Revenue accelerated 25.2% YoY in Q2 2026 to $210.7M with gross margin expanding to 39.9% and operating margin reaching 18.2%, though EPS of $1.89 missed consensus by $0.72, highlighting earnings quality concerns.
Bel Fuse Inc. (BELFB) 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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 744.09M | 675.46M | 534.79M | 639.81M | 654.23M | 543.49M | 465.77M | 492.41M | 548.18M | 491.61M | 500.15M | 567.08M | 487.08M | 349.19M | 286.59M | 295.12M | 302.54M | 182.75M | 258.35M | 259.14M | 254.93M | 215.92M | 190.02M | 158.5M | 95.53M | 96.04M | 145.23M | 119.5M | 90.8M | 73.5M | 65.5M |
| Revenue Growth % | 25.26% | 26.3% | -16.41% | -2.2% | 20.38% | 16.69% | -5.41% | -10.17% | 11.51% | -1.71% | -11.8% | 16.43% | 39.49% | 21.84% | -2.89% | -2.45% | 65.55% | -29.26% | -0.3% | 1.65% | 18.07% | 13.63% | 19.89% | 65.92% | -0.54% | -33.87% | 21.53% | 31.61% | 23.54% | 12.21% | -7.36% |
| Cost of Goods Sold | 450.01M | 411.04M | 332.43M | 423.96M | 470.78M | 409.11M | 346.04M | 381.71M | 438.41M | 389.6M | 400.25M | 458.25M | 399.1M | 286.89M | 240.09M | 244.75M | 239.19M | 161.45M | 217.08M | 203.01M | 192.99M | 156.15M | 132.78M | 113.81M | 72.42M | 89.6M | 82.55M | 70M | 54.6M | 47.3M | 43.5M |
| COGS % of Revenue | - | 60.85% | 62.16% | 66.26% | 71.96% | 75.27% | 74.29% | 77.52% | 79.98% | 79.25% | 80.02% | 80.81% | 81.94% | 82.16% | 83.77% | 82.93% | 79.06% | 88.35% | 84.03% | 78.34% | 75.7% | 72.32% | 69.87% | 71.81% | 75.81% | 93.29% | 56.84% | 58.58% | 60.13% | 64.35% | 66.41% |
| Gross Profit | 294.08M | 264.42M | 202.36M | 215.85M | 183.45M | 134.38M | 119.73M | 110.7M | 109.77M | 102.01M | 99.91M | 108.83M | 87.98M | 62.3M | 46.5M | 50.37M | 63.35M | 21.3M | 41.27M | 56.13M | 61.95M | 59.77M | 57.25M | 44.68M | 23.11M | 6.44M | 62.68M | 49.5M | 36.2M | 26.2M | 22M |
| Gross Margin % | 39.52% | 39.15% | 37.84% | 33.74% | 28.04% | 24.73% | 25.71% | 22.48% | 20.02% | 20.75% | 19.98% | 19.19% | 18.06% | 17.84% | 16.23% | 17.07% | 20.94% | 11.65% | 15.97% | 21.66% | 24.3% | 27.68% | 30.13% | 28.19% | 24.19% | 6.71% | 43.16% | 41.42% | 39.87% | 35.65% | 33.59% |
| Gross Profit Growth % | - | 30.67% | -6.25% | 17.66% | 36.52% | 12.24% | 8.16% | 0.84% | 7.61% | 2.1% | -8.2% | 23.7% | 41.21% | 33.97% | -7.68% | -20.49% | 197.45% | -48.39% | -26.47% | -9.39% | 3.65% | 4.41% | 28.11% | 93.38% | 258.73% | -89.72% | 26.63% | 36.74% | 38.17% | 19.09% | -4.76% |
| Operating Expenses | 171.73M | 156.69M | 138.06M | 127.87M | 118.31M | 103.13M | 101.06M | 102.86M | 79.94M | 85.07M | 71M | 78.11M | 72.05M | 45.87M | 39.34M | 39.28M | 40.44M | 25.36M | 50.9M | 30.62M | 38.83M | 33.15M | 32.33M | 26.76M | 22.27M | 21.56M | 29.22M | 25.6M | 20.7M | 17.2M | 14.5M |
