# BELDEN INC. (BDC) Informational only - not investment advice. CIK: 0000913142 SIC: 3357 Drawing & Insulating of Nonferrous Wire SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 33](/major-group/33/) > [SIC 3357 Drawing & Insulating of Nonferrous Wire](/industry/3357/) Latest 10-K filed: 2026-02-17 SEC page: https://www.sec.gov/edgar/browse/?CIK=913142 Filing source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-17 · accession 0000913142-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000913142.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,715,194,000 USD | 2025 | verified | | Net income | 237,522,000 USD | 2025 | verified | | Assets | 3,543,621,000 USD | 2025 | verified | | Free cash flow | 218,692,000 USD | 2025 | computed | | Net margin | 8.75% | 2025 | computed | | Operating margin | 11.63% | 2025 | computed | | Revenue YoY | +10.33% | 2025 | computed | | ROE | 18.78% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BDC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 8.7% | 3.3% | 72 | 26 | | Operating margin | 11.6% | 5.9% | 74 | 20 | | Revenue growth | 10.3% | 9.5% | 52 | 26 | | FCF margin | 8.1% | 3.7% | 72 | 26 | | ROE | 18.8% | 9.0% | 77 | 27 | | ROA | 6.7% | 5.0% | 65 | 27 | | Liabilities / equity | 1.80 | 0.85 | 77 | 27 | | Current ratio | 1.93 | 2.30 | 31 | 27 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 33 SIC Major Group 33, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2715194000 | USD | 2025 | 2026-02-17 | | Net income | 237522000 | USD | 2025 | 2026-02-17 | | Assets | 3543621000 | USD | 2025 | 2026-02-17 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000913142.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 2,087,185,000 | 2,165,702,000 | 2,131,278,000 | 1,752,192,000 | 2,301,260,000 | 2,606,485,000 | 2,512,084,000 | 2,460,979,000 | 2,715,194,000 | | Net income | 128,003,000 | 93,210,000 | 160,894,000 | -377,015,000 | -55,162,000 | 63,925,000 | 254,663,000 | 242,759,000 | 198,433,000 | 237,522,000 | | Operating income | 232,083,000 | 233,641,000 | 314,008,000 | 207,207,000 | 150,114,000 | 263,676,000 | 363,334,000 | 317,518,000 | 266,460,000 | 315,692,000 | | Gross profit | 981,321,000 | 802,320,000 | 829,911,000 | 793,505,000 | 575,622,000 | 771,843,000 | 916,289,000 | 954,966,000 | 922,222,000 | 1,031,172,000 | | Diluted EPS | 2.65 | 1.37 | 3.08 | -9.37 | -1.23 | 1.41 | 5.72 | 5.66 | 4.80 | 5.91 | | Operating cash flow | 314,794,000 | 255,300,000 | 289,220,000 | 276,893,000 | 173,364,000 | 272,055,000 | 281,296,000 | 319,638,000 | 352,076,000 | 354,864,000 | | Capital expenditures | 53,974,000 | 64,261,000 | 97,847,000 | 110,002,000 | 90,215,000 | 90,982,000 | 105,094,000 | 116,731,000 | 129,100,000 | 136,172,000 | | Dividends paid | 16,079,000 | 43,376,000 | 43,169,000 | 34,439,000 | 9,029,000 | 9,056,000 | 8,949,000 | 8,498,000 | 8,195,000 | 7,966,000 | | Assets | 3,806,803,000 | 3,840,613,000 | 3,779,321,000 | 3,406,759,000 | 3,139,734,000 | 3,417,677,000 | 3,161,675,000 | 3,240,191,000 | 3,327,938,000 | 3,543,621,000 | | Stockholders' equity | 1,460,313,000 | 1,434,235,000 | 1,387,147,000 | 959,847,000 | 750,581,000 | 955,287,000 | 1,143,011,000 | 1,166,257,000 | 1,294,736,000 | 1,264,424,000 | | Cash and cash equivalents | 848,116,000 | 541,350,000 | 407,454,000 | 407,480,000 | 500,666,000 | 641,563,000 | 687,676,000 | 597,044,000 | 370,302,000 | 389,887,000 | | Free cash flow | 260,820,000 | 191,039,000 | 191,373,000 | 166,891,000 | 83,149,000 | 181,073,000 | 176,202,000 | 202,907,000 | 222,976,000 | 218,692,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 4.47% | 7.43% | -17.69% | -3.15% | 2.78% | 9.77% | 9.66% | 8.06% | 8.75% | | Operating margin | | 11.19% | 14.50% | 9.72% | 8.57% | 11.46% | 13.94% | 12.64% | 10.83% | 11.63% | | Return on equity | 8.77% | 6.50% | 11.60% | -39.28% | -7.35% | 6.69% | 22.28% | 20.82% | 15.33% | 18.78% | | Return on assets | 3.36% | 2.43% | 4.26% | -11.07% | -1.76% | 1.87% | 8.05% | 7.49% | 5.96% | 6.70% | | Liabilities / equity | 1.61 | 1.68 | 1.72 | 2.55 | 3.18 | 2.58 | 1.77 | 1.78 | 1.57 | 1.80 | | Current ratio | 2.59 | 2.02 | 1.76 | 1.91 | 2.11 | 2.49 | 2.40 | 2.30 | 1.92 | 1.93 | ## As-reported value updates 12 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BDC/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000913142.