Revenue grew 38.3% year over year to $966.0M in 2026Q3, yet gross margin of 35.1% and operating margin of 1.7% sit near the bottom of their recent ranges, pointing to unfavorable mix and weakening operating leverage.
Belden Inc. (BDC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 3.13B | 2.72B | 2.46B | 2.51B | 2.61B | 2.3B | 1.75B | 2.13B | 2.17B | 2.09B | 2.36B | 2.31B | 2.31B | 2.07B | 1.84B | 1.88B | 1.54B | 1.36B | 2.01B | 2.03B | 1.5B | 1.25B | 864.73M | 484.66M | 553.75M | 763.23M | 797.82M | 684M | 651.7M | 517M | 357.4M |
| Revenue Growth % | 17.72% | 10.33% | -2.03% | -3.62% | 13.26% | 31.34% | -17.79% | -1.59% | 3.76% | -11.44% | 2.05% | 0.04% | 11.55% | 12.41% | -2.2% | 21.95% | 13.32% | -32.1% | -1.33% | 35.9% | 20.08% | 44.05% | 78.42% | -12.48% | -27.45% | -4.34% | 16.64% | 4.96% | 26.05% | 44.66% | 89.2% |
| Cost of Goods Sold | 2B | 1.74B | 1.54B | 1.56B | 1.69B | 1.53B | 1.18B | 1.34B | 1.34B | 1.28B | 1.38B | 1.39B | 1.49B | 1.36B | 1.27B | 1.34B | 1.1B | 974.33M | 1.44B | 1.47B | 1.16B | 968.3M | 674.76M | 370.71M | 415.11M | 548.41M | 542.53M | 460.6M | 443.7M | 350.3M | 239.5M |
| COGS % of Revenue | - | 63.97% | 62.53% | 61.99% | 64.85% | 66.46% | 67.15% | 62.77% | 61.68% | 61.56% | 58.36% | 60.24% | 64.5% | 65.96% | 69.22% | 71.23% | 71.05% | 71.54% | 71.9% | 72.39% | 77.72% | 77.73% | 78.03% | 76.49% | 74.96% | 71.85% | 68% | 67.34% | 68.08% | 67.76% | 67.01% |
| Gross Profit | 1.13B | 978.24M | 922.22M | 954.97M | 916.29M | 771.84M | 575.62M | 793.5M | 829.91M | 802.32M | 981.32M | 918.17M | 819.45M | 704.43M | 566.6M | 541.52M | 446.84M | 387.69M | 563.68M | 561.37M | 333.31M | 277.37M | 189.97M | 113.95M | 138.65M | 214.81M | 255.29M | 223.4M | 208M | 166.7M | 117.9M |
| Gross Margin % | 36.2% | 36.03% | 37.47% | 38.01% | 35.15% | 33.54% | 32.85% | 37.23% | 38.32% | 38.44% | 41.64% | 39.76% | 35.5% | 34.04% | 30.78% | 28.77% | 28.95% | 28.46% | 28.1% | 27.62% | 22.28% | 22.27% | 21.97% | 23.51% | 25.04% | 28.15% | 32% | 32.66% | 31.92% | 32.24% | 32.99% |
| Gross Profit Growth % | - | 6.07% | -3.43% | 4.22% | 18.71% | 34.09% | -27.46% | -4.39% | 3.44% | -18.24% | 6.88% | 12.05% | 16.33% | 24.33% | 4.63% | 21.19% | 15.26% | -31.22% | 0.41% | 68.42% | 20.17% | 46.01% | 66.7% | -17.81% | -35.46% | -15.86% | 14.28% | 7.4% | 24.77% | 41.39% | 76.23% |
| Operating Expenses | 827.94M | 646.54M | 655.76M | 637.45M | 552.96M | 508.17M | 425.51M | 586.3M | 578.04M | 568.68M | 725.31M | 777.62M | 656.33M | 512.09M | 434.13M | 386.94M | 325.57M | 312.79M | 429.38M | 337.37M | 214.84M | 208.84M | 153.53M | 97.17M | 117.2M | 159.53M | 152.14M | 137.9M | 128.4M | 104.2M | 69.6M |
| OpEx % of Revenue | - | 23.81% | 26.65% | 25.38% | 21.21% | 22.08% | 24.28% | 27.51% | 26.69% | 27.25% | 30.78% | 33.67% | 28.43% | 24.75% | 23.58% | 20.56% | 21.09% | 22.96% | 21.41% | 16.6% | 14.36% | 16.76% | 17.76% | 20.05% | 21.16% | 20.9% | 19.07% | 20.16% | 19.7% | 20.15% | 19.47% |
