BELDEN INC. (BDC): Results of Operations and Financial Condition
BELDEN INC. (BDC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Belden Reports Record Second Quarter 2026 Results St. Louis, Missouri – July 30, 2026 - Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a global full-stack networking solutions company, today reported fiscal second quarter results for the period ended June 28, 2026. Second Q
How this was made
The 30-second read
Why it matters
Traders can update expectations for revenue growth, profitability, and order momentum based on record orders/book-to-bill and the company’s stated Q3 guidance ranges.
Market read
Record Q2 revenue, adjusted EPS, and orders/book-to-bill plus explicit Q3 guidance create a clear near-term trading catalyst for BDC.
What to watch
Integration of RUCKUS and tariff regime changes (IEEPA benefit partially offset by new tariffs) could create volatility in margins and guidance follow-through.
Belden Reports Record Second Quarter 2026 Results
Record revenues of $750 million increased 12% y/y, record orders of $836 million increased 19% y/y, and adjusted EPS of $2.34 increased 24% y/y. The Company also guided third-quarter revenues to $950 - $970 million, including the contribution from RUCKUS.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | $ 750,157 | – | 12% |
| Organic revenue growthnon-GAAP | 8% | – | – |
| Ordersother | $836 million | – | 19% y/y |
| Book-to-billother | 1.11 | – | – |
| Cost of salesGAAP | (456,533) | – | – |
| Gross profitGAAP | 293,624 | – | – |
| GAAP gross profit marginGAAP | 39.1 % | – | – |
| Adjusted gross profitnon-GAAP | $ 297,369 | – | – |
| Adjusted gross profit marginnon-GAAP | 39.6 % | – | – |
| Selling, general and administrative expensesGAAP | (147,827) | – | – |
| Research and development expensesGAAP | (31,714) | – | – |
| Amortization of intangiblesGAAP | (14,823) | – | – |
| Operating incomeGAAP | 99,260 | – | – |
| Interest expense, netGAAP | (13,599) | – | – |
| Income before taxesGAAP | 85,205 | – | – |
| Income tax expenseGAAP | (16,669) | – | – |
| Net incomeGAAP | $ 68,536 | – | – |
| Net income as a percentage of revenuesGAAP | 9.1% | – | – |
| Diluted income per shareGAAP | $ 1.74 | – | 14% |
| Basic income per shareGAAP | $ 1.76 | – | – |
| Adjusted EBITDAnon-GAAP | $146 million | – | 28% |
| Adjusted EBITDA marginnon-GAAP | 19.5% | – | 250 bps |
| Adjusted EPSnon-GAAP | $2.34 | – | 24% |
| Six-month revenuesGAAP | $ 1,446,532 | – | – |
| Six-month gross profitGAAP | 551,712 | – | – |
| Six-month operating incomeGAAP | 177,219 | – | – |
| Six-month net incomeGAAP | $ 119,563 | – | – |
| Six-month diluted income per shareGAAP | $ 3.04 | – | – |
| Six-month basic income per shareGAAP | $ 3.07 | – | – |
| Common stock dividends declared per shareGAAP | $ 0.05 | – | – |
Third Quarter 2026 outlook
- Revenue$950 - $970
- NoteGAAP EPS $0.69 - $0.84
- NoteAdjusted EPS $2.15 - $2.30
- NoteGuidance includes the contribution from the acquisition of RUCKUS.
Capital returns
- Payments under share repurchase program, including excise tax: (31,806) for the six months ended June 28, 2026, compared to (100,967) for the six months ended June 29, 2025.
- Cash dividends paid: (3,921) for the six months ended June 28, 2026, compared to (4,024) for the six months ended June 29, 2025.
- Common stock dividends declared per share: $ 0.05 for the three months ended June 28, 2026 and June 29, 2025.
- Common stock dividends declared per share: $ 0.10 for the six months ended June 28, 2026 and June 29, 2025.
What drove it
- Record revenues of $750 million, up 12% y/y and up 8% y/y organically.
- Record orders of $836 million, up 19% y/y with a book-to-bill of 1.11.
- Demand across end markets was described as robust and broad-based.
- Management said investments in AI data centers are beginning to show up in the order book.
- Management identified physical AI across factories and distribution centers as an emerging opportunity.
- The acquisition of RUCKUS Networks was completed on July 1, 2026, after the end of the second quarter.
Concerns
- The Company said the near-term macroeconomic environment warrants continued discipline.
- During the second quarter of 2026, the Company recognized a net EPS benefit of approximately $0.25 related to the expected recovery of IEEPA tariffs, partially offset by the introduction of new tariffs.
- Third-quarter guidance reflects execution, integration, and the contribution from the RUCKUS acquisition.
What to watch
- Third-quarter revenues guidance of $950 - $970 million, including RUCKUS.
- Third-quarter GAAP EPS guidance of $0.69 - $0.84 and adjusted EPS guidance of $2.15 - $2.30.
- Orders entering the third quarter were at record levels, according to management.
- Management's progress integrating RUCKUS and capturing data center and physical AI opportunities.
- The development of tariffs and the near-term macroeconomic environment.
Balance sheet and cash flow
- Cash and cash equivalents: $ 348,655 as of June 28, 2026, compared to $ 389,887 as of December 31, 2025.
