of the Company’s revenue was recognized as products and services that were transferred over time.

Contract assets primarily relate to the Company’s right to consideration for work completed but not billed to the customer as of period end. Contract asset balances are transferred to trade accounts receivable when the rights become unconditional.

A summary of activity related to the Company’s contract assets follows:


	Nine Months Ended September 30,
(in thousands)	2026			2025
Balance as of the beginning of the year	$	182,870		$	167,578
Revenue recognized		1,985,388			1,718,689
Amounts collected or invoiced		(1,946,710	)		(1,687,260	)
Balance as of the end of the period	$	221,548		$	199,007

As of September 30, 2026 and December 31, 2025, the Company had $123.7 million and $115.5 million, respectively, in advance payments from customers. Of those amounts, $102.6 million and $97.0 million, respectively, were customer deposits and prepayments of inventory and $21.1 million and $18.5 million, respectively, were related to the contractual timing of payments. The advance payments are not considered a significant financing component because they are used to meet working capital demands of a contract, offset inventory risks and protect the Company from the failure of other parties to fulfill obligations under a contract.

Note 11 – Segment and Geographic Information

The Company’s Chief Executive Officer is our Chief Operating Decision Maker (CODM) who evaluates how resources are allocated, assesses performance and makes strategic and operational decisions. The Company currently has manufacturing facilities in the Americas, Asia and Europe to serve its customers. The Company is operated and managed geographically, and management evaluates performance and allocates the Company’s resources on a geographic basis. We provide manufacturing services, design and engineering services, and technology solutions in the Americas, Asia and Europe. Intersegment sales are generally recorded at prices that approximate arm’s length transactions. Operating segments’ measure of profitability is based on income from operations. Corporate and intersegment eliminations include (1) corporate expenses not allocated to the Company’s three reporting segments, which are primarily general and administrative expenses such as corporate employee payroll and benefit costs and corporate facility costs, and (2) income from operations on intersegment sales between reporting segments. Corporate functions include legal, finance, tax, treasury, information technology, risk management, human resources, business development and other administrative functions. The accounting policies for the reportable operating segments are the same as for the Company taken as a whole. The Company has three reportable operating segments: Americas, Asia, and Europe.

Information about the Company’s operating segments follows:


	Three Months Ended September 30, 2026
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	359,536	$	364,615	$	86,747	$	810,898
Intersegment sales		9,861		10,663		2,644		23,168
	$	369,397	$	375,278	$	89,391	$	834,066

Reconciliation of sales
Elimination of intersegment sales								(23,168	)
Sales							$	810,898

Less:
Cost of sales		328,092		317,012		75,853
Selling, general and administrative expenses		6,021		4,105		2,444
Other(1)		1,524		62		—
Segment income from operations	$	23,899	$	43,436	$	8,450	$	75,785

Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(45,086	)
Interest expense								(3,433	)
Interest income								1,952
Other expense, net								(2,363	)
Income before income taxes							$	26,855


	Nine Months Ended September 30, 2026
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	993,204	$	994,865	$	256,089	$	2,244,158
Intersegment sales		27,948		29,052		8,107		65,107
	$	1,021,152	$	1,023,917	$	264,196	$	2,309,265

Reconciliation of sales
Elimination of intersegment sales								(65,107	)
Sales							$	2,244,158

Less:
Cost of sales		917,146		856,051		223,487
Selling, general and administrative expenses		18,933		11,740		7,630
Other(1)		5,869		130		64
Segment income from operations	$	51,256	$	126,944	$	24,908	$	203,108

Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(120,282	)
Interest expense								(10,833	)
Interest income								5,842
Other expense, net								(3,843	)
Income before income taxes							$	73,992


	Three Months Ended September 30, 2025
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	296,490	$	300,390	$	83,798	$	680,678
Intersegment sales		12,521		6,925		2,496		21,942
	$	309,011	$	307,315	$	86,294	$	702,620

Reconciliation of sales
Elimination of intersegment sales								(21,942	)
Sales							$	680,678

Less:
Cost of sales		278,028		259,180		72,453
Selling, general and administrative expenses		7,548		4,049		2,362
Other(1)		217		6		—
Segment income from operations	$	10,697	$	37,155	$	8,983	$	56,835

Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(33,174	)
Interest expense								(4,418	)
Interest income								1,955
Other expense, net								(608	)
Income before income taxes							$	20,590


	Nine Months Ended September 30, 2025
(in thousands)	Americas		Asia		Europe		Total
Sales from external customers	$	854,826	$	850,686	$	249,265	$	1,954,777
Intersegment sales		33,680		27,734		6,707		68,121
	$	888,506	$	878,420	$	255,972	$	2,022,898

Reconciliation of sales
Elimination of intersegment sales								(68,121	)
Sales							$	1,954,777

Less:
Cost of sales		801,570		729,611		218,559
Selling, general and administrative expenses		22,377		11,432		7,071
Other(1)		13,833		19		—
Segment income from operations	$	17,046	$	109,624	$	23,635	$	150,305

Reconciliation of income before income taxes
Other - corporate and eliminations(2)								(94,399	)
Interest expense								(16,061	)
Interest income								7,822
Other expense, net								(2,076	)
Income before income taxes							$	45,591

(1) Includes expenses for amortization of intangible assets and restructuring charges and other costs.

(2) Includes corporate expenses for unallocated expenses, amortization of intangible assets, restructuring charges and other costs and elimination of intersegment cost of sales.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Depreciation and amortization:
Americas	$	4,875	$	5,146	$	14,564	$	15,613
Asia		3,487		2,950		10,027		8,558
Europe		1,080		1,045		3,304		3,034
Corporate		2,715		2,703		8,147		8,424
Total depreciation and amortization	$	12,157	$	11,844	$	36,042	$	35,629

Capital expenditures:
Americas	$	5,594	$	1,523	$	18,863	$	7,883
Asia		8,295		6,641		23,286		12,503
Europe		479		2,631		1,066		4,855
Corporate		1,109		699		3,454		2,713
Total capital expenditures	$	15,477	$	11,494	$	46,669	$	27,954


	September 30,		December 31,
(in thousands)	2026		2025
Assets:
Americas	$	914,265	$	819,820
Asia		890,436		752,962
Europe		269,189		269,728
Corporate		243,380		229,205
Total assets	$	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:


	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


	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:


		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:


	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	)


	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:


	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:


(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:


	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:


	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:


	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:


	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. Legal 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. Unregistered Sales of Equity Securities and Use of Proceeds

(c) The 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) On 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. Other 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. Exhibits


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) Filed herewith

(2) Furnished 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.


	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)