BDC earnings analysis
What we found in BDC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
In its Q1 2026 10-Q filing, Belden Inc. reports revenues of $696.4 million, a notable increase from $624.9 million in the prior year, with a GAAP EPS of $1.30. The company faces decreased operating cash flow and rising capital expenditures, while adjusting its liquidity outlook due to recent acquisitions and investments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Belden reported revenues of $696.4 million, up 11.5% compared to $624.9 million year-over-year.
- Adjusted EBITDA Improvements
- Adjusted EBITDA for the quarter increased to $118.1 million, up from $104.0 million in the prior year, reflecting an adjusted EBITDA margin of 17.0%.
- Positive Segment Performance in Broadband and Automation
- Revenues in Broadband grew to $155.3 million from $146.6 million, and Automation increased to $387.0 million from $350.8 million year-over-year.
- Capital Expenditures Rise
- Capital expenditures totaled $44.4 million in Q1 2026, up from $32.2 million during the previous year's comparable quarter.
- Total Cash Balance Ended Strong
- Cash and cash equivalents as of March 29, 2026, were $272.2 million, with $191.7 million held outside the U.S.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating Cash Flow Decline
- Net cash used for operating activities was $18.7 million in Q1 2026, down from inflow of $7.4 million in the prior year.
- Increase in Days Sales Outstanding
- Days sales outstanding increased from 60 days in Q1 2025 to 63 days in Q1 2026, impacting cash flow negatively.
- Heavy Debt Levels
- Outstanding debt obligations reached $1.273 billion, which could impact liquidity and future financing options.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.3
- Segment
- Broadband: $155.3M
- Segment
- Automation: $387.0M
- Segment
- Smart Buildings: $154.1M
What they said about what is next.
Guidance for Q2 2026 is provided with a forecasted revenue between $735 million and $750 million and GAAP EPS between $1.53 and $1.63, reflecting seasonal patterns.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 17, 2026
- Belden describes a two-segment strategy (Smart Infrastructure Solutions and Automation Solutions) focused on fiber/copper network systems, 5G/broadband and IT/OT digitization, supplemented by targeted acquisitions…
- 10-Q · October 30, 2025
- Revenue for the quarter was $698,221,000, a sequential increase of about $26 million and a year-over-year increase of roughly $43 million; the company outperformed the quarter’s revenue consensus. Gross margin of 37.7%…
- 10-Q · July 31, 2025
- The 10-Q shows a beat on both revenue and EPS for the quarter: revenue of $671,992,000 (vs. $655,491,506 est.) and GAAP EPS of $1.89 (vs. $1.74 est.). Gross margin improved to 38.5% and operating margin was 11.8%…
- 10-Q · May 1, 2025
- Belden's 10-Q for the quarter ended March 30, 2025 shows a slight beat to consensus with revenue of $624,861,000 (vs. $616,140,000 est.) and reported EPS of $1.60 (vs. $1.49 est.). Gross margin expanded to 39.3% while…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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