Belden (BDC) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year revenue, with Q4 at $720 million (up 8% YoY) and full-year at $2.72 billion (up 10% YoY), both exceeding guidance and prior year results.

• Adjusted EPS reached $2.08 for Q4 (up 8% YoY) and $7.54 for the year (up 19% YoY); GAAP EPS for Q4 was $1.70 (up 20% YoY), full-year GAAP EPS was $5.91 (up 23% YoY).

• Strategic realignment advanced, transitioning to a unified functional operating model effective January 2026 to accelerate solutions transformation and customer focus.

• Solutions wins as a percentage of total revenue surpassed 15% for the year, reflecting strategic progress and expansion in key verticals.

• Repurchased 1.7 million shares for $195 million in 2025, reducing share count and supporting capital discipline.

Financial highlights

• Q4 revenue up 8% year-over-year; organic growth of 5–10% depending on segment.

• Q4 EBITDA was $122 million (up 7% YoY); full-year EBITDA reached $459 million (up 12% YoY); net income for the year was $238 million, up from $198 million.

• Gross profit margin improved 40 bps to 38.5% for the year; EBITDA margin up 20 bps to 16.9%.

• Free cash flow for the year was $219 million.

• Diluted shares outstanding decreased due to repurchases.

Outlook and guidance

• Q1 2026 revenue expected between $675 million and $690 million; adjusted EPS between $1.65 and $1.75; GAAP EPS between $1.21 and $1.31.

• Long-term targets include mid-single-digit organic revenue growth, 25–30% incremental EBITDA margins, ~10% free cash flow margin, net leverage ~1.5x, and 10–12% EPS CAGR through 2028.

• Anticipates stabilization and rebound in broadband in 2026, driven by new fiber products and DOCSIS deployments.

• FX expected to be a 2% revenue benefit year-over-year in Q1 2026.

• Guidance reflects typical seasonality and ongoing market uncertainty.