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Belden (BDC) Q3 2026 Earnings Report
BDC Q3 2026 EPS Results
- Actual EPS
- $2.26
- Consensus EPS
- $2.26
- Beat/Miss
- Beat by +$0.00
- One Year Ago EPS
- $1.97
BDC Q3 2026 Revenue Results
- Actual Revenue
- $965.95M
- Expected Revenue
- $961.91M
- Beat/Miss
- Beat by +$4.05M
- YoY Revenue Growth
- +38.35%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Belden's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Belden reported record revenue, earnings, orders, and free cash flow; broad-based organic growth; significant expansion in its AI data center opportunity; and strong progress integrating RUCKUS. The principal challenges were near-term RUCKUS component shortages that reduced shipments and revenue, along with tight supply conditions and rising input costs, but management characterized these issues as transitory and maintained its growth and deleveraging outlook.
For the fourth quarter of 2026, revenue is expected to be between $960 million and $980 million, up 33%-36% from the prior year quarter; GAAP EPS is expected to be between $0.24 and $0.39, and Adjusted EPS is expected to be between $2.20 and $2.35, an increase of 6%-13% over the prior year quarter. Including the first nine months, that implies full-year adjusted EPS growth of 14%-16% compared to the prior year. The outlook assumes interest expense of approximately $44.3 million, depreciation of $19 million, a tax rate of 17.2%, and a diluted share count of 39.5 million shares; most businesses are expected to be roughly flat on a sequential basis, with pretty healthy growth in Automation and Smart Buildings, low to mid-single digit growth in Broadband, and RUCKUS roughly flat on a sequential basis. The company expects to reach approximately 3.6x net leverage by the end of this year, at or below 2.9x by the end of 2027, and 1.5x by the end of 2029, while its data center business is expected to be approximately $275 million in 2027.
- Record Revenue and EarningsThird-quarter revenue reached a record $966 million, up 38% year-over-year, while adjusted EPS was $2.26, up 15% year-over-year. Both results were within guidance and included RUCKUS Networks.
- Record Orders and Robust DemandOrders exceeded $1 billion for the first time in a single quarter, increasing 46% year-over-year and 16% organically, with a 1.05x book-to-bill ratio. Orders in both Automation and Smart Buildings increased approximately 30% year-over-year.
- Broad-Based Organic GrowthOrganic revenue growth was 11%, led by double-digit growth in Automation and Smart Buildings, supported by continued strength in discrete manufacturing, energy, and the company’s AI data center strategy.
- Improved Gross Profit and EBITDAAdjusted gross profit increased 50% to $401 million, with adjusted gross margin expanding 330 basis points to 41.5%. Adjusted EBITDA increased 44% to $171 million, and EBITDA margin improved 70 basis points to 17.7%.
- Strong Core Business Incremental MarginsThe core business delivered incremental EBITDA margins above 25% in the quarter, excluding copper pass-throughs. Management said this reflected the ability to price for value and hold margins as costs rise.
- AI Data Center Contract Expands OpportunityBelden signed an agreement to supply $100 million of fiber solutions in 2027, expanding a previously announced hyperscale order and scaling fulfillment through distribution. The agreement increases the overall data center business by more than 50% to approximately $275 million in 2027, compared with the previously announced $175 million annual run rate.
- AI Data Center Supply Capacity SecuredManagement said all raw materials needed to support the approximately $275 million 2027 data center business have been secured, including contracts for the required glass. Belden also stated that it has sufficient internal capacity in Tucson, Pune, and Mexico, with additional capacity available beyond that outlook.
- Expansion Across Gray Space and White SpaceThe data center business received more than $5 million of new orders from an existing hyperscale customer, with industrial switch orders running roughly 50% above the initial estimate. Belden also received a new cord-set specification position and won gray space specification positions with two additional customers in Europe and Asia Pacific.
- Large Solutions Wins in Rail and HealthcareBelden won a $10 million high-speed rail corridor project in Asia Pacific, including a redundant network backbone across 14 subsystems plus services and maintenance. It also won a $9 million U.S. flagship hospital project and two Canadian greenfield hospital projects worth approximately $20 million combined.
