Benchmark Electronics
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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.
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Q4 2025 earnings summary3 Feb, 2026

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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Q1 202628 Apr, 2026
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Frequently asked questions

Benchmark Electronics Inc. provides engineering, manufacturing, and supply chain services to original equipment manufacturers. The company serves various industries, including medical, aerospace and defense, industrial, semiconductor capital equipment, and advanced computing. Benchmark offers product design, printed circuit board assembly, testing, and after-market services. The company is headquartered in Tempe, Arizona, and its shares are listed on the NYSE.

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