Bel Fuse (BELFB) Q4 2025 earnings summary

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.