Belden (BDC) Cash Flow: Operating & Free Cash Flow

Belden (BDC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Belden generated $354.86M of operating cash flow and spent $136.17M on capital expenditures. That left free cash flow of $218.69M, down 1.9% from $222.98M a year earlier, or 8.1% of revenue. It returned $224.37M to shareholders through $7.97M in dividends and $216.40M in share buybacks.

Belden Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Belden Inc. (BDC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	237.52	198.41	242.76	254.82	64.32	-55.06	-376.78	160.71	92.85
Depreciation & Amortization	129.43	115.74	99.45	88.74	87.99	108.69	139.26	148.63	149.65
Deferred Income Tax	5.03	-15.95	-12.96	-0.63	0.00	-19.41	-23.54	11.30	-24.10
Stock Based Compensation	30.02	27.53	21.02	23.68	24.87	20.03	17.75	18.50	14.65
Change in Working Capital	-57.50	26.34	-18.38	-53.81	-54.87	5.16	-1.24	-72.91	-30.19
Change in Accounts Receivable	-37.77	18.86	24.53	-33.61	-119.01	80.06	-9.69	-24.34	-24.93
Change in Inventory	-48.23	24.32	-15.33	5.56	-92.98	-8.51	44.48	-14.78	-84.09
Change in Accounts Payable	0.00	-21.72	-8.18	-20.60	135.67	-43.57	-41.53	-29.40	100.75
Change in Other Working Capital	28.51	-13.11	-19.40	-5.17	-33.34	-22.82	5.50	-4.39	-21.93
Other Operating Activities	10.36	-15.95	-12.26	-31.50	149.75	113.95	521.44	22.99	52.44
Net Cash from Operating Activities	354.86	352.08	319.64	281.30	272.06	173.36	276.89	289.22	255.30
Investing Activities
Capital Expenditures	-136.17	-129.10	-116.73	-105.09	-90.98	-90.22	-110.00	-97.85	-64.26
Acquisitions	7.74	-296.45	-106.71	229.97	-73.34	55.41	-74.39	-44.41	-166.90
Sales/Maturities of Investments	0.00	0.00	0.00	0.00	-3.65	0.00	0.00	0.00	0.00
Other Investing Activities	0.19	-1.20	13.79	43.53	72.32	3.16	0.03	1.58	1.04
Net Cash from Investing Activities	-128.24	-426.76	-200.36	168.41	-92.00	-31.64	-184.37	-140.68	-230.12
Financing Activities
Debt Repayment	-1.83	-1.13	-0.42	-230.80	-360.30	-0.19	-0.36	-53.49	-239.19
Common Stock Issued	0.00	8.92	6.57	3.72	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-216.40	-134.31	-192.14	-150.00	-5.57	-35.00	-50.00	-175.00	-25.00
Dividends Paid	-7.97	-8.20	-8.50	-8.95	-9.06	-9.03	-34.44	-43.17	-43.38
Other Financing Activities	8.43	0.66	-17.44	-7.19	-10.86	-30.69	-2.15	-10.11	-23.88
Net Cash from Financing Activities	-217.77	-143.72	-211.93	-393.21	-32.93	-74.91	-86.95	-281.77	-331.45
Summary
Effect of Forex Changes on Cash	10.73	-8.35	2.02	-12.57	-5.36	9.30	-0.30	-7.27	19.26
Net Change in Cash	19.59	-226.74	-90.63	43.92	141.76	76.11	5.28	-140.50	-287.01
Cash at Beginning of Period	370.30	597.04	687.68	643.76	501.99	425.89	420.61	561.11	848.12
Cash at End of Period	389.89	370.30	597.04	687.68	643.76	501.99	425.89	420.61	561.11
Free Cash Flow	218.69	222.98	202.91	176.20	181.07	83.15	166.89	191.37	191.04
Supplemental Disclosures
Interest Paid	43.16	42.40	42.11	45.17	54.18	-	-	-	-
Income Taxes Paid	-	45.35	55.69	54.78	34.02	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Belden Cash Flow

What is Belden's free cash flow?

Belden generated free cash flow of $218.69M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $354.86M minus $136.17M of capital expenditures. That was down 1.9% from $222.98M a year earlier. Free cash flow equaled 8.1% of revenue.

How much does Belden spend on capital expenditures?

Belden spent $136.17M on capital expenditures in fiscal 2025, compared with $129.10M a year earlier. That equals 38.4% of operating cash flow.

Does Belden pay dividends or buy back shares?

Yes. In fiscal 2025 Belden returned $7.97M in dividends and $216.40M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition