MSA Safety Q3 2026 net income falls 16% to $58.4M
Detection accounted for 44% of third-quarter sales, ahead of Fire Service at 32%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
MSA Safety Inc. reported third-quarter 2026 net sales of $536.4 million, up 15% on a GAAP basis and 6% organically year over year. GAAP operating income declined 6% to $88.2 million and GAAP net income declined 16% to $58.4 million, or $1.51 per diluted share. Adjusted EBITDA increased 10% to $130.7 million; adjusted earnings rose 6% to $80.6 million, and adjusted diluted EPS rose 8% to $2.09. Americas sales increased 8% to $338.2 million, while International sales increased 28% to $198.2 million.
MSA completed its acquisition of Autronica Fire and Security for $563 million, net of cash acquired. Adjusted operating income increased 11% to $114.9 million. Free cash flow was $68.2 million, down 32% year over year. Cash flow from operating activities was $82.312 million, compared with $112.462 million in the third quarter of 2025. At September 30, 2026, cash and cash equivalents were $187.248 million and net debt was $933.958 million. Management maintained its full-year sales outlook of low-double-digit reported growth.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet sales rose 15% to $536.4 million; organic sales grew 6%.
- Moderate pointAdjusted earnings rose 6% to $80.6 million; adjusted diluted EPS rose 8%.
- Moderate pointAdjusted EBITDA increased 10% to $130.7 million year over year.
Negative
- Moderate pointGAAP net income fell 16% to $58.4 million year over year.
- Moderate pointFree cash flow declined 32% to $68.2 million year over year.
Filing Explained
At September 30, debt was 2.1 times adjusted EBITDA; that measure includes a preliminary estimate of Autronica’s contribution.
The attached release records
During the same nine-month period, MSA spent
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net sales: $536.4 million
GAAP operating income: $88.2 million
GAAP net income: $58.4 million
+5 more
8 metrics
Net sales
$536.4 million
Third quarter 2026; up 15% GAAP and 6% organically year over year
GAAP operating income
$88.2 million
Third quarter 2026; down 6% year over year
GAAP net income
$58.4 million
Third quarter 2026; down 16% year over year
Adjusted EBITDA
$130.7 million
Third quarter 2026; up 10% year over year
Adjusted diluted EPS
$2.09
Third quarter 2026; up 8% year over year
Free cash flow
$68.2 million
Third quarter 2026; down 32% year over year
Autronica acquisition
$563 million, net of cash acquired
Acquisition completed in 2026
Full-year sales outlook
Low-double-digit reported growth
Management maintained the outlook
Key Terms
organic sales change, Adjusted EBITDA, free cash flow conversion, net debt to adjusted EBITDA
4 terms
organic sales change financial
"organic sales change is a useful metric for investors"
Organic sales change measures how a company’s revenue grows or shrinks from its ongoing operations after removing effects from things like buying or selling businesses and swings in currency value. It tells investors whether the core business is gaining or losing customers and market share — like judging a garden’s growth by the plants you tended yourself, not by adding new pots or blaming the weather — which helps separate real performance from one-time or external factors.
Adjusted EBITDA financial
"Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow conversion financial
"free cash flow conversion as free cash flow divided by net income"
Free cash flow conversion measures how effectively a company turns its reported profits into actual cash that can be used for growth, debt repayment, or dividends. It compares the cash generated after expenses to the company's net income, similar to how a person might compare their savings to their paycheck. High conversion indicates the company is efficient at translating profits into cash, which is important for investors assessing its financial health and flexibility.
net debt to adjusted EBITDA financial
"Net debt to adjusted EBITDA | 1.7"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
Earnings Snapshot
Net sales: $536.4 million · Guidance included
Third quarter 2026
Net sales
$536.4 million
15% increase on a GAAP basis; 6% organic increase
GAAP operating income
$88.2 million
6% decrease
GAAP net income
$58.4 million
16% decrease
Adjusted diluted EPS
$2.09
8% increase
Free cash flow
$68.2 million
32% decrease
Guidance
Management maintained its full-year sales outlook of low-double-digit reported growth.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did MSA report in the third quarter of 2026?
