# HUBBELL INC (HUBB)

Informational only - not investment advice.

CIK: 0000048898
SIC: 3670 Electronic Components & Accessories
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3670 Electronic Components & Accessories](/industry/3670/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=48898
Filing source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001628280-26-007500 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000048898.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 5,844,600,000 USD | 2025 | verified |
| Net income | 887,100,000 USD | 2025 | verified |
| Assets | 8,228,800,000 USD | 2025 | verified |
| Free cash flow | 874,700,000 USD | 2025 | computed |
| Net margin | 15.18% | 2025 | computed |
| Operating margin | 20.68% | 2025 | computed |
| Revenue YoY | +3.84% | 2025 | computed |
| ROE | 23.05% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | HUBB | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 15.2% | 4.4% | 75 | 135 |
| Operating margin | 20.7% | 4.4% | 84 | 128 |
| Revenue growth | 3.8% | 10.2% | 32 | 142 |
| FCF margin | 15.0% | 8.0% | 72 | 138 |
| ROE | 23.1% | 5.4% | 84 | 136 |
| ROA | 10.8% | 2.7% | 77 | 143 |
| Liabilities / equity | 1.14 | 0.81 | 66 | 138 |
| Current ratio | 1.72 | 2.59 | 21 | 144 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 36 Electronic And Other Electrical Equipment And Components, Except Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 5844600000 | USD | 2025 | 2026-02-12 |
| Net income | 887100000 | USD | 2025 | 2026-02-12 |
| Assets | 8228800000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000048898.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 3,505,200,000 | 3,668,800,000 | 4,481,700,000 | 3,946,600,000 | 3,682,500,000 | 4,194,100,000 | 4,947,900,000 | 5,372,900,000 | 5,628,500,000 | 5,844,600,000 |
| Net income |  |  | 293,000,000 | 243,100,000 | 360,200,000 | 400,900,000 | 351,200,000 | 399,500,000 | 545,900,000 | 751,400,000 | 779,000,000 | 887,100,000 |
| Operating income |  |  | 489,800,000 | 518,800,000 | 556,900,000 | 526,700,000 | 494,500,000 | 532,300,000 | 709,100,000 | 1,027,400,000 | 1,093,100,000 | 1,208,800,000 |
| Gross profit |  |  | 1,105,100,000 | 1,155,100,000 | 1,300,400,000 | 1,171,600,000 | 1,085,800,000 | 1,151,500,000 | 1,471,600,000 | 1,877,000,000 | 1,905,600,000 | 2,064,100,000 |
| Diluted EPS |  |  | 5.24 | 4.39 | 6.54 | 7.31 | 6.43 | 7.28 | 10.07 | 13.89 | 14.39 | 16.54 |
| Operating cash flow | 391,500,000 | 339,400,000 | 411,000,000 | 379,000,000 | 517,100,000 | 591,600,000 | 648,000,000 |  |  | 880,800,000 | 991,200,000 | 1,029,800,000 |
| Capital expenditures |  |  | 67,200,000 | 79,700,000 | 96,200,000 | 86,700,000 | 82,800,000 | 90,200,000 | 129,300,000 | 165,700,000 | 180,400,000 | 155,100,000 |
| Share buybacks |  |  | 246,800,000 | 92,500,000 | 40,000,000 | 35,000,000 | 41,300,000 | 11,200,000 | 182,000,000 | 30,000,000 | 40,000,000 | 225,000,000 |
| Assets |  |  | 3,525,000,000 | 3,720,600,000 | 4,872,100,000 | 4,903,000,000 | 5,085,100,000 | 5,281,500,000 | 5,402,600,000 | 7,081,100,000 | 6,847,700,000 | 8,228,800,000 |
| Liabilities |  |  | 1,921,800,000 | 2,072,700,000 | 3,073,200,000 | 2,942,500,000 | 2,999,700,000 | 3,040,800,000 | 3,032,000,000 | 4,024,700,000 | 3,437,100,000 | 4,370,900,000 |
| Stockholders' equity |  |  | 1,592,800,000 | 1,634,200,000 | 1,780,600,000 | 1,947,100,000 | 2,070,000,000 | 2,229,800,000 | 2,360,900,000 | 2,877,000,000 | 3,396,200,000 | 3,847,900,000 |
| Cash and cash equivalents |  |  | 437,600,000 | 375,000,000 | 189,000,000 | 182,000,000 | 258,600,000 | 286,200,000 | 440,500,000 | 336,100,000 | 329,100,000 | 482,500,000 |
| Free cash flow |  |  | 343,800,000 | 299,300,000 | 420,900,000 | 504,900,000 | 565,200,000 |  |  | 715,100,000 | 810,800,000 | 874,700,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 8.36% | 6.63% | 8.04% | 10.16% | 9.54% | 9.53% | 11.03% | 13.98% | 13.84% | 15.18% |
| Operating margin |  |  | 13.97% | 14.14% | 12.43% | 13.35% | 13.43% | 12.69% | 14.33% | 19.12% | 19.42% | 20.68% |
| Return on equity |  |  | 18.40% | 14.88% | 20.23% | 20.59% | 16.97% | 17.92% | 23.12% | 26.12% | 22.94% | 23.05% |
| Return on assets |  |  | 8.31% | 6.53% | 7.39% | 8.18% | 6.91% | 7.56% | 10.10% | 10.61% | 11.38% | 10.78% |
| Liabilities / equity |  |  | 1.21 | 1.27 | 1.73 | 1.51 | 1.45 | 1.36 | 1.28 | 1.40 | 1.01 | 1.14 |
| Current ratio |  |  | 2.63 | 2.27 | 1.96 | 1.86 | 1.67 | 1.76 | 1.86 | 1.64 | 1.77 | 1.72 |

