$BCPC

BALCHEM CORP

CIK:0000009326|SEC Filings

Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 283,997	$ 255,467	$ 554,706	$ 505,986
Cost of sales	180,314	162,354	349,939	324,705
Gross margin	103,683	93,113	204,767	181,281
Operating expenses:
Selling expenses	21,137	19,300	42,233	36,226
Research and development expenses	4,534	4,300	10,415	8,962
General and administrative expenses	18,791	18,071	37,272	33,636
Total operating expenses	44,462	41,671	89,920	78,824
Earnings from operations	59,221	51,442	114,847	102,457
Other expenses, net:
Interest expense, net	1,938	2,766	4,151	5,690
Other (income) expense, net	(498)	(335)	393	(184)
Total other (income) expenses	1,440	2,431	4,544	5,506
Earnings before income tax expense	57,781	49,011	110,303	96,951
Income tax expense	13,166	10,733	25,403	21,620
Net earnings	$ 44,615	$ 38,278	$ 84,900	$ 75,331
Net earnings per common share - basic (in dollars per share)	$ 1.40	$ 1.18	$ 2.66	$ 2.33
Net earnings per common share - diluted (in dollars per share)	$ 1.39	$ 1.17	$ 2.63	$ 2.30

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net earnings	$ 84,900	$ 75,331
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	24,711	22,417
Stock compensation expense	11,277	9,648
Deferred income taxes	(354)	(124)
Provision for (recovery of) credit losses	274	(108)
Unrealized loss (gain) on foreign currency transactions and deferred compensation	688	(843)
Loss (gain) on disposal of assets and asset impairment	492	(117)
Changes in assets and liabilities
Accounts receivable	(6,452)	(13,262)
Inventories	(31,434)	(13,074)
Prepaid expenses and other current assets	1,935	(618)
Accounts payable and accrued expenses	4,823	8,682
Income taxes	(4,832)	(4,410)
Other	744	187
Net cash provided by operating activities	86,772	83,709
Cash flows from investing activities:
Capital expenditures and intangible assets acquired	(17,138)	(12,372)
Cash paid for acquisitions, net of cash acquired	0	(323)
Proceeds from sale of assets	7	267
Investment in affiliates	(95)	(105)
Net cash used in investing activities	(17,226)	(12,533)
Cash flows from financing activities:
Proceeds from revolving loan	80,000	63,000
Principal payments on revolving loan	(92,000)	(63,000)
Principal payments on finance leases	(102)	(97)
Proceeds from stock options exercised	7,742	6,222
Dividends paid	(30,772)	(28,265)
Repurchases of common stock	(44,484)	(38,589)
Net cash used in financing activities	(79,616)	(60,729)
Effect of exchange rate changes on cash	(1,326)	5,465
(Decrease) increase in cash and cash equivalents	(11,396)	15,912
Cash and cash equivalents beginning of period	74,570	49,515
Cash and cash equivalents end of period	$ 63,174	$ 65,427

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 63,174	$ 74,570
Accounts receivable, net of allowance for credit losses of $1,128 and $862 at June 30, 2026 and December 31, 2025, respectively	148,973	143,596
Inventories, net	161,551	131,449
Prepaid expenses	8,527	9,778
Prepaid income taxes	868	0
Other current assets	5,331	6,221
Total current assets	388,424	365,614
Property, plant and equipment, net	304,702	306,648
Goodwill	808,809	816,375
Customer relationships and lists, net	123,728	132,994
Other intangible assets with finite lives, net	27,915	30,295
Right of use assets - operating leases	12,703	14,672
Right of use assets - finance lease	1,417	1,520
Other non-current assets	19,306	18,134
Total assets	1,687,004	1,686,252
Current liabilities:
Trade accounts payable	70,451	60,425
Accrued expenses	51,791	49,288
Accrued compensation and other benefits	19,965	27,896
Dividends payable	166	31,044
Income taxes payable	0	3,912
Operating lease liabilities - current	3,172	3,614
Finance lease liabilities - current	210	205
Total current liabilities	145,755	176,384
Revolving loan	152,000	164,000
Deferred income taxes	52,943	54,143
Operating lease liabilities - non-current	9,895	11,324
Finance lease liabilities - non-current	1,438	1,544
Other long-term obligations	22,595	21,444
Total liabilities	384,626	428,839
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding	0	0
Common stock, $0.0667 par value. Authorized 120,000,000 shares; 31,955,534 and 32,058,121 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,132	2,139
Additional paid-in capital	66,741	92,331
Retained earnings	1,206,296	1,121,396
Accumulated other comprehensive income	27,209	41,547
Total stockholders' equity	1,302,378	1,257,413
Total liabilities and stockholders' equity	$ 1,687,004	$ 1,686,252