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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number: 1-4639

CTS CORPORATION

(Exact name of registrant as specified in its charter)

     IN

     35-0225010

     (State or other jurisdiction of
incorporation or organization)

     (IRS Employer
Identification Number)


4925 Indiana Avenue
Lisle IL		60532
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (630) 577-8800

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, without par value	CTS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of October 21, 2025: 29,052,423.

CTS CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS


			Page

PART I. FINANCIAL INFORMATION

	Item 1.	Financial Statements	3

		Condensed Consolidated Statements of Earnings (Unaudited) For the Three and Nine Months Ended September 30, 2025 and September 30, 2024	3

		Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) For the Three and Nine Months Ended September 30, 2025 and September 30, 2024	4

		Condensed Consolidated Balance Sheets (Unaudited) As of September 30, 2025 and December 31, 2024	5

		Condensed Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2025 and September 30, 2024	6

		Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) For the Three and Nine Months Ended September 30, 2025 and September 30, 2024	7

		Notes to Condensed Consolidated Financial Statements ‑ (Unaudited)	9

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	37

	Item 4.	Controls and Procedures	38

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	38

	Item 1A.	Risk Factors	38

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39

	Item 5.	Other Information	39

	Item 6.	Exhibits	40

SIGNATURES			41

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CTS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED

(In thousands, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2025			2024			2025			2024
Net sales	$	142,970		$	132,384		$	404,047		$	388,296
Cost of goods sold		87,629			83,195			249,727			247,645
Gross margin		55,341			49,189			154,320			140,651
Selling, general and administrative expenses		27,222			22,509			73,922			66,100
Research and development expenses		6,901			5,031			19,416			17,718
Restructuring charges		280			773			1,028			3,657
Operating earnings		20,938			20,876			59,954			53,176
Other income (expense):
Interest expense		(1,110	)		(1,307	)		(3,398	)		(2,942	)
Interest income		535			973			1,603			3,800
Other income (expense), net		(643	)		1,306			665			(761	)
Total other income (expense), net		(1,218	)		972			(1,130	)		97
Earnings before income taxes		19,720			21,848			58,824			53,273
Income tax expense		6,033			3,764			13,243			9,364
Net earnings	$	13,687		$	18,084		$	45,581		$	43,909
Earnings per share:
Basic	$	0.47		$	0.60		$	1.53		$	1.44
Diluted	$	0.46		$	0.59		$	1.52		$	1.43
Basic weighted – average common shares outstanding:		29,348			30,300			29,698			30,517
Effect of dilutive securities		279			236			281			230
Diluted weighted – average common shares outstanding:		29,627			30,536			29,979			30,747
Cash dividends declared per share	$	0.04		$	0.04		$	0.12		$	0.12

See notes to unaudited condensed consolidated financial statements.

CTS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS ‑ UNAUDITED

(In thousands)


	Three Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2025			2024			2025			2024
Net earnings	$	13,687		$	18,084		$	45,581		$	43,909
Other comprehensive earnings (loss):
Changes in fair market value of derivatives, net of tax		1,160			(2,460	)		4,883			(3,404	)
Changes in unrealized pension cost, net of tax		45			(5	)		(64	)		94
Cumulative translation adjustment, net of tax		(631	)		3,707			12,041			1,063
Other comprehensive earnings (loss)	$	574		$	1,242		$	16,860		$	(2,247	)
Comprehensive earnings	$	14,261		$	19,326		$	62,441		$	41,662

See notes to unaudited condensed consolidated financial statements.

CTS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands)



	September 30,			December 31,
	2025			2024
ASSETS
Current Assets
Cash and cash equivalents	$	110,296		$	94,334
Accounts receivable, net		85,869			77,649
Inventories, net		54,246			52,312
Other current assets		25,767			17,879
Total current assets		276,178			242,174
Property, plant and equipment, net		90,580			94,357
Operating lease assets, net		23,613			22,939
Other Assets
Goodwill		207,254			201,304
Other intangible assets, net		157,439			163,882
Deferred income taxes		24,387			27,591
Other		10,920			13,180
Total other assets		400,000			405,957
Total Assets	$	790,371		$	765,427
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	48,071		$	42,629
Operating lease obligations		3,591			4,719
Accrued payroll and benefits		19,027			15,754
Accrued expenses and other liabilities		34,081			35,361
Total current liabilities		104,770			98,463
Long-term debt		90,700			92,300
Long-term operating lease obligations		22,837			21,120
Long-term pension obligations		3,842			3,931
Deferred income taxes		12,937			12,743
Other long-term obligations		7,631			8,662
Total Liabilities		242,717			237,219
Commitments and Contingencies (Note 10)
Shareholders’ Equity
Common stock		324,745			321,979
Additional contributed capital		42,244			44,662
Retained earnings		694,881			652,851
Accumulated other comprehensive income (loss)		12,594			(4,266	)
Total shareholders’ equity before treasury stock		1,074,464			1,015,226
Treasury stock		(526,810	)		(487,018	)
Total shareholders’ equity		547,654			528,208
Total Liabilities and Shareholders’ Equity	$	790,371		$	765,427

