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Dec 31, 2025
MSA Q4 2025 Earnings Report
MSA Safety Incorporated reported its financial results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
MSA Safety reported solid performance in Q4 2025 with net sales of $511 million, a 2% GAAP increase, and diluted EPS of $2.21. Adjusted earnings per diluted share were $2.38, a 6% increase year-over-year. The company returned $61 million to shareholders and maintained a strong balance sheet.
Achieved net sales of $511 million, a 2% GAAP increase, despite a 3% organic decrease primarily due to timing delays in fire service.
Generated GAAP operating income of $114 million, or 22.3% of net sales, and adjusted operating income of $122 million, or 23.9% of net sales.
Recorded GAAP net income of $87 million, or $2.21 per diluted share, and adjusted earnings of $93 million, or $2.38 per diluted share.
Returned $61 million to shareholders through $40 million in share repurchases and $21 million in dividends, repaid $48 million of debt, and invested $16 million in capital expenditures.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company is expecting mid-single digit full-year organic sales growth in 2026, driven by increasing global safety standards, favorable demand for detection products, and carry-over from fire service funding.
Positive Outlook
- Increasing global safety standards creating demand for sophisticated safety products and solutions; diverse end markets provide resiliency.
- Favorable underlying demand for fixed and portable detection, including MSA+ connected ecosystem solutions.
- Carry-over from fire service late AFG funding and U.S. Government shutdown in 2025.
- Industrial PPE to benefit from continued momentum in fall protection.
- Positive contribution from strategic pricing actions.
Challenges Ahead
- Continued macroeconomic, tariff and geopolitical policy uncertainty.
- Mixed industrial end market demand globally.
- Non-recurrence of large detection orders in Latin America.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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