## As-reported value updates

18 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/HUBB/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000048898.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 2.26 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 2.57 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 3.37 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,365,900,000 | 206,800,000 | 3.82 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,375,800,000 | 200,100,000 | 3.70 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,345,800,000 | 171,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,399,100,000 | 147,800,000 | 2.73 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,452,500,000 | 213,600,000 | 3.94 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,442,600,000 | 219,400,000 | 4.05 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,334,300,000 | 197,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,365,200,000 | 169,700,000 | 3.15 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,484,300,000 | 244,200,000 | 4.56 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,502,400,000 | 255,500,000 | 4.77 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,492,700,000 | 224,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,516,700,000 | 181,800,000 | 3.41 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from HUBB's latest 10-K: [/company/HUBB/business/](/company/HUBB/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from HUBB's latest 10-K: [/company/HUBB/risk-factors/](/company/HUBB/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/48898/000162828026050405/hubb-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

ITEM 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview of the Business

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings, and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 19,400 individuals worldwide as of June 30, 2026.

The Company’s reporting segments consist of the Utility Solutions segment and Electrical Solutions segment.

Results for the six months ended June 30, 2026 by segment are included under “Segment Results” within this Management’s Discussion and Analysis.

The Company's long-term strategy is to serve its customers with reliable and innovative electrical and related infrastructure solutions with desired brands and high-quality service, delivered through a competitive cost structure; to complement organic revenue growth with acquisitions that enhance its product offerings; and to allocate capital effectively to create shareholder value.

Our strategy to complement organic revenue growth with acquisitions is focused on acquiring assets that extend our capabilities, expand our product offerings, and present opportunities to compete in core, adjacent or complementary markets. We believe our acquisition strategy also provides the opportunity to advance our revenue growth objectives during periods of weakness or inconsistency in our end-markets.

Our strategy to deliver products through a competitive cost structure has resulted in an ongoing program of restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure, and effectiveness and the efficiency of our workforce.

Our goal is to have pricing and productivity programs that offset the impact of cost increases as well as pay for investments in key growth areas. Our cost structure may be subject to material and production cost increases from inflationary periods within the U.S. and global economies, and from trade and other tensions. In particular, we have been subject to recent periods of inflationary pressure in the global economy and also subject to cost increases as a result of tariff and other material cost increases from trade actions taken by the United States and other countries, as well as increasing energy costs. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our pricing and productivity programs are intended to mitigate the risk to our operating margins related to these inflationary pressures and cost increases as a result of tariffs. For additional information, please refer to the risk factor titled; "Changes in U.S. and international trade policies may adversely impact our business and operating results; changes in U.S. trade policies could have a material adverse effect on us," which is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Our sales are subject to market conditions that may cause customer demand for our products to be volatile. Product demand can be affected by fluctuations in domestic and international economic conditions, as well as currency fluctuations, commodity costs, and a variety of other factors. Although inflation has generally moderated since its high point in 2022, we continue to be affected by ongoing inflationary pressures. We could also be affected by additional inflationary pressures resulting from energy market and other disruptive conditions resulting from ongoing hostilities in the Middle East. Accordingly, there can be no assurance that we will be able to maintain our margins in response to further changes in inflationary pressures.

HUBBELL INCORPORATED-Form 10-Q    37

Back to Contents

Acquisition of NSI Industries

On June 9, 2026 (the "NSI Industries Closing Date"), the Company acquired all of the issued and outstanding equity of NSI Electrical Buyer, Inc., a Delaware corporation ("NSI Industries") for approximately $3.0 billion, net of cash acquired, subject to customary adjustments related to cash, indebtedness, working capital and transaction expenses. NSI Industries is a leading provider of electrical fittings, connectors, components and wire management products.