| OpEx % of Revenue | - | 23.2% | 25.82% | 19.99% | 18.08% | 18.97% | 21.7% | 20.89% | 14.58% | 17.3% | 14.2% | 13.77% | 14.79% | 13.14% | 13.73% | 13.31% | 13.37% | 13.88% | 19.7% | 11.82% | 15.23% | 15.35% | 17.02% | 16.88% | 23.31% | 22.45% | 20.12% | 21.42% | 22.8% | 23.4% | 22.14% |
| Selling, General & Admin | 138.42M | 125.83M | 110.62M | 99.09M | 92.34M | 86.61M | 78.7M | 75.94M | 79.94M | 85.07M | 71M | 78.11M | 72.05M | 45.87M | 39.34M | 39.28M | 40.44M | 30.05M | 36.09M | 36.12M | 37.8M | 33.15M | 31.3M | 26.76M | 22.27M | 21.56M | 23.28M | 19.5M | 16.6M | 13.8M | 11.5M |
| SG&A % of Revenue | - | 18.63% | 20.68% | 15.49% | 14.11% | 15.94% | 16.9% | 15.42% | 14.58% | 17.3% | 14.2% | 13.77% | 14.79% | 13.14% | 13.73% | 13.31% | 13.37% | 16.45% | 13.97% | 13.94% | 14.83% | 15.35% | 16.47% | 16.88% | 23.31% | 22.45% | 16.03% | 16.32% | 18.28% | 18.78% | 17.56% |
| Research & Development | 33.05M | 30.87M | 23.59M | 22.49M | 20.24M | 21.89M | 23.61M | 26.93M | 29.4M | 28.8M | 26.7M | 27.7M | 21.5M | 14.1M | 12.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.57% | 4.41% | 3.51% | 3.09% | 4.03% | 5.07% | 5.47% | 5.36% | 5.86% | 5.34% | 4.88% | 4.41% | 4.04% | 4.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 257K | 0 | 3.86M | 6.29M | 5.73M | -5.38M | -1.25M | 0 | -678K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.69M | 14.8M | -5.5M | 1.03M | 0 | 1.03M | 0 | 0 | 0 | 5.93M | 6.1M | 4.1M | 3.4M | 3M |
| Operating Income | 122.35M | 107.72M | 64.3M | 87.98M | 65.15M | 31.26M | 18.67M | 7.83M | 29.61M | 16.34M | -76.51M | 28.6M | 14.09M | 15.05M | 1.71M | 7.4M | 15.16M | -17.35M | -10.75M | 25.51M | 23.12M | 26.62M | 24.91M | 17.93M | 837.94K | -15.12M | 33.46M | 23.9M | 15.5M | 9M | 7.5M |
| Operating Margin % | 16.44% | 15.95% | 12.02% | 13.75% | 9.96% | 5.75% | 4.01% | 1.59% | 5.4% | 3.32% | -15.3% | 5.04% | 2.89% | 4.31% | 0.59% | 2.51% | 5.01% | -9.49% | -4.16% | 9.84% | 9.07% | 12.33% | 13.11% | 11.31% | 0.88% | -15.74% | 23.04% | 20% | 17.07% | 12.24% | 11.45% |
| Operating Income Growth % | - | 67.54% | -26.92% | 35.04% | 108.42% | 67.45% | 138.34% | -73.55% | 81.24% | 121.35% | -367.52% | 102.94% | -6.34% | 782.52% | -76.95% | -51.21% | 187.37% | -61.42% | -142.13% | 10.36% | -13.15% | 6.85% | 38.96% | 2039.45% | 105.54% | -145.18% | 40.02% | 54.19% | 72.22% | 20% | 0% |
| EBITDA | 149.19M | 134.31M | 80.75M | 101.29M | 80.01M | 48.12M | 35.09M | 24.3M | 47.82M | 37.06M | -54.73M | 51.61M | 33.84M | 27.43M | 10.78M | 16.06M | 24M | -10.57M | -3.31M | 33.43M | 32.15M | 36.72M | 33.94M | 26.3M | 6.84M | -7.33M | 39.4M | 30M | 19.6M | 12.4M | 10.5M |
| EBITDA Margin % | 20.05% | 19.89% | 15.1% | 15.83% | 12.23% | 8.85% | 7.53% | 4.94% | 8.72% | 7.54% | -10.94% | 9.1% | 6.95% | 7.86% | 3.76% | 5.44% | 7.93% | -5.79% | -1.28% | 12.9% | 12.61% | 17.01% | 17.86% | 16.59% | 7.16% | -7.64% | 27.13% | 25.1% | 21.59% | 16.87% | 16.03% |