| Selling, General & Admin | 625.05M | 518.13M | 494.6M | 492.7M | 448.64M | 378.03M | 323.45M | 417.33M | 411.35M | 389.74M | 486.4M | 525.52M | 483.99M | 378.01M | 345.93M | 319.03M | 273.27M | 262.47M | 362.12M | 317.48M | 203.76M | 203.82M | 147.66M | 93.16M | 110.16M | 134.37M | 126.06M | 113.6M | 106.5M | 86.9M | 63.6M |
| SG&A % of Revenue | - | 19.08% | 20.1% | 19.61% | 17.21% | 16.43% | 18.46% | 19.58% | 18.99% | 18.67% | 20.64% | 22.76% | 20.97% | 18.27% | 18.79% | 16.95% | 17.71% | 19.27% | 18.05% | 15.62% | 13.62% | 16.36% | 17.08% | 19.22% | 19.89% | 17.6% | 15.8% | 16.61% | 16.34% | 16.81% | 17.8% |
| Research & Development | 148.09M | 128.41M | 112.36M | 116.43M | 104.35M | 90.23M | 73.02M | 94.36M | 91.55M | 88.75M | 140.52M | 148.31M | 113.91M | 83.28M | 65.41M | 54.75M | 41.73M | 40.44M | 50.09M | 17.84M | 0 | 0 | 0 | 4.02M | 4.99M | 5.21M | 4.63M | 5.5M | 7.9M | 7.2M | 0 |
| R&D % of Revenue | - | 4.73% | 4.57% | 4.63% | 4% | 3.92% | 4.17% | 4.43% | 4.23% | 4.25% | 5.96% | 6.42% | 4.93% | 4.02% | 3.55% | 2.91% | 2.7% | 2.97% | 2.5% | 0.88% | - | - | - | 0.83% | 0.9% | 0.68% | 0.58% | 0.8% | 1.21% | 1.39% | - |
| Other Operating Expenses | 1000K | 0 | 48.79M | 28.32M | -31K | 39.91M | 29.04M | 74.61M | 75.14M | 90.19M | 98.39M | 103.79M | 58.43M | 50.8M | 22.79M | 13.15M | 10.57M | 9.87M | 17.17M | 2.05M | 11.08M | 5.01M | 5.87M | 0 | 2.05M | 19.95M | 21.45M | 18.8M | 14M | 10.1M | 6M |
| Operating Income | 306.14M | 331.7M | 266.46M | 317.52M | 363.33M | 263.68M | 150.11M | 207.21M | 314.01M | 233.64M | 232.08M | 140.55M | 163.12M | 201.26M | 108.5M | 165.21M | 116.64M | 36.37M | -342.19M | 220.74M | 118.48M | 68.54M | 36.43M | 4.36M | 15.62M | 55.28M | 103.16M | 85.5M | 79.6M | 62.5M | 48.3M |
| Operating Margin % | 9.77% | 12.22% | 10.83% | 12.64% | 13.94% | 11.46% | 8.57% | 9.72% | 14.5% | 11.19% | 9.85% | 6.09% | 7.07% | 9.73% | 5.89% | 8.78% | 7.56% | 2.67% | -17.06% | 10.86% | 7.92% | 5.5% | 4.21% | 0.9% | 2.82% | 7.24% | 12.93% | 12.5% | 12.21% | 12.09% | 13.51% |
| Operating Income Growth % | - | 24.48% | -16.08% | -12.61% | 37.8% | 75.65% | -27.55% | -34.01% | 34.4% | 0.67% | 65.12% | -13.83% | -18.95% | 85.5% | -34.33% | 41.64% | 220.7% | 110.63% | -255.02% | 86.31% | 72.86% | 88.12% | 736.03% | -72.11% | -71.74% | -46.41% | 20.65% | 7.41% | 27.36% | 29.4% | 63.73% |
| EBITDA | 487.1M | 461.13M | 382.2M | 416.96M | 452.07M | 351.66M | 258.8M | 346.47M | 462.64M | 383.29M | 377.68M | 290.89M | 265.28M | 295.71M | 167.85M | 215.38M | 171.92M | 92.23M | -285.35M | 272.48M | 157.09M | 109.01M | 67.15M | 24.48M | 39.78M | 77.83M | 124.6M | 104.3M | 93.6M | 72.6M | 54.3M |
| EBITDA Margin % | 15.55% | 16.98% | 15.53% | 16.6% | 17.34% | 15.28% | 14.77% | 16.26% | 21.36% | 18.36% | 16.03% | 12.6% | 11.49% | 14.29% | 9.12% | 11.44% | 11.14% | 6.77% | -14.23% | 13.4% | 10.5% | 8.75% | 7.77% | 5.05% | 7.18% | 10.2% | 15.62% | 15.25% | 14.36% | 14.04% | 15.19% |