MSA reported $536.4 million in net sales, up 15% on a GAAP basis and 6% organically year over year.
How did MSA's GAAP and adjusted earnings compare in Q3 2026?
GAAP net income was $58.4 million, down 16% year over year; adjusted earnings were $80.6 million, up 6%, and adjusted diluted EPS was $2.09, up 8%.
How much of MSA's Q3 2026 sales came from each product group?
Detection generated $233.935 million, or 44% of sales; Fire Service generated $173.214 million, or 32%; and Industrial PPE and Other generated $129.281 million, or 24%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: 724 -776-8600
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 | Results of Operations and Financial Condition | ||||
On November 2, 2026 , the Company issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 to this report.
Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits
99.1 MSA Safety Incorporated Press Release dated November 2, 2026 , announcing financial results for the quarter ended September 30, 2026.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MSA SAFETY INCORPORATED | |||||||||||
(Registrant) | |||||||||||
By | /s/ Julie A. Beck | ||||||||||
| Julie A. Beck | |||||||||||
| Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||||||
EXHIBIT INDEX
Exhibit No. Description
99.1 MSA Safety Incorporated Press Release dated November 2, 2026, announcing financial results for the quarter ended September 30, 2026.
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
FROM: MSA Safety Incorporated
Ticker: MSA (NYSE)
Media Relations Contact: Ron Hudok (724) 822-7925
Investor Relations Contact: Julie Beck (724) 799-9105
MSA Safety Announces Third Quarter 2026 Results
Third Quarter 2026 Highlights
•Achieved quarterly net sales of $536 million, a 15% GAAP increase and a 6% organic increase year-over-year
•Generated GAAP operating income of $88 million, or 16.4% of sales, and adjusted operating income of $115 million, or 21.4% of sales
•Recorded GAAP net income of $58 million, or $1.51 per diluted share, a decrease from prior year due to Autronica acquisition costs, and adjusted earnings of $81 million, or $2.09 per diluted share, an increase of 8% year-over-year
•Completed the acquisition of Autronica Fire and Security for $563 million, net of cash acquired
PITTSBURGH, November 2, 2026 - Global provider of advanced industrial safety technology products and solutions that protect people and facility infrastructures, MSA Safety Incorporated (NYSE: MSA) today reported financial results for the third quarter of 2026.
"The MSA team continued to advance our Accelerate strategy in the third quarter, delivering 15% sales growth," said Steve Blanco, President and Chief Executive Officer of MSA Safety. "We executed several strategic objectives, including closing the acquisition of Autronica Fire and Security, launching the G1 City Edition SCBA, and continuing momentum in MSA+ connected safety, with an ALTAIR io 6 order that marked our largest MSA+ order to date. Together, these actions strengthen our safety technology portfolio, reinforce our market leadership, and enhance our ability to deliver sustainable long-term growth," Mr. Blanco added.
