Third Quarter 2026
Filed Oct 29, 2026Belden Reports Record Third Quarter 2026 Results and Announces $100 Million Data Center Agreement for 2027
Record quarterly revenue and orders, double-digit organic revenue and adjusted EPS growth, and expanded adjusted EBITDA margin were partly offset by a GAAP net loss driven by Ruckus purchase-accounting charges.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenuesGAAP | $966.0M | – | 38 % |
| Q3 2026 organic revenue growthnon-GAAP | 11 % | – | 11 % |
| Q3 2026 ordersother | $1.02B | – | 46% |
| Q3 2026 organic order growthnon-GAAP | 16% | – | 16% |
| Q3 2026 book-to-billother | 1.05x | – | – |
| Q3 2026 cost of salesGAAP | −$627.2M | – | – |
| Q3 2026 gross profitGAAP | $338.8M | – | – |
| Q3 2026 GAAP gross profit marginGAAP | 35.1 % | – | – |
| Q3 2026 adjusted gross profitnon-GAAP | $401.2M | – | – |
| Q3 2026 adjusted gross profit marginnon-GAAP | 41.5 % | – | – |
| Q3 2026 selling, general and administrative expensesGAAP | −$212.0M | – | – |
| Q3 2026 research and development expensesGAAP | −$55.22M | – | – |
| Q3 2026 amortization of intangiblesGAAP | −$54.81M | – | – |
| Q3 2026 operating incomeGAAP | $16.76M | – | – |
| Q3 2026 interest expense, netGAAP | −$41.80M | – | – |
| Q3 2026 income tax benefitGAAP | $14.18M | – | – |
| Q3 2026 net income (loss)GAAP | −$11.35M | – | – |
| Q3 2026 GAAP net income (loss) marginGAAP | (1.2) % | – | – |
| Q3 2026 diluted income (loss) per shareGAAP | $(0.29) | – | – |
| Q3 2026 adjusted net incomenon-GAAP | $89.33M | – | – |
| Q3 2026 adjusted income per diluted sharenon-GAAP | $2.26 | – | 15% |
| Q3 2026 adjusted EBITDAnon-GAAP | $171.1M | – | 44% |
| Q3 2026 adjusted EBITDA marginnon-GAAP | 17.7 % | – | 70 bps |
| Q3 2026 net cash provided by operating activitiesGAAP | $129.6M | – | – |
| Q3 2026 capital expendituresGAAP | −$47.81M | – | – |
| Q3 2026 free cash flownon-GAAP | $81.93M | – | – |
| Nine Months 2026 revenuesGAAP | $2.41B | – | – |
| Nine Months 2026 gross profitGAAP | $890.5M | – | – |
| Nine Months 2026 GAAP gross profit marginGAAP | 36.9 % | – | – |
| Nine Months 2026 operating incomeGAAP | $194.0M | – | – |
| Nine Months 2026 net incomeGAAP | $108.2M | – | – |
| Nine Months 2026 diluted income per shareGAAP | $2.75 | – | – |
| Nine Months 2026 adjusted EBITDAnon-GAAP | $435.1M | – | – |
| Nine Months 2026 adjusted EBITDA marginnon-GAAP | 18.0 % | – | – |
| Nine Months 2026 adjusted net incomenon-GAAP | $250.7M | – | – |
| Nine Months 2026 adjusted income per diluted sharenon-GAAP | $6.37 | – | – |
| Nine Months 2026 net cash provided by operating activitiesGAAP | $240.2M | – | – |
| Nine Months 2026 capital expendituresGAAP | −$132.9M | – | – |
| Nine Months 2026 free cash flownon-GAAP | $107.4M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Fourth Quarter 2026 outlook
- Revenue$960 - $980 million
- NoteGAAP EPS $0.24 - $0.39
- NoteAdjusted EPS $2.20 - $2.35
Capital returns
- Common stock dividends declared per share: $ 0.05 for the three months ended September 27, 2026, compared to $ 0.05 for the three months ended September 28, 2025.
