Littelfuse Reports Fourth Quarter and Full Year 2025 Results

CHICAGO--( BUSINESS WIRE)-- Littelfuse, Inc. (NASDAQ: LFUS), a leader in developing smart solutions that enable safe and efficient electrical energy transfer, today reported financial results for its fourth quarter ended December 27, 2025:

“I am proud of our teams as we finished the year with significant momentum, delivering fourth quarter results above our guidance range and successfully closing the acquisition of Basler Electric,” said Greg Henderson, Littelfuse President and Chief Executive Officer. “Throughout 2025, we remained disciplined in executing our strategic priorities, which is reflected in our solid full year revenue growth and margin expansion. Across our segments, we are entering 2026 from a position of strength as we leverage our leadership in safe and efficient electrical energy transfer to accelerate growth, broaden our solutions for an expanding customer base, and drive continued operational enhancements.”

First Quarter of 2026*

“Looking ahead to the first quarter, we expect approximately 15% total revenue growth versus the prior year, supported by our strengthening backlog, deepening customer engagement, and contributions from the Basler acquisition. As our end markets continue to evolve requiring higher power and energy density solutions, we remain committed to driving technology innovations to help our customers solve increasingly complex challenges. Our focus is on executing our strategic priorities and scaling the company to deliver leading long term performance and shareholder value.”

Based on current market conditions, for the first quarter the company expects,

*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

Fourth Quarter 2025 Segment Performance Highlights

Electronics Segment

Transportation Segment

Industrial Segment

Full Year 2025 Segment Performance Highlights

Electronics Segment

Transportation Segment

Industrial Segment

Dividend

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, January 28, 2026, at 8:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com.

About Littelfuse

Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.’s (“Littelfuse” or the “Company”) current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties relating to general economic conditions; product demand and market acceptance; economic conditions; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; changes in import and export duty and tariff rates; exchange rate fluctuations; commodity price fluctuations; the effect of the Company's accounting policies; labor disputes and shortages; restructuring costs in excess of expectations; pension plan asset returns less than assumed; uncertainties related to political or regulatory changes; integration of acquisitions may not be achieved in a timely manner, or at all; limited realization of the expected benefits from investment and strategic plans; the risk that expected benefits, synergies and growth prospects of the transaction with Basler may not be achieved in a timely manner, or at all; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended December 28, 2024.

Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 28, 2024, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.

Non-GAAP Financial Measures

The information included in this press release and other materials filed with the SEC may include non-GAAP financial measures including organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, net debt, consolidated EBITDA, and consolidated net leverage ratio (as defined in the credit agreement). Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules. The company believes that organic net sales (decline) growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of the company’s core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of its fundamental business operations or were not part of the company’s business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that net debt, consolidated EBITDA, and consolidated net leverage ratio are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that the company’s definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

LFUS-F

LITTELFUSE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

December 27, 2025

December 28, 2024

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

563,391

724,924

Short-term investments

287

976

Trade receivables, less allowances of $77,073 and $69,990, respectively

363,215

294,371

Inventories

416,472

416,273

Prepaid income taxes and income taxes receivable

6,137

11,749

Prepaid expenses and other current assets

85,832

103,716

Total current assets

1,435,334

1,552,009

Net property, plant, and equipment

540,640

477,068

Intangible assets, net of amortization

634,907

482,118

Goodwill

1,171,411

1,228,502

Investments

20,010

23,245

Deferred income taxes

5,255

4,899

Right of use lease assets

86,263

72,211

Other long-term assets

62,976

51,727

Total assets

3,956,796

3,891,779

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

211,079

188,359

Accrued liabilities

199,271

148,276

Accrued income taxes

26,186

29,658

Current portion of long-term debt

96,233

67,612

Total current liabilities

532,769

433,905

Long-term debt, less current portion

706,394

788,502

Deferred income taxes

102,335

95,532

Accrued post-retirement benefits

38,733

29,836

Non-current lease liabilities

71,765

60,559

Other long-term liabilities

78,766

69,833

Total equity

2,426,034

2,413,612

Total liabilities and equity

3,956,796

3,891,779

LITTELFUSE, INC.

CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME

(Unaudited)

Three Months Ended

Fiscal Year Ended

(in thousands, except per share data)

December 27,

2025

December 28,

2024

December 27,

2025

December 28,

2024

Net sales

593,934

529,505

2,386,294

2,190,768

Cost of sales

368,189

352,667

1,480,251

1,403,226

Gross profit

225,745

176,838

906,043

787,542

Selling, general, and administrative expenses

98,978

87,026

381,773

350,421

Research and development expenses

27,118

26,490

106,899

107,773

Amortization of intangibles

15,573

14,709

59,793

62,127

Restructuring, impairment, and other charges

306,892

98,112

320,050

108,441

Total operating expenses

448,561

226,337

868,515

628,762

Operating (loss) income

(222,816

)

(49,499

)

37,528

158,780

Interest expense

8,282

9,359

34,303

38,717

Foreign exchange loss (gain)

1,146

(13,503

)

16,612

(9,230

)

Other income, net

(2,974

)

(2,654

)

(16,994

)

(22,570

)

(Loss) income before income taxes

(229,270

)

(42,701

)

3,607

151,863

Income taxes

12,865

9,085

75,307

51,673

Net (loss) income

(242,135

)

(51,786

)

(71,700

)

100,190

(Loss) income per share:

Basic

(9.72

)

(2.09

)

(2.89

)

4.04

Diluted

(9.72

)

(2.09

)

(2.89

)

4.00

Weighted-average shares and equivalent shares outstanding:

Basic

24,909

24,818

24,817

24,821

Diluted

24,909

24,818

24,817

25,039

Comprehensive (loss) income

(233,130

)

(147,365

)

69,278

9,646

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended

(in thousands)

December 27, 2025

December 28, 2024

OPERATING ACTIVITIES

Net (loss) income

(71,700

)

100,190

Adjustments to reconcile net (loss) income to net cash provided by operating activities

478,580

237,143

Changes in operating assets and liabilities:

Trade receivables

(36,401

)

(15,347

)

Inventories

40,181

47,143

Accounts payable

11,342

16,260

Accrued liabilities and income taxes

4,095

(34,560

)

Prepaid expenses and other assets

7,667

16,792

Net cash provided by operating activities

433,764

367,621

INVESTING ACTIVITIES

Acquisitions of businesses, net of cash acquired

(407,718

)

—

Purchases of property, plant, and equipment

(67,637

)

(75,877

)

Net proceeds from sale of property, plant, and equipment

5,806

10,836

Other

689

(741

)

Net cash used in investing activities

(468,860

)

(65,782

)

FINANCING ACTIVITIES

Net payments of credit facility and senior notes

(65,000

)

(7,500

)

Cash dividends paid

(71,991

)

(67,061

)

Purchases of common stock

(27,553

)

(40,862

)

All other cash provided by financing activities

15,271

2,987

Net cash used in financing activities

(149,273

)

(112,436

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

23,036

(20,089

)

(Decrease) increase in cash, cash equivalents, and restricted cash

(161,333

)

169,314

Cash, cash equivalents, and restricted cash at beginning of period

726,437

557,123

Cash, cash equivalents, and restricted cash at end of period

565,104

726,437

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

Fourth Quarter

Year-to-Date

(in thousands)

2025

2024

Growth / (Decline)

2025

2024

Growth / (Decline)

Net sales

Electronics

345,150

285,841

20.7

1,345,522

1,186,773

13.4

Transportation

163,804

161,723

1.3

676,377

672,434

0.6

Industrial

84,980

81,941

3.7

364,395

331,561

9.9

Total net sales

593,934

529,505

12.2

2,386,294

2,190,768

8.9

Operating (loss) income

Electronics

59,799

37,034

61.5

220,066

169,893

29.5

Transportation

17,602

3,653

381.9

84,780

58,578

44.7

Industrial

10,168

10,277

(1.1

59,023

42,331

39.4

Other (a)

(310,385

)

(100,463

)

N.M.

(326,341

)

(112,022

)

N.M.

Total operating (loss) income

(222,816

)

(49,499

)

(350.1

37,528

158,780

(76.4

Operating Margin

(37.5

(9.3

1.6

7.2

Interest expense

8,282

9,359

34,303

38,717

Foreign exchange loss (gain)

1,146

(13,503

)

16,612

(9,230

)

Other income, net

(2,974

)

(2,654

)

(16,994

)

(22,570

)

(Loss) income before income taxes

(229,270

)

(42,701

)

(436.9

3,607

151,863

(97.6

(a)

"other" typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.)