- RUCKUS Demand and Wi-Fi 7 MomentumRUCKUS orders increased 10% year-over-year, with a 1.09x book-to-bill ratio, while sell-through increased 6%. Demand for multi-gigabit Power over Ethernet switches was up more than 50% for the year, and management said demand for Wi-Fi 7 remains robust.
- RUCKUS Integration ProgressThe RUCKUS integration was described as on track, with some areas moving faster than planned. Belden and RUCKUS have secured joint customer wins across the Americas, EMEA, and APAC, launched pilots in warehouse automation and campus environments, integrated procurement efforts, combined logistics and warehousing initiatives, and started manufacturing certain RUCKUS Ethernet switches at Belden’s Pune facility.
- Growing Joint Commercial FunnelThe joint Belden and RUCKUS commercial funnel has grown substantially since August and was described as being in the multiple tens of millions of dollars. Management also highlighted opportunities in warehouse automation, campuses, hospitals, hospitality, event venues, stadiums, and data centers.
- Automation and Smart Buildings StrengthAutomation delivered double-digit organic growth, with orders up approximately 30% year-over-year, led by double-digit organic growth in discrete manufacturing and energy. Smart Buildings also delivered double-digit organic growth, with orders up approximately 30% due to solutions wins and continued data center expansion.
- Broadband Remained StableBroadband delivered low single-digit organic growth, consistent with the first half of the year, as customers continued investing in DOCSIS 4.0 and fiber expansions. Management expected fourth-quarter performance to be about the same or slightly better year-over-year.
- Strong Free Cash Flow and Deleveraging PathBelden ended the quarter with $381 million in cash and trailing twelve-month free cash flow of $229 million, up from $212 million in the prior quarter. Third-quarter free cash flow was $82 million, up from $65 million in the prior-year period. The company remains on pace to generate approximately $500 million during the first 18 months of owning RUCKUS.
- Fourth-Quarter and Full-Year GuidanceFourth-quarter 2026 revenue is expected to be between $960 million and $980 million, up 33%-36% year-over-year. Adjusted EPS is expected to be between $2.20 and $2.35, up 6%-13% year-over-year, implying full-year adjusted EPS growth of 14%-16%.
- Faster Wi-Fi 7 Transition and Wi-Fi 8 PlansManagement said the transition from Wi-Fi 6 to Wi-Fi 7 is occurring six to nine months faster than previously anticipated, with most of the transition expected during 2027 and largely complete by the end of the first half of 2028. Belden is testing Wi-Fi 8 platforms and plans to enter that market in 2028.
- Network Convergence PositioningMore than 80% of Belden’s revenue now supports network convergence. Management said the combined portfolio positions the company to provide converged cable, connectivity, switching, wireless access, and software solutions for automation, robotics, distributed compute, and AI-enabled operations.
BDC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 2.28- | 2.08 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 2.262.26 | 1.97 | 14.72% (+0.29) | |
| Jul 30, 2026 | 2026 (Q2) | 2.022.34 | 1.89 | 23.81% (+0.45) | |
| Apr 30, 2026 | 2026 (Q1) | 1.711.77 | 1.6 | 10.63% (+0.17) | |
| Feb 12, 2026 | 2025 (Q4) | 1.952.08 | 1.92 | 8.33% (+0.16) | |
| Oct 30, 2025 | 2025 (Q3) | 1.921.97 | 1.7 | 15.88% (+0.27) | |
| Jul 31, 2025 | 2025 (Q2) | 1.761.89 | 1.51 | 25.17% (+0.38) | |
| May 01, 2025 | 2025 (Q1) | 1.491.60 | 1.24 | 29.03% (+0.36) | |
| Feb 06, 2025 | 2024 (Q4) | 1.691.92 | 1.46 | 31.51% (+0.46) | |
| Oct 31, 2024 | 2024 (Q3) | 1.611.70 | 1.78 | -4.49% (-0.08) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
