A maker of safety gear for hazardous workplaces, MSA produces the V-Gard hard hats seen on construction sites and the Gallet helmets worn by firefighters, along with gas detectors and breathing apparatus. It was founded in 1914 as the Mine Safety Appliances Company in Pittsburgh, born from a 1912 West Virginia coal-mine explosion that killed more than eighty miners. The founders teamed up with Thomas Edison to build a safer electric cap lamp for miners — and the company's initials still echo that mining heritage.
MSA Safety's Q2 revenue rose 6.2% to $503.3M and gross margin widened 3.0 points to 49.5%, the highest in over three years.
hit 49.5%, its highest level since early 2021. rose 6.2% to $503.3 million and climbed 40.3% to $2.23, driven by price realization, productivity, and favorable product mix. The quarter leaves MSA with its strongest profitability in years, even as PFAS litigation against Globe continues to grow.
Key takeaways
widened 3.0 points to 49.5%, the highest quarterly level since Q3 2021, driven by price realization, productivity, product mix, and favorable , partially offset by inflation, tariffs, and M&C .
rose 6.2% to $503.3 million, with and the M&C acquisition contributing, while currency translation remained a .
rose 30.4% to $112.0 million, and widened 4.1 points to 22.2%.
Section summaries
Legal Proceedings
MSA Safety reports no material pending legal proceedings beyond product liability and PFAS litigation described in Note 19.
⌄
The Company faces inherent product liability risk from claims alleging its products failed to prevent personal injury or death, with reserves for single incident claims and incurred but not reported claims.
Cumulative trauma claims involving silica, asbestos, and coal dust are directed at former subsidiary MSA LLC, which was divested on January 5, 2023, and the purchaser agreed to indemnify MSA for these legacy liabilities without cap or time limitation.
rose 37.3% to $86.2 million, with up 40.3% to $2.23.
rose 41.9% to $95.4 million, and more than doubled to $82.7 million from $37.9 million a year earlier.
PFAS lawsuits against Globe fell slightly to 1,222 lawsuits comprising 21,372 claims as of July 27, 2026, from roughly 1,288 lawsuits and 22,090 claims at year-end 2025, though the company still discloses no estimated financial exposure.
What changed
, which had been flagged as a watch item after falling to 45.9% in Q1 2025 and 46.6% in Q2 2025, has now recovered to 49.5% — above the 48% level management had pointed to as a benchmark.
International organic sales, which declined 6.8% in Q1 2026 and 4.1% in Q2 2025, showed improvement this quarter, though the filing does not break out the Q2 2026 organic figure.
, which was $37.9 million in Q2 2025, rose to $82.7 million, reversing the prior year's weakness.
fell 11.8% to $591.6 million, down from the $671.0 million peak in Q2 2025 following the M&C acquisition financing.
PFAS lawsuit counts against Globe declined for the first time in recent quarters, from roughly 1,288 lawsuits and 22,090 claims at year-end 2025 to 1,222 lawsuits and 21,372 claims as of July 27, 2026.
What to watch
Whether can hold near 49.5% as tariff impacts and M&C-related continue, and whether the favorable persists.
Whether reaches the mid-single-digit full-year , given Q1's 2.8% and the currency translation .
Whether the decline in PFAS lawsuit counts against Globe continues, and whether any material reserve develops.
Whether continues to decline from $591.6 million as the company integrates M&C and resumes debt paydown.
Globe, a subsidiary, is defending PFAS-related claims over firefighter turnout gear; as of July 27, 2026, Globe was named in 1,222 lawsuits comprising 21,372 claims, including several putative class actions.
MSA LLC is also a defendant in PFAS lawsuits predominantly relating to Aqueous Film-Forming Foam, with responsibility assumed by the purchaser under the 2023 divestiture agreement.
The Company states Globe believes it has valid defenses, the PFAS matters are at a very early stage, and Globe is pursuing insurance coverage and ; no estimated financial exposure is disclosed.