Short answer
BELDEN INC. (BDC) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $2.7B (+10.3% year over year) and net income of $238M.
- Top risk flagged: Regulatory/legal risk: Compliance with U.S. tariffs on imports issued in 2025 increasing costs and reducing margins
FY2025 key financial metrics · XBRL
- Revenue
- $2.7B
- +10.3% YoY
- Net income
- $238M
- +19.7% YoY
- Operating margin
- 11.6%
- +0.8 pp YoY
- Gross margin
- 38.0%
- +0.5 pp YoY
- EPS (diluted)
- $5.91
- +23.1% YoY
- ROE
- 18.8%
- +3.5 pp YoY
- Operating cash flow
- $355M
- +0.8% YoY
Source: XBRL data from the BELDEN INC. (BDC) FY2025 10-K on SEC EDGAR. USD.
BELDEN INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global supplier of complete connection solutions via two segments; Smart Infrastructure Solutions and Automation Solutions
- New emphasis on cybersecurity with 2024 acquisition of Voleatech GmbH adding VT AIR Next Gen Firewall to Automation Solutions
- 2026 strategic shift to unified functional operating model, realigning organizational structure and executive roles
- Workforce approximately 8,000 employees globally, with 26% in the US and 42% of sales from international markets in 2025
- Backlog increased to $567.7 million at 2025 year-end vs $509.7 million in 2024, indicating growing demand
Management Discussion & Analysis
- Revenue $2.72B, up 10.3% YoY from $2.46B in 2024; organic volume increase $154.1M, acquisitions $54.5M, copper pricing $36.7M
- Operating income $315.7M, up 18.5% YoY from $266.5M; operating margin 11.6% vs 10.8% (calculated from operating income/revenue)
- Best performing segment: Automation Solutions revenue $1.50B (+13.6%), EBITDA $313.4M (+16.2%), margin 21.0%; worst: Smart Infrastructure revenue $1.22B (+6.6%), EBITDA $147.9M (+5.6%), margin 12.1%
- Net cash from operating activities $354.9M; capital expenditures $136.2M; share repurchases $195.6M; dividends paid $8.0M; revolver borrowings repaid $50.0M
- Management targets mid-single-digit revenue growth, Adjusted EBITDA margin 25%-30%, free cash flow margin near 10%, net leverage ~1.5x, and 10%-12% adjusted EPS growth; key risks include currency fluctuations, commodity prices, inflation, and market competition
Risk Factors
- Regulatory/legal risk: Compliance with U.S. tariffs on imports issued in 2025 increasing costs and reducing margins
- Geopolitical/macroeconomic risk: 42% of sales outside U.S. exposed to currency fluctuations, especially euro, yuan, peso, rupee
- Operational/supply chain vulnerability: Dependence on copper and components prone to industry-wide shortages and supplier financial failures
- Competitive/market disruption risk: Need to successfully integrate AI to stay competitive amid fast-evolving product technology landscape
- Financial/structural risk: Largest distributor accounted for ~14% of 2025 revenues; loss could cause temporary revenue and profit decline
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.