Belden (BDC) financial statements
Belden reported revenue of $2.7B in fiscal 2025, up 1.6% a year over 9 years.
Net income was $238M and the operating margin 11.6%, against 9.8% in 2016.
Free cash flow was $219M, and the company returned $8M in dividends.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Belden's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.4B | $2.6B | $2.1B | $1.8B | $2.3B | $2.6B | $2.5B | $2.5B | $2.7B |
| Cost of revenue | $1.4B | $1.3B | $1.3B | $1.3B | $1.2B | $1.5B | $1.7B | $1.6B | $1.5B | $1.7B |
| Gross profit | $981M | $802M | $830M | $794M | $576M | $772M | $916M | $955M | $922M | $1.0B |
| Research and development | $141M | $89M | $92M | $94M | $73M | $90M | $104M | $116M | $112M | $129M |
| Selling, general and admin | $486M | $390M | $411M | $417M | $323M | $378M | $449M | $493M | $495M | $533M |
| Operating income | $232M | $234M | $314M | $207M | $150M | $264M | $363M | $318M | $266M | $316M |
| Pre-tax income | $126M | $98M | $230M | $152M | $91M | $227M | $317M | $286M | $228M | $267M |
| Income tax | -$1M | -$5M | $63M | $43M | $20M | $28M | $50M | $43M | $30M | $29M |
| Net income | $128M | $93M | $161M | -$377M | -$55M | $64M | $255M | $243M | $198M | $238M |
| EPS (diluted) | $2.65 | $1.37 | $3.08 | -$9.37 | -$1.23 | $1.41 | $5.72 | $5.66 | $4.80 | $5.91 |
| Diluted shares | 43M | 43M | 41M | 42M | 45M | 45M | 45M | 43M | 41M | 40M |
| Gross margin | 41.6% | 33.6% | 32.1% | 37.2% | 32.9% | 33.5% | 35.2% | 38.0% | 37.5% | 38.0% |
| Operating margin | 9.8% | 9.8% | 12.1% | 9.7% | 8.6% | 11.5% | 13.9% | 12.6% | 10.8% | 11.6% |
| Net margin | 5.4% | 3.9% | 6.2% | -17.7% | -3.1% | 2.8% | 9.8% | 9.7% | 8.1% | 8.7% |
Balance sheet
Fiscal years, from Belden's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $848M | $541M | $407M | $407M | $501M | $642M | $688M | $597M | $370M | $390M |
| Receivables | $388M | $474M | $336M | $335M | $297M | $383M | $440M | $414M | $410M | $463M |
| Inventory | $190M | $297M | $265M | $231M | $247M | $345M | $342M | $367M | $343M | $402M |
| Total current assets | $1.5B | $1.4B | $1.3B | $1.4B | $1.1B | $1.9B | $1.5B | $1.5B | $1.2B | $1.3B |
| Property, plant and equipment | $309M | $337M | $311M | $346M | $369M | $344M | $382M | $451M | $496M | $566M |
| Goodwill | $1.4B | $1.2B | $1.2B | $1.2B | $790M | $821M | $862M | $907M | $1.0B | $1.0B |
| Total assets | $3.8B | $3.8B | $3.8B | $3.4B | $3.1B | $3.4B | $3.2B | $3.2B | $3.3B | $3.5B |
| Total current liabilities | $570M | $679M | $717M | $723M | $521M | $753M | $640M | $634M | $623M | $697M |
| Long-term debt | $1.6B | $1.6B | $1.5B | $1.4B | $1.6B | $1.5B | $1.2B | $1.2B | $1.1B | $1.3B |
| Total liabilities | $2.3B | $2.4B | $2.4B | $2.4B | $2.4B | $2.5B | $2.0B | $2.1B | $2.0B | $2.3B |
| Shareholders' equity | $1.5B | $1.4B | $1.4B | $960M | $751M | $955M | $1.1B | $1.2B | $1.3B | $1.3B |
| Net debt | $772M | $1.0B | $1.1B | $1.0B | $1.1B | $818M | $474M | $607M | $760M | $896M |
Cash flow
Fiscal years, from Belden's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $315M | $255M | $289M | $277M | $173M | $272M | $281M | $320M | $352M | $355M |
| Capital spending | $54M | $64M | $98M | $110M | $90M | $91M | $105M | $117M | $129M | $136M |
| Free cash flow | $261M | $191M | $191M | $167M | $83M | $181M | $176M | $203M | $223M | $219M |
| Stock-based compensation | $18M | $15M | $18M | $18M | $20M | $25M | $24M | $21M | $28M | $30M |
| Dividends paid | $16M | $43M | $43M | $34M | $9M | $9M | $9M | $8M | $8M | $8M |
| Share buybacks (net) | $0 | -$25M | — | — | — | — | — | — | — | — |
| Net borrowing | -$72M | -$239M | -$53M | $0 | $0 | -$4M | $0 | $0 | $0 | $50M |
| Free cash flow margin | 11.1% | 8.0% | 7.4% | 7.8% | 4.7% | 7.9% | 6.8% | 8.1% | 9.1% | 8.1% |
| Dividends per share | $0.38 | $1.02 | $1.05 | $0.81 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 |
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Open BDC in InvestinglyQuestions
What was Belden's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Belden generate?
$219M in fiscal 2025 (operating cash flow minus capital spending).
From Belden's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.