| EBITDA Growth % | 57.72% | 66.33% | -20.27% | 26.59% | 66.28% | 37.13% | 44.39% | -49.18% | 29.04% | 167.7% | -206.06% | 52.51% | 23.37% | 154.51% | -32.91% | -33.06% | 326.96% | -219.81% | -109.89% | 4.01% | -12.46% | 8.21% | 29.03% | 284.74% | 193.2% | -118.62% | 31.32% | 53.06% | 58.06% | 18.1% | 0% |
| D&A (Non-Cash Add-back) | 26.84M | 26.59M | 16.46M | 13.31M | 14.86M | 16.86M | 16.42M | 16.47M | 18.21M | 20.72M | 21.78M | 23.01M | 19.75M | 12.38M | 9.07M | 8.67M | 8.84M | 6.78M | 7.44M | 7.92M | 9.03M | 10.1M | 9.03M | 8.37M | 6M | 7.78M | 5.93M | 6.1M | 4.1M | 3.4M | 3M |
| EBIT | 103.05M | 109.8M | 65.89M | 86.15M | 62.44M | 30.87M | 16.88M | -1.85M | 26.06M | 19.45M | -75.89M | 30.88M | 22.59M | 17.13M | 1.05M | 7.87M | 15.58M | -8.76M | 5.18M | 25.51M | 31.12M | 26.62M | 24.91M | 17.93M | 837.94K | -15.12M | 33.46M | 23.9M | 15.5M | 9M | 7.5M |
| Net Interest Income | -9.01M | -13.72M | 676K | -2.85M | -3.2M | -3.54M | -4.75M | -5.45M | -5.32M | -6.8M | -6.04M | -2.87M | -3.7M | 118K | 109K | 357K | 420K | 527K | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.93M | 1.03M | 4.75M | 0 | 177K | 0 | 0 | 0 | 0 | 0 | 622K | 4.72M | 276K | 274K | 125K | 357K | 420K | 527K | 2.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.94M | 14.75M | 4.08M | 2.85M | 3.38M | 3.54M | 4.75M | 5.45M | 5.32M | 6.8M | 6.66M | 7.59M | 3.98M | 156K | 16K | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -29.23M | -12.67M | -2.49M | -4.68M | -6.09M | -3.93M | -6.53M | -15.13M | -3.33M | -7.74M | -6.04M | -2.87M | -3.7M | 118K | -667K | 476K | 420K | 7.66M | -7.9M | 6.19M | 7.93M | 1.1M | 3.46M | 249.4K | 940.06K | 2.41M | 3.91M | 800K | 1.5M | 1.5M | 2.2M |
| Pretax Income | 93.12M | 95.05M | 61.81M | 83.3M | 59.06M | 27.33M | 12.14M | -7.3M | 23.62M | 9.64M | -82.55M | 25.73M | 10.39M | 15.16M | 1.04M | 7.87M | 15.58M | -9.7M | 18.65M | 31.7M | 31.05M | 27.72M | 28.37M | 18.18M | 1.78M | -12.71M | 37.38M | 24.7M | 17M | 10.5M | 9.7M |
| Pretax Margin % | 12.51% | 14.07% | 11.56% | 13.02% | 9.03% | 5.03% | 2.61% | -1.48% | 4.31% | 1.96% | -16.51% | 4.54% | 2.13% | 4.34% | 0.36% | 2.67% | 5.15% | -5.3% | 7.22% | 12.23% | 12.18% | 12.84% | 14.93% | 11.47% | 1.86% | -13.23% | 25.74% | 20.67% | 18.72% | 14.29% | 14.81% |
| Income Tax | 15.16M | 20.94M | 12.62M | 9.47M | 6.37M | 2.51M | -659K | 1.44M | 2.91M | 21.54M | -17.72M | 6.54M | 1.3M | -743K | -1.36M | 4.11M | 1.93M | -1.39M | -3.72M | 5.37M | 5.84M | 7.48M | 3.65M | 4.41M | 1.2M | -547K | 5.16M | 3.4M | 1.8M | 1.6M | 1.9M |
| Effective Tax Rate % | 16.28% | 22.03% | 20.41% | 11.37% | 10.79% | 9.17% | -5.43% | -19.73% | 12.31% | 223.37% | 21.46% | 25.4% | 12.47% | -4.9% | -131.41% | 52.18% | 12.39% | 14.29% | -19.96% | 16.93% | 18.83% | 27% | 12.86% | 24.28% | 67.44% | 4.3% | 13.8% | 13.77% | 10.59% | 15.24% | 19.59% |
