Fourth Quarter 2025 Highlights
- 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 Twelve Months Ended
December 31, December 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 113,248 116,814 366,398 375,006
Provision for income taxes 26,315 28,868 87,474 90,039
Net income 86,933 87,946 278,924 284,967
Earnings per share attributable to common shareholders:
Basic $2.22 $2.23 $7.11 $7.24
Diluted $2.21 $2.22 $7.09 $7.21
Basic shares outstanding 39,107 39,374 39,216 39,371
Diluted shares outstanding 39,248 39,548 39,346 39,535
MSA Safety Incorporated
Condensed Consolidated Balance Sheet (Unaudited)
(In thousands)
December 31, 2025 December 31, 2024
Assets
Cash and cash equivalents $165,067 $164,560
Trade receivables, net 306,452 279,213
Inventories 343,035 296,796
Other current assets 54,738 62,461
Total current assets 869,292 803,030
Property, plant and equipment, net 283,063 211,865
Prepaid pension cost 279,450 224,638
Goodwill 731,592 620,895
Intangible assets, net 299,127 246,437
Other noncurrent assets 91,850 98,919
Total assets $2,554,374 $2,205,784
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net $8,225 $26,391
Accounts payable 110,775 108,163
Other current liabilities 170,211 153,539
Total current liabilities 289,211 288,093
Long-term debt, net 572,709 481,622
Pensions and other employee benefits 143,834 134,251
Deferred tax liabilities 127,540 107,691
Other noncurrent liabilities 54,068 50,808
Total shareholders' equity 1,367,012 1,143,319
Total liabilities and shareholders' equity $2,554,374 $2,205,784
MSA Safety Incorporated
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Net income $86,933 $87,946 $278,924 $284,967
Depreciation and amortization 18,656 16,770 71,591 64,333
Change in working capital and other operating 16,765 3,192 13,352 (52,872)
Cash flow from operating activities 122,354 107,908 363,867 296,428
Capital expenditures (16,334) (14,409) (68,438) (54,223)
Acquisition, net of cash acquired (1,501) (189,275)
Property disposals and other investing 60 378 79 468
Cash flow used in investing activities (17,775) (14,031) (257,634) (53,755)
Change in debt (48,014) (43,251) 67,314 (94,254)
Cash dividends paid (20,706) (20,089) (82,344) (78,759)
Company stock purchases under repurchase program (39,997) (9,906) (79,992) (29,932)
Other financing 1,078 729 (10,443) (5,744)
Cash flow used in financing activities (107,639) (72,517) (105,465) (208,689)
Effect of exchange rate changes on cash, (1,875) (11,233) 127 (17,295)
cash equivalents and restricted cash
(Decrease) increase in cash, cash equivalents and $(4,935) $10,127 $895 $16,689
restricted cash
MSA Safety Incorporated
Sales by Product Group (Unaudited)
(In thousands, except percentages)
Three Months Ended December 31, 2025
Consolidated
Americas International
Dollars Percent Dollars Percent Dollars Percent
Detection(a) $217,299 43 % $140,608 42 % $76,691 44 %
Fire Service(b) 174,898 34 % 120,025 36 % 54,873 31 %
Industrial PPE and Other(c) 118,716 23 % 74,558 22 % 44,158 25 %
Total $510,913 100 % $335,191 100 % $175,722 100 %
Three Months Ended December 31, 2024
Consolidated
Americas International
Dollars Percent Dollars Percent Dollars Percent
Detection(a) $169,578 34 % $108,680 32 % $60,898 37 %
Fire Service(b) 216,206 43 % 155,008 46 % 61,198 38 %
Industrial PPE and Other(c) 113,912 23 % 73,207 22 % 40,705 25 %
Total $499,696 100 % $336,895 100 % $162,801 100 %
Twelve Months Ended December 31, 2025
Consolidated
Americas International
Dollars Percent Dollars Percent Dollars Percent
Detection(a) $763,393 41 % $501,784 40 % $261,609 43 %
Fire Service(b) 647,474 34 % 446,245 35 % 201,229 33 %
Industrial PPE and Other(c) 463,947 25 % 313,812 25 % 150,135 24 %
Total $1,874,814 100 % $1,261,841 100 % $612,973 100 %
Twelve Months Ended December 31, 2024
Consolidated
Americas International
Dollars Percent Dollars Percent Dollars Percent
Detection(a) 642,792 36 % 426,839 34 % 215,953 38 %
Fire Service(b) 712,684 39 % 507,738 41 % 204,946 36 %
Industrial PPE and Other(c) 452,664 25 % 312,064 25 % 140,600 26 %
Total $1,808,140 100 % $1,246,641 100 % $561,499 100 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
MSA Safety Incorporated
Reconciliation of GAAP to Non-GAAP Financial Measures
Organic revenue change (Unaudited)
Consolidated
Three Months Ended December 31, 2025
Detection(a) Fire Industrial
PPE Net Sales
Service(b) and Other(c)
GAAP reported sales change 28 % (19) % 4 % 2 %
Currency translation effects (3) % (2) % (3) % (2) %
Less: Acquisitions (8) % - % - % (3) %
Organic sales change 17 % (21) % 1 % (3) %
Twelve Months Ended December 31, 2025
Detection(a) Fire Industrial
PPE Net Sales
Service(b) and Other(c)
GAAP reported sales change 19 % (9) % 2 % 4 %
