Belden (BDC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $696 million, up 11% year-over-year, exceeding the high end of guidance, with adjusted EPS also up 11%.

• Adjusted EBITDA grew 14% year-over-year to $118 million, with margin improving to 17%.

• Announced agreement to acquire RUCKUS Networks for $1.85 billion in cash, accelerating the shift to a full-stack IT/OT networking solutions provider.

• RUCKUS brings leading Wi-Fi and enterprise switching technology, expanding offerings in hospitality, education, healthcare, and industrial markets.

• The acquisition is expected to be immediately accretive to margins and EPS, with RUCKUS contributing high growth and profitability.

Financial highlights

• Q1 revenue totaled $696 million, up 11% year-over-year; organic growth was 7%.

• Adjusted EPS reached $1.77, up 11% year-over-year and above guidance.

• Adjusted EBITDA was $118 million, up 14% year-over-year; adjusted EBITDA margin expanded 40 basis points to 17%.

• Gross profit for Q1 2026 was $265.4 million, up 7% year-over-year; gross margin declined 170 bps to 38.1%.

• Free cash flow for the trailing twelve months ended December 2025 was $219 million.

Outlook and guidance

• Q2 2026 revenue expected between $735–$750 million; GAAP EPS $1.53–$1.63; adjusted EPS $1.95–$2.05.

• Guidance excludes any contribution from the RUCKUS acquisition.

• Underlying demand signals remain encouraging, but near-term visibility is limited due to macroeconomic uncertainty.

• Assumptions include $13 million interest expense, $17.7 million depreciation, 20% tax rate, and 39.5 million share count.