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Belden (BDC) investor relations material

Belden Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Q2 2025 revenue reached $672M, up 11% year-over-year and above guidance, with adjusted EPS of $1.89, up 25% YoY, and GAAP EPS at $1.53, reflecting strong execution and solutions transformation.

  • Organic growth was 5% overall, with all major regions contributing; orders rose 16% YoY and 8% sequentially, and book-to-bill was 1.05.

  • Major customer wins included a multi-site data center solution and a $40M three-year global specification award with a US automotive manufacturer, supporting long-term growth.

  • Free cash flow for the trailing twelve months was $216M; 1M shares repurchased YTD for $100M, reflecting disciplined capital allocation.

  • The company remains well positioned for sustainable growth, supported by secular trends in automation, digitization, and IT/OT convergence.

Financial highlights

  • Revenue: $672M, up 11% YoY and above guidance; organic growth of 5%.

  • Adjusted gross margin increased 70 bps YoY to 38.9%; adjusted EBITDA margin up 50 bps to 17%.

  • Net income for Q2 2025 was $61M, up from $49M YoY; adjusted net income was $75.6M, up 22% YoY.

  • Effective tax rate for the quarter was 8.5%–12.3%, benefiting EPS by $0.11 due to discrete tax items.

  • Cash and equivalents at quarter end were $301M; free cash flow for Q2 2025 was $60.96M.

Outlook and guidance

  • Q3 2025 revenue guidance is $670M–$685M, up 2%–5% YoY; adjusted EPS expected at $1.85–$1.95, GAAP EPS at $1.33–$1.43.

  • Q3 tax rate expected at 12.5%; full year slightly over 15%.

  • Management targets mid-single-digit annual revenue growth, free cash flow margin near 10%, and annual adjusted EPS growth of 10–12%.

  • Long-term net leverage goal is around 1.5x, with incremental adjusted EBITDA margins between 25–30%.

  • Near-term demand expected to remain steady, with performance mirroring seasonal patterns; medium- and long-term outlooks remain constructive.

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Frequently asked questions

Belden Inc manufactures networking, connectivity, and cable products for industrial automation, enterprise, and broadcast markets. The company provides mission-critical communication infrastructure solutions for data transmission and network reliability. It is headquartered in St. Louis, Missouri, and its shares are listed on the NYSE.

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