A maker of networking, cabling, and connectivity gear that keeps data centers, smart buildings, broadband networks, and factories talking to each other. Its two businesses — Smart Infrastructure Solutions and Automation Solutions — sell copper and fiber systems, racks, power management, and digitization products through distributors, installers, and equipment makers. Belden was founded in 1902 in Chicago when a young purchasing agent, tired of hunting for quality silk-wrapped magnet wire for telephone switchboards, decided to make his own; in 1910 it introduced "Beldenamel," an enamel wire insulation that became an industry standard.
Belden's Q2 revenue rose 11.6% to $750M, and a $13.6M tariff refund lifted gross margin to 39.1%.
A $13.6 million tariff refund reshaped Belden's second quarter. rose 11.6% to $750.2 million and reached 39.1%, while climbed 25.3% to $99.3 million, all on the fifth straight quarter of organic volume growth. The refund is a one-time item, but the underlying demand recovery is intact.
Key takeaways
rose 11.6% to $750.2 million, driven by higher sales volume, favorable pricing, and copper pass-through pricing, marking the fifth consecutive quarter of organic volume growth.
expanded 0.7 points to 39.1%, aided by a $13.6 million recorded as a reduction to cost of sales; without this one-time benefit, the underlying margin would have been lower.
rose 25.3% to $99.3 million, with expanding 1.4 points to 13.2%, as the increase and tariff refund more than offset a 12.1% rise in SG&A expenses tied to growth and strategic investments.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 11.6% to $750M driven by higher volume, pricing, and copper pass-through; tariff refunds boosted gross profit.
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Consolidated grew 11.6% to $750.2M in Q2 and 11.5% to $1.45B in H1, driven by higher sales volume, favorable pricing, and copper .
increased 13.6% in Q2 and 9.4% in H1, aided by $13.6M in IEEPA tariff refunds recorded as a reduction to cost of sales.
swung to a $129.2 million source from $82.0 million a year ago, and rose 55.7% to $88.6 million, as higher earnings and favorable changes reversed the Q1 cash use.
The company completed its debt refinancing in Q1, issuing €450 million of 4.250% notes due 2033 to the 2027 notes, extending the nearest maturity by six years; ended the quarter at $1.23 billion, down 3.2% .
What changed
The Q1 2026 watch item on partially resolved: swung from a $63.1 million use in Q1 to an $88.6 million source in Q2, as the working capital build reversed.
The Q1 2026 watch item on showed a sharp recovery: after contracting 2.3 points to 37.1% in Q1, gross margin rebounded to 39.1% in Q2, though $13.6 million of the improvement came from a one-time tariff refund.
The Q1 2026 watch item on share repurchases remains open: the company did not disclose any activity in Q2, suggesting the pause noted in Q1 has continued through the first half of 2026.
The FY 2025 watch item on organic volume growth continuing into 2026 is confirmed: Q2 2026 marks the fifth straight quarter of organic volume growth, with up 11.6% .
What to watch
Whether stabilizes above 38% in Q3 2026 once the $13.6 million rolls off, or whether the underlying margin settles closer to the 37.1% reported in Q1 2026.
Whether the pause in share repurchases extends through the second half of 2026, or whether the company resumes buybacks now that the debt refinancing is complete and cash has rebuilt to $348.7 million.
Whether the 12.1% increase in SG&A expenses represents a sustained higher spending level that compresses in future quarters, or whether it moderates as growth slows.
Whether the Smart Infrastructure Solutions returns to after the 0.9% decline reported in Q3 2025, or whether further portfolio reshaping follows.
rose 27.9% to $145.9M in Q2, with margins expanding 250 to 19.5%, reflecting growth and tariff refunds partially offset by higher operating expenses.
SG&A expenses increased 12.1% in Q2 due to higher selling expenses tied to growth, currency translation, and strategic investments.
improved to $110.6M in H1 2026 from $89.5M a year ago, driven by higher earnings and favorable changes.
The company completed a debt refinancing, issuing €450M of 4.250% Senior Subordinated Notes due 2033 and repurchasing the 2027 Notes, recognizing a $1.3M loss on extinguishment.
Quantitative and Qualitative Disclosures About Market Risk
The following table provides information about our financial instruments that are sensitive to changes in interest rates. The table presents principal amounts by expected maturity dates and fair values as of June 28, 2026. Principal Amount by Expected Maturity Fair 2026 Thereaft…
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The following table provides information about our financial instruments that are sensitive to changes in interest rates. The table presents principal amounts by expected maturity dates and fair values as of June 28, 2026.
Principal Amount by Expected Maturity Fair
2026 Thereafter Total Value
(In thousands, except interest rates)
€350.0 million fixed-rate senior subordinated notes due 2028 $ — $ 397,250 $ 397,250 $ 397,127
Average interest rate 3.875 %
€300.0 million fixed-rate senior subordinated notes due 2031 $ — $ 340,500 $ 340,500 $ 326,999
Average interest rate 3.375 %
€450.0 million fixed-rate senior subordinated notes due 2033 $ — $ 510,750 $ 510,750 $ 500,198
Average interest rate 4.250 %
Total $ 1,248,500 $ 1,224,324
We are a party to various legal proceedings and administrative actions that are incidental to our operations. In our opinion, the proceedings and actions in which we are involved should not, individually or in the aggregate, have a material adverse effect on our financial condit…
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We are a party to various legal proceedings and administrative actions that are incidental to our operations. In our opinion, the proceedings and actions in which we are involved should not, individually or in the aggregate, have a material adverse effect on our financial condition, operating results, or cash flows. However, since the trends and outcome of this litigation are inherently uncertain, we cannot give absolute assurance regarding the future resolution of such litigation, or that such litigation may not become material in the future.
There have been no material changes with respect to risk factors as previously disclosed in our Form 10-K filed on February 17, 2026. There may be additional risks that impact our business that we currently do not recognize as, or that are not currently, material to our business.
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There have been no material changes with respect to risk factors as previously disclosed in our Form 10-K filed on February 17, 2026. There may be additional risks that impact our business that we currently do not recognize as, or that are not currently, material to our business.