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-10-02 | | | 2.23 | reported discrete quarter | | 2023-Q1 | 2023-04-02 | | | 1.45 | reported discrete quarter | | 2023-Q2 | 2023-07-02 | | | 1.60 | reported discrete quarter | | 2023-Q3 | 2023-10-01 | 626,807,000 | 72,347,000 | 1.70 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 551,243,000 | 38,467,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 535,675,000 | 37,313,000 | 0.90 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 604,336,000 | 49,044,000 | 1.19 | reported discrete quarter | | 2024-Q3 | 2024-09-29 | 654,926,000 | 53,692,000 | 1.30 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 666,042,000 | 58,384,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-30 | 624,861,000 | 51,937,000 | 1.27 | reported discrete quarter | | 2025-Q2 | 2025-03-30 | | 51,937,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-29 | 671,992,000 | | 1.53 | reported discrete quarter | | 2025-Q3 | 2025-06-29 | | 61,006,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-28 | 698,221,000 | | 1.41 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 720,120,000 | 67,889,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-29 | 696,375,000 | 51,027,000 | 1.30 | reported discrete quarter | | 2026-Q2 | 2026-06-28 | 750,157,000 | 68,536,000 | 1.74 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BDC's latest 10-K: [/company/BDC/business/](/company/BDC/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BDC's latest 10-K: [/company/BDC/risk-factors/](/company/BDC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000034/bdc-20260628.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-28 Item 2:        Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Belden is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. Our long-term business goals are to: •Achieve mid-single-digit annual revenue growth; •Deliver incremental Adjusted EBITDA margins between 25% to 30%; •Generate free cash flow margin approaching 10%; •Execute a disciplined capital allocation strategy; and •Realize annual Adjusted EPS growth of 10% to 12%. Trends and Events The following trends and events during 2026 have had varying effects on our financial condition, results of operations, and cash flows. Foreign Currency Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, Indian rupee and Swiss franc. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Approximately 43% of our consolidated revenues during the quarter ended June 28, 2026 were to customers outside of the U.S. In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location. Global Trade Volatility During periods of significant volatility in global trade agreements, sharp and sudden increases in tariff rates have the potential to increase the input costs for our products and impact our ability to compete in certain jurisdictions. We closely monitor the global trade landscape and take appropriate measures in our supply chain and pricing strategies to mitigate the impact of increased tariffs. Inflation During periods of inflation, if we are unable to raise prices timely and sufficiently to recover our material costs, our earnings could decline. Furthermore, inflation may impact labor, energy, and other costs. We monitor inflation pressures and proactively implement selling price increases or cost control measures as appropriate. Commodity Prices Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. There is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates. -17- Channel Inventory Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold the products they bought from us in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of products they buy from us and hold in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We use information provided to us by our channel partners and make certain assumptions based on our sales to them to determine the amount of products they bought from us and hold in their inventory. As such, all references to the effect of channel inventory changes are estimates. Market Growth and Market Share The markets in which we operate can generally be characterized as highly competitive and highly fragmented, with many players. We monitor available data regarding market growth, including independent market research reports, publicly available indices, and the financial results of our direct and indirect peer companies, in order to estimate the extent to which our served markets