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Belden Reports Record Third Quarter 2025 Results


St. Louis, Missouri – October 30, 2025 - Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of complete connection solutions, today reported fiscal third quarter results for the period ended September 28, 2025.

Third Quarter 2025 Highlights
•Record Revenues of $698 million, up 7% y/y and up 4% y/y organically
•GAAP EPS of $1.41, up 8% y/y
•Record Adjusted EPS of $1.97, up 16% y/y
•Repurchased 0.4 million shares for $50 million during the quarter, and 1.4 million shares for $150 million year-to-date

"We are pleased to announce record Revenues and Adjusted EPS for the third quarter, a testament to our strategic focus and steady execution," said Ashish Chand, President and CEO of Belden Inc. "Revenues grew 7% year-over-year to $698 million, with organic growth of 4%. Adjusted EPS for the period reached $1.97, a 16% increase year-over-year attributable to our continued progress in our solutions transformation. We saw particular strength in our Automation Solutions segment, with growth in key verticals and across all regions. Additionally, our commitment to disciplined capital allocation further enhanced shareholder value, with year-to-date share repurchases totaling $150 million. Our global team's steady performance and commitment to innovation continue to drive our success, delivering cutting-edge solutions for our customers and creating long-term value for our shareholders.”

Third Quarter 2025

Revenues for the quarter increased $43 million, or 7%, to $698 million from $655 million in the year-ago period. Revenues increased 4% organically, with Automation Solutions up 10% and Smart Infrastructure Solutions down 1%. Net income was $57 million, compared to $54 million in the year-ago period. Net income as a percentage of revenues was 8.1%, compared to 8.2% in the year-ago period. EPS totaled $1.41 for the quarter, compared to $1.30 in the year-ago period.

Adjusted EBITDA was $119 million, up $6 million, or 5%, compared to $113 million in the year-ago period. Adjusted EBITDA margin was 17.0%, down 20 bps, compared to 17.2% in the year-ago period. Adjusted EPS was $1.97, increasing 16% compared to $1.70 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.

Outlook

“We are strategically positioned for the long term, with powerful secular trends driving our customers' evolving needs in digitization, IT/OT convergence, physical AI, and data-driven efficiency,” said Dr. Chand. “Leveraging these key customer needs, our resilient business model and operational discipline allow us to effectively manage the current market dynamics. We are deeply committed to consistent execution and innovation, ensuring we capitalize on future growth and deliver compelling value for our shareholders.”







Assuming the continuation of current market conditions, the table below provides guidance for the fourth quarter of 2025.

Fourth Quarter 2025:
Guidance
Revenues (million)$690 - $700
GAAP EPS$1.40 - $1.50
Adjusted EPS$1.90 - $2.00

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 6929850. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
 (In thousands, except per share data)
Revenues$698,221 $654,926 $1,995,074 $1,794,937 
Cost of sales(435,023)(410,922)(1,227,468)(1,122,531)
Gross profit263,198 244,004 767,606 672,406 
Selling, general and administrative expenses(139,415)(126,976)(402,859)(357,241)
Research and development expenses(33,859)(27,941)(96,216)(83,397)
Amortization of intangibles(13,636)(13,738)(40,381)(34,487)
Operating income76,288 75,349 228,150 197,281 
Interest expense, net(11,562)(10,855)(33,866)(27,454)
Non-operating pension benefit (cost)(398)286 (1,203)747 
Loss related to revolver refinancing(76)— (76)— 
Income before taxes64,252 64,780 193,005 170,574 
Income tax expense(7,562)(11,091)(23,372)(30,542)
Net income 56,690 53,689 169,633 140,032 
Less:  Net loss attributable to noncontrolling interest— (3)— (17)
Net income attributable to Belden stockholders$56,690 $53,692 $169,633 $140,049 
Weighted average number of common shares and equivalents:
Basic39,516 40,798 39,728 40,825 
Diluted40,137 41,417 40,324 41,371 
Basic income per share attributable to Belden stockholders$1.43 $1.32 $4.27 $3.43 
Diluted income per share attributable to Belden stockholders$1.41 $1.30 $4.21 $3.39 
Common stock dividends declared per share$0.05 $0.05 $0.15 $0.15 



BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)

