Bel Fuse Inc. (BELFA) Income Statement
BELFA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBELFA revenue and net income
Where BELFA's revenue goes
2025Each bar shows an amount and its share of revenue. BELFA kept 9.1% of revenue as net income.
BELFA profit margins
BELFA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +26.3% | +1.1% | +7.7% | +1.8% |
| Gross profit | +30.7% | +13.0% | +17.2% | +9.3% |
| Operating income | +67.5% | +18.3% | +42.0% | +14.2% |
| Net income | +50.2% | +5.3% | +36.9% | +12.4% |
| EPS (diluted) | +26.8% | +16.8% | +47.3% | +15.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BELFA quarterly EPS vs estimates
Bel Fuse beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026.
BELFA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $675.5M | $534.8M | $639.8M | $654.2M | $543.5M | $465.8M | $492.4M | $548.2M | $491.6M | $500.2M |
| Cost of revenue | $411.0M | $332.4M | $424.0M | $470.8M | $409.1M | $346.0M | $381.7M | $438.4M | $389.6M | $400.2M |
| Gross profit | $264.4M | $202.4M | $215.8M | $183.5M | $134.4M | $119.7M | $110.7M | $109.8M | $102.0M | $99.9M |
| Research & development | $30.9M | $23.6M | $22.5M | $20.2M | $21.9M | $23.6M | $26.9M | $29.4M | $28.8M | $26.7M |
| Sales, general & admin | $125.8M | $110.6M | $99.1M | $92.3M | $86.6M | $78.7M | $76.1M | $79.9M | $85.1M | $71.0M |
| Total operating expenses | $156.7M | $138.1M | $127.9M | $118.3M | $103.1M | $101.1M | $102.9M | $79.9M | $85.1M | $71.0M |
| Operating income | $107.7M | $64.3M | $88.0M | $65.1M | $31.3M | $18.7M | $7.8M | $29.6M | $16.3M | −$76.5M |
| Interest income | $1.0M | $4.8M | $1.7M | $177,000 | — | — | $5.4M | $5.3M | $107,000 | $622,000 |
| Interest expense | $14.8M | $4.1M | $2.9M | $3.4M | $3.5M | $4.7M | $5.4M | $5.3M | $6.8M | $6.7M |
| Income before taxes | $95.0M | $61.8M | $83.3M | $59.1M | $27.3M | $12.1M | −$7.3M | $23.6M | $9.6M | −$82.6M |
| Income taxes | $20.9M | $12.6M | $9.5M | $6.4M | $2.5M | −$659,000 | $1.4M | $2.9M | $21.5M | −$17.7M |
| Net income | $61.5M | $41.0M | $73.8M | $52.7M | $24.8M | $12.8M | −$8.7M | $20.7M | −$11.9M | −$64.8M |
| EBITDA | $136.4M | $82.3M | $99.5M | $77.3M | $47.7M | $33.3M | $14.6M | $44.3M | $40.2M | −$54.1M |
| EPS (diluted) | $6.39 | $5.04 | $6.40 | $4.01 | $1.58 | $0.92 | $0.14 | $1.67 | $0.66 | −$4.81 |
| Gross margin | 39.1% | 37.8% | 33.7% | 28.0% | 24.7% | 25.7% | 22.5% | 20.0% | 20.8% | 20.0% |
| Operating margin | 15.9% | 12.0% | 13.8% | 10.0% | 5.8% | 4.0% | 1.6% | 5.4% | 3.3% | −15.3% |
| Net margin | 9.1% | 7.7% | 11.5% | 8.1% | 4.6% | 2.7% | −1.8% | 3.8% | −2.4% | −13.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $210.7M | $178.5M | $175.9M | $179.0M | $168.3M | $152.2M | $149.9M | $123.6M | $133.2M | $128.1M | $140.0M | $158.7M |
| Cost of revenue | $126.7M | $108.9M | $106.6M | $107.8M | $103.2M | $93.4M | $93.7M | $79.0M | $79.8M | $80.0M | $88.8M | $103.2M |
| Gross profit | $84.0M | $69.6M | $69.4M | $71.1M | $65.1M | $58.8M | $56.2M | $44.7M | $53.4M | $48.1M | $51.2M | $55.5M |
| Research & development | $9.0M | $8.5M | $8.0M | $7.5M | $8.1M | $7.2M | $6.9M | $5.4M | $6.0M | $5.2M | $6.0M | $5.3M |
| Sales, general & admin | $36.3M | $36.7M | $32.6M | $32.8M | $30.9M | $29.5M | $34.8M | $26.7M | $24.1M | $24.9M | $25.3M | $23.7M |
