Bel Fuse (BELFB) Q3 2026 earnings summary

Executive summary

• Q3 sales rose 23.2% YoY to $220.5M, led by Data Solutions, Industrials and distribution; record bookings exceeded quarterly sales.

• Global operations grew despite holiday-related productivity losses and market uncertainty; factories added capacity, secured materials and improved resilience.

• Execution, customer responsiveness and segment initiatives remain leadership priorities.

Financial highlights

• Gross margin rose 120 bps YoY to 40.9%; Adjusted EBITDA increased to $52.5M from $39.2M, with margin rising to 23.8% from 21.9%.

• GAAP net earnings attributable to shareholders were $26.3M vs. $22.3M; non-GAAP net earnings were $44.0M vs. $26.3M.

• Q3 GAAP operating income was $39.6M vs. $30.3M; R&D expense was $8.8M and SG&A was $39.4M.

• Nine-month sales rose 22.1% to $609.7M; net earnings were $87.3M vs. $67.7M and Adjusted EBITDA was $135.9M, or 22.3% of sales.

Outlook and guidance

• Q4 guidance is net sales of $220M–$240M and gross margin of 40.0%–42.0%, supported by momentum in data solutions, industrials, defense and distribution.

• Record bookings exceeded Q3 sales; stronger Q4 demand and more productive days than last year support the sequential outlook.

• Q1 2027 may buck historical seasonality, supported by aerospace and defense activity and a data-solutions ramp; holiday and factory-startup productivity losses remain.

• SG&A is expected to run at a level similar to Q3.