grew or contracted during a particular period. We generally expect that our unit sales volume will increase or decrease consistently with the market growth rate. Our strategic goal is to transition to a solutions provider and target faster growing geographies, applications, and trends within our end markets, in order to achieve growth that is higher than the general market growth rate. To the extent that we exceed the market growth rates, we consider it to be the result of capturing market share. Tariffs In February 2026, the U.S. Supreme Court issued a ruling addressing the validity of certain tariffs implemented under the International Emergency Economic Powers Act (“IEEPA”). In March 2026, the U.S. Court of International Trade Court issued an additional ruling stating importers that paid tariffs under IEEPA are due refunds. Based on a loss recovery model, we evaluated the probability of collecting tariff refunds and during the three months ended June 28, 2026, recorded as a reduction to cost of sales tariff refunds of $13.6 million that related to IEEPA tariffs incurred on certain 2025 transactions. We also recorded tariff refunds of $7.9 million, net of estimated customer refunds, that related to IEEPA tariffs incurred on certain 2026 transactions such that the net impact of IEEPA tariffs on these transactions in 2026 is zero. Our results have also been impacted by new tariffs enacted during 2026, such as those implemented under Section 122 of the Trade Act of 1974. Realignment of Organization Structure Effective January 1, 2026, we realigned our organizational structure, moving to a unified functional operating model designed to accelerate our solutions-first strategy, enhance operational agility, and capitalize on the increasing convergence of IT and OT. As a result of this organizational structure realignment, we are now a single reportable segment entity that is managed on a consolidated basis. Our chief operating decision maker is our President and Chief Executive Officer. He regularly reviews operating results and allocates resources on a consolidated basis. This new organizational structure enables us to drive our solutions transformation within key verticals, leveraging our combined offerings to solve customers' most pressing problems. See Note 1. Acquisition and Term Loan Credit Facility On July 1, 2026, we acquired certain entities that comprise RUCKUS for approximately $1.9 billion. To fund the purchase of RUCKUS, we entered into a Term Loan Credit Facility on July 1, 2026. The Term Loan Credit Facility bears interest either, at the Company’s election, at term SOFR plus 2.25% or a base rate plus 1.25% per annum. The Term Loan Credit Facility amortizes 0.25% per quarter and matures on July 1, 2033. RUCKUS, based in California, provides wireless networks for enterprises and service providers. We are in the preliminary phase of the purchase accounting process, including obtaining third party valuations of certain tangible and intangible assets acquired. As such, we cannot provide the estimated fair value of the assets and liabilities acquired for this business combination at this time. See Note 14. Senior Subordinated Notes Issuance and Redemption During the six months ended June 28, 2026, we issued €450 million aggregate principal amount of 4.250% Senior Subordinated Notes due 2033 (the 2033 Notes), which are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2028, and interest is payable semiannually on February 1 and August 1 of each year, beginning August 1, 2026. With the proceeds from this offering, we repurchased the 2027 Notes for cash consideration of €450.0 million ($535.9 million), and recognized a $1.3 million loss on debt extinguishment for the write-off of unamortized debt issuance costs. See Note 8. -18- Share Repurchase Program During the six months ended June 28, 2026, we repurchased 0.3 million shares of our common stock for an aggregate cost of $30.4 million at an average price per share of $117.05. See Note 13. Off-Balance Sheet Arrangements We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, results of operations, or cash flows that are or would be considered material to investors. Critical Accounting Policies During the six months ended June 28, 2026: •We did not change any of our existing critical accounting policies from those listed in our 2025 Annual Report on Form 10-K; •No