| Net Income | 60.4M | 61.54M | 40.96M | 73.83M | 52.69M | 24.82M | 12.79M | -8.74M | 20.71M | -11.9M | -64.83M | 19.2M | 9.1M | 15.91M | 2.4M | 3.76M | 13.65M | -8.31M | -14.93M | 26.34M | 25.2M | 20.23M | 24.72M | 13.76M | 579K | -12.16M | 32.22M | 21.3M | 15.2M | 8.9M | 7.8M |
| Net Margin % | 8.12% | 9.11% | 7.66% | 11.54% | 8.05% | 4.57% | 2.75% | -1.78% | 3.78% | -2.42% | -12.96% | 3.39% | 1.87% | 4.56% | 0.84% | 1.28% | 4.51% | -4.55% | -5.78% | 10.16% | 9.89% | 9.37% | 13.01% | 8.68% | 0.61% | -12.66% | 22.18% | 17.82% | 16.74% | 12.11% | 11.91% |
| Net Income Growth % | 18.39% | 50.23% | -44.52% | 40.13% | 112.28% | 93.99% | 246.35% | -142.22% | 274.07% | 81.65% | -437.73% | 111.07% | -42.83% | 562.28% | -36.18% | -72.42% | 264.25% | 44.34% | -156.69% | 4.49% | 24.56% | -18.16% | 79.61% | 2277.16% | 104.76% | -137.75% | 51.26% | 40.13% | 70.79% | 14.1% | -3.7% |
| Net Income (Continuing) | 77.95M | 74.11M | 49.19M | 73.83M | 52.69M | 24.82M | 12.79M | -8.74M | 20.71M | -11.9M | -64.83M | 19.2M | 8.6M | 15.91M | 2.4M | 3.76M | 13.65M | -8.31M | -14.93M | 26.34M | 25.2M | 20.23M | 24.72M | 13.76M | 579K | -12.16M | 32.22M | 21.3M | 15.2M | 8.9M | 7.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 102.6M | 93.16M | 80.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.44 | 4.64 | 3.26 | 5.78 | 3.69 | 1.76 | 0.91 | -0.63 | 1.71 | -0.99 | -5.44 | 1.64 | 0.79 | 1.41 | 0.21 | 0.32 | 1.17 | -0.72 | -1.27 | 2.11 | 2.13 | 1.77 | 2.15 | 1.24 | 0.05 | -1.13 | 2.94 | 1.98 | 1.46 | 0.87 | 0.77 |
| EPS Growth % | -0.74% | 42.33% | -43.6% | 56.64% | 109.66% | 93.41% | 244.44% | -136.84% | 272.73% | 81.8% | -431.71% | 107.59% | -43.97% | 571.43% | -34.38% | -72.65% | 262.5% | 43.31% | -160.19% | -0.94% | 20.34% | -17.67% | 73.39% | 2380% | 104.42% | -138.44% | 48.48% | 35.62% | 67.82% | 12.99% | -4.94% |
| EPS (Basic) | - | 4.64 | 3.26 | 5.78 | 3.69 | 1.76 | 0.91 | -0.63 | 1.71 | -0.99 | -5.44 | 1.64 | 0.79 | 1.41 | 0.21 | 0.32 | 1.17 | -0.72 | -1.27 | 2.11 | 2.13 | 1.79 | 2.19 | 1.25 | 0.05 | -1.13 | 3.04 | 2.03 | 1.46 | 0.87 | 0.77 |
| Diluted Shares Outstanding | 13.61M | 12.53M | 12.55M | 12.78M | 14.27M | 14.11M | 14.03M | 13.97M | 12.11M | 12.03M | 11.92M | 11.87M | 11.67M | 11.41M | 11.8M | 11.77M | 11.68M | 11.54M | 11.74M | 11.9M | 11.85M | 11.75M | 11.51M | 11.13M | 11.09M | 10.72M | 10.95M | 10.78M | 10.41M | 10.24M | 10.13M |
| Basic Shares Outstanding | 13.6M | 12.53M | 12.55M | 12.78M | 14.27M | 14.11M | 14.03M | 13.97M | 12.11M | 12.03M | 11.92M | 11.87M | 11.67M | 11.41M | 11.8M | 11.77M | 11.68M | 11.54M | 11.74M | 11.88M | 11.81M | 11.75M | 11.28M | 11.02M | 10.91M | 10.72M | 10.58M | 10.48M | 10.41M | 10.24M | 10.13M |
| Dividend Payout Ratio | - | 5.63% | 8.43% | 4.73% | 6.48% | 13.61% | 26.28% | - | 15.91% | - | - | 16.87% | 34.74% | 19.56% | 134.26% | 85.15% | 23.31% | - | - | 9.39% | 8.82% | 10.79% | 8.77% | 13.6% | 282.68% | - | 4.91% | 4.69% | - | - | - |
Quick answers to the most common questions about buying BELFB stock.