| Total operating expenses | $45.5M | $45.2M | $40.6M | $40.4M | $39.0M | $36.7M | $43.8M | $33.2M | $30.8M | $30.2M | $34.7M | $31.0M |
| Operating income | $38.4M | $24.4M | $28.8M | $30.8M | $26.1M | $22.1M | $12.4M | $11.4M | $22.6M | $17.9M | $16.5M | $24.5M |
| Interest income | $1.3M | $150,000 | $258,000 | $238,000 | $264,000 | $275,000 | $1.0M | $1.5M | $1.1M | $1.1M | — | $0 |
| Interest expense | $1.8M | $2.5M | $3.0M | $3.6M | $4.0M | $4.2M | $2.8M | $414,000 | $415,000 | $434,000 | $448,000 | $512,000 |
| Income before taxes | $37.8M | $17.8M | $9.6M | $28.0M | $33.7M | $23.8M | $7.4M | $11.2M | $22.9M | $20.4M | $13.5M | $23.8M |
| Income taxes | $3.8M | $2.8M | $3.1M | $5.4M | $6.9M | $5.5M | $953,000 | $3.1M | $4.1M | $4.5M | $1.5M | $4.3M |
| Net income | $32.2M | $11.4M | −$5.4M | $22.2M | $26.9M | $17.9M | −$1.8M | $8.1M | $18.8M | $15.9M | $12.0M | $19.4M |
| EBITDA | $45.5M | $26.9M | $19.2M | $38.3M | $44.3M | $34.6M | $15.9M | $15.2M | $26.7M | $24.5M | $17.3M | $27.7M |
| EPS (diluted) | $2.76 | $1.72 | $1.88 | $1.65 | $1.58 | $1.28 | $1.45 | $0.94 | $1.46 | $1.19 | $1.37 | $1.46 |
| Gross margin | 39.9% | 39.0% | 39.4% | 39.7% | 38.7% | 38.6% | 37.5% | 36.1% | 40.1% | 37.5% | 36.6% | 35.0% |
| Operating margin | 18.2% | 13.6% | 16.4% | 17.2% | 15.5% | 14.5% | 8.3% | 9.3% | 17.0% | 13.9% | 11.8% | 15.4% |
| Net margin | 15.3% | 6.4% | −3.1% | 12.4% | 16.0% | 11.7% | −1.2% | 6.5% | 14.1% | 12.4% | 8.6% | 12.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BELFA's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BELFA financial results
In fiscal year 2025 (ended December 31, 2025), Bel Fuse reported revenue of $675.5 million, up 26.3% from the year before. It had net income of $61.5 million (up 50.2%), a net profit margin of 9.1%. Diluted earnings per share came to $6.39. Over five years revenue grew at an average rate of 7.7% a year.
See the BELFA stock overview for the latest quote and news, or the BELFA chart for price history and technical indicators.
BELFA income statement FAQ
What is Bel Fuse's annual revenue?
Bel Fuse reported total revenue of $675.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 26.3% from $534.8 million the previous year.
Is Bel Fuse profitable?
Yes. Bel Fuse reported net income of $61.5 million in fiscal 2025, a net profit margin of 9.1%; its operating margin was 15.9%.
What is Bel Fuse's gross margin?
Bel Fuse's gross margin was 39.1% in fiscal 2025: for every $100 of revenue, Bel Fuse kept $39 after the direct cost of its products and services.
How much does Bel Fuse spend on research and development?
Bel Fuse spent $30.9 million on research and development in fiscal 2025, 4.6% of revenue.
How fast is Bel Fuse growing?
Revenue grew 7.7% a year on average over the last five fiscal years, from $465.8 million to $675.5 million.
What are Bel Fuse's earnings per share?
Bel Fuse earned $6.39 per diluted share in fiscal 2025, compared with $5.04 a year earlier.
When will Bel Fuse report its next earnings?
Bel Fuse is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Bel Fuse's fiscal year end?
Bel Fuse's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.