Littelfuse — Income Statement, Cash Flows & Balance Sheet

Is Littelfuse profitable?

A massive goodwill write-down turned what would have been a modestly profitable year into a reported net loss.

Revenue grew meaningfully year over year and gross margins actually improved, suggesting the underlying business is healthier than the headline loss implies. The problem sits entirely in a single line: a $301 million non-cash goodwill impairment charge on the Electronics-Semiconductor unit, driven by lower projected volumes from the recently acquired Dortmund Fab. Strip that out and Littelfuse's operations were generating positive, if reduced, profit.

Where does Littelfuse's revenue come from?

Electronics is the growth engine, but Transportation is recovering, and both segments produce solid operating profit.

All three segments grew revenue and improved segment-level operating income, which is the profit each unit earns before corporate charges and impairments are applied. The Electronics segment — which includes semiconductor and passive components — accounts for more than half of sales and led the growth. About 65% of Littelfuse's total revenue comes from outside the U.S., with China representing roughly 24%, making the company meaningfully exposed to global trade conditions.

Does Littelfuse generate cash?

Despite reporting a net loss, Littelfuse generated solid operating cash flow; however, a large acquisition consumed most of it.

The goodwill impairment is a non-cash accounting charge, so it does not reduce actual cash generation — and operating cash flow improved nicely year over year. Most of the cash was deployed on the $362 million acquisition of Basler Electric in December 2025, a grid and data-center protection business folded into the Industrial segment. After acquisitions, dividends, and buybacks, cash on hand declined by about $161 million.

How strong is Littelfuse's balance sheet?

Debt is moderate and manageable, but the goodwill impairments signal that past acquisitions have not always delivered as expected.

Littelfuse carries a manageable debt load relative to its asset base, is in compliance with all debt covenants, and has roughly $599 million of undrawn revolving credit available. The more notable concern is the $1.2 billion of goodwill still sitting on the balance sheet — this represents premiums paid for past acquisitions, and the company has now taken impairment charges for two consecutive years, suggesting some deals have underperformed original expectations. Investors should monitor whether the newly acquired Basler and Dortmund Fab businesses meet their projections.