existing accounting policies became critical accounting policies because of an increase in the materiality of associated transactions or changes in the circumstances to which associated judgments and estimates relate; and •There were no significant changes in the manner in which critical accounting policies were applied or in which related judgments and estimates were developed. Results of Operations Consolidated Income before Taxes [[GREPCENT_TABLE]] [["","Three Months Ended","","% Change","","Six Months Ended","","% Change"],["","June 28, 2026","","June 29, 2025","","","June 28, 2026","","June 29, 2025"],["","(In thousands, except percentages)"],["Revenues","$","750,157","","","$","671,992","","","11.6","%","","$","1,446,532","","","$","1,296,853","","","11.5","%"],["Gross profit","293,624","","","258,568","","","13.6","%","","551,712","","","504,408","","","9.4","%"],["Selling, general and administrative expenses","(147,827)","","","(131,922)","","","12.1","%","","(286,479)","","","(263,444)","","","8.7","%"],["Research and development expenses","(31,714)","","","(33,940)","","","(6.6)","%","","(61,803)","","","(62,357)","","","(0.9)","%"],["Amortization of intangibles","(14,823)","","","(13,470)","","","10.0","%","","(26,211)","","","(26,745)","","","(2.0)","%"],["Operating income","99,260","","","79,236","","","25.3","%","","177,219","","","151,862","","","16.7","%"],["Interest expense, net","(13,599)","","","(12,200)","","","11.5","%","","(27,058)","","","(22,304)","","","21.3","%"],["Non-operating pension cost","(456)","","","(364)","","","25.3","%","","(912)","","","(805)","","","13.3","%"],["Loss on debt extinguishment","\u2014","","","\u2014","","","n/a","","(1,273)","","","\u2014","","","n/a"],["Income before taxes","85,205","","","66,672","","","27.8","%","","147,976","","","128,753","","","14.9","%"]] [[/GREPCENT_TABLE]] Revenues increased $78.2 million and $149.7 million in the three and six months ended June 28, 2026 from the comparable periods of 2025 due to the following factors: •Higher sales volume and favorable pricing contributed $51.9 million and $94.3 million in revenues, respectively. •Copper pass-through pricing had a $23.0 million and $38.4 million favorable impact on revenues, respectively. •Currency t [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm Complete FY 2025 MD&A: /company/BDC/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-17 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Belden is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. By connecting people, information and ideas, we make it possible. Our long-term business goals are to: •Achieve mid-single-digit annual revenue growth; •Deliver incremental Adjusted EBITDA margins between 25% to 30%; •Generate free cash flow margin approaching 10%; •Execute a disciplined capital allocation strategy while maintaining net leverage around 1.5x; and •Strive for annual Adjusted EPS growth of 10% to 12%. Significant Trends and Events in 2025 The following trends and events during 2025 had varying effects on our financial condition, results of operations, and cash flows. Foreign currency Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, and Indian rupee. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Because all of our senior subordinated notes are denominated in euros, interest expense on the notes is affected by exchange rate movements between the U.S. dollar and the euro. In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location. Commodity Prices Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. Importantly, however, there is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates. Channel Inventory Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold our products in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of Belden products owned and held in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We are dependent upon our channel partners to provide us with information regarding the amount of our products that they own and hold in their inventory. As such, all references to the effect of channel inventory changes are estimates. 