UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K _________________________ (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-12561 BELDEN INC. (Exact name of registrant as specified in its charter) _________________________________ Del ...

Core Viewpoint - Goldman Sachs has raised price targets by over 10% on four blue-chip dividend stocks, indicating optimism about their future performance and potential for growth [1]. Group 1: Price Target Increases - Goldman Sachs raised the price target for Applied Materials from $310 to $390, reflecting a significant increase of 26% [1]. - The price target for Belden was increased from $144 to $175, representing a 21.5% rise [1]. - BorgWarner's target price was raised from $54 to $78, marking a 44.4% increase [1]. - Cameco's price target was increased from $115 to $131, which is a 13.9% rise [2]. Group 2: Company Profiles - **Applied Materials**: A semiconductor capital equipment company that provides solutions for the semiconductor and display industries, operating in three segments: Display, Applied Global Services, and Semiconductor Systems [1]. - **Belden**: A global supplier of connection solutions, focusing on network infrastructure and broadband solutions, with applications in various vertical markets including healthcare and data centers [1]. - **BorgWarner**: Engaged in clean-technology solutions for vehicles, the company operates in four segments, including PowerDrive Systems and Battery & Charging Systems, focusing on electric and hybrid vehicle technologies [1]. - **Cameco**: A Canadian company that supplies uranium fuel for nuclear reactors, involved in uranium mining and refining, with operations at Cigar Lake and McArthur River mines [2].

经济观察网百通公司(BDC.N)2025年第四季度财报(截至2025年12月31日)的亮点主要体现在业绩增长、 盈利能力及机构预期等方面。 业绩经营情况 2026年2月，86%的机构给予"买入"或"增持"评级，目标均价144.40美元(较当前价141.27美元尚有空 间)。机构预测第四季度净利润同比增12.19%，长期看好工业自动化、物理AI等解决方案业务的转型潜 力。 财务状况 截至2025年第三季度，公司经营活动现金流达1.05亿美元，自由现金流6532.5万美元，资产负债率 63.86%，流动比率1.99，偿债能力稳定。 需注意的风险点：公司未在近期披露新业务合作或产品拓展计划，基本面以稳定为主。此外，通讯板块 整体疲软(同期下跌0.19%)可能对个股情绪形成压制。 以上内容基于公开资料整理，不构成投资建议。 2025年第四季度营收为6.97亿美元，同比增长4.64%；每股收益1.55美元，同比增长9.15%。这一增长延 续了第三季度的趋势(当期营收6.98亿美元，净利润5669万美元，净利率8.12%)，自动化解决方案部门有 机增长10%是主要驱动力。 股票近期走势 财报发布前(2月5日至11日)，股 ...

Belden Inc. ( BDC ) just reported Q4 and full-year numbers , so I thought I’d go through them in more detail and give some comments on its outlook and why I think weMSc in Finance. Long-term horizon investor mostly with 5-10 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I also sell options from time to time.Analyst’s Disclosure: I/we have no stock, option or si ...

Belden Inc. ( BDC ) just reported Q4 and full-year numbers , so I thought I’d go through them in more detail and give some comments on its outlook and why I think weMSc in Finance. Long-term horizon investor mostly with 5-10 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I also sell options from time to time.Analyst’s Disclosure: I/we have no stock, option or si ...

以上内容基于公开资料整理，不构成投资建议。 财报发布当日(2月12日)，百通公司股价出现显著波动。股价开盘报147.12美元，最高触及159.89美元， 收盘于156.38美元，单日上涨9.95%，成交金额约1379万美元。近5个交易日累计涨幅达18.72%。 机构观点 市场分析认为，此次股价异动主要受财报数据驱动。尽管业绩符合增长预期，但单日大幅上涨可能反映 了市场对业绩的积极反应以及短期资金的活跃交易。同时，机构观点显示，2026年2月覆盖该公司的机 构中，80%给予"买入"或"增持"评级，市场情绪偏乐观。 经济观察网百通公司(BDC.N)在2026年2月12日(美东时间)盘前发布了2025年第四季度财报。报告显示， 公司当季营收为7.201亿美元，同比增长8.12%；每股收益为2.08美元，同比增长8.33%，业绩表现稳 健。 股票近期走势 ...