Smart Infrastructure SolutionsAutomation Solutions
 (In thousands, except percentages)
For the three months ended September 28, 2025
Segment Revenues$316,913 $381,308 
Segment EBITDA39,810 79,286 
Segment EBITDA margin12.6 %20.8 %
Depreciation expense8,134 8,722 
Amortization of intangibles8,574 5,062 
Amortization of software development intangible assets82 2,990 
Severance, restructuring, and acquisition integration costs4,190 4,988 
Adjustments related to acquisitions and divestitures— 11 
For the three months ended September 29, 2024
Segment Revenues$319,647 $335,279 
Segment EBITDA40,447 71,819 
Segment EBITDA margin12.7 %21.4 %
Depreciation expense6,758 7,897 
Amortization of intangibles8,738 5,000 
Amortization of software development intangible assets— 2,678 
Severance, restructuring, and acquisition integration costs4,619 644 
Adjustments related to acquisitions and divestitures263 298 
For the nine months ended September 28, 2025
Segment Revenues$896,982 $1,098,092 
Segment EBITDA107,169 230,857 
Segment EBITDA margin11.9 %21.0 %
Depreciation expense21,634 24,772 
Amortization of intangibles25,786 14,595 
Amortization of software development intangible assets100 8,528 
Severance, restructuring, and acquisition integration costs6,894 6,821 
Adjustments related to acquisitions and divestitures— 595 
For the nine months ended September 29, 2024
Segment Revenues$824,209 $970,728 
Segment EBITDA97,691 198,301 
Segment EBITDA margin11.9 %20.4 %
Depreciation expense19,277 22,420 
Amortization of intangibles19,479 15,008 
Amortization of software development intangible assets— 7,855 
Severance, restructuring, and acquisition integration costs8,518 4,950 
Adjustments related to acquisitions and divestitures263 894 



BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 28,
2025		December 31,
2024
 (Unaudited)
 (In thousands)
ASSETS
Current assets:
Cash and cash equivalents$314,257 $370,302 
Receivables, net461,338 409,711 
Inventories, net393,911 343,099 
Other current assets89,825 73,117 
            Total current assets1,259,331 1,196,229 
Property, plant and equipment, less accumulated depreciation537,510 495,625 
Operating lease right-of-use assets110,798 118,551 
Goodwill1,036,666 1,018,677 
Intangible assets, less accumulated amortization405,660 419,074 
Deferred income taxes17,101 16,353 
Other long-lived assets69,789 63,429 
$3,436,855 $3,327,938 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$308,797 $315,724 
Accrued liabilities322,650 306,980 
Total current liabilities631,447 622,704 
Long-term debt1,284,433 1,130,101 
Postretirement benefits69,484 63,260 
Deferred income taxes81,404 77,333 
Long-term operating lease liabilities91,376 100,049 
Other long-term liabilities36,584 39,755 
Stockholders’ equity:
Common stock503 503 
Additional paid-in capital858,679 839,755 
Retained earnings1,339,666 1,176,036 
Accumulated other comprehensive loss(89,204)(3,532)
Treasury stock(867,517)(718,026)
Total stockholders’ equity1,242,127 1,294,736 
$3,436,855 $3,327,938 





BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
 
 Nine Months Ended
 September 28, 2025September 29, 2024
 (In thousands)
Cash flows from operating activities:
Net income $169,633 $140,032 
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization95,414 84,039 
Share-based compensation22,613 22,079 
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals:
Receivables(36,689)3,244 
Inventories(40,334)8,918 
Accounts payable(15,128)(53,664)
Accrued liabilities(7,357)(24,410)
Income taxes(1,492)1,220 
Other assets(3,796)(5,766)
Other liabilities11,612 1,665 
Net cash provided by operating activities194,476 177,357 
Cash flows from investing activities:
Capital expenditures(97,034)(70,759)
Cash from business acquisitions7,744 (295,591)
Proceeds from disposal of tangible assets168 106 
Net cash used for investing activities(89,122)(366,244)
Cash flows from financing activities:
Payments under share repurchase program, including excise tax(150,967)(77,954)
Payments on revolving credit facility(50,000)— 
Withholding tax payments for share-based payment awards(20,514)(8,930)
Cash dividends paid(6,000)(6,154)
Debt issuance costs paid(3,178)— 
Payments under financing lease obligations(1,341)(694)
Proceeds from issuance of common stock11,628 8,917 
Borrowings on revolving credit facility50,000 — 
Net cash used for financing activities(170,372)(84,815)
Effect of foreign currency exchange rate changes on cash and cash equivalents8,973 (360)
   Decrease in cash and cash equivalents (56,045)(274,062)
Cash and cash equivalents, beginning of period370,302 597,044 
   Cash and cash equivalents, end of period$314,257 $322,982 




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)


In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value, and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.
We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for acquisition-related expenses, such as amortization of intangibles and impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.


