- Cash dividends paid: $(5,870) (In thousands) for the nine months ended September 27, 2026, compared to $(6,000) (In thousands) for the nine months ended September 28, 2025.
- Payments under share repurchase program, including excise tax: $(31,806) (In thousands) for the nine months ended September 27, 2026, compared to $(150,967) (In thousands) for the nine months ended September 28, 2025.
What drove it
- Revenue increased 11% organically from the year-ago period.
- Orders were $1,017 million, up 46% y/y and up 16% y/y organically, with a book-to-bill of 1.05x.
- Belden reached an agreement to supply $100 million of fiber solutions to a major US data center customer in 2027.
- Management expects its data center business to grow by more than 50% next year.
- GAAP results included non-cash charges of $100 million related to amortization of acquired intangible assets and inventory fair value step-up from the Ruckus acquisition.
- The release cites AI and automation investment in networking infrastructure, data center demand, physical AI customers, and Ruckus cross-selling as demand sources.
Concerns
- GAAP net income was $(11,351) (In thousands), compared with $56,690 (In thousands) in the year-ago quarter.
- GAAP gross profit margin was 35.1 %, compared with 37.7 % in the year-ago quarter.
- Interest expense, net was $(41,802) (In thousands), compared with $(11,562) (In thousands) in the year-ago quarter.
- Long-term debt was $ 3,031,910 (In thousands) as of September 27, 2026, compared with $ 1,285,666 (In thousands) as of December 31, 2025.
- Fourth-quarter outlook assumes continuation of current market conditions, while management cited the near-term macroeconomic and supply chain environment.
What to watch
- Execution of the $100 million fiber-solutions agreement for a major US data center customer in 2027.
- Management's expectation for data center business growth of more than 50% next year.
- Ruckus integration progress, including the growing cross-selling funnel and expected acquisition-related impacts.
- Fourth-quarter 2026 revenue guidance of $960 - $980 million and adjusted EPS guidance of $2.20 - $2.35.
- The trajectory of orders and the 1.05x book-to-bill entering the fourth quarter.
- Interest expense, debt levels, acquisition cash use, and free-cash-flow conversion.
Balance sheet and cash flow
- Cash and cash equivalents: $ 380,706 (In thousands) as of September 27, 2026, compared to $ 389,887 (In thousands) as of December 31, 2025.
- Long-term debt: $ 3,031,910 (In thousands) as of September 27, 2026, compared to $ 1,285,666 (In thousands) as of December 31, 2025.
- Current maturities of long-term debt: $ 18,500 (In thousands) as of September 27, 2026, compared to — as of December 31, 2025.
- Receivables, net: $ 684,350 (In thousands) as of September 27, 2026, compared to $ 462,845 (In thousands) as of December 31, 2025.
- Inventories, net: $ 555,071 (In thousands) as of September 27, 2026, compared to $ 402,345 (In thousands) as of December 31, 2025.
- Goodwill: $ 2,030,937 (In thousands) as of September 27, 2026, compared to $ 1,036,821 (In thousands) as of December 31, 2025.
- Intangible assets, less accumulated amortization: $ 1,378,494 (In thousands) as of September 27, 2026, compared to $ 399,799 (In thousands) as of December 31, 2025.
- Cash from (used for) business acquisitions: $(1,869,631) (In thousands) for the nine months ended September 27, 2026, compared to $7,744 (In thousands) for the nine months ended September 28, 2025.
- Borrowings under credit arrangements: $2,432,630 (In thousands) for the nine months ended September 27, 2026, compared to $50,000 (In thousands) for the nine months ended September 28, 2025.
- Payments under borrowing arrangements: $(585,860) (In thousands) for the nine months ended September 27, 2026, compared to $(50,000) (In thousands) for the nine months ended September 28, 2025.