| EBITDA Growth % | 11.53% | 20.65% | -8.34% | -7.77% | 28.55% | 35.88% | -25.3% | -25.11% | 20.7% | 1.49% | 29.83% | 9.66% | -10.29% | 76.17% | -22.07% | 25.28% | 86.41% | 132.32% | -204.72% | 73.45% | 44.11% | 62.34% | 174.3% | -38.46% | -48.88% | -37.54% | 19.47% | 11.43% | 28.93% | 33.7% | 63.06% |
| D&A (Non-Cash Add-back) | 180.96M | 129.43M | 115.74M | 99.45M | 88.74M | 87.99M | 108.69M | 139.26M | 148.63M | 149.65M | 145.59M | 150.34M | 102.16M | 94.45M | 59.35M | 50.17M | 55.28M | 55.86M | 56.84M | 51.75M | 38.62M | 40.47M | 30.71M | 20.12M | 24.16M | 22.54M | 21.45M | 18.8M | 14M | 10.1M | 6M |
| EBIT | 292.93M | 313.22M | 266.25M | 319.38M | 360.95M | 289.47M | 149.72M | 208.22M | 290.92M | 180.64M | 221.51M | 140.55M | 163.12M | 199.65M | 57.08M | 166.22M | 119.29M | 35.87M | -330.56M | 229.08M | 118.48M | 68.54M | 36.43M | 16.78M | 21.45M | 55.28M | 103.16M | 85.5M | 79.6M | 62.5M | 48.3M |
| Net Interest Income | -54.15M | -46.35M | -38.3M | -33.63M | -43.55M | -62.69M | -58.9M | -55.81M | -60.84M | -82.65M | -95.05M | -100.61M | -81.57M | -72.6M | -51.01M | -47.11M | -48.64M | -40.92M | -32.61M | -20.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M | 1.01M | 1.18M | 1.04M | 5.3M | 6.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 54.15M | 46.35M | 38.3M | 33.63M | 43.55M | 62.69M | 58.9M | 55.81M | 60.84M | 82.65M | 95.05M | 100.61M | 81.57M | 72.6M | 52.04M | 48.12M | 49.82M | 41.96M | 37.91M | 27.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -76.95M | -64.83M | -38.52M | -31.76M | -45.94M | -36.9M | -59.3M | -54.8M | -83.93M | -135.65M | -105.62M | -100.61M | -81.57M | -74.21M | -103.45M | -47.11M | -47.17M | -42.46M | -26.28M | -19.17M | -6.2M | -11M | -11.84M | -7.43M | -7.85M | -9.93M | -12.94M | -19.2M | -13.8M | -5.2M | -22.4M |
| Pretax Income | 229.19M | 266.87M | 227.94M | 285.76M | 317.39M | 226.78M | 90.82M | 152.41M | 230.08M | 97.99M | 126.46M | 39.94M | 81.55M | 127.05M | 5.04M | 118.1M | 69.47M | -6.09M | -368.47M | 201.56M | 112.28M | 57.54M | 24.6M | -3.07M | 7.78M | 45.36M | 90.21M | 66.3M | 65.8M | 57.3M | 25.9M |
| Pretax Margin % | 7.32% | 9.83% | 9.26% | 11.38% | 12.18% | 9.85% | 5.18% | 7.15% | 10.62% | 4.69% | 5.37% | 1.73% | 3.53% | 6.14% | 0.27% | 6.27% | 4.5% | -0.45% | -18.37% | 9.92% | 7.51% | 4.62% | 2.84% | -0.63% | 1.4% | 5.94% | 11.31% | 9.69% | 10.1% | 11.08% | 7.25% |
| Income Tax | 37.8M | 29.34M | 29.53M | 43.2M | 49.65M | 27.94M | 20.1M | 42.52M | 62.94M | -4.62M | -1.19M | -26.57M | 7.11M | 22.32M | -38.19M | 16.79M | 8.19M | 1.18M | -6.64M | 64.44M | 40.71M | 23.97M | 13.9M | -53K | 3.89M | 21.9M | 35.29M | 26.7M | 25.3M | 21.3M | 10M |
| Effective Tax Rate % | 16.5% | 11% | 12.95% | 15.12% | 15.64% | 12.32% | 22.13% | 27.9% | 27.35% | -4.71% | -0.94% | -66.52% | 8.72% | 17.56% | -757.52% | 14.22% | 11.79% | -19.29% | 1.8% | 31.97% | 36.26% | 41.66% | 56.5% | 1.73% | 50% | 48.29% | 39.12% | 40.27% | 38.45% | 37.17% | 38.61% |
| Net Income | 176.1M | 237.52M | 198.43M | 242.76M | 254.66M | 63.92M | -55.16M | -377.01M | 160.89M | 93.21M | 128M | 66.2M | 74.45M | 103.31M | 194.49M | 114.34M | 108.46M | -24.9M | -361.83M | 137.12M | 65.94M | 47.56M | 15.19M | -71.57M | 3.59M | 23.46M | 54.92M | 39.6M | 40.5M | 36M | 15.3M |