See notes to unaudited condensed consolidated financial statements.

CTS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ‑ UNAUDITED

(In thousands)


	Nine Months Ended
	September 30,			September 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	45,581		$	43,909
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		25,880			22,644
Pension and other post-retirement plan expense		143			255
Stock-based compensation		3,432			3,992
Deferred income taxes		671			(1,783	)
Change in fair value of contingent consideration liability		(2,577	)		(739	)
Loss (gain) on foreign currency hedges, net of cash		204			(479	)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(5,481	)		(6,972	)
Inventories		(107	)		11,905
Operating lease assets		(674	)		3,400
Other assets		(2,574	)		1,081
Accounts payable		4,837			(146	)
Accrued payroll and benefits		1,826			2,413
Operating lease liabilities		590			(3,416	)
Accrued expenses and other liabilities		1,268			(2,605	)
Pension and other post-retirement plans		(126	)		(124	)
Net cash provided by operating activities		72,893			73,335
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(12,542	)		(12,543	)
Payments for acquisitions, net of cash acquired		—			(121,912	)
Net cash used in investing activities		(12,542	)		(134,455	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt		(878,100	)		(600,600	)
Proceeds from borrowings of long-term debt		876,500			635,800
Purchases of treasury stock		(39,546	)		(34,787	)
Dividends paid		(3,583	)		(3,677	)
Payment of contingent consideration		—			(1,076	)
Taxes paid on behalf of equity award participants		(2,675	)		(3,154	)
Net cash used in financing activities		(47,404	)		(7,494	)
Effect of exchange rate changes on cash and cash equivalents		3,015			(387	)
Net increase (decrease) in cash and cash equivalents		15,962			(69,001	)
Cash and cash equivalents at beginning of period		94,334			163,876
Cash and cash equivalents at end of period	$	110,296		$	94,875
Supplemental cash flow information:
Cash paid for interest	$	3,208		$	2,776
Cash paid for income taxes, net	$	12,456		$	12,143
Non-cash financing and investing activities:
Capital expenditures incurred but not paid	$	559		$	2,360
Excise taxes on purchase of treasury stock incurred not paid	$	246		$	664

See notes to unaudited condensed consolidated financial statements.

CTS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED

(in thousands, except shares and per share amounts)

The following summarizes the changes in total equity for the three and nine months ended September 30, 2025:


	Common Stock		Additional Contributed Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balances at December 31, 2024	$	321,979	$	44,662		$	652,851		$	(4,266	)	$	(487,018	)	$	528,208
Net earnings		—		—			13,367			—			—			13,367
Changes in fair market value of derivatives, net of tax		—		—			—			876			—			876
Changes in unrealized pension cost, net of tax		—		—			—			14			—			14
Cumulative translation adjustment, net of tax		—		—			—			4,648			—			4,648
Cash dividends of $0.04 per share		—		—			(1,201	)		—			—			(1,201	)
Acquired 143,541 shares of treasury stock		—		—			—			—			(6,472	)		(6,472	)
Issued shares on vesting of restricted stock units		2,656		(5,290	)		—			—			—			(2,634	)
Stock compensation		—		1,432			—			—			—			1,432
Balances at March 31, 2025	$	324,635	$	40,804		$	665,017		$	1,272		$	(493,490	)	$	538,238
Net earnings		—		—			18,527			—						18,527
Changes in fair market value of derivatives, net of tax		—		—			—			2,847			—			2,847
Changes in unrealized pension cost, net of tax		—		—			—			(123	)		—			(123	)
Cumulative translation adjustment, net of tax		—		—			—			8,024			—			8,024
Cash dividends of $0.04 per share		—		—			(1,184	)		—			—			(1,184	)
Acquired 411,650 shares of treasury stock		—		—			—			—			(16,651	)		(16,651	)
Issued shares on vesting of restricted stock units		47		(68	)		—			—			—			(21	)
Stock compensation		—		500			—			—			—			500
Balances at June 30, 2025	$	324,682	$	41,236		$	682,360		$	12,020		$	(510,141	)	$	550,157
Net earnings		—		—			13,687			—			—			13,687
Changes in fair market value of derivatives, net of tax		—		—			—			1,160			—			1,160
Changes in unrealized pension cost, net of tax		—		—			—			45			—			45
Cumulative translation adjustment, net of tax		—		—			—			(631	)		—			(631	)
Cash dividends of $0.04 per share		—		—			(1,166	)		—			—			(1,166	)
Acquired 399,500 shares of treasury stock		—		—			—			—			(16,669	)		(16,669	)
Issued shares on vesting of restricted stock units		63		(83	)		—			—			—			(20	)
Stock compensation		—		1,091			—			—			—			1,091
Balances at September 30, 2025	$	324,745	$	42,244		$	694,881		$	12,594		$	(526,810	)	$	547,654