Currency translation effects (1) % (1) % - % (1) %
Less: Acquisitions (6) % - % - % (2) %
Organic sales change 12 % (10) % 2 % 1 %
Americas Segment
Three Months Ended December 31, 2025
Detection(a) Fire Industrial
PPE Net Sales
Service(b) and Other(c)
GAAP reported sales change 29 % (23) % 2 % (1) %
Currency translation effects (2) % - % (3) % (1) %
Less: Acquisitions (3) % - % - % (1) %
Organic sales change 24 % (23) % (1) % (3) %
Twelve Months Ended December 31, 2025
Detection(a) Fire Industrial
PPE Net Sales
Service(b) and Other(c)
GAAP reported sales change 18 % (12) % 1 % 1 %
Currency translation effects - % - % 1 % - %
Less: Acquisitions (3) % - % - % (1) %
Organic sales change 15 % (12) % 2 % - %
International Segment
Three Months Ended December 31, 2025
Detection(a) Fire Industrial
PPE Net Sales
Service(b) and Other(c)
GAAP reported sales change 26 % (10) % 8 % 8 %
Currency translation effects (4) % (6) % (4) % (5) %
Less: Acquisitions (18) % - % - % (6) %
Organic sales change 4 % (16) % 4 % (3) %
Twelve Months Ended December 31, 2025
Detection(a) Fire Industrial
PPE Net Sales
Service(b) and Other(c)
GAAP reported sales change 21 % (2) % 7 % 9 %
Currency translation effects (3) % (3) % (3) % (3) %
Less: Acquisitions (13) % - % - % (5) %
Organic sales change 5 % (5) % 4 % 1 %
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International).
(b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted operating income (Unaudited)
Adjusted EBITDA (Unaudited)
(In thousands)
Three Months Twelve Months
Ended December 31, Ended December 31,
2025 2024 2025 2024
Adjusted EBITDA $135,999 $134,642 $472,911 $469,431
Less:
Depreciation and amortization 14,076 14,484 58,313 55,159
Adjusted operating income 121,923 120,158 414,598 414,272
Less:
Currency exchange losses (gains), net 2,564 (1,077) 15,801 3,638
Acquisition-related amortization 3,582 2,286 12,615 9,174
Restructuring charges 1,427 653 3,897 6,397
Net cost for product related legal matter - 5,000
Transaction costs (a) 465 652 10,467 886
GAAP operating income 113,885 117,644 371,818 389,177
Less:
Interest expense 8,431 7,333 31,799 36,889
Other income, net (7,794) (6,503) (26,379) (22,718)
Income before income taxes 113,248 116,814 366,398 375,006
Provision for income taxes 26,315 28,868 87,474 90,039
Net income $86,933 $87,946 $278,924 $284,967
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.
Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, acquisition-related amortization, net cost for product related legal matter and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted earnings per diluted share (Unaudited)
(In thousands, except percentages and per share amounts)
Three Months
Twelve Months
Ended December 31, Ended December 31,
2025 2024 % 2025 2024 %
Change Change
Net income $86,933 $87,946 (1) % $278,924 $284,967 (2) %
Currency exchange losses (gains), net 2,564 (1,077) 15,801 3,638
Restructuring charges 1,427 653 3,897 6,397
Acquisition-related amortization 3,582 2,286 12,615 9,174
Transaction costs (a) 465 652 10,467 886
Asset related losses (gains) 419 (141) 1,408 819
Pension settlement - 721 1,308
Net cost for product related legal matter - 5,000
Income tax expense on adjustments (2,019) (1,277) (11,904) (7,689)
Adjusted earnings $93,371 $89,042 5 % $311,929 $304,500 2 %
Adjusted earnings per diluted share $2.38 $2.25 6 % $7.93 $7.70 3 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.
Management believes that adjusted earnings and adjusted diluted earnings per share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)
Twelve Months Ended
December 31, 2025
Operating income $371,818
Depreciation and amortization 58,313
Currency exchange losses, net 15,801
Restructuring charges 3,897
Acquisition-related amortization 12,615
Transaction costs (a) 10,467
Adjusted EBITDA $472,911
Total end-of-period debt 580,934
Debt to adjusted EBITDA 1.2
Total end-of-period debt 580,934
Total end-of-period cash and cash equivalents 165,067
Net debt $415,867
Net debt to adjusted EBITDA 0.9
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.
Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.
About MSA Safety:
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2025 revenues of $1.9 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of approximately 5,300 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com.
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA's SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.
The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above.
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SOURCE MSA Safety
Media Relations Contact: Mark Deasy (412) 559-8154, or Investor Relations Contact: Larry De Maria (917) 245-7463