Belden (NYSE:BDC) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsAaron Reddington - VP of Investor RelationsAshish Chand - CEOChris Dankert - Senior VP, Equity ResearchJeremy Parks - EVP and CFORob Jamieson - Industrial Tech Equity ResearchSteven Fox - Founder & CEOConference Call ParticipantsDavid Williams - Senior Equity Research AnalystMark Delaney - Managing Director and Senior Equity AnalystWilliam Stein - Managing Director and Senior Equity AnalystOperatorLadies and gentlemen, ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported record revenue of $720 million, exceeding guidance, with adjusted EPS at a record $2.08, also surpassing expectations [4][5] - Full year 2025 revenue reached approximately $2.7 billion, a 10% increase year-over-year, with adjusted EPS of $7.54, reflecting a 19% increase [5][14] - Free cash flow for the year was $219 million, with 1.7 million shares repurchased for $195 million, reducing share count by over 11% since 2021 [5][21] Business Line Data and Key Metrics Changes - Automation Solutions revenue grew 14% year-over-year, with EBITDA increasing 16% and margins improving by 50 basis points to 21% [17][18] - Smart Infrastructure Solutions revenue increased by 7% year-over-year, with EBITDA rising 6%, although margins decreased by 10 basis points to 12.1% due to tariff impacts [18] Market Data and Key Metrics Changes - Orders for Q4 were up 12% year-over-year and 5% sequentially, indicating strong demand across the business [5][13] - The solutions wins as a percentage of total revenue crossed 15% for the year, marking a significant increase from the previous year [7][24] Company Strategy and Development Direction - The company is transitioning to a unified functional operating model effective January 1, 2026, to enhance customer focus and streamline operations [8][9] - The strategic realignment aims to maximize long-term growth and improve the delivery of integrated solutions [9][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term trajectory, citing strong demand in automation, particularly in energy and discrete manufacturing [29][45] - The company anticipates stabilization and rebound in broadband due to new fiber products and increased MSO capital deployments [19][38] Other Important Information - The company completed a successful debt refinancing, extending its overall debt maturity profile [22] - The balance sheet remains strong, with cash and cash equivalents at $390 million, and financial leverage at 1.9x net debt to EBITDA [20] Q&A Session Summary Question: Demand trends and outlook for 2026 - Management noted a 26% growth in the total solutions pipeline at the end of 2025, with strong demand in automation and hospitality sectors [29][30] Question: Supply chain concerns regarding metals and semiconductors - Management indicated confidence in managing supply chain risks and emphasized a shift towards regional manufacturing to mitigate risks [31][32] Question: Insights on broadband and overall business performance - Management highlighted a temporary slowdown in architectural upgrades but expects recovery and growth in fiber connectivity [37][38] Question: Organizational realignment impact on costs - The focus of the realignment is on enhancing customer-centricity rather than immediate cost reductions, although efficiencies are expected [49][50] Question: Impact of inflation on project spending - Management does not foresee significant impacts on demand due to inflation, noting that inflation may actually drive more customers towards automation [53][54] Question: Update on data center opportunities - Management reported positive developments in data center engagements, with significant demand and ongoing negotiations for expanded relationships [75][76]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported record revenue of $720 million, exceeding guidance, with adjusted EPS at a record $2.08, also surpassing expectations [4][5] - Full year 2025 revenue reached approximately $2.7 billion, a 10% increase year-over-year, with adjusted EPS of $7.54, reflecting a 19% increase year-over-year [5][17] - Free cash flow for the year was $219 million, with share repurchases totaling 1.7 million shares for $195 million, reducing share count by over 11% since 2021 [5][21] Business Line Data and Key Metrics Changes - Automation Solutions revenue for the year was nearly $1.5 billion, a 14% improvement year-over-year, with EBITDA increasing by 16% [18] - Smart Infrastructure Solutions revenue topped $1.2 billion, a 7% improvement year-over-year, with EBITDA increasing by 6% [19] - Solutions wins as a percentage of total revenue crossed 15% for the year, indicating a significant increase from the previous year [6][24] Market Data and Key Metrics Changes - Orders for Q4 were up 12% year-over-year and 5% quarter-over-quarter, indicating strong demand across the business [5][13] - The company noted robust demand in automation sectors, particularly in energy and discrete manufacturing, with double-digit growth in these areas [29][44] - Broadband experienced a softer second half of the year but is expected to stabilize and rebound in 2026 due to new fiber product adoption [19][36] Company Strategy and Development Direction - The company is transitioning to a unified functional operating model effective January 1, 2026, to enhance customer focus and streamline operations [7][9] - The strategic realignment aims to maximize long-term growth and improve the delivery of integrated solutions [9][25] - The company is committed to leveraging trends such as digitization and IT/OT convergence to drive future growth [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage near-term variability despite ongoing market uncertainty [22] - The first quarter 2026 revenue guidance is expected to be between $675 million and $690 million, with adjusted EPS between $1.65 and $1.75 [23][24] - The company anticipates continued strong demand in key verticals, including energy and discrete manufacturing, as well as growth in smart buildings [44][48] Other Important Information - The company successfully refinanced debt by issuing EUR 450 million of senior subordinated notes, extending its debt maturity profile [22] - The balance sheet remains strong, with cash and cash equivalents at $390 million, and financial leverage at 1.9x net debt to EBITDA [20] Q&A Session Summary Question: Demand trends and outlook for 2026 - Management noted a 26% growth in the total solutions pipeline at the end of 2025, with strong demand in automation sectors like energy and hospitality [29][30] Question: Supply chain concerns regarding metals and semiconductors - Management indicated confidence in managing supply chain risks and emphasized a shift towards regional manufacturing to mitigate risks [32][33] Question: Insights on broadband and overall business performance - Management highlighted a temporary slowdown in architectural upgrades in broadband but expects recovery due to resolved interoperability issues and BEAD funding [36][37] Question: Organizational realignment impact on costs - The realignment is focused on enhancing customer-centricity rather than immediate cost reductions, though efficiencies are expected to arise from pooled resources [49][50] Question: Cash flow and working capital considerations - Management does not anticipate significant impacts on cash flows from copper price volatility, as they have mechanisms to pass on costs [58][60]

EARNINGS RESULTS Q4 2025 February 2026 Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the first quarter of 2026 and beyond. Forward-looking statements include projections of sales, earnings, general economic conditions, market conditions, working capital, market shares, free cash flow, pricing levels, and effective tax rates. Belden disclaims any obligation to update any such statements to reflect later developments ...