For additional information about the NSI acquisitions, refer to Note 2 - Business Acquisitions in the Notes to the Condensed Consolidated Financial Statements as well as the Company's current reports on Form 8-K filed on May 4, 2026 and June 9, 2026.

HUBBELL INCORPORATED-Form 10-Q    38

Back to Contents

Results of Operations – Second Quarter of 2026 compared to the Second Quarter of 2025

The following is a discussion and analysis of our business, financial condition and results of operations as of and for the three and six months ended June 30, 2026 and 2025. This discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q (the “Condensed Financial Statements”), and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Overview

Second quarter 2026 net sales were $1,711.8 million and increased by 15.3%, driven by a 10.2% increase in organic sales due to higher volume and favorable price realization. Acquisitions contributed to a 4.8% increase in sales, driven by the acquisitions of NSI Industries in the second quarter of 2026, and the acquisitions of DMC and Nicor in the second half of 2025, while the impact of foreign exchange was a 0.3% increase.

Organic net sales in the Electrical Solutions segment grew by 18.3% in the second quarter of 2026 led by continued strength in the data center, light industrial and non-residential markets. In the Utility Solutions segment, organic net sales expanded 5.5% on strength in transmission and distribution markets.

Operating margin in the second quarter of 2026 contracted by 230 basis points to 20.4% and includes the effect of amortization of acquisition-related intangibles and transaction, integration and separation costs. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 23.9% and contracted by 50 basis points. That result includes margin expansion in the quarter, primarily driven by favorable price realization, benefits from operational productivity, and higher unit volume, and the impact of acquisitions, that was more than offset by margin contraction from material and other cost inflation, including tariff expense. See the further discussion within Segment Results below.

Global Trade Policy

On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Power Act ("IEEPA") exceeded presidential authority and were therefore invalid. The IEEPA tariffs were immediately replaced with tariffs under alternative statutory authority, although the scope and duration of future tariffs remain uncertain.

On April 20, 2026, the U.S. Customs and Border Protection (CBP) launched a system to process IEEPA tariff refund claims and the Company submitted claims for IEEPA tariffs that have been previously paid. The Company has elected to use a gain contingency model to account for recoveries of previously paid IEEPA tariffs, in accordance with ASC 450-30 "Gain Contingencies". Under this model, a gain contingency is not recognized in the financial statements until the gain is realized or realizable. Tariff recoveries are reflected as a reduction of cost of goods sold for inventory that has already been sold. Subsequent to June 30, 2026, the Company received refunds for IEEPA tariffs previously paid totaling approximately $30 million, including an immaterial amount of interest. As of June 30, 2026 these amounts were not deemed to be realized or realizable and, accordingly, these amounts were not recognized in the condensed consolidated financial statements for the period ending June 30, 2026.

HUBBELL INCORPORATED-Form 10-Q    39

Back to Contents

SUMMARY OF CONDENSED CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA): 

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["","2026","% of Net sales","2025","% of Net sales"],["Net sales","$","1,711.8","","","$","1,484.3"],["Cost of goods sold","1,098.8","","64.2","%","932.2","","62.8","%"],["Gross profit","613.0","","35.8","%","552.1","","37.2","%"],["Selling & administrative (\u201cS&A\u201d) expense","264.4","","15.4","%","215.8","","14.5","%"],["Operating income","348.6","","20.4","%","336.3","","22.7","%"],["Net income","242.2","","14.1","%","245.5","","16.5","%"],["Less: Net income attributable to non-controlling interest","(1.8)","","(0.1)","%","(1.3)","","\u2014","%"],["Net income attributable to Hubbell Incorporated","240.4","","14.0","%","244.2","","16.5","%"],["Less: Earnings allocated to participating securities","(0.3)","","","(0.4)"],["Net income available to common shareholders","$","240.1","","","$","243.8"],["Average number of diluted shares outstanding","53.1","","","53.5"],["DILUTED EARNINGS PER SHARE","$","4.52","","","$","4.56"]]
[[/GREPCENT_TABLE]]

In the following discussion of results of operations, we refer to “adjusted” operating measures. We believe those adjusted measures, which exclude the impact of certain costs, gains and losses, may provide investors with useful information regarding our underlying performance from period to period and allow investors to understand our results of operations without regard to items that, in management's judgment, significantly affect the comparability of operating results, or we do not consider a component of our core operating performance.

Significant items impacting comparability comprise the following:

Transaction, integration and separation costs

The effect that acquisitions and divestitures may have on our results can fluctuate significantly based on the timing, size and number of transactions, and therefore result in significant volatility in the costs to complete transactions and to integrate or separate the businesses.

