Belden Reports Record Fourth Quarter and Full Year 2025 Results
Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, today reported fiscal fourth quarter and full year results for the period ende...
ST. LOUIS: Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, today reported fiscal fourth quarter and full year results for the period ended December 31, 2025.
Fourth Quarter 2025 Highlights
- Record Revenues of $720 million, up 8% y/y and up 5% y/y organically
- GAAP EPS of $1.70, up 20% y/y
- Record Adjusted EPS of $2.08, up 8% y/y
- Repurchased 0.4 million shares for $45 million during the quarter
Full Year 2025 Highlights
- Record Revenues of $2,715 million, up 10% y/y and up 6% y/y organically
- GAAP EPS of $5.91, up 23% y/y
- Record Adjusted EPS of $7.54, up 19% y/y
- Repurchased 1.7 million shares for $195 million during the year
"2025 was a year of clear progress and broadened market traction across the business," said Ashish Chand, President and CEO of Belden Inc. "Record orders underpinned a milestone year, delivering record revenue of $2.7 billion, up 10% year over year, and record adjusted EPS of $7.54, up 19% year over year. Performance was led by broad-based strength in Automation Solutions combined with accelerating adoption of our solutions portfolio. Consistent with our capital allocation priorities, we repurchased 1.7 million shares for $195 million during the year. We remain confidently on track to achieve our long-term targets, building on this progress to deliver sustained, profitable growth and enduring shareholder value."
Fourth Quarter 2025
Revenues for the quarter increased $54 million, or 8%, to $720 million from $666 million in the year-ago period. Revenues increased 5% organically, with Automation Solutions up 10% and Smart Infrastructure Solutions flat. Net income was $68 million, compared to $58 million in the year-ago period. Net income as a percentage of revenues was 9.4%, compared to 8.8% in the year-ago period. EPS totaled $1.70 for the quarter, compared to $1.42 in the year-ago period.
Adjusted EBITDA was $122 million, up $8 million, or 7%, compared to $114 million in the year-ago period. Adjusted EBITDA margin was 17.0%, down 10 bps, compared to 17.1% in the year-ago period. Adjusted EPS was $2.08, increasing 8% compared to $1.92 in the year-ago period. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.
Full Year 2025
Revenues for the year increased $254 million, or 10%, to $2,715 million from $2,461 million in the prior year. Revenues increased 6% organically, with Automation Solutions up 11% and Smart Infrastructure Solutions up 1%. Net income was $238 million, compared to $198 million in the prior year. Net income as a percentage of revenues was 8.7%, compared to 8.1% in the prior year. EPS totaled $5.91, compared to $4.80 in the prior year.
Adjusted EBITDA was $459 million, up $48 million, or 12%, compared to $411 million in the prior year. Adjusted EBITDA margin was 16.9%, up 20 bps, compared to 16.7% in the prior year. Adjusted EPS was $7.54, increasing 19% compared to $6.36 in the prior year.
Belden Announces Strategic Realignment to Accelerate Solutions Transformation
Effective January 1, 2026, Belden transitioned from a legacy business segment structure to a unified, functional operating model that applies across the enterprise, from executive leadership to our functional teams. In this model, the company is organized around core functions rather than separate businesses to align resources and accountability in support of our continued solutions transformation. As IT and OT networks increasingly converge, realigning our organizational structure enables us to sell and deliver converged solutions more efficiently and consistently. The new model enables us to leverage the full product portfolio for customers, speed up decision making, clarify accountability and make it simpler to package customer centric integrated solutions.
Reflecting this realignment, beginning next quarter we will report consolidated financials as a single segment while continuing to provide insights into key markets and verticals. This structure accelerates our solutions transformation within key verticals and allows us to bring integrated offerings to market faster to address customers' most pressing needs. These changes position Belden to unlock additional value for shareholders as our solutions transformation advances.
Outlook
“We are strategically positioned for the long term, with secular trends such as digitization, IT/OT convergence, physical AI and data driven efficiency supporting customer needs,” said Dr. Chand. “At the same time, we recognize there is ongoing uncertainty in the market. Our growing solutions adoption underscores ongoing customer demand, and our resilient business model and disciplined execution enable us to manage near term variability. Our guidance reflects these dynamics and aligns with Belden’s typical seasonal trends. We will continue to monitor market conditions closely and remain focused on executing the solutions transformation and delivering long term value for shareholders.”