N.M. - Not meaningful

Fourth Quarter

Year-to-Date

(in thousands)

2025

2024

Growth (decline)

2025

2024

Growth

Operating Margin

Electronics

17.3

13.0

4.3

16.4

14.3

2.1

Transportation

10.7

2.3

8.4

12.5

8.7

3.8

Industrial

12.0

12.5

(0.5

16.2

12.8

3.4

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts - unaudited)

Non-GAAP EPS reconciliation

Q4-25

Q4-24

YTD-25

YTD-24

GAAP (loss per share)/ diluted EPS

(9.72

)

(2.09

)

(2.89

)

4.00

EPS impact of Non-GAAP adjustments (below)

12.41

3.61

13.57

3.97

Adjusted diluted EPS

2.69

1.53

10.68

7.97

Non-GAAP adjustments - (income) / expense

Q4-25

Q4-24

YTD-25

YTD-24

Acquisition-related and integration costs (a)

2.4

5.4

5.1

Purchase accounting inventory adjustments (b)

1.1

—

0.6

—

Restructuring, impairment and other charges (c)

306.9

98.1

320.1

108.4

Gain on sale of fixed assets (d)

—

(1.5

)

Loss on sale of the Marine business (e)

—

0.3

—

Non-GAAP adjustments to operating (loss) income

310.4

100.5

326.4

112.0

Other expense (income), net (f)

0.6

1.6

0.6

1.3

Non-operating foreign exchange loss (gain)

1.1

(13.5

)

16.6

(9.2

)

Non-GAAP adjustments to (loss) income before income taxes

312.2

88.5

343.6

104.1

Income taxes (g)

2.4

(1.5

)

4.6

4.7

Non-GAAP adjustments to net (loss) income

309.8

90.0

339.0

99.4

Total EPS impact

12.41

3.61

13.57

3.97

Adjusted operating margin / Adjusted EBITDA reconciliation

Q4-25

Q4-24

YTD-25

YTD-24

Net (loss) income

(242.1

)

(51.8

)

(71.7

)

100.2

Add:

Income taxes

12.9

9.1

75.3

51.7

Interest expense

8.3

9.4

34.3

38.7

Foreign exchange loss (gain)

1.1

(13.5

)

16.6

(9.2

)

Other income, net

(3.0

)

(2.7

)

(17.0

)

(22.6

)

GAAP operating (loss) income

(222.8

)

(49.5

)

37.5

158.8

Non-GAAP adjustments to operating (loss) income

310.4

100.5

326.4

112.0

Adjusted operating income

87.6

51.0

363.9

270.8

Amortization of intangibles

15.5

14.7

59.8

62.1

Depreciation expense

18.5

17.3

74.9

68.3

Adjusted EBITDA

121.6

83.0

498.6

401.2

Net sales

593.9

529.5

2,386.3

2,190.8

Net (loss) income as a percentage of net sales

(40.8

(9.8

(3.0

4.6

Operating margin

(37.5

(9.3

1.6

7.2

Adjusted operating margin

14.7

9.6

15.2

12.4

Adjusted EBITDA margin

20.5

15.7

20.9

18.3

Adjusted EBITDA by Segment

Q4-25

Q4-24

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

59.8

17.6

10.2

37.0

3.7

10.3

Add:

Add back amortization

10.2

3.3

2.0

9.8

3.4

1.5

Add back depreciation

11.7

5.2

1.6

10.4

5.4

1.5

Adjusted EBITDA

81.7

26.1

13.8

57.2

12.5

13.3

Adjusted EBITDA Margin

23.7

16.0

16.2

20.0

7.7

16.2

Adjusted EBITDA by Segment

YTD-25

YTD-24

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

220.1

84.8

59.0

169.9

58.6

42.3

Add:

Add back amortization

40.4

13.5

5.9

39.4

13.5

9.2

Add back depreciation

47.6

21.2

6.1

40.4

22.1

5.8

Adjusted EBITDA

308.1

119.5

71.0

249.7

94.2

57.3

Adjusted EBITDA Margin

22.9

17.7

19.5

21.0

14.0

17.3

Net sales reconciliation

Q4-25 vs. Q4-24

Electronics

Transportation

Industrial

Total

Net sales growth

Less:

Acquisitions

—

FX impact

Organic net sales growth (decline)

Electronics segment net sales reconciliation

Q4-25 vs. Q4-24

Electronics -

Semiconductor

Electronics - Passive

Products and Sensors

Total Electronics

Net sales growth

Less:

