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Belden (BDC) investor relations material
Belden Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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