Assuming the continuation of current market conditions, the table below provides guidance for the first quarter of 2026.
First Quarter 2026: | ||
|
| Guidance |
Revenues (million) |
| $675 - $690 |
GAAP EPS |
| $1.21 - $1.31 |
Adjusted EPS |
| $1.65 - $1.75 |
Earnings Conference Call
Management will host a conference call today at 8:30 am ET to discuss the results. The listen-only audio of the conference call will be broadcast live online at https://investor.belden.com. The dial-in number for participants is 1-800-330-6710 with confirmation code 3143721. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.
Earnings per Share (EPS) and Organic Growth
All references to EPS within this earnings release refer to net income per diluted share attributable to Belden stockholders. Organic growth is calculated as the change in revenues excluding the impacts from currency exchange rates, copper prices, acquisitions, and divestitures.
BELDEN INC. | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| December 31, 2025 |
| December 31, 2024 |
| December 31, 2025 |
| December 31, 2024 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| (In thousands, except per share data) | ||||||||||||||
Revenues |
| $ | 720,120 |
|
| $ | 666,042 |
|
| $ | 2,715,194 |
|
| $ | 2,460,979 |
|
Cost of sales |
|
| (456,554 | ) |
|
| (416,226 | ) |
|
| (1,684,022 | ) |
|
| (1,538,757 | ) |
Gross profit |
|
| 263,566 |
|
|
| 249,816 |
|
|
| 1,031,172 |
|
|
| 922,222 |
|
Selling, general and administrative expenses |
|
| (130,507 | ) |
|
| (137,362 | ) |
|
| (533,366 | ) |
|
| (494,603 | ) |
Research and development expenses |
|
| (32,542 | ) |
|
| (28,968 | ) |
|
| (128,758 | ) |
|
| (112,365 | ) |
Amortization of intangibles |
|
| (12,975 | ) |
|
| (14,307 | ) |
|
| (53,356 | ) |
|
| (48,794 | ) |
Operating income |
|
| 87,542 |
|
|
| 69,179 |
|
|
| 315,692 |
|
|
| 266,460 |
|
Interest expense, net |
|
| (12,489 | ) |
|
| (10,849 | ) |
|
| (46,355 | ) |
|
| (38,303 | ) |
Loss related to revolver refinancing |
|
| - |
|
|
| - |
|
|
| (76 | ) |
|
| - |
|
Non-operating pension cost |
|
| (1,192 | ) |
|
| (962 | ) |
|
| (2,395 | ) |
|
| (215 | ) |
Income before taxes |
|
| 73,861 |
|
|
| 57,368 |
|
|
| 266,866 |
|
|
| 227,942 |
|
Income tax benefit (expense) |
|
| (5,972 | ) |
|
| 1,014 |
|
|
| (29,344 | ) |
|
| (29,528 | ) |
Net income |
|
| 67,889 |
|
|
| 58,382 |
|
|
| 237,522 |
|
|
| 198,414 |
|
Less: Net loss attributable to noncontrolling interest |
|
| - |
|
|
| (2 | ) |
|
| - |
|
|
| (19 | ) |
Net income attributable to Belden stockholders |
| $ | 67,889 |
|
| $ | 58,384 |
|
| $ | 237,522 |
|
| $ | 198,433 |
|
|
|
|
|
|
|
|
|
| ||||||||
Weighted average number of common shares and equivalents: |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 39,250 |
|
|
| 40,312 |
|
|
| 39,605 |
|
|
| 40,694 |
|
Diluted |
|
| 39,882 |
|
|
| 41,087 |
|
|
| 40,210 |
|
|
| 41,299 |
|
|
|
|
|
|
|
|
|
| ||||||||
Basic income per share attributable to Belden stockholders |
| $ | 1.73 |
|
| $ | 1.45 |
|
| $ | 6.00 |
|
| $ | 4.88 |
|
|
|
|
|
|
|
|
|
| ||||||||
Diluted income per share attributable to Belden stockholders |
| $ | 1.70 |
|
| $ | 1.42 |
|
| $ | 5.91 |
|
| $ | 4.80 |
|
|
|
|
|
|
|
|
|
| ||||||||
Common stock dividends declared per share |
| $ |
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