Belden (BDC) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $750.2 million, up 12% year-over-year and 8% organically, with adjusted EPS of $2.34, up 24% year-over-year, both above guidance.

• Orders reached a record $836 million, up 19% year-over-year and 23% sequentially, with a book-to-bill ratio of 1.11.

• Major contract wins included a $20 million Tier 1 hyperscaler data center deal and a multi-year warehouse automation project with a global retailer.

• RUCKUS Networks acquisition closed July 1, 2026, for $1.9 billion, immediately accretive to revenue, EPS, and EBITDA, accelerating the solutions mix to over 20%.

• Adjusted EBITDA for Q2 2026 was $146 million (19.5% margin), up 28% year-over-year.

Financial highlights

• Q2 2026 revenue: $750.2 million (+12% YoY); adjusted gross profit: $297.4 million (39.6% margin); adjusted EBITDA: $146 million (19.5% margin); adjusted net income: $91.7 million; adjusted EPS: $2.34 (+24% YoY).

• Free cash flow (TTM) was $212 million; cash and equivalents at quarter-end were $349 million.

• Net leverage at quarter-end was 1.7x, expected to rise to 3.9x post-RUCKUS, with a path to 1.5x by 2029.

• Adjusted EBITDA margin improved by 250 basis points year-over-year in Q2 2026.

• Adjusted EPS included a $0.25 net benefit from IEEPA tariff recovery.

Outlook and guidance

• Q3 2026 revenue guidance: $950–$970 million, including RUCKUS; adjusted EPS guidance: $2.15–$2.30.

• Organic growth for Q3 expected at 6%-8% year-over-year.

• Long-term targets: mid-single-digit organic revenue growth, 25–30% incremental EBITDA margins, 10–12% EPS CAGR, and net leverage target of ~1.5x by 2029.

• Free cash flow margin goal is near 10%.

• Net leverage expected to fall to 3.6x by year-end 2026 and 2.9x by year-end 2027.