Acquisitions

—

FX impact

Organic net sales growth

Transportation segment net sales reconciliation

Q4-25 vs. Q4-24

Commercial

Vehicle Products

Passenger Car

Products (1)

Auto Sensor

Products (1)

Total

Transportation

Net sales (decline) growth

Less:

FX impact

Organic net sales (decline) growth

(12

(1)

Net sales reconciliation

YTD-25 vs. YTD-24

Electronics

Transportation

Industrial

Total

Net sales growth

Less:

Acquisitions

—

FX impact

—

Organic net sales growth (decline)

Electronics segment net sales reconciliation

YTD-25 vs. YTD-24

Electronics -

Semiconductor

Electronics - Passive

Products and Sensors

Total Electronics

Net sales growth

Less:

Acquisitions

—

FX impact

Organic net sales growth

—

Transportation segment net sales reconciliation

YTD-25 vs. YTD-24

Commercial

Vehicle Products

Passenger Car

Products (1)

Auto Sensor

Products (1)

Total

Transportation

Net sales growth (decline)

—

(15

Less:

FX impact

Organic net sales (decline) growth

(18

(1)

Income tax reconciliation

Q4-25

Q4-24

YTD-25

YTD-24

Income taxes

12.9

9.1

75.3

51.7

Effective rate

(5.6

(21.3

2,088.2

34.0

Non-GAAP adjustments - income taxes

2.4

(1.5

)

4.6

4.7

Adjusted income taxes

15.3

7.6

79.9

56.4

Adjusted effective rate

18.4

16.6

23.0

22.0

Free cash flow reconciliation

Q4-25

Q4-24

YTD-25

YTD-24

Net cash provided by operating activities

138.7

160.6

433.8

367.6

Less: Purchases of property, plant and equipment

(18.9

)

(25.8

)

(67.6

)

(75.9

)

Free cash flow

119.7

134.8

366.1

291.7

Consolidated Total Debt

As of December 27, 2025

Consolidated Total Debt

802.6

Unamortized debt issuance costs

1.8

Finance lease liability

0.2

Consolidated funded indebtedness

804.6

Cash held in U.S. (up to $400 million)

144.3

Net debt

660.3

Consolidated EBITDA

Twelve Months Ended

December 27, 2025

Net loss

(71.9

)

Interest expense

34.3

Income taxes

75.3

Depreciation

74.9

Amortization

59.8

Non-cash additions:

Stock-based compensation expense

27.3

Purchase accounting inventory step-up charge

0.6

Unrealized loss on investments

3.6

Impairment charges

302.1

Other

38.5

Consolidated EBITDA (1)

544.5

Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *

1.2x

Our Credit Agreement and Private Placement Note with maturities ranging from 2024 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered.

The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the netting of up to $400M of Available Cash (Cash held by US Subsidiaries).

(1)

Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters.

Note: Total will not always foot due to rounding.

(a)

(b)

(c)

reflected in restructuring, impairment and other charges. In the fourth quarter of 2025, the Company recorded a $301.2 million non-cash goodwill impairment charge related to the Electronics-Semiconductor reporting unit within the Electronics segment. The Company recognized impairment charges of $0.5 million and $0.4 million related to certain machinery and equipment in the commercial vehicle business within the Transportation segment and the electronics products business within the Electronics segment, respectively. In the fourth quarter of 2024, the Company recorded $92.6 million of non-cash impairment charges, which included $47.8 million for the impairment of intangible assets primarily related to certain acquired customer relationships, developed technology, and tradename in the Industrial controls and sensors reporting unit within the Industrial segment, and $36.1 million and $8.6 million non-cash goodwill impairment charge associated with the Industrial controls and sensors reporting unit within the Industrial segment and the Automotive sensors reporting unit within the Transportation segment, respectively. In addition, during the first quarter of 2024, the Company recognized a $0.9 million impairment related to certain machinery and equipment in the commercial vehicle business within the Transportation segment.

(d)

2024 amount reflected a gain of $0.5 million recorded for the sale of a land use right within the Electronics segment and a gain of $1.0 million for the sale of two buildings within the Transportation segment.

(e)

2025 amount reflected $0.3 million loss related to the sale of the Marine business within the Transportation segment.

(f)

2025 included $0.6 million increase in coal mining reserves. 2024 included $1.8 million increase in coal mining reserves, partially offset by a reversal of $0.5 million for an asset retirement obligation charge related the disposal of a business in 2019.

(g)

reflected the tax impact associated with the non-GAAP adjustments.