Filing Flows › BEL Fuse (BELFA) › Q1 2026
BEL Fuse (BELFA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
BEL Fuse (BELFA) reported revenue of $178M for the first quarter 2026 (Q1 2026), +17% from a year earlier and +1% from the quarter before. Operating margin was 13.3%, net earnings $11.4M (6.4% of revenue).
BEL Fuse, Q1 2026: revenue $178M (+17% year over year), operating margin 13.3%, net earnings $11.4M, operating cash flow $13.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $178M | +1% | +17% |
| Gross profit | $69.6M | +0.3% | +18% |
| Operating profit | $23.7M | -8% | -5% |
| Net earnings | $11.4M | — | -36% |
| Operating cash flow | $13.8M | -53% | +70% |
| Free cash flow | $11.2M | -57% | +109% |
What changed
Revenue was $178.5M in Q1 2026, up 17% year over year and up 1% from the previous quarter. Aerospace, Defense, and Rugged Solutions Segment was the largest line at 56% of revenue. Aerospace, Defense, and Rugged Solutions Segment added $16.7M year over year (up 20%), 64% of the total change.
Gross margin was 39.0%, up 0.4 points from Q1 2025. Operating profit was $23.7M, a 13.3% margin (down 3.2 points year over year). Operating profit fell $1.4M even though revenue rose $26.3M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 36% against revenue growth of 17%. Net earnings were $11.4M, down 36% year over year. The effective tax rate was 15.8%.
Operating cash flow was $13.8M (up 70% year over year), 92% of net income including minority interests. Non-cash charges added back $6.6M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $9.9M. Capital expenditures of $2.6M left free cash flow of $11.2M.
Questions
What was BEL Fuse's revenue in the first quarter 2026?
BEL Fuse (BELFA) reported revenue of $178M for the first quarter 2026 (Q1 2026), +17% from a year earlier and +1% from the quarter before.
Was BEL Fuse profitable in the first quarter 2026?
Operating profit was $23.7M (13.3% of revenue) and net earnings $11.4M.
Source: BEL Fuse 10-Q on SEC EDGAR.