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2
Financial Highlights | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (In millions, except per share data and percentages) | 2026 | 2025 | % Change (a) | 2026 | 2025 | % Change (a) | |||||||||||||||||||||||||||||
| Net Sales | $ | 536.4 | $ | 468.4 | 15% | $ | 1,503.4 | $ | 1,363.9 | 10 | % | ||||||||||||||||||||||||
| GAAP | |||||||||||||||||||||||||||||||||||
| Operating income | 88.2 | 94.3 | (6) | % | 293.2 | 257.9 | 14 | % | |||||||||||||||||||||||||||
| % of Net sales | 16.4 | % | 20.1 | % | (370) bps | 19.5 | % | 18.9 | % | 60 bps | |||||||||||||||||||||||||
| Net income | 58.4 | 69.6 | (16) | % | 215.9 | 192.0 | 12 | % | |||||||||||||||||||||||||||
| Diluted EPS | 1.51 | 1.77 | (15) | % | 5.57 | 4.87 | 14 | % | |||||||||||||||||||||||||||
| Non-GAAP | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 130.7 | $ | 118.9 | 10 | % | $ | 383.4 | $ | 336.9 | 14 | % | |||||||||||||||||||||||
| % of Net sales | 24.4 | % | 25.4 | % | (100) bps | 25.5 | % | 24.7 | % | 80 bps | |||||||||||||||||||||||||
| Adjusted operating income | 114.9 | 103.7 | 11 | % | 337.2 | 292.7 | 15 | % | |||||||||||||||||||||||||||
| % of Net sales | 21.4 | % | 22.1 | % | (70) bps | 22.4 | % | 21.5 | % | 90 bps | |||||||||||||||||||||||||
| Adjusted earnings | 80.6 | 76.2 | 6 | % | 251.2 | 218.6 | 15 | % | |||||||||||||||||||||||||||
| Adjusted diluted EPS | 2.09 | 1.94 | 8 | % | 6.48 | 5.55 | 17 | % | |||||||||||||||||||||||||||
| Free cash flow | 68.2 | 100.5 | (32) | % | 216.0 | 189.4 | 14 | % | |||||||||||||||||||||||||||
| Free cash flow conversion | 117 | % | 144 | % | 100 | % | 99 | % | |||||||||||||||||||||||||||
| Americas Segment | |||||||||||||||||||||||||||||||||||
| Net sales | $ | 338.2 | $ | 313.3 | 8 | % | $ | 1,004.9 | $ | 926.6 | 8 | % | |||||||||||||||||||||||
| GAAP operating income | 93.9 | 86.7 | 8 | % | 295.8 | 254.5 | 16 | % | |||||||||||||||||||||||||||
| % of Net sales | 27.8 | % | 27.7 | % | 10 bps | 29.4 | % | 27.5 | % | 190 bps | |||||||||||||||||||||||||
| Adjusted operating income | 96.7 | 88.7 | 9 | % | 303.9 | 260.7 | 17 | % | |||||||||||||||||||||||||||
| % of Net sales | 28.6 | % | 28.3 | % | 30 bps | 30.2 | % | 28.1 | % | 210 bps | |||||||||||||||||||||||||
| International Segment | |||||||||||||||||||||||||||||||||||
| Net sales | $ | 198.2 | $ | 155.1 | 28 | % | $ | 498.5 | $ | 437.3 | 14 | % | |||||||||||||||||||||||
| GAAP operating income | 22.9 | 22.7 | 1 | % | 58.3 | 52.3 | 11 | % | |||||||||||||||||||||||||||
| % of Net sales | 11.6 | % | 14.7 | % | (310) bps | 11.7 | % | 12.0 | % | (30) bps | |||||||||||||||||||||||||
| Adjusted operating income | 31.8 | 24.8 | 28 | % | 71.4 | 63.7 | 12 | % | |||||||||||||||||||||||||||
| % of Net sales | 16.1 | % | 16.0 | % | 10 bps | 14.3 | % | 14.6 | % | (30) bps | |||||||||||||||||||||||||
(a) Percentage change may not calculate exactly due to rounding. | |||||||||||||||||||||||||||||||||||
"Our adjusted earnings per share increased by 8% and we continued to deliver strong free cash flow conversion. Our cash generation and disciplined capital allocation framework enabled the acquisition of Autronica Fire and Security and meaningful shareholder returns via dividends and share repurchases. With net leverage within our target range, we remain well positioned to pursue strategic growth opportunities. We are maintaining our full-year sales outlook of low-double-digit reported growth," stated Julie Beck, MSA Safety's Chief Financial Officer.
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Conference Call
MSA Safety will host a conference call on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time to discuss its third quarter 2026 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.
