MSA Safety (MSA) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached $503 million, up 6–6.2% year-over-year, with Americas up 6.7% and International up 5.1%.

• Adjusted EPS rose 24% to $2.40; GAAP net income increased 37–40% to $86 million ($2.23 per diluted share).

• Strong free cash flow enabled $47 million in shareholder returns in Q2 and $118 million in the first half, up 45% year-over-year.

• Completed the $555 million acquisition of Autronica Fire and Security in July, expanding detection capabilities and addressable market.

• Raised annual dividend for the 56th consecutive year.

Financial highlights

• Q2 sales were $503 million, up 6% reported and 3% organic; currency translation added 2%, M&A 1%.

• GAAP gross margin was 49.5%, up from 46.6% in Q2 2025; adjusted gross margin trended at 49–50.2%.

• Adjusted operating income rose 19% to $121 million (24.1% margin); GAAP operating margin was 22.2%, up 410 bps.

• Adjusted EBITDA margin reached 27.1–29.7%, up from 27.0% in Q2 2025.

• Free cash flow was $83 million (96% of earnings), up 118% year-over-year.

Outlook and guidance

• 2026 outlook projects low double-digit total revenue growth, with mid-single-digit organic growth, similar M&A contribution, and a 1–2% FX tailwind.

• Full-year adjusted gross margin expected at 47.5–48.5%, reflecting delayed inflation impacts and new tariffs.

• Interest expense guidance raised to $40–$43 million; tax rate at 22.6–25%.

• Confident in delivering mid-single-digit organic sales growth in 2026, supported by strong backlog and order momentum.