See notes to unaudited condensed consolidated financial statements.

CTS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED

(in thousands, except shares and per share amounts)

The following summarizes the changes in total equity for the three and nine months ended September 30, 2024:


	Common Stock		Additional Contributed Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balances at December 31, 2023	$	319,269	$	45,097		$	602,232		$	4,264		$	(444,040	)	$	526,822
Net earnings		—		—			11,119			—			—			11,119
Changes in fair market value of derivatives, net of tax		—		—			—			730			—			730
Changes in unrealized pension cost, net of tax		—		—			—			65			—			65
Cumulative translation adjustment, net of tax		—		—			—			(2,121	)		—			(2,121	)
Cash dividends of $0.04 per share		—		—			(1,227	)		—			—			(1,227	)
Acquired 271,939 shares of treasury stock		—		—			—			—			(12,035	)		(12,035	)
Issued shares on vesting of restricted stock units		2,589		(5,705	)		—			—			—			(3,116	)
Stock compensation		—		1,048			—			—			—			1,048
Balances at March 31, 2024	$	321,858	$	40,440		$	612,124		$	2,938		$	(456,075	)	$	521,285
Net earnings		—		—			14,707			—			—			14,707
Changes in fair market value of derivatives, net of tax		—		—			—			(1,675	)		—			(1,675	)
Changes in unrealized pension cost, net of tax		—		—			—			35			—			35
Cumulative translation adjustment, net of tax		—		—			—			(523	)		—			(523	)
Cash dividends of $0.04 per share		—		—			(1,217	)		—			—			(1,217	)
Acquired 228,000 shares of treasury stock		—		—			—			—			(11,043	)		(11,043	)
Issued shares on vesting of restricted stock units		36		(49	)		—			—			—			(13	)
Stock compensation		—		1,195			—			—			—			1,195
Balances at June 30, 2024	$	321,894	$	41,586		$	625,614		$	775		$	(467,118	)	$	522,751
Net earnings		—		—			18,084			—			—			18,084
Changes in fair market value of derivatives, net of tax		—		—			—			(2,460	)		—			(2,460	)
Changes in unrealized pension cost, net of tax		—		—			—			(5	)		—			(5	)
Cumulative translation adjustment, net of tax		—		—			—			3,707			—			3,707
Cash dividends of $0.04 per share		—		—			(1,209	)		—			—			(1,209	)
Acquired 244,500 shares of treasury stock		—		—			—			—			(12,013	)		(12,013	)
Issued shares on vesting of restricted stock units		30		(54	)		—			—			—			(24	)
Stock compensation		—		1,376			—			—			—			1,376
Balances at September 30, 2024	$	321,924	$	42,908		$	642,489		$	2,017		$	(479,131	)	$	530,207

See notes to unaudited condensed consolidated financial statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

(in thousands, except for share and per share data)

September 30, 2025

NOTE 1 - Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS”, “we”, “our”, “us” or the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.

There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Immaterial Correction of Prior Period Error

As reported in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, the Company identified immaterial prior period errors in the consolidated financial statements related to the acquisition of SyQwest, LLC (“SyQwest”) as well as the foreign currency impact on certain long-term debt payments. The errors related to the SyQwest acquisition were due to errors with the calculation of revenue and cost of goods sold both prior to and subsequent to the acquisition date of July 29, 2024. The Company assessed the materiality of this change on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections were material in the first quarter of 2025, but are not material to any previously presented consolidated financial statements. Accordingly, the Company corrected the previously reported immaterial errors for the year ended December 31, 2024 and the three and nine months ended September 30, 2024 in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.

