Revenue growth remains highly variable, swinging from a 16.5% contraction in 2024Q1 to an 11.4% expansion in 2026Q1, while gross margins have compressed from a 39.3% peak in 2025Q1 to 36.0%.
| 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 | 2.79B | 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 % | 9.28% | 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 | 1.79B | 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 | 996.37M | 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 % | 35.75% | 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 | 653.24M | 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 | 524.28M | 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 | 128.95M | 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 | 1 | 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 | 343.13M | 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 % | 12.31% | 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 | 475.32M | 461.14M | 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 % | 17.06% | 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 % | 17.48% | 20.66% | -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) | 132.19M | 129.45M | 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 | 343.13M | 331.7M | 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 | -49.79M | -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 | 49.79M | 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 | -75.57M | -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 | 267.56M | 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 % | 9.6% | 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 | 30.94M | 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 % | 11.57% | 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 | 236.61M | 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 % | 8.49% | 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 % | 11.06% | 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) | 236.61M | 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) | 6.01 | 5.91 | 4.80 | 5.66 | 5.72 | 1.41 | 1.21 | 2.60 | 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 % | 14.67% | 23.13% | -15.19% | -1.05% | 305.67% | 16.53% | -53.46% | -33.84% | 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 | 1.21 | 2.60 | 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 | 39.4M | 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 | 38.81M | 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% | - | - | - | - | - | - | - | - |
Cyclical industrial demand volatility
According to the provided quarterly income statements, Belden's revenue growth has exhibited significant volatility, swinging from a 16.5% contraction in 2024Q1 to a 20.8% expansion by 2024Q4, ultimately settling at a 11.4% year-over-year increase in the most recent 2026Q1 reporting period.
The erratic revenue trajectory suggests that Belden remains highly sensitive to the timing of large-scale industrial capital expenditure projects. Investors should monitor whether the recent double-digit growth represents a sustainable shift toward higher-value networking solutions or merely a temporary recovery in legacy infrastructure demand.
As reported in financial statements, Belden's gross margin has faced downward pressure, declining from a peak of 39.3% in 2025Q1 to 36.0% in 2026Q1, indicating potential challenges in maintaining pricing power amidst fluctuating raw material costs and shifting product mix requirements.
The contraction in gross margins suggests that the company may be struggling to fully pass through input cost volatility to its industrial customer base. This trend warrants further investigation into whether the shift toward software-defined networking is successfully offsetting the lower-margin profile of its traditional connectivity hardware.
Based on the company's reported figures, operating income has struggled to scale proportionally with revenue, maintaining a relatively tight operating margin range between 9.9% and 12.4% over the last ten quarters despite significant fluctuations in top-line performance.
The lack of meaningful operating margin expansion suggests that Belden's cost structure remains heavily burdened by fixed overheads and ongoing integration expenses. This implies that the company has yet to achieve the desired efficiency gains from its strategic pivot toward a more software-centric business model.
Data from recent filings reveals that stock-based compensation remains a recurring expense, reaching as high as $21.2 million in 2024Q3, which periodically dilutes the quality of reported net income and complicates the assessment of true operational profitability for shareholders.
The inconsistent levels of stock-based compensation suggest that management's incentive structures may be creating periodic volatility in bottom-line results. Analysts should adjust for these non-cash charges to better understand the underlying cash-generating capability of the core industrial networking business.
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.