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 ...

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 ...

Core Viewpoint - Baidong Company (BDC.N) reported a solid performance for Q4 2025, with revenue of $720.1 million, reflecting an 8.12% year-over-year growth, and earnings per share of $2.08, up 8.33% year-over-year [1] Stock Performance - On the day of the earnings report (February 12), Baidong Company's stock experienced significant volatility, opening at $147.12, reaching a high of $159.89, and closing at $156.38, marking a single-day increase of 9.95% with a trading volume of approximately $13.79 million. Over the past five trading days, the stock has accumulated a total increase of 18.72% [2] Institutional Insights - Market analysis indicates that the stock price movement was primarily driven by the earnings report data. Although the performance met growth expectations, the substantial single-day increase may reflect positive market sentiment and active short-term trading. Additionally, 80% of the institutions covering the company as of February 2026 have given "buy" or "hold" ratings, indicating an optimistic market sentiment [3]

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 ...

Group 1 - Belden, Inc. reported its financial results for the fourth quarter and provided guidance for the first quarter, expecting earnings between $1.21 to $1.31 per share and adjusted earnings between $1.65 to $1.75 per share on revenues of $675 million to $690 million [1] - Analysts expect the company to report average earnings of $1.68 per share on revenues of $661.15 million for the quarter, with estimates typically excluding special items [2] - In pre-market trading, Belden, Inc. shares are trading at $142.64, reflecting an increase of $0.19 or 0.13 percent [3]