Everyone knows NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) and Tesla (NASDAQ:TSLA) are the marquee names in robotics and autonomous systems.
But with both stocks carrying trillion-dollar valuations, the leverage may be limited. Today, we’re spotlighting two robotics stocks that just reported strong Q4 earnings and have drawn renewed analyst attention heading into 2026. While the days of humanoid robots across factories and homes in America may still be years away, these two companies are reporting significant results from robotics already today.
The Robotics Opportunity
The robotics trade is heating up as AI makes machines dramatically more capable. Industrial automation is accelerating across manufacturing and logistics as labor shortages persist and AI-driven vision systems enable robots to handle increasingly complex tasks.
The companies building the test equipment and machine vision systems that make this automation possible are posting growth that suggests we’re still early in this cycle.
2. Cognex: The Machine Vision Play
Cognex (NASDAQ:CGNX) is the global leader in industrial machine vision, the technology that gives robots eyes. With over 30,000 customers across factory automation and logistics, its systems enable everything from quality inspection to warehouse picking. The stock has surged 32% since its February 11th close and 58% year-to-date after Q4 results crushed expectations.
Revenue of $252.34 million beat estimates of $238.9, but adjusted EPS of $0.27 crushed the $0.22 consensus. Adjusted EBITDA margin hit 22.7%, up 420 basis points year-over-year, marking the sixth consecutive quarter of margin expansion and achieving a 20% EBITDA milestone a full year ahead of plan.
CEO Matt Moschner outlined the path forward: “We are also taking meaningful steps to optimize our portfolio, exiting approximately $22 million of non-core, no-growth or low-margin revenue, and continuing to transform our operating model, which is expected to deliver an additional $35 to $40 million in annualized cost reductions by the end of 2026.” The company targets a 25% adjusted EBITDA margin run-rate by year-end 2026.
Full-year free cash flow of $236.77 million surged 77% year-over-year, enabling $206 million in shareholder returns through buybacks and dividends. The board authorized a new $500 million share repurchase program, giving Cognex $615 million in total buyback capacity. For Q1 2026, management guided to revenue of $235 to $255 million (13% growth at the midpoint) and adjusted EPS of $0.22 to $0.26, up 50% year-over-year at the midpoint.
Cognex looks pricey at 83X trailing earnings, but with $1.25 in expected EPS in 2026, the company looks more reasonable on a forward basis. Wall Street expects earnings to grow to $2.25 by 2029.
1. Teradyne: The AI Test Equipment Monster
Teradyne (NASDAQ:TER) is less obvious but has drawn significant analyst attention. Best known for semiconductor test equipment, it also operates a fast-growing robotics division and is riding the AI infrastructure wave hard. The stock has ripped 175% over the past year and 63% year-to-date, and Q4 results plus 2026 guidance have drawn renewed analyst attention.
Q4 revenue of $1.083 billion crushed the $987.8 million estimate by 10%, while EPS of $1.80 demolished the $1.38 consensus by 30%. Revenue surged 44% year-over-year, driven by AI-related demand in compute, networking, and memory. CEO Greg Smith stated: “Our Q4 results were above the high end of our guidance range, fueled by AI-related demand in compute, networking and memory within our Semi Test business.”
The robotics segment generated $89 million in Q4 revenue, with management targeting breakeven for the division in 2026. Revenue from a large e-commerce customer is expected to triple between 2025 and 2026, with growth continuing as deployments expand. Smith added: “We have established a top-tier platform for physical AI applications applicable across various industry verticals, and we have incorporated AI capabilities into our AMR products.”
For Q1 2026, Teradyne guided to revenue of $1.15 billion to $1.25 billion, representing 75% year-over-year growth at the midpoint, with non-GAAP EPS of $1.89 to $2.25. Management expects AI applications to drive upwards of 70% of revenue in Q1, up from over 60% in Q4. Long-term, Teradyne sees the ATE market reaching $12 billion to $14 billion from roughly $9 billion in 2025, and at $6 billion in revenue forecasts non-GAAP EPS of $9.50 to $11.00.
The Overlooked Advantage
While Nvidia and Tesla get the headlines, Cognex and Teradyne are drawing increased attention from analysts covering the 2026 automation wave. One is printing cash and expanding margins as factories automate. The other is riding the AI infrastructure build-out while scaling a robotics business toward breakeven. Both just posted strong quarters and both are guiding for continued growth in 2026.
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