For fiscal year 2025, Bel Fuse Inc. (BELFB) reported total revenue of $675.5M. This represents a 931.2% increase compared to $65.5M in 1996.
Bel Fuse Inc. (BELFB) is profitable, generating $61.5M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
Bel Fuse Inc. (BELFB) reported an operating income of $107.7M, resulting in an operating profit margin of 15.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Bel Fuse Inc. (BELFB) generated $264.4M in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Growth sustainability and EPS volatility
Metrics are mathematically derived from official filings.
Accelerating Growth Driven by Defense and Data
Revenue surged 25.2% YoY in Q2 2026 to $210.7M, marking the fourth consecutive quarter of accelerating growth, with defense and data solutions cited as key drivers.
The 25.2% YoY growth in Q2 2026 represents a significant acceleration from the 17.2% in Q1 2026 and the 26.3% in Q2 2025, indicating a sustained upward trajectory. Management's commentary points to defense and data solutions as primary growth engines, which aligns with the company's strategic pivot toward higher-margin aerospace and defense connectivity. However, the maintained guidance of $205M-$225M for the next quarter suggests management expects a moderation, possibly due to seasonal factors or a cautious outlook on distribution recovery.
Gross Margin Expansion Reflects Mix Shift
Gross margin reached 39.9% in Q2 2026, up from 38.7% a year earlier, indicating a favorable product mix shift toward higher-value proprietary components.
The 120 basis point YoY improvement in gross margin to 39.9% suggests that the company's portfolio pruning and focus on aerospace and defense connectivity are yielding structural benefits. This is consistent with the company's strategy to move away from commodity magnetics, as evidenced by the higher-margin Connectivity Solutions segment. The sustainability of this margin expansion will depend on the company's ability to maintain pricing power and manage input costs, particularly copper and gold prices.
Operating Leverage Drives Margin Expansion
Operating margin expanded to 18.2% in Q2 2026 from 15.5% a year ago, as revenue growth outpaced SG&A growth, demonstrating strong operating leverage.
In Q2 2026, operating income grew 47.1% YoY to $38.4M, while SG&A increased only 17.5% to $36.3M, indicating that the company is scaling efficiently. The operating margin of 18.2% is the highest in the reported period, up from 15.5% in Q2 2025 and 17.0% in Q2 2024. This suggests that the company's lean overhead structure is benefiting from higher revenue volumes, though investors should monitor whether this leverage is sustainable as growth normalizes.
EPS Volatility Masks Underlying Profitability
Diluted EPS swung from -$0.51 in Q4 2025 to $1.89 in Q2 2026, reflecting non-operating items and tax effects, while SBC remained modest at $3.0M.
The reported EPS of $1.89 in Q2 2026 is below the consensus estimate of $2.61, and the significant volatility in EPS across quarters (e.g., -$0.51 in Q4 2025) suggests that non-operating items, such as tax adjustments or one-time charges, are impacting reported earnings. Stock-based compensation of $3.0M is relatively small, representing about 1.4% of revenue, which is not a major drag on earnings quality. However, the discrepancy between the strong operating performance and the EPS miss warrants further investigation into the quality of net income.
COGS Efficiency and SG&A Discipline
COGS as a percentage of revenue declined to 60.1% in Q2 2026 from 61.3% a year earlier, while SG&A grew at a slower pace than revenue, indicating cost discipline.
The reduction in COGS ratio reflects improved operational efficiency and a favorable product mix, as the company continues to shift toward higher-margin products. SG&A expenses increased 17.5% YoY in Q2 2026, which is below the 25.2% revenue growth, suggesting that management is maintaining tight control over overhead costs. This cost discipline is a key driver of the operating margin expansion, but investors should monitor whether SG&A growth accelerates as the company invests in growth initiatives.
Growth Sustainability and EPS Miss
Despite strong revenue growth, Q2 2026 EPS of $1.89 missed the $2.61 consensus, raising concerns about earnings quality and the sustainability of 25%+ growth.
The significant EPS miss relative to consensus, despite revenue coming in at the high end of guidance, suggests that operating leverage may not be translating to the bottom line as expected. This could be due to higher tax rates, non-operating charges, or margin pressures not visible in the gross margin data. Additionally, the 26.3% YoY growth is well above the technology sector average, and the maintained guidance implies management does not expect acceleration, which may indicate a potential slowdown. Short-sellers could argue that the growth is partly driven by inventory restocking or pull-forward demand, which may normalize, and that the company's dual-class structure limits shareholder influence.