Three Months EndedNine Months Ended
September 28, 2025September 29, 2024September 28, 2025September 29, 2024
(In thousands, except percentages and per share amounts)
Revenues$698,221 $654,926 $1,995,074 $— $1,794,937 
GAAP gross profit$263,198 $244,004 $767,606 $672,406 
Amortization of software development intangible assets3,072 2,678 8,628 7,855 
Severance, restructuring, and acquisition integration costs326 613 337 3,199 
Adjustments related to acquisitions and divestitures— 263 — 263 
Adjusted gross profit$266,596 $247,558 $776,571 $683,723 
GAAP gross profit margin37.7 %37.3 %38.5 %37.5 %
Adjusted gross profit margin38.2 %37.8 %38.9 %38.1 %
GAAP selling, general and administrative expenses$(139,415)$(126,976)$(402,859)$(357,241)
Severance, restructuring, and acquisition integration costs8,774 4,720 13,205 9,987 
Adjustments related to acquisitions and divestitures11 298 595 894 
Adjusted selling, general and administrative expenses$(130,630)$(121,958)$(389,059)$(346,360)
GAAP research and development expenses$(33,859)$(27,941)$(96,216)$(83,397)
Severance, restructuring, and acquisition integration costs78 (70)173 282 
Adjusted research and development expenses$(33,781)$(28,011)$(96,043)$(83,115)
GAAP net income$56,690 $53,689 $169,633 $140,032 
Income tax expense 7,562 11,091 23,372 30,542 
Interest expense, net11,562 10,855 33,866 27,454 
Loss related to revolver refinancing76 — 76 — 
Total non-operating adjustments19,200 21,946 57,314 57,996 
Amortization of intangible assets13,636 13,738 40,381 34,487 
Amortization of software development intangible assets3,072 2,678 8,628 7,855 
Severance, restructuring, and acquisition integration costs9,178 5,263 13,715 13,468 
Adjustments related to acquisitions and divestitures11 561 595 1,157 
Total operating income adjustments25,897 22,240 63,319 56,967 
Depreciation expense16,856 14,655 46,406 41,697 
Adjusted EBITDA$118,643 $112,530 $336,672 $296,692 
GAAP net income margin8.1 %8.2 %8.5 %7.8 %
Adjusted EBITDA margin17.0 %17.2 %16.9 %16.5 %
GAAP net income$56,690 $53,689 $169,633 $140,032 
Less:  Net loss attributable to noncontrolling interest— (3)— (17)
GAAP net income attributable to Belden stockholders$56,690 $53,692 $169,633 $140,049 
GAAP net income$56,690 $53,689 $169,633 $140,032 
Plus: Operating income adjustments from above25,897 22,240 63,319 56,967 
Less: Tax effect of adjustments above3,449 5,365 12,722 12,975 
Plus: Loss related to revolver refinancing76 — 76 — 
Less:  Net loss attributable to noncontrolling interest— (3)— (17)
Adjusted net income attributable to Belden stockholders$79,214 $70,567 $220,306 $184,041 
GAAP income per diluted share attributable to Belden stockholders$1.41 $1.30 $4.21 $3.39 
Adjusted income per diluted share attributable to Belden stockholders$1.97 $1.70 $5.46 $4.45 
GAAP and adjusted diluted weighted average shares40,137 41,417 40,324 41,371 




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.
 
 Three Months EndedNine Months Ended
 September 28, 2025September 29, 2024September 28, 2025September 29, 2024
 (In thousands)
GAAP net cash provided by operating activities$105,006 $91,677 $194,476 $177,357 
Capital expenditures(39,681)(24,513)(97,034)(70,759)
Proceeds from disposal of tangible assets53 46 168 106 
Non-GAAP free cash flow$65,378 $67,210 $97,610 $106,704 




BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2025 Guidance

 Three Months Ended
 December 31, 2025
 
GAAP income per diluted share attributable to Belden stockholders$1.40 - $1.50
Amortization of intangible assets0.32
Severance, restructuring, and acquisition integration costs0.17
Adjustments related to acquisitions and divestitures0.01
Adjusted income per diluted share attributable to Belden stockholders$1.90 - $2.00

Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, adjustments related to acquisitions and divestitures, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.



Forward-Looking Statements

This release contains, and any statements made by us concerning the subject matter of this release may contain, forward-looking statements, including our outlook for the fourth quarter of 2025 and beyond. Forward-looking statements also include any statements regarding future financial performance (including revenues, growth, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. Forward-looking statements reflect management’s current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of volatility in global trade policies and tariffs; disruptions in the Company’s information systems including due to cyber-attacks; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy, including the impact of inflation, or a downturn in served markets; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the competitiveness of the global markets in which we operate; the impact of disruptions in the global supply chain, including the inability to timely obtain raw materials and components in sufficient quantities on commercially reasonable terms; the inability of the Company to develop and introduce new products; competitive responses to our products; difficulty in forecasting revenues due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the presence of substitute products in the marketplace; the impacts of extreme weather events and other climate-related catastrophes; the possibility of future epidemics or pandemics; volatility in credit and foreign exchange markets; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the inability to successfully complete and integrate acquisitions, in furtherance of the Company’s strategic plan, as well as the inability to accurately forecast the financial impacts of acquisitions; the inability to retain key employees; disruption of, or changes in, the Company’s key distribution channels; the presence of activists proposing certain actions by the Company; perceived or actual product failures; the impact of regulatory requirements and other legal compliance issues; inability to satisfy the increasing expectations with respect to environmental, social and governance matters; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; risks related to the use of open source software; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the period ended December 31, 2024, filed with the SEC on February 13, 2025. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

Belden Inc. delivers complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year history we have evolved as a company, but our purpose remains – making connections. By connecting people, information and ideas, we make it possible. We are headquartered in St. Louis and have manufacturing capabilities in North America, Europe, Asia and Africa. For more information, visit us at www.belden.com; follow us on Facebook, LinkedIn and X/Twitter.



BDC-Financial

Contact:
Belden Investor Relations
Aaron Reddington, CFA
(317) 219-9359
Investor.Relations@Belden.com