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4
MSA Safety Incorporated
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 536,430 | $ | 468,445 | $ | 1,503,389 | $ | 1,363,900 | |||||||||||||||
| Cost of products sold | 292,199 | 250,829 | 790,287 | 732,179 | |||||||||||||||||||
| Gross profit | 244,231 | 217,616 | 713,102 | 631,721 | |||||||||||||||||||
| Selling, general and administrative | 132,377 | 102,852 | 354,133 | 308,895 | |||||||||||||||||||
| Research and development | 19,963 | 16,521 | 55,472 | 49,186 | |||||||||||||||||||
| Restructuring charges | 1,780 | 58 | 6,318 | 2,470 | |||||||||||||||||||
| Currency exchange losses, net | 1,876 | 3,875 | 3,971 | 13,237 | |||||||||||||||||||
| Operating income | 88,235 | 94,310 | 293,208 | 257,933 | |||||||||||||||||||
| Interest expense | 13,759 | 8,416 | 29,413 | 23,368 | |||||||||||||||||||
| Other income, net | (7,478) | (6,562) | (22,538) | (18,585) | |||||||||||||||||||
| Total other expense, net | 6,281 | 1,854 | 6,875 | 4,783 | |||||||||||||||||||
| Income before income taxes | 81,954 | 92,456 | 286,333 | 253,150 | |||||||||||||||||||
| Provision for income taxes | 23,558 | 22,843 | 70,474 | 61,159 | |||||||||||||||||||
| Net income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||
| Earnings per share attributable to common shareholders: | |||||||||||||||||||||||
| Basic | $ | 1.51 | $ | 1.78 | $ | 5.58 | $ | 4.89 | |||||||||||||||
| Diluted | $ | 1.51 | $ | 1.77 | $ | 5.57 | $ | 4.87 | |||||||||||||||
| Basic shares outstanding | 38,564 | 39,168 | 38,681 | 39,253 | |||||||||||||||||||
| Diluted shares outstanding | 38,647 | 39,280 | 38,776 | 39,380 | |||||||||||||||||||
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MSA Safety Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
| September 30, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 187,248 | $ | 165,067 | |||||||
Trade receivables, net | 374,211 | 306,452 | |||||||||
Inventories | 370,595 | 343,035 | |||||||||
Other current assets | 58,690 | 54,738 | |||||||||
Total current assets | 990,744 | 869,292 | |||||||||
| Property, plant and equipment, net | 282,269 | 283,063 | |||||||||
| Prepaid pension cost | 297,101 | 279,450 | |||||||||
| Goodwill | 1,044,108 | 731,592 | |||||||||
| Intangible assets, net | 558,574 | 299,127 | |||||||||
| Other noncurrent assets | 105,516 | 91,850 | |||||||||
Total assets | $ | 3,278,312 | $ | 2,554,374 | |||||||
| Liabilities and shareholders' equity | |||||||||||
Notes payable and current portion of long-term debt, net | $ | 33,098 | $ | 8,225 | |||||||
Accounts payable | 145,800 | 110,775 | |||||||||
Other current liabilities | 194,800 | 170,211 | |||||||||
Total current liabilities | 373,698 | 289,211 | |||||||||
| Long-term debt, net | 1,088,108 | 572,709 | |||||||||
| Pensions and other employee benefits | 139,464 | 143,834 | |||||||||
| Deferred tax liabilities | 172,328 | 127,540 | |||||||||
| Other noncurrent liabilities | 70,727 | 54,068 | |||||||||
| Total shareholders' equity | 1,433,987 | 1,367,012 | |||||||||
Total liabilities and shareholders' equity | $ | 3,278,312 | $ | 2,554,374 | |||||||
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MSA Safety Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||
| Depreciation and amortization | 23,009 | 18,585 | 60,683 | 52,935 | |||||||||||||||||||
| Change in working capital and other operating | 907 | 24,264 | (23,167) | (3,413) | |||||||||||||||||||
Cash flow from operating activities | 82,312 | 112,462 | 253,375 | 241,513 | |||||||||||||||||||
| Acquisitions, net of cash acquired | (563,087) | — | (563,087) | (187,774) | |||||||||||||||||||
| Capital expenditures | (14,128) | (11,986) | (37,388) | (52,104) | |||||||||||||||||||