21 Market Growth and Market Share The markets in which we operate can generally be characterized as highly competitive and highly fragmented, with many players. Based on available data for our served markets, we estimate that our market share across our segments is significant, ranging from approximately 5% – 15%. A substantial acquisition in one of our served markets would be necessary to meaningfully change our estimated market share percentage. We monitor available data regarding market growth, including independent market research reports, publicly available indices, and the financial results of our direct and indirect peer companies, in order to estimate the extent to which our served markets grew or contracted during a particular period. We generally expect that our unit sales volume will increase or decrease consistently with the market growth rate. Our strategic goal is to transition to a solutions provider and target faster growing geographies, applications, and trends within our end markets, in order to achieve growth that is higher than the general market growth rate. To the extent that we exceed the market growth rates, we consider it to be the result of capturing market share. Inflation During periods of inflation, if we are unable to raise prices timely and sufficiently to recover our material costs, our earnings could decline. Furthermore, inflation may impact labor, energy, and other costs. We monitor inflation pressures and proactively implement selling price increases and cost control measures as appropriate. Share Repurchase Program During 2025, we repurchased 1.7 million shares of our common stock for an aggregate cost of $194.6 million at an average price per share of $113.00. See Note 21. 22 Results of Operations Consolidated Income before Taxes [[GREPCENT_TABLE]] [["","Years Ended December 31,","Percentage Change"],["","2025","","2024","","2023","","2025 vs. 2024","","2024 vs. 2023"],["","","","(In thousands, except percentages)"],["Revenues","$","2,715,194","","","$","2,460,979","","","$","2,512,084","","","10.3","%","","(2.0)","%"],["Gross profit","1,031,172","","","922,222","","","954,966","","","11.8","%","","(3.4)","%"],["Selling, general and administrative expenses","533,366","","","494,603","","","492,702","","","7.8","%","","0.4","%"],["Research and development expenses","128,758","","","112,365","","","116,427","","","14.6","%","","(3.5)","%"],["Amortization of intangibles","53,356","","","48,794","","","40,375","","","9.3","%","","20.9","%"],["Gain on sale of assets","\u2014","","","\u2014","","","12,056","","","n/a","","(100.0)","%"],["Operating income","315,692","","","266,460","","","317,518","","","18.5","%","","(16.1)","%"],["Interest expense, net","46,355","","","38,303","","","33,625","","","21.0","%","","13.9","%"],["Non-operating pension benefit (cost)","(2,395)","","","(215)","","","1,863","","","1,014.0","%","","(111.5)","%"],["Loss related to revolver refinancing","76","","","\u2014","","","\u2014","","","n/a","","n/a"],["Income before taxes","266,866","","","227,942","","","285,756","","","17.1","%","","(20.2)","%"]] [[/GREPCENT_TABLE]] 2025 Compared to 2024 Revenues increased $254.2 million from 2024 to 2025 due to the following factors: •Higher sales volume resulted in a $154.1 million increase in revenues. •Acquisitions contributed $54.5 million in revenues. •Copper pass-through pricing contributed $36.7 million in revenues. •Currency translation had a $13.2 million favorable impact on revenues. •Divestitures had a $4.3 million unfavorable impact on revenues. Gross profit increased $109.0 million from 2024 to 2025 primarily due to the changes in revenues discussed above. Gross profit margins were robust, expanding 50 basis points from 37.5% to 38.0%. Selling, general and administrative expenses increased $38.8 million from 2024 to 2025 primarily due to expenses from the operations of companies acquired in 2024 and strategic investments. Research and development expenses increased $16.4 million from 2024 to 2025 primarily due to strategic investments. Amortization of intangibles increased $4.6 million from 2024 to 2025 primarily due to acquisitions, partially offset by certain intangible assets becoming fully amortized. Operating income increased $49.2 million from 2024 to 2025 primarily due to the increase in gross profit, partially offset by the increases in selling, general and administrative expenses and research and development expenses discussed above. Net interest expense increased $8.1 million from 2024 to 2025 primarily due to fluctuations in interest income and foreign currency translation. Income before taxes increased $38.9 million from 2024 to 2025 primarily due to the increase in operating income, partially offset by the increase in net interest expense discussed above. 