- Net cash provided by financing activities: $1,754,868 (In thousands) for the nine months ended September 27, 2026, compared to net cash used for financing activities of $(170,372) (In thousands) for the nine months ended September 28, 2025.
Analysis
Belden reported a record third quarter, with revenues of $965,954 (In thousands), versus $698,221 (In thousands) in the year-ago period. The company reported 38 % revenue growth and 11 % organic revenue growth. Orders reached $1,017 million, up 46% y/y and 16% y/y organically, while the 1.05x book-to-bill indicates that orders exceeded quarterly revenue. Management attributed demand to investment in networking infrastructure for AI, automation, data centers and factory-floor applications.
The Ruckus acquisition materially affected the reported GAAP income statement. Gross profit increased to $338,750 (In thousands), but GAAP gross profit margin was 35.1 %, compared with 37.7 %. Operating income was $16,764 (In thousands), compared with $76,288 (In thousands), and net income was $(11,351) (In thousands), compared with $56,690 (In thousands). GAAP diluted income per share was $(0.29), compared with $1.41. The release identifies non-cash purchase-accounting charges of $100 million related to amortization of acquired intangible assets and inventory fair value step-up.
Underlying measures strengthened. Adjusted gross profit margin was 41.5 %, compared with 38.2 %, and adjusted EBITDA was $171,137 (In thousands), compared with $118,643 (In thousands). Adjusted EBITDA margin increased to 17.7 % from 17.0 %. Adjusted net income was $89,330 (In thousands), compared with $79,214 (In thousands), while adjusted income per diluted share was $2.26, compared with $1.97. The difference between GAAP and adjusted results remains a central feature of the quarter, driven by acquisition-related adjustments, intangible amortization, and restructuring, integration and related costs.
Cash generation improved in the quarter, as net cash provided by operating activities was $129,642 (In thousands) and free cash flow was $81,932 (In thousands), compared with $105,006 (In thousands) and $65,378 (In thousands), respectively. Over the first nine months, the company used $(1,869,631) (In thousands) for business acquisitions and financed activity with $2,432,630 (In thousands) of borrowings under credit arrangements. Long-term debt was $ 3,031,910 (In thousands) at September 27, 2026, while cash and cash equivalents were $ 380,706 (In thousands). Share-repurchase payments were $(31,806) (In thousands) over the first nine months and cash dividends paid were $(5,870) (In thousands).
For the fourth quarter, Belden guided revenue to $960 - $980 million, GAAP EPS to $0.24 - $0.39, and adjusted EPS to $2.20 - $2.35. Management said orders entered the quarter at record levels and cited an expanding solutions pipeline, data center and physical AI engagement, and Ruckus integration momentum. The company also announced a signed agreement to supply $100 million of fiber assemblies in 2027 and expects its data center business to grow by more than 50% next year.
Management, verbatim
Belden delivered another record quarter, with revenue of $966 million, up 38% year over year and 11% organically, and Adjusted EPS of $2.26, up 15% year over year. We also surpassed $1 billion in quarterly orders for the first time, with orders up 46% year over year and 16% organically, and a book-to-bill of 1.05x.
Ashish Chand, President and CEO of Belden Inc.
Demand remains robust across our key markets as AI and automation drive continued investment in networking infrastructure, from the data center to the factory floor.
Ashish Chand, President and CEO of Belden Inc.
Our fourth quarter outlook reflects strong underlying demand and the momentum we're building as one company with Ruckus.
Dr. Chand
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported Q3 2026 metrics were not provided.
- Segment revenue, segment profitability, and segment-level growth were not provided.
- Fourth-quarter 2026 gross margin guidance was not provided.
- Fourth-quarter 2026 operating-expense guidance was not provided.
- Fourth-quarter 2026 tax-rate guidance was not provided.
- Prior-period guidance was not provided, so comparison of Q3 2026 actual results with prior guidance is unavailable.
- Debt maturities, net leverage, and free-cash-flow guidance were not provided.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.