| Property disposals and other investing | — | — | 36 | 19 | |||||||||||||||||||
Cash flow used in investing activities | (577,215) | (11,986) | (600,439) | (239,859) | |||||||||||||||||||
| Change in debt | 521,698 | (49,892) | 542,458 | 115,328 | |||||||||||||||||||
| Cash dividends paid | (20,834) | (20,757) | (62,248) | (61,638) | |||||||||||||||||||
| Company stock purchases under repurchase program | (12,683) | — | (88,809) | (39,995) | |||||||||||||||||||
| Other financing | (224) | (1,156) | (9,392) | (11,521) | |||||||||||||||||||
Cash flow (used in) from financing activities | 487,957 | (71,805) | 382,009 | 2,174 | |||||||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,900) | (5,690) | (12,477) | 2,002 | |||||||||||||||||||
| Change in cash, cash equivalents and restricted cash | $ | (12,846) | $ | 22,981 | $ | 22,468 | $ | 5,830 | |||||||||||||||
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7
MSA Safety Incorporated
Sales by Product Group (Unaudited)
(In thousands, except percentages)
| Three Months Ended September 30, 2026 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 233,935 | 44% | $ | 130,107 | 38% | $ | 103,828 | 52% | |||||||||||||||||||||||||||||
Fire Service(b) | 173,214 | 32% | 119,179 | 35% | 54,035 | 27% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 129,281 | 24% | 88,960 | 27% | 40,321 | 21% | ||||||||||||||||||||||||||||||||
| Total | $ | 536,430 | 100% | $ | 338,246 | 100% | $ | 198,184 | 100% | |||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 191,188 | 41% | $ | 124,111 | 40% | $ | 67,077 | 43% | |||||||||||||||||||||||||||||
Fire Service(b) | 158,654 | 34% | 109,497 | 35% | 49,157 | 32% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 118,603 | 25% | 79,742 | 25% | 38,861 | 25% | ||||||||||||||||||||||||||||||||
| Total | $ | 468,445 | 100% | $ | 313,350 | 100% | $ | 155,095 | 100% | |||||||||||||||||||||||||||||
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the Autronica Fire and Security acquisition from July 9, 2026 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. | ||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 616,154 | 41% | $ | 392,710 | 39% | $ | 223,444 | 45% | |||||||||||||||||||||||||||||
Fire Service(b) | 494,378 | 33% | 343,514 | 34% | 150,864 | 30% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 392,857 | 26% | 268,711 | 27% | 124,146 | 25% | ||||||||||||||||||||||||||||||||
| Total | $ | 1,503,389 | 100% | $ | 1,004,935 | 100% | $ | 498,454 | 100% | |||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | Consolidated | Americas | International | |||||||||||||||||||||||||||||||||||
| Dollars | Percent | Dollars | Percent | Dollars | Percent | |||||||||||||||||||||||||||||||||
Detection(a) | $ | 546,094 | 40% | $ | 361,176 | 39% | $ | 184,918 | 42% | |||||||||||||||||||||||||||||
Fire Service(b) | 472,576 | 35% | 326,220 | 35% | 146,356 | 33% | ||||||||||||||||||||||||||||||||
Industrial PPE and Other(c) | 345,230 | 25% | 239,253 | 26% | 105,977 | 25% | ||||||||||||||||||||||||||||||||
| Total | $ | 1,363,900 | 100% | $ | 926,649 | 100% | $ | 437,251 | 100% | |||||||||||||||||||||||||||||
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the M&C TechGroup acquisition from May 6, 2025, onward (Americas and International) and sales from the Autronica Fire and Security acquisition from July 9, 2026 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. | ||||||||||||||||||||||||||||||||||||||
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MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Organic sales change (Unaudited)
Consolidated
| Three Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 22% | 9% | 9% | 15% | |||||||||||||
| Currency translation effects | —% | —% | (2)% | (1)% | |||||||||||||