23 2024 Compared to 2023 Revenues decreased $51.1 million from 2023 to 2024 due to the following factors: •Lower sales volume resulted in a $141.3 million decrease in revenues. •Currency translation had a $10.1 million unfavorable impact on revenues. •Divestitures had a $0.4 million unfavorable impact on revenues. •Acquisitions contributed $72.9 million in revenues. •Copper pass-through pricing contributed $27.6 million in revenues. Gross profit decreased $32.7 million from 2023 to 2024 primarily due to the changes in revenues discussed above. Selling, general and administrative expenses increased $1.9 million from 2023 to 2024 primarily due to expenses from the operations of companies acquired in 2024, partially offset by the benefits realized from our productivity initiatives. See Note 14. Research and development expenses decreased $4.1 million from 2023 to 2024 primarily due to the timing of projects. Amortization of intangibles increased $8.4 million from 2023 to 2024 primarily due to acquisitions. During 2023, we sold certain real estate in Canada and recognized a $12.1 million pre-tax gain on sale. See Note 10. Operating income decreased $51.1 million from 2023 to 2024 primarily due to the decrease in gross profit, decrease in the gain on sale of assets, and increase in amortization expense discussed above. Net interest expense increased $4.7 million from 2023 to 2024 primarily due to fluctuations in interest income and foreign currency translation. Income before taxes decreased $57.8 million from 2023 to 2024 primarily due to the decrease in operating income and increase in net interest expense discussed above. Income Taxes [[GREPCENT_TABLE]] [["","Years Ended December 31,","","Percentage Change"],["","2025","","2024","","2023","","2025 vs. 2024","","2024 vs. 2023"],["","(In thousands, except percentages)"],["Income before taxes","$","266,866","","","$","227,942","","","$","285,756","","","17.1","%","","(20.2)","%"],["Income tax expense","(29,344)","","","(29,528)","","","(43,200)","","","(0.6)","%","","(31.6)","%"],["Effective tax rate","11.0","%","","13.0","%","","15.1","%"]] [[/GREPCENT_TABLE]] In 2025, we recognized income tax expense of $29.3 million, representing an effective tax rate of 11.0%. The effective tax rate in 2025 was primarily impacted by the release of uncertain tax position reserves related to tax credits, the results of tax audits, and by the effect of our foreign operations, including statutory tax rate differences and foreign tax credits. In 2024, we recognized income tax expense of $29.5 million, representing an effective tax rate of 13.0%, and in 2023, we recognized income tax expense of $43.2 million, representing an effective tax rate of 15.1%. The effective tax rates in 2024 and 2023 were primarily impacted by the effect of our foreign operations, including statutory tax rates differences and foreign tax credits. Our income tax expense and effective tax rate in future periods may be impacted by many factors, including our geographic mix of income and changes in tax laws. See Note 17. 24 Consolidated Adjusted EBITDA [[GREPCENT [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BDC/mda/fy2025/ All MD&A years: /company/BDC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BDC/mda/fy2024/): filed 2025-02-13; accession 0000913142-25-000005 (https://www.sec.gov/Archives/edgar/data/913142/000091314225000005/bdc-20241231.htm) - [FY 2023 MD&A](/company/BDC/mda/fy2023/): filed 2024-02-13; accession 0000913142-24-000007 (https://www.sec.gov/Archives/edgar/data/913142/000091314224000007/bdc-20231231.htm) - [FY 2022 MD&A](/company/BDC/mda/fy2022/): filed 2023-02-24; accession 0000913142-23-000008 (https://www.sec.gov/Archives/edgar/data/913142/000091314223000008/bdc-20221231.htm) - [FY 2021 MD&A](/company/BDC/mda/fy2021/): filed 2022-02-15; accession 0000913142-22-000007 (https://www.sec.gov/Archives/edgar/data/913142/000091314222000007/bdc-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3357 Drawing & Insulating of Nonferrous Wire) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BDC.md · JSON record: /company/BDC.json · verified financials: /company/BDC/financials.json / /company/BDC/financials.csv · machine TOC for the whole site: /llms.txt