Achieved net sales of $511 million, a 2% GAAP increase and (3)% organic(a) decrease year-over-year 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 a total of $61 million to shareholders via $40 million of share repurchases and $21 million of dividends, repaid $48 million of debt, and invested $16 million for capital expenditures
Full-Year 2025 Highlights
Achieved net sales of $1.9 billion, a 4% GAAP increase and 1% organic increase year-over-year, including timing delays in fire service
Generated GAAP operating income of $372 million, or 19.8% of net sales, and adjusted operating income of $415 million, or 22.1% of net sales
Recorded GAAP earnings of $279 million, or $7.09 per diluted share, and adjusted earnings of $312 million, or $7.93 per diluted share
Acquired M&C TechGroup for $189 million, returned a total of $162 million to shareholders via $80 million of share repurchases and $82 million of dividends, and invested $68 million for capital expenditures
Maintain strong balance sheet and ample liquidity to support Accelerate strategy
PITTSBURGH, Feb. 11, 2026 /PRNewswire/ -- Global safety equipment and solutions provider MSA Safety Incorporated (NYSE:MSA) today reported financial results for the fourth quarter and year ended December 31, 2025.
(a) Definition of organic revenue growth provided on the bottom of page ten.
"We reported solid 2025 performance in a challenging operating environment," said Steve Blanco, MSA Safety President and Chief Executive Officer. "Our team delivered resilient full-year results despite headwinds to organic sales and margins, driven by strong execution and effective SG&A management. This year, our sales growth headwinds included pockets of industrial end market weakness, timing challenges in the U.S. fire service, and difficult comparisons. We are entering 2026 with strong momentum, due to our Mission-driven commitment to deliver innovative products and solutions to our customers, along with a solid commercial pipeline. The team remains confident in our ability to execute our Accelerate strategy to deliver on our 2028 financial commitments."
Financial Highlights
Three Months Ended December 31,
Twelve Months Ended December 31,
(In millions, except per share data and percentages)
2025
2024
% Change (a)
2025
2024
% Change (a)
Net Sales
$ 511
$ 500
2 %
$ 1,875
$ 1,808
4 %
GAAP
Operating income
114
118
(3) %
372
389
(4) %
% of Net sales
22.3 %
23.5 %
(120) bps
19.8 %
21.5 %
(170) bps
Net income
87
88
(1) %
279
285
(2) %
Diluted EPS
$ 2.21
$ 2.22
— %
$ 7.09
$ 7.21
(2) %
Non-GAAP
Adjusted EBITDA
$ 136
$ 135
1 %
$ 473
$ 469
1 %
% of Net sales
26.6 %
26.9 %
(30) bps
25.2 %
26.0 %
(80) bps
Adjusted operating income
$ 122
$ 120
1 %
$ 415
$ 414
— %
% of Net sales
23.9 %
24.0 %
(10) bps
22.1 %
22.9 %
(80) bps
Adjusted earnings
93
89
5 %
312
305
2 %
Adjusted diluted EPS
$ 2.38
$ 2.25
6 %
$ 7.93
$ 7.70
3 %
Free cash flow
106
93
13 %
295
242
22 %
Free cash flow conversion
122 %
106 %
106 %
85 %
Americas Segment
Net sales
$ 335
$ 337
(1) %
$ 1,262
$ 1,247
1 %
GAAP operating income
101
101
— %
356
371
(4) %
% of Net sales
30.3 %
30.1 %
20 bps
28.2 %
29.8 %
(160) bps
Adjusted operating income
104
104
— %
365
380
(4) %
% of Net sales
31.0 %
30.7 %
30 bps
28.9 %
30.5 %
(160) bps
International Segment
Net sales
$ 176
$ 163
8 %
$ 613
$ 561
9 %
GAAP operating income
27
28
(3) %
79
79
— %
% of Net sales
15.4 %
17.1 %
(170) bps
12.9 %
14.1 %
(120) bps
Adjusted operating income
30
29
3 %
93
85
10 %
% of Net sales
16.8 %
17.6 %
(80) bps
15.2 %
15.1 %
10 bps
(a) Percentage change may not calculate exactly due to rounding.
Balance Sheet and Cash Flow
"While macroeconomic conditions presented challenges, MSA delivered organic sales growth within our low-single digit 2025 Outlook range, free cash flow conversion that surpassed our annual target range and higher capital returns to shareholders," commented Julie Beck, MSA Safety Senior Vice President and Chief Financial Officer. "Our strong balance sheet and ample liquidity continue to provide us the ability to deliver on our balanced capital allocation priorities of organic growth, M&A, and capital returns to shareholders, which will enable us to execute our strategy to invest and drive profitable growth," Beck added.
The company deployed capital in line with its capital allocation strategy in 2025 by acquiring M&C TechGroup for $189 million, returning a total of $162 million to shareholders via dividends of $82 million and executing $80 million of share repurchases, while investing $68 million in capital expenditures. MSA maintains a strong liquidity position with net debt at the end of the fourth quarter of $416 million. The company's net leverage ratio was 0.9x at December 31, 2025. MSA's strong financial profile, including ample liquidity of $1.2 billion, continues to provide optionality around execution of strategic growth initiatives, including acquisitions.
2026 Net Sales Outlook
The company is expecting mid-single digit full-year organic sales growth in 2026, and has provided an update on the operating environment below:
Tailwinds
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
Headwinds
Continued macroeconomic, tariff and geopolitical policy uncertainty
Mixed industrial end market demand globally
Non-recurrence of large detection orders in Latin America
Conference Call
MSA Safety will host a conference call on Thursday, February 12, 2026 at 10:00 a.m. Eastern Time to discuss the fourth quarter and full-year 2025 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (toll-free) or 1-412-902-6599 (international). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.
MSA Safety Incorporated
Consolidated Statement of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended December 31,
Twelve Months EndedDecember 31,
2025
2024
2025
2024
Net sales
$ 510,913
$ 499,696
$ 1,874,814
$ 1,808,140
Cost of products sold
271,521
265,267
1,003,701
947,695
Gross profit
239,392
234,429
871,113
860,445
Selling, general and administrative
105,359
100,378
414,254
394,707
Research and development
16,157
16,831
65,343
66,526
Restructuring charges
1,427
653
3,897
6,397
Currency exchange losses (gains), net
2,564
(1,077)
15,801
3,638
Operating income
113,885
117,644
371,818
389,177
Interest expense
8,431
7,333
31,799
36,889
Other income, net
(7,794)
(6,503)
(26,379)
(22,718)
Total other expense, net
637
830
5,420
14,171
Income before income taxes
113,248
116,814
366,398