| Less: Acquisitions | (20)% | —% | —% | (8)% | |||||||||||||
| Organic sales change | 2% | 9% | 7% | 6% | |||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 13% | 5% | 14% | 10% | |||||||||||||
| Currency translation effects | (1)% | (2)% | (4)% | (2)% | |||||||||||||
| Less: Acquisitions | (11)% | —% | —% | (4)% | |||||||||||||
| Organic sales change | 1% | 3% | 10% | 4% | |||||||||||||
Americas Segment
| Three Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 5% | 9% | 12% | 8% | |||||||||||||
| Currency translation effects | —% | —% | (3)% | (1)% | |||||||||||||
| Less: Acquisitions | (1)% | —% | —% | —% | |||||||||||||
| Organic sales change | 4% | 9% | 9% | 7% | |||||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 9% | 5% | 12% | 8% | |||||||||||||
| Currency translation effects | (1)% | —% | (3)% | (1)% | |||||||||||||
| Less: Acquisitions | (2)% | —% | —% | (1)% | |||||||||||||
| Organic sales change | 6% | 5% | 9% | 6% | |||||||||||||
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International Segment
| Three Months Ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 55% | 10% | 4% | 28% | |||||||||||||
| Currency translation effects | —% | —% | (1)% | —% | |||||||||||||
| Less: Acquisitions | (59)% | —% | —% | (26)% | |||||||||||||
| Organic sales change | (4)% | 10% | 3% | 2% | |||||||||||||
| Nine months ended September 30, 2026 | |||||||||||||||||
Detection(a) | Fire Service(b) | Industrial PPE and Other(c) | Net Sales | ||||||||||||||
| GAAP reported sales change | 21% | 3% | 17% | 14% | |||||||||||||
| Currency translation effects | (2)% | (4)% | (4)% | (3)% | |||||||||||||
| Less: Acquisitions | (29)% | —% | —% | (12)% | |||||||||||||
| Organic sales change | (10)% | (1)% | 13% | (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.
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MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted operating income (Unaudited)
Adjusted EBITDA (Unaudited)
(In thousands)
| Three Months Ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Adjusted EBITDA from reportable segments | $ | 144,278 | $ | 128,487 | $ | 421,559 | $ | 367,651 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Depreciation and amortization | 15,784 | 14,973 | 46,252 | 43,258 | |||||||||||||||||||
| Adjusted operating income from reportable segments | 128,494 | 113,514 | 375,307 | 324,393 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Corporate expenses | 13,564 | 9,773 | 38,138 | 31,718 | |||||||||||||||||||
| Adjusted operating income | 114,930 | 103,741 | 337,169 | 292,675 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
Currency exchange losses, net | 1,876 | 3,875 | 3,971 | 13,237 | |||||||||||||||||||
Restructuring charges | 1,780 | 58 | 6,318 | 2,470 | |||||||||||||||||||
| Acquisition-related amortization | 8,072 | 3,595 | 14,841 | 9,033 | |||||||||||||||||||
Transaction and digital transformation costs (a) | 14,967 | 1,903 | 18,831 | 10,002 | |||||||||||||||||||
| GAAP operating income | 88,235 | 94,310 | 293,208 | 257,933 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Interest expense | 13,759 | 8,416 | 29,413 | 23,368 | |||||||||||||||||||
| Other income, net | (7,478) | (6,562) | (22,538) | (18,585) | |||||||||||||||||||
Income before income taxes | 81,954 | 92,456 | 286,333 | 253,150 | |||||||||||||||||||
Provision for income taxes | 23,558 | 22,843 | 70,474 | 61,159 | |||||||||||||||||||
Net income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. | |||||||||||||||||||||||
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 currency exchange gains / losses, restructuring charges, acquisition-related amortization, and transaction and digital transformation 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.