| Net Margin % | 5.62% | 8.75% | 8.06% | 9.66% | 9.77% | 2.78% | -3.15% | -17.69% | 7.43% | 4.47% | 5.43% | 2.87% | 3.23% | 4.99% | 10.57% | 6.08% | 7.03% | -1.83% | -18.04% | 6.75% | 4.41% | 3.82% | 1.76% | -14.77% | 0.65% | 3.07% | 6.88% | 5.79% | 6.21% | 6.96% | 4.28% |
| Net Income Growth % | -22.77% | 19.7% | -18.26% | -4.67% | 298.38% | 215.89% | 85.37% | -334.33% | 72.61% | -27.18% | 93.35% | -11.07% | -27.94% | -46.88% | 70.09% | 5.43% | 535.56% | 93.12% | -363.87% | 107.97% | 38.64% | 213.11% | 121.22% | -2094.82% | -84.7% | -57.29% | 38.69% | -2.22% | 12.5% | 135.29% | 4.08% |
| Net Income (Continuing) | 191.38M | 237.52M | 198.41M | 242.56M | 267.75M | 198.84M | 70.72M | 109.89M | 167.14M | 102.61M | 127.65M | 66.51M | 74.43M | 104.73M | 43.24M | 101.31M | 61.28M | -7.26M | -361.83M | 137.12M | 71.56M | 33.57M | 10.7M | -3.02M | 3.59M | 23.46M | 54.92M | 39.6M | 40.5M | 36M | 15.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -12.93M | -134.52M | -125.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 45K | 939K | 795K | 6.47M | 5.97M | 441K | 631K | 1M | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.91M | 9.24M | 7.03M | 4.57M | 3.05M | 3.62M | 2.5M | 0 | 0 | 0 |
| EPS (Diluted) | 4.51 | 5.91 | 4.80 | 5.66 | 5.72 | 1.41 | -1.23 | -9.37 | 3.93 | 2.19 | 3.01 | 1.54 | 1.69 | 2.31 | 4.23 | 2.38 | 2.27 | -0.53 | -8.08 | 2.71 | 1.31 | 0.91 | 0.39 | -3.23 | 0.16 | 1.04 | 2.49 | 1.82 | 1.72 | 1.56 | 0.74 |
| EPS Growth % | -20.96% | 23.13% | -15.19% | -1.05% | 305.67% | 214.63% | 86.87% | -338.42% | 79.45% | -27.24% | 95.45% | -8.88% | -26.84% | -45.39% | 77.73% | 4.85% | 528.3% | 93.44% | -398.15% | 106.87% | 43.96% | 133.33% | 112.07% | -2118.75% | -84.62% | -58.23% | 36.81% | 5.81% | 10.26% | 110.81% | -2.63% |
| EPS (Basic) | - | 6.00 | 4.88 | 5.75 | 6.02 | 1.43 | -1.23 | -9.37 | 3.96 | 2.21 | 3.04 | 1.56 | 1.72 | 2.35 | 4.31 | 2.43 | 2.32 | -0.53 | -8.08 | 3.06 | 1.52 | 1.04 | 0.43 | -3.23 | 0.16 | 1.07 | 2.57 | 1.84 | 1.90 | 1.74 | 0.74 |
| Diluted Shares Outstanding | 39.08M | 40.21M | 41.3M | 42.86M | 44.54M | 45.36M | 44.78M | 42.2M | 40.96M | 42.64M | 42.56M | 42.95M | 44M | 44.74M | 45.94M | 48.1M | 47.78M | 46.59M | 44.69M | 50.62M | 50.28M | 52.12M | 38.72M | 22.17M | 22.32M | 22.46M | 22.04M | 21.76M | 23.49M | 23.08M | 20.68M |
| Basic Shares Outstanding | 39.08M | 39.6M | 40.69M | 42.24M | 43.84M | 44.8M | 44.78M | 42.2M | 40.67M | 42.22M | 42.09M | 42.39M | 43.27M | 43.87M | 45.1M | 47.11M | 46.8M | 46.59M | 44.69M | 44.88M | 43.32M | 45.66M | 35.4M | 22.17M | 22.12M | 21.87M | 21.33M | 21.52M | 21.33M | 20.69M | 20.68M |
| Dividend Payout Ratio | - | 3.35% | 4.13% | 3.5% | 3.51% | 14.17% | - | - | 26.83% | 46.54% | 12.56% | 12.68% | 11.68% | 6.46% | 5.88% | 8.23% | 8.68% | - | - | 6.58% | 13.25% | 19.17% | 48.01% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BDC stock.
