GENTEX CORPGNTX
GENTEX CORP Segments Disclosure
SEGMENT REPORTING
ASC 280, Segment Reporting, requires that a public business entity report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The CODM evaluates performance and allocates resources based upon a number of factors, including the nature of the business, relevant industry, and profitability of the same, with the primary profit measure being income (loss) from operations of each segment. The CODM uses this information to evaluate the profitability of the Company's reportable segments and make decisions on future business plans.
In connection with the acquisition of VOXX (see Note 11, "Acquisitions"), effective April 1, 2025, the Company reorganized its financial reporting into nine distinct operating segments based on its products and internal organizational structure. These operating segments are disclosed by the Company under three reportable segments, which are Automotive Products, Premium Audio Products, and Other. As there was no change to legacy operating segments of the Company or how the legacy operations are organized and evaluated by the CODM, the Company determined it was not necessary to recast its prior year segment presentation or perform goodwill impairment testing.
Automotive Products: Automotive products represent the Company's largest business segment, consisting of digital vision, connected car, and other automotive products and electronics which are developed and manufactured by the Company. Products include: interior and exterior electrochromic automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other automotive electronics. Automotive products accounted for approximately 89% of the Company’s consolidated net sales for the year ended December 31, 2025, and 98% in both of the years ended December 31, 2024 and 2023.
Premium Audio Products: Established following the acquisition of VOXX, this segment designs, manufactures, markets, and distributes high quality audio equipment created to deliver superior sound quality and performance, including premium loudspeakers, architectural speakers, commercial and cinema speakers, outdoor speakers, wireless and Bluetooth speakers, A/V receivers, home theater systems, soundbars, and music streaming systems. Premium Audio products accounted for approximately 6% of the Company’s consolidated net sales for the year ended December 31, 2025. There was no revenue attributed to this segment for the years ended December 31, 2024 and 2023, as the segment was created as a result of the Company's acquisition of VOXX on April 1, 2025.
Other: The Other reportable segment includes the operating segments of Fire Protection, Dimmable Aircraft Windows, Nanofiber, Medical, Aftermarket Electronics, Consumer Electronics, and Biometrics. These operating segments accounted for approximately 5% of the Company's consolidated net sales for the year ended December 31, 2025, and 2% in both of the years ended December 31, 2024, and 2023.
The segments share many common resources, infrastructures, and assets in the ordinary course of business. Thus, the Company does not report assets or capital expenditures by segment to the CODM.
The table below presents net sales and the significant expense categories that are included in reportable segment operating profit and are regularly provided to our CODM:
| 2025 | 2024 | 2023 | |||||||||||||||
| Net Sales: | |||||||||||||||||
| Automotive Products | $ | 2,255,904,839 | $ | 2,264,724,564 | $ | 2,254,660,291 | |||||||||||
| Premium Audio Products | 151,298,912 | — | — | ||||||||||||||
| Other | 127,065,214 | 48,589,769 | 44,554,753 | ||||||||||||||
| Total | $ | 2,534,268,965 | $ | 2,313,314,333 | $ | 2,299,215,044 | |||||||||||
| Cost of Goods Sold: | |||||||||||||||||
| Automotive Products | $ | 1,470,553,673 | $ | 1,507,698,600 | $ | 1,506,237,606 | |||||||||||
| Premium Audio Products | 103,151,642 | — | — | ||||||||||||||
| Other | 93,854,710 | 34,525,543 | 30,347,430 | ||||||||||||||
| Total | $ | 1,667,560,025 | $ | 1,542,224,143 | $ | 1,536,585,036 | |||||||||||
| Operating Expenses: | |||||||||||||||||
| Automotive Products | $ | 294,353,858 | $ | 280,803,585 | $ | 252,771,985 | |||||||||||
| Premium Audio Products | 39,847,169 | — | — | ||||||||||||||
| Other | 58,572,159 | 30,560,032 | 14,126,970 | ||||||||||||||
| Total | $ | 392,773,186 | $ | 311,363,617 | $ | 266,898,955 | |||||||||||
| Depreciation & Amortization: | |||||||||||||||||
| Automotive Products | $ | 93,155,853 | $ | 87,207,822 | $ | 87,123,055 | |||||||||||
| Premium Audio Products | 287,581 | — | — | ||||||||||||||
| Other | 4,402,321 | 2,724,978 | 1,231,061 | ||||||||||||||
| Corporate | 6,196,009 | 4,781,862 | 4,967,076 | ||||||||||||||
| Total | $ | 104,041,764 | $ | 94,714,662 | $ | 93,321,192 | |||||||||||
| Income (Loss) from Operations: | |||||||||||||||||
| Automotive Products | $ | 490,997,308 | $ | 476,222,379 | $ | 495,650,700 | |||||||||||
| Premium Audio Products | 8,300,101 | — | — | ||||||||||||||
| Other | (25,361,655) | (16,495,806) | 80,353 | ||||||||||||||
| Total | $ | 473,935,754 | $ | 459,726,573 | $ | 495,731,053 | |||||||||||
Depreciation & Amortization on corporate fixed assets are allocated as appropriate to the Automotive Products, Premium Audio Products, and Other segments, when reviewing operating results. Substantially all long-lived assets are located in the U.S.
In 2025, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of consolidated net sales as follows:
| Toyota Motor Company | Volkswagen Group | General Motors | |||||||||||||||
| 2025 | 18% | 11% | 10% | ||||||||||||||
| 2024 | 19% | 13% | 11% | ||||||||||||||
| 2023 | 18% | 14% | 10% | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.