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Benchmark Electronics (BHE) investor relations material
Benchmark Electronics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenue reached $704 million, up 7% year-over-year, with double-digit growth in AC&C, Medical, and A&D sectors.
Full-year 2025 revenue was $2.66 billion, flat year-over-year, with sequential growth and improved momentum in the second half.
Non-GAAP EPS for Q4 was $0.71, exceeding guidance; full-year non-GAAP EPS rose to $2.40.
Operating margin improved sequentially throughout the year, reaching 5.5% in Q4.
Bookings momentum and sector diversification support confidence in 2026 revenue growth.
Financial highlights
Q4 2025 non-GAAP gross margin was 10.6%, and operating margin was 5.5%, both at multi-year highs.
Full-year 2025 non-GAAP gross margin was 10.2%; operating margin was 4.9%.
Q4 operating cash flow was $59 million; free cash flow was $48 million; full-year free cash flow was $85 million.
Cash balance at year-end was $322 million, with $148 million term loan and $65 million revolver outstanding.
Cash conversion cycle improved to 67 days, down 10 days sequentially and 22 days year-over-year.
Outlook and guidance
Q1 2026 revenue expected between $655 million–$695 million, up 7% year-over-year at midpoint.
Q1 non-GAAP gross margin guidance is 10%–10.4%; operating margin 4.7%–4.9%.
Q1 non-GAAP EPS expected in the range of $0.53–$0.59.
Effective tax rate for Q1 and full year expected at 26%–27%.
Mid-single-digit growth guidance for 2026, with potential for further strengthening as customer visibility improves.
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Strong revenue and profit growth led by segment expansion, digital, and overseas businesses. - FRU
Q2 2025 production up 9% year-over-year, with strong U.S. growth and $44M in dividends paid. - FRU
Q3 2025 saw 10% production growth, 37% higher net income, and expanded credit facilities. - DCH
Q3 2025 saw flat sales, higher margins, and strong cash flow as the Dowlais deal advances. - 6103
Strong sales growth and robust orders drive higher profits; outlook and dividend unchanged. - BERG
Q3 EBITA up 12% and margins improved, with strong acquisition activity and new divisional structure. - ALIF
Profitability and margins improved, debt reduced, and outlook for 2026 is strong. - 4475
Sales and ARR grew strongly, but higher costs and expenses pressured net profit and margins. - DEVYANI
Revenue increased but net losses persisted; major acquisitions and amalgamation approved. - DNB
Q4 2025 saw strong growth and high returns, but annual profit fell due to higher costs and impairments.
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