For fiscal year 2025, Belden Inc. (BDC) reported total revenue of $2.72B. This represents a 659.7% increase compared to $357.4M in 1996.
Belden Inc. (BDC) is profitable, generating $237.5M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
Belden Inc. (BDC) reported an operating income of $331.7M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Belden Inc. (BDC) generated $978.2M in gross profit for the year, representing a gross profit margin of 36.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unverified leverage figure and earnings volatility
Metrics are mathematically derived from official filings.
Revenue Growth Holds Above Ten Percent
According to reported quarterly figures, Belden's revenue rose from $604.3M in 2024Q2 to $966.0M in 2026Q3, a year-over-year gain of 38.3% in the latest quarter that signals strong demand but also heavy dependence on lumpy project timing.
The reported top line appears to be expanding at a healthy pace, with the latest quarter showing a 38.3% jump that may reflect project milestones or acquisition effects rather than a durable run-rate. The 10.33% trailing growth cited in the context data is more conservative, suggesting the quarterly series is noisier than the headline trend implies. Investors should monitor whether the 2026Q3 spike persists, since it could reflect bill-and-hold timing that reverses in subsequent periods.
Gross Margin Oscillates Within a Narrow Band
Based on reported figures, Belden's gross margin ranged from 34.9% to 39.3% across the ten quarters, with the 35.1% print in 2026Q3 sitting near the bottom of that band and pointing to mix pressure.
The gross margin range suggests a hybrid cable and networking mix in which pricing power is present but not consistently monetized. The compression in 2026Q3 alongside a revenue surge implies that incremental volume may have carried lower-margin commodity content or input cost lag. Whether this is structural or a temporary pass-through gap warrants further investigation into segment-level disclosures.
Operating Leverage Weakens in Latest Quarter
As reported in the quarterly income statements, operating margin fell from a 15.2% peak in 2026Q2 to 1.7% in 2026Q3, as operating income of $16.8M lagged a 38.3% revenue increase.
The collapse in operating income against rising revenue indicates negative operating leverage, meaning SG&A of $212.0M grew faster than gross profit. SG&A absorbed roughly 22% of revenue in the latest quarter versus about 20% a quarter earlier, which suggests overhead scaling or acquisition-related costs. Investors should treat the 2026Q3 result as a potential inflection to be explained rather than a settled trend.
Net Income Swings Diverge From Operating Trend
Based on reported EPS, Belden swung from $1.74 diluted EPS in 2026Q2 to a loss of $0.29 in 2026Q3, a move larger than the operating income decline alone would explain.
The net loss of $11.4M against positive operating income of $16.8M implies sizable non-operating charges, tax effects, or financing costs that are not itemized in the supplied data. Stock-based compensation of $11.1M is elevated relative to prior quarters, adding to the gap between operating and reported earnings. Given these unexplained items, reported EPS should be treated as a noisy signal until the reconciliation is reviewed.
Short Thesis Targets Margin Fragility
The strongest bear argument, grounded in reported figures, is that Belden's operating margin fell to 1.7% in 2026Q3 after reaching 15.2%, suggesting growth may be buying volume at the expense of profitability.
A skeptical analyst would argue that the revenue growth is not translating into earnings, with a net margin of -1.2% in the latest quarter undermining the premise of a durable mix shift toward higher-margin solutions. The unverified 1.17 debt-to-equity figure, if inaccurate, could mask leverage that constrains acquisition-driven growth. Investors should monitor whether margins recover toward the 12% range seen through most of 2025 or remain compressed.