EarningsQ3 2026 Earnings Report
DE:BF2A Q3 2026 EPS Results
Actual EPS€2.74
Consensus EPS€2.42
Beat/MissBeat by +€0.32
One Year Ago EPS€1.87
DE:BF2A Q3 2026 Revenue Results
Actual Revenue€196.88M
Expected Revenue€192.14M
Beat/MissBeat by +€4.74M
YoY Revenue Growth+23.20%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeAfter Close
Conference CallWednesday, October 28, 2026
DE:BF2A Upcoming Earnings
Bel Fuse's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:BF2A Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. The company reported substantial revenue and adjusted EBITDA growth, record bookings, improving consolidated and ITDS margins, strong AI and data-solutions momentum, robust defense demand, and an above-seasonal fourth-quarter outlook. The principal challenges were lower ADRS gross margin, commercial aerospace shipment timing, transportation weakness, higher material and operating costs, foreign exchange pressure, increased working capital, and delayed M&A execution, but management described demand, backlog, and operational execution as strong.Company Guidance
Strong Third-Quarter Revenue Growth
Third-quarter sales were $220.5 million, up 23.2% year-over-year, with double-digit revenue growth across both segments. Growth was led by data solutions and industrials, with additional strength from end-customer demand through the distribution channel.
Improved Gross Margin and Adjusted EBITDA
Gross margin increased to 40.9%, up 120 basis points year-over-year, driven primarily by operating leverage from higher volumes, pricing, and stronger execution. Adjusted EBITDA rose to $52.5 million from $39.2 million, an increase of approximately 34%, while adjusted EBITDA margin increased to 23.8% from 21.9%.
Record Bookings and Positive Fourth-Quarter Outlook
Bookings reached a record all-time high and exceeded sales during the quarter. Fourth-quarter net sales are expected to be in the range of $220 million-$240 million, with gross margin between 40%-42%, reflecting continued momentum in data solutions, industrials, defense, and distribution.
ITDS Segment and Data Solutions Expansion
ITDS revenue increased 37.8% year-over-year to $113.9 million. Data solutions revenue rose $27 million, or approximately 61%, compared with Q3 2025. ITDS gross margin improved to 42.7% from 38%, an increase of 470 basis points, driven primarily by higher volumes, improved utilization, and pricing actions.
AI-Focused Customer Growth
Revenue from AI-focused customers totaled approximately $12.4 million in Q3, an increase of $9.2 million from Q3 2025. Management said the AI-focused business has continued to strengthen quarter over quarter, with positive trends expected into Q4 and next year, while the broader order book is also trending positively.
DataMate Acquisition Contribution
The dataMate acquisition, completed in March 2026, contributed $4.9 million to data solutions revenue during the quarter.
ADRS Revenue Growth
ADRS revenue was $106.6 million, up $10.3 million, or 10.7%, compared with Q3 2025. Growth was led by industrial applications, largely through the distribution channel, followed by defense.
Defense Demand, Backlog, and Program Wins
Management reported strong defense demand across the U.S., Europe, and Israel, including increased bookings across customers and programs and an all-time record A&D backlog. Program wins continued in Q3 at roughly the same level as Q2, when approximately 12 wins were cited, and the company reported a first win using Slovakia as a storefront for its connectivity business.
European Defense Certification Progress
The company said the critical factory certifications, customer audits, and regulatory approvals needed for European A&D business are largely, and then entirely, behind it. The company is ahead of schedule relative to its initial expectations, and certifications are no longer considered an impediment.
Benefits From Commercial and Organizational Initiatives
Management said initiatives launched over the past several years, including customer-intimacy efforts, key-account and business-development programs, revamped sales activities, tier-two customer development, systems investments, and the end-market-based segmentation, are producing benefits. The company is also pushing sales ownership closer to the segments to improve reaction speed and market visibility.
Operational Execution and Manufacturing Flexibility
Factories secured materials, increased manufacturing capacity, and strengthened business resiliency despite global market variability and lost productivity from summer vacations and holidays. Management said capacity is not currently a bottleneck and highlighted automation, lean initiatives, manufacturing execution systems, and the ability to shift production across Slovakia, India, Israel, and China to meet customer requirements.
Strong Cash Position
Cash and securities totaled $333.1 million at quarter-end, compared with $57.8 million at December 31. Management said the increase was largely the result of the equity raise completed during the second quarter and that the cash position supports growth, volatility management, and strategic opportunities.
Positive Longer-Term Demand and Seasonality Outlook
Management said channel demand is real rather than primarily double ordering or channel stuffing, with positive momentum across North America, EMEA, and APAC. The company expects Q1 may not follow its typical seasonal pattern because approximately half of the business is aerospace and defense and the data solutions business is in a ramp environment.
Continued Investment in Capacity and Efficiency
Capital expenditures were $11 million during the first nine months of 2026 as the company continued investing in efficiency initiatives and capacity requirements. Management said it is not holding back investment where opportunities exist and has stepped up CapEx over the last few years.
Disciplined M&A Pipeline
The company remains interested in M&A and is pursuing multiple avenues, with a pipeline ranging from smaller to medium-sized assets. Management said it intends to remain disciplined amid elevated competition and acquisition activity in the market.
DE:BF2A Earnings History
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.
Beat
Missed