Belden Inc.

belden.com

What Do They Do?

Sells network infrastructure and automation solutions, including fiber and copper systems, to industrial customers, broadband providers, and building operators.

How Do They Make Money?

Customers primarily pay for products and complete connection solutions when shipped or delivered. Support and maintenance services are generally paid in advance and cover a service term; professional services are paid for as the work is performed.

revenue

Segment	Share	How money arrives
Broadband Solutions Sold outright	23% FY2022: 22%	Sold outright
Automation Solutions Sold outright	55% FY2022: 54%	Sold outright
Smart Buildings Solutions Sold outright	22% FY2022: 24%	Sold outright

Who Are Their Customers?

Distributors, original equipment makers, installers, and end users buy the products. Automation products are sold directly to industrial equipment makers and through distributors, resellers, and system integrators; international sales also include direct sales to end users and equipment makers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 14% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

12% of revenue

▲ +18% vs FY2024 ($266.5M, 11%)

Net income, FY2025

9% of revenue

▲ +20% vs FY2024 ($198.4M, 8%)

Free cash flow, FY2025

8% of revenue

▼ −2% vs FY2024 ($223M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▲ +12%; vs $672M in Q2 FY2025
Net income: ▲ +12%; vs $61M in Q2 FY2025

Automation share of revenue vs 54.5% in Q2 FY2025

Jul 1, 2026 Belden completed its acquisition of RUCKUS Networks The purchase was completed for approximately $1.87 billion in cash, net of cash acquired and subject to post-closing adjustments.
Apr 30, 2026 Belden agreed to acquire RUCKUS Networks from Vistance The announced purchase price was approximately $1.846 billion in cash, subject to adjustments.

Growing. Revenue grew 18% in 4 years, from $2.3B in FY2021 to $2.7B in FY2025, about 4% a year.

Broader automation focus The older report describes industrial networking and machine-connectivity products, while the latest report frames the business around digitization solutions that handle data acquisition, transmission, orchestration, and management for industrial markets.

Automation customer markets The older report lists discrete and process automation, energy, and mass transit among industrial markets. The latest report names warehousing and logistics, energy, transportation, and discrete manufacturing as primary markets.

Revenue over time

Broadband Solutions Automation Solutions Smart Buildings Solutions Smart Buildings Industrial Automation

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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