The financial reporting periods affected by this error include the Company’s previously reported audited consolidated financial statements for the fiscal year ended December 31, 2024 and the Company’s previously reported interim unaudited consolidated financial statements for the three and nine months ended September 30, 2024. The Company is presenting the corrected interim 2024 amounts in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 on a year-to-date basis as a correction to applicable 2024 periods. A summary of the immaterial corrections to the Company’s previously reported audited and unaudited consolidated financial statements follows.

Corrected Consolidated Statement of Earnings for the Year Ended December 31, 2024 (in thousands):


	Year Ended						Year Ended
	December 31, 2024						December 31, 2024
	Previously Reported			Corrections			As Corrected
Net sales	$	515,771		$	(1,015	)	$	514,756
Cost of goods sold		326,621			580			327,201
Gross margin		189,150			(1,595	)		187,555
Operating earnings		72,780			(1,595	)		71,185
Other income (expense):
Other income (expense), net		(1,603	)		(1,047	)		(2,650	)
Total other expense, net		(1,557	)		(1,047	)		(2,604	)
Earnings before income taxes		71,223			(2,642	)		68,581
Net earnings	$	58,114		$	(2,642	)	$	55,472
Earnings per share:
Basic	$	1.91					$	1.82
Diluted	$	1.89					$	1.81
Basic weighted – average common shares outstanding:		30,408						30,408
Effect of dilutive securities		309						309
Diluted weighted – average common shares outstanding:		30,717						30,717

Corrected Consolidated Balance Sheet as of December 31, 2024 (in thousands):


	December 31, 2024					December 31, 2024
	Previously Reported		Corrections			As Corrected
ASSETS
Current Assets
Inventories, net	$	53,578	$	(1,266	)	$	52,312
Other current assets		18,716		(837	)		17,879
Total current assets		244,277		(2,103	)		242,174
Other Assets
Goodwill		199,886		1,418			201,304
Total other assets		404,539		1,418			405,957
Total Assets	$	766,112	$	(685	)	$	765,427
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accrued expenses and other liabilities		34,451		910			35,361
Total current liabilities		97,553		910			98,463
Long-term debt		91,253		1,047			92,300
Total Liabilities		235,262		1,957			237,219
Shareholders’ Equity
Retained earnings		655,493		(2,642	)		652,851
Total shareholders’ equity before treasury stock		1,017,868		(2,642	)		1,015,226
Total shareholders’ equity		530,850		(2,642	)		528,208
Total Liabilities and Shareholders’ Equity	$	766,112	$	(685	)	$	765,427

Corrected Consolidated Statement of Cash Flows for the Year Ended December 31, 2024 (in thousands):


	Year Ended						Year Ended
	December 31, 2024						December 31, 2024
	Previously Reported			Corrections			As Corrected
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	58,114		$	(2,642	)	$	55,472
Changes in assets and liabilities, net of acquisitions:
Inventories		11,893			580			12,473
Other assets		900			837			1,737
Accrued expenses and other liabilities		(5,255	)		178			(5,077	)
Net cash provided by operating activities		99,289			(1,047	)		98,242
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt		(891,847	)		1,047			(890,800	)
Net cash (used in) provided by financing activities	$	(27,935	)	$	1,047		$	(26,888	)

Corrected Consolidated Statement of Earnings for the Three and Nine Months Ended September 30, 2024 (in thousands):


	Three Months Ended					Three Months Ended		Nine Months Ended					Nine Months Ended
	September 30, 2024					September 30, 2024		September 30, 2024					September 30, 2024
	Previously Reported		Corrections			As Corrected		Previously Reported		Corrections			As Corrected
Net sales	$	132,424	$	(40	)	$	132,384	$	388,336	$	(40	)	$	388,296
Cost of goods sold		82,636		559			83,195		247,086		559			247,645
Gross margin		49,788		(599	)		49,189		141,250		(599	)		140,651
Operating earnings		21,475		(599	)		20,876		53,775		(599	)		53,176
Earnings before income taxes		22,447		(599	)		21,848		53,872		(599	)		53,273
Net earnings	$	18,683	$	(599	)	$	18,084	$	44,508

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

CTS CORP 10-Q