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Bel Fuse
Bel Fuse (BELFB) investor relations material
Bel Fuse Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved record revenue and EBITDA in 2025, with net sales of $675.5 million, up 26.3% year-over-year, and record GAAP and non-GAAP EPS.
Fourth quarter sales were $175.9 million, a 17.4% increase year-over-year, with gross margin expanding to 39.4% for the quarter and 39.1% for the year.
Q4-25 GAAP net loss of $5.4 million due to a $13.1 million non-cash impairment; non-GAAP net earnings were $24.9 million.
Aerospace, defense, networking, and AI applications were key growth drivers, with strong demand in commercial aerospace and defense.
Successfully closed the Pingguo, China facility, transitioning operations without business interruption.
Financial highlights
Q4 2025 sales reached $175.9 million, up 17.4% from Q4 2024; full-year sales were $675.5 million, up 26.3%.
Q4 gross margin rose to 39.4% from 37.5% in Q4 2024; full-year gross margin was 39.1%, up from 37.8%.
Q4-25 non-GAAP net earnings $24.9 million vs. $19.0 million in Q4-24; full-year non-GAAP net earnings $89.0 million vs. $72.1 million in 2024.
Q4-25 Adjusted EBITDA $37.6 million (21.4% margin); full-year $142.9 million (21.2% margin).
Ended 2025 with $57.8 million in cash and $197.5 million in total debt.
Outlook and guidance
Q1 2026 sales expected between $165 million and $180 million; gross margin anticipated at 37%-39%.
Continued growth expected in aerospace, defense, space, AI, networking, consumer, and premise wiring markets.
Seasonality anticipated due to Chinese New Year, especially in Magnetics and Power.
Anticipates increased raw material costs and weaker USD, requiring proactive pricing management.
M&A pipeline remains active, with several opportunities under evaluation.
How will Tom Smelker align Bel's A&D strategy?
Magnetic Solutions Q4 gross margin decline reasons?
Update on remaining 20% Enercon stake acquisition
Evaluate new sales strategy effectiveness
Mitigation strategy for 2026 margin headwinds
How is M&A pipeline prioritized vs. debt paydown?
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Next Bel Fuse earnings date
Q1 202624 Apr, 2026
Bel Fuse
Next Bel Fuse earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Bel Fuse Inc designs, manufactures, and markets electronic components that power, protect, and connect electronic circuits. Its products include power solutions, magnetic-based connectivity devices, and circuit protection components. The company serves industries such as telecommunications, transportation, computing, and industrial automation. The company is headquartered in Jersey City, New Jersey, and its shares are listed on the NASDAQ.
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