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MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted diluted earnings per share (Unaudited)
(In thousands, except per share amounts and percentages)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
Net income | $ | 58,396 | $ | 69,613 | (16)% | $ | 215,859 | $ | 191,991 | 12% | |||||||||||||||||||||||||
| Currency exchange losses, net | 1,876 | 3,875 | 3,971 | 13,237 | |||||||||||||||||||||||||||||||
Restructuring charges | 1,780 | 58 | 6,318 | 2,470 | |||||||||||||||||||||||||||||||
| Acquisition-related amortization | 8,072 | 3,595 | 14,841 | 9,033 | |||||||||||||||||||||||||||||||
Transaction and digital transformation costs (a) | 14,967 | 1,903 | 18,831 | 10,002 | |||||||||||||||||||||||||||||||
Asset related losses | 249 | 97 | 637 | 989 | |||||||||||||||||||||||||||||||
| Pension settlement | — | — | — | 721 | |||||||||||||||||||||||||||||||
Income tax expense on adjustments | (4,693) | (2,949) | (9,301) | (9,885) | |||||||||||||||||||||||||||||||
Adjusted earnings | $ | 80,647 | $ | 76,192 | 6% | $ | 251,156 | $ | 218,558 | 15% | |||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 2.09 | $ | 1.94 | 8% | $ | 6.48 | $ | 5.55 | 17% | |||||||||||||||||||||||||
| Diluted shares outstanding | 38,647 | 39,280 | 38,776 | 39,380 | |||||||||||||||||||||||||||||||
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||||||||||||
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.
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MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Free Cash Flow (Unaudited)
(In thousands, except percentages)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||
| Cash flow from operating activities | $ | 82,312 | $ | 112,462 | $ | 253,375 | $ | 241,513 | |||||||||||||||||||||
| Capital expenditures | (14,128) | (11,986) | (37,388) | (52,104) | |||||||||||||||||||||||||
| Free cash flow | $ | 68,184 | $ | 100,476 | $ | 215,987 | $ | 189,409 | |||||||||||||||||||||
| Net Income | $ | 58,396 | $ | 69,613 | $ | 215,859 | $ | 191,991 | |||||||||||||||||||||
| Free cash flow conversion | 117 | % | 144 | % | 100 | % | 99 | % | |||||||||||||||||||||
Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA’s business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company’s ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.
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MSA Safety Incorporated
Reconciliation of Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)
| Twelve Months Ended September 30, | ||||||||
| 2026 | ||||||||
| Operating income | $ | 407,093 | ||||||
| Depreciation and amortization | 60,328 | |||||||
| Currency exchange losses, net | 6,535 | |||||||
| Restructuring charges | 7,745 | |||||||
| Acquisition-related amortization | 18,423 | |||||||
Transaction and digital transformation costs (a) | 19,296 | |||||||
Autronica estimated adjusted EBITDA contribution (b) | 24,000 | |||||||
| Adjusted EBITDA | $ | 543,420 | ||||||
| Total end-of-period debt | 1,121,206 | |||||||
| Debt to adjusted EBITDA | 2.1 | |||||||
| Total end-of-period debt | $ | 1,121,206 | ||||||
| Total end-of-period cash and cash equivalents | 187,248 | |||||||
| Net debt | $ | 933,958 | ||||||
| Net debt to adjusted EBITDA | 1.7 | |||||||
(a) Transaction and digital transformation costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures as well as costs associated with strategic digital transformation efforts. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. | ||||||||
(b) Adjusted EBITDA includes Autronica estimates for nine months preceding MSA's ownership. The estimate was developed using information disclosed in MSA's Form 8-K filed on May 5, 2026. Pro forma Adjusted EBITDA is derived from Autronica's estimated 2025 revenue of approximately $160 million and estimated Adjusted EBITDA margin of approximately 20%. These amounts are unaudited and based on preliminary estimates. | ||||||||
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 MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.
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About MSA Safety:
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced industrial safety technology products 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.
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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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