Belden Inc (BDC) Earnings

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Dec 2026upcoming

Next quarter

Consensus is $2.31 EPS for Dec 2026 across 1 estimates, ranging $2.31 to $2.31.

BDC Sep 2026

Reported Oct 29, 2026

: 1.74%
: -1.66%

: $2.30
: $2.26
: —
: $965.95M

Reported results

: $965.95M; from $698.22M
: 35.07%; from 37.70%
: $16.76M; from $76.29M
: 1.74%; from 10.93%
: -$11.35M; from $56.69M
: -$0.29; from $1.41

Highlights

Record demand: Orders reached $1.017 billion, up 46% year over year and 16% organically, with a 1.05x book-to-bill.
Revenue growth: Revenue was a record $966.0 million, up 38% year over year and 11% organically; the increase included $167.8 million from Ruckus.
Adjusted earnings: Adjusted EPS of $2.26 rose 15% year over year but missed the $2.30 consensus by 1.74%; adjusted EBITDA increased 44% to $171.1 million, with a 17.7% margin.
GAAP impact: The company reported a $0.29 diluted loss per share versus $1.41 earnings a year ago, including about $100 million of non-cash Ruckus purchase-accounting charges.
Data center agreement: Belden signed a deal to supply $100 million of fiber assemblies to a major U.S. data center customer in 2027 and expects data center revenue to grow more than 50% next year.
Ruckus financing: Belden acquired Ruckus for $1.87 billion on July 1; total debt was $3.05 billion at quarter-end, including a $1.85 billion term loan.
Fourth-quarter outlook: Belden forecast revenue of $960 million to $980 million and adjusted EPS of $2.20 to $2.35.

Analysis

Belden’s third quarter was defined by record demand and the first full-quarter contribution from Ruckus, alongside a sharp divide between adjusted and GAAP earnings. Revenue reached $966.0 million, up 38% from $698.2 million a year earlier and 29% from $750.2 million in Q2; organic growth was 11%. Adjusted EPS of $2.26 was 15% above the year-ago $1.97 but 1.74% below the $2.30 consensus. Adjusted EBITDA rose 44% to $171.1 million and its margin expanded 70 basis points to 17.7% year over year.

GAAP results were weighed down by Ruckus-related purchase accounting and financing costs: Belden recorded a $11.4 million net loss, or a $0.29 diluted loss per share, versus $56.7 million of net income and $1.41 per share a year ago; Q2 diluted EPS was $1.74. The company cited roughly $100 million in non-cash charges, including inventory fair-value step-up and acquired-intangible amortization, while net interest expense rose to $41.8 million from $11.6 million a year ago. Orders of $1.017 billion and a 1.05x book-to-bill pointed to demand ahead, and a $100 million 2027 data-center fiber agreement supported the company’s outlook for more than 50% data-center growth next year. Q4 guidance calls for revenue of $960 million to $980 million and adjusted EPS of $2.20 to $2.35.

Orders and data center

Orders: Record quarterly orders of $1.017 billion were up 46% year over year, or 16% organically, with book-to-bill of 1.05x. Management said record order levels and a growing solutions pipeline carried into Q4.
Data center: Belden signed an agreement to supply $100 million of fiber assemblies to a major U.S. data center customer in 2027. Management now expects its data center business to grow by more than 50% next year.
Markets: Automation contributed $444.3 million of revenue, compared with $381.3 million a year ago; Smart Buildings generated $184.2 million versus $150.2 million, and Broadband $169.7 million versus $166.7 million. Wireless contributed $167.8 million, reflecting the Ruckus acquisition.

Revenue and earnings

Growth mix: Revenue of $966.0 million rose $267.7 million year over year. The bridge included $167.8 million from acquisitions, $74.0 million from higher volume and favorable pricing, $27.2 million from copper pass-through pricing, and a $1.3 million currency headwind. Organic revenue growth was 11%.
Adjusted performance: Adjusted EPS was $2.26, up 15% from $1.97 a year ago and below the $2.30 consensus. Adjusted EBITDA increased to $171.1 million from $118.6 million, while margin rose to 17.7% from 17.0%.
GAAP results: Operating income fell to $16.8 million from $76.3 million a year ago and $99.3 million in Q2; net loss was $11.4 million. GAAP diluted EPS was a loss of $0.29, versus earnings of $1.41 a year ago and $1.74 in Q2.
Margins and charges: GAAP gross margin was 35.1%, down from 37.7% a year ago, while adjusted gross margin was 41.5%, up from 38.2%. Ruckus purchase accounting included $56.3 million of non-cash inventory fair-value expense and $43.7 million of acquired-intangible amortization; higher amortization and interest also weighed on GAAP results.

Ruckus acquisition

Belden acquired Ruckus Networks on July 1 for $1.87 billion, net of cash acquired. Ruckus, which supplies wireless networking products and software for enterprises and service providers, contributed $167.8 million of quarterly revenue and a $63.1 million pretax loss. The reported loss included purchase-accounting charges, and management described integration as progressing, with cross-selling opportunities developing. The acquisition added $1.85 billion of term-loan debt and materially increased acquired goodwill and intangible assets.

Debt and cash flow

Debt: Total debt was $3.05 billion at September 27, compared with $1.29 billion at year-end 2025; this included the $1.85 billion term loan used to fund Ruckus. Cash was $380.7 million, and the revolver had no borrowings outstanding.
Interest burden: Quarterly net interest expense rose to $41.8 million from $11.6 million a year earlier, reflecting acquisition financing and other 2026 debt transactions.
Cash generation: Quarterly operating cash flow was $129.6 million and free cash flow was $81.9 million, compared with $105.0 million and $65.4 million, respectively, in the year-ago quarter.

Fourth-quarter outlook

Guidance: Assuming current market conditions, Belden forecast Q4 revenue of $960 million to $980 million, GAAP EPS of $0.24 to $0.39, and adjusted EPS of $2.20 to $2.35.
Execution priorities: Management cited record orders entering the quarter and increasing engagement with data center and physical-AI customers, while also flagging a near-term macroeconomic and supply-chain environment that calls for disciplined execution and continued Ruckus integration.

Belden Inc

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