- Long-term debt: 1,230,566 as of June 28, 2026, compared to 1,285,666 as of December 31, 2025.
- Receivables, net: 534,159 as of June 28, 2026, compared to 462,845 as of December 31, 2025.
- Inventories, net: 420,591 as of June 28, 2026, compared to 402,345 as of December 31, 2025.
- Net cash provided by operating activities: 110,558 for the six months ended June 28, 2026, compared to 89,470 for the six months ended June 29, 2025.
- Capital expenditures: (85,054) for the six months ended June 28, 2026, compared to (57,353) for the six months ended June 29, 2025.
- Net cash used for investing activities: (85,046) for the six months ended June 28, 2026, compared to (49,320) for the six months ended June 29, 2025.
- Net cash used for financing activities: (63,708) for the six months ended June 28, 2026, compared to (116,208) for the six months ended June 29, 2025.
- Decrease in cash and cash equivalents: (41,232) for the six months ended June 28, 2026, compared to (68,816) for the six months ended June 29, 2025.
Analysis
Belden reported a record second quarter, led by revenues of $750 million, up 12% y/y and 8% y/y organically. Orders were a record $836 million, up 19% y/y, and the book-to-bill was 1.11. Management characterized demand as robust and broad-based and said prior investment in AI data centers is beginning to appear in the order book.
Profitability improved. GAAP gross profit margin was 39.1 %, compared with 38.5 %, while adjusted gross profit margin was 39.6 %, compared with 38.9 %. Operating income was 99,260 versus 79,236, and adjusted EBITDA was $146 million versus $114 million. Adjusted EBITDA margin was 19.5%, up 250 bps from 17.0%. Net income was $ 68,536 and diluted income per share was $ 1.74, while adjusted EPS reached $2.34, up 24% y/y.
The quarter included a net EPS benefit of approximately $0.25 related to the expected recovery of IEEPA tariffs, partially offset by the introduction of new tariffs. For the six months ended June 28, 2026, net cash provided by operating activities was 110,558 and capital expenditures were (85,054). Cash and cash equivalents were $ 348,655 as of June 28, 2026, and long-term debt was 1,230,566. The Company made payments under its share repurchase program, including excise tax, of (31,806) during the six-month period and paid cash dividends of (3,921).
The third-quarter outlook incorporates the RUCKUS acquisition, which closed on July 1, 2026 after the second quarter ended. Belden guided third-quarter revenues to $950 - $970 million, GAAP EPS to $0.69 - $0.84, and adjusted EPS to $2.15 - $2.30. Management cited record order entry, a growing solutions pipeline, and increasing engagement from data center and physical AI customers, while also emphasizing macroeconomic discipline and integration execution.
Management, verbatim
Belden delivered a record second quarter, with record revenue of $750 million, up 12% year over year, record orders of $836 million, up 19% year over year with a book-to-bill of 1.11, and adjusted EPS of $2.34, up 24% year over year.
Ashish Chand, President and CEO of Belden Inc.
Demand across our end markets is robust and broad-based, and our results reflect the strength of that environment.
Ashish Chand, President and CEO of Belden Inc.
Our third quarter outlook reflects a business with strong underlying demand and a meaningfully expanded portfolio following the close of RUCKUS.
Dr. Chand
Not in the filing
stated, not guessed- Prior-quarter comparisons for quarterly revenue, profitability, EPS, orders, and margins were not provided.
- Segment revenue and segment profitability were not provided in the supplied filing text.
- Quarterly operating cash flow was not provided.
- Free cash flow was not provided.
- Third-quarter guidance for gross margin, operating expenses, and tax rate was not provided.
- Prior-period outlook was not provided, so guidance comparisons cannot be made.
- The supplied filing text is truncated within the non-GAAP reconciliation; adjusted operating income and other potentially disclosed non-GAAP reconciliation line items beyond the visible text are not available.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Belden’s SEC Form 8-K reporting Q2 2026 results and providing Q3 2026 guidance, including contribution from the July 1, 2026 RUCKUS Networks acquisition.
Ticker impact
Belden reported record Q2 2026 results, including $750M revenue, $2.34 adjusted EPS, and record $836M orders with 1.11 book-to-bill.
Likely positive bias for near-term trading as investors focus on record orders, book-to-bill, and RUCKUS contribution to Q3.
The filing provides fresh, specific datapoints (revenue, EPS, orders/book-to-bill) and explicit Q3 2026 guidance ranges, which typically drive same-day and short-term repricing.
Market effects
Signals strength in enterprise networking and AI data center buildout demand, potentially supportive for networking equipment suppliers and related capex themes.
No explicit regional demand breakdown provided; impact is primarily company-specific.
AI data center and physical AI networking spend is global, but the filing does not quantify regional exposure.
Counterpoint
Despite record orders, GAAP EPS is lower than adjusted EPS and tariff-related items could reverse, making the earnings quality less durable.
Key entities
- companyBelden Inc.
Global networking solutions provider reporting Q2 2026 results and Q3 2026 guidance in an 8-K.
- acquisitionRUCKUS Networks
Networking business acquired by Belden on July 1, 2026, with expected contribution included in Q3 guidance.
- policyIEEPA tariffs
Tariff framework referenced as creating an expected EPS benefit in Q2, partially offset by new tariffs.