Transaction costs are primarily professional services and other fees incurred to complete the transactions recognized within operating income, as well as $7.2 million of bridge financing costs in connection with the transactions recognized within interest expense. Integration and separation costs are the internal and external incremental costs directly relating to these activities for the acquired or

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/48898/000162828026007500/hubb-20251231.htm
Complete FY 2025 MD&A: /company/HUBB/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

ITEM 7    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025, 2024 and 2023 items and year-to-year comparisons between 2025 and 2024 and between 2024 and 2023.

Executive Overview of the Business

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings, and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, Ireland, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 18,000 individuals worldwide as of December 31, 2025.

The Company’s reporting segments consist of the Utility Solutions segment and Electrical Solutions segment. The Company’s long-term strategy is to: serve its customers with reliable and innovative electrical and related infrastructure solutions with desired brands and high-quality service, delivered through a competitive cost structure; to complement organic revenue growth with acquisitions that enhance its product offerings; and to allocate capital effectively to create shareholder value.

Our strategy to complement organic revenue growth with acquisitions is focused on acquiring assets that extend our capabilities, expand our product offerings, and present opportunities to compete in core, adjacent or complementary markets. In 2025 we invested $958 million in acquisitions that meet these objectives. Refer to Note 3 - Business Acquisitions and Dispositions in the Notes to Consolidated Financial Statements for further details on these acquisitions.

Our strategy to deliver products through a competitive cost structure has resulted in an ongoing program of restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure and effectiveness and the efficiency of our workforce.

Our goal is to have pricing and productivity programs that offset the impact of cost increases as well as pay for investments in key growth areas. Our cost structure may be subject to material and production cost increases from inflationary periods within the U.S. and global economies, and from trade and other tensions. In particular, we have been subject to recent periods of inflationary pressure in the global economy and also subject to cost increases as a result of tariff and other material cost increases from trade actions by the U.S. and other countries. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our pricing and productivity programs are intended to mitigate the risk to our operating margins related to these inflationary pressures and cost increases as a result of tariffs. Refer to our risk factor; Changes in U.S. and international trade policies may adversely impact our business and operating results; changes in U.S. trade policies could have a material adverse effect on us for additional information.

Our sales are subject to market conditions that may cause customer demand for our products to be volatile. Product demand can be affected by fluctuations in domestic and international economic conditions, as well as currency fluctuations, commodity costs, and a variety of other factors. Accordingly, there can be no assurance that we will be able to maintain our margins in response to further changes in inflationary pressures.

[[GREPCENT_TABLE]]
[["22","HUBBELL INCORPORATED - Form 10-K"]]
[[/GREPCENT_TABLE]]

Results of Operations

Our operations are classified into two reportable segments: Utility Solutions and Electrical Solutions. For a complete description of the Company’s segments, see Part I, Item 1 of this Annual Report on Form 10-K. Within these segments, Hubbell serves customers in end markets that include utility transmission, substation and distribution markets, data center and industrial markets, as well as markets for utility meters and grid protection and controls, non-residential, telecom and gas distribution products.

In the second quarter of 2025, the Company elected to change its method of accounting for certain inventories in the United States from the last-in, first out (LIFO) method to the first-in, first out (FIFO) method. The change to the FIFO method of accounting for these inventories is preferable because it provides better matching of costs and revenues, conforms the Company's inventory to a single method of accounting and improves comparability with the Company's peers. To provide historical information on a basis consistent with the change to FIFO, the Company has recast certain historical financial information to conform to the updated method of inventory accounting. The recast financial information does not represent a restatement of previously issued financial statements. Refer to Note 1 – Significant Accounting Policies within the Notes to Consolidated Financial Statements for additional information.

Unless specified otherwise, all comparisons of 2025 results are with 2024 results, and all comparisons of 2024 results are with 2023 results.

In 2025, Net sales increased by 3.8% or $216 million and organic Net sales(1) increased by $186 million on favorable price realization and higher unit volumes, as further discussed in segment results below. Operating margin increased in 2025, by 130 basis points and adjusted operating margin(1) increased by 80 basis points, driven by favorable price realization and improved operational productivity. Those increases were partially offset by material and other cost inflation, including tariff expense. Net income attributable to Hubbell increased by 13.9% in 2025 compared to the prior year and diluted earnings per share increased by 14.9%. Adjusted net income attributable to Hubbell(1) increased by 8.8% in 2025 compared to the prior year and adjusted diluted earnings per share(1) increased by 9.8% in 2025.

Operating cash flow increased in 2025 to $1,029.8 million. as compared to $991.2 million in the prior year and free cash flow(2) increased in 2025 to $874.7 million as compared to $810.8 million in the prior year. In 2025 we paid $286.6 million in shareholder dividends, an increase of 7.2% as compared to the prior year. In 2025 we also invested $958.3 million in acquisitions within high growth markets, made $155.1 million of capital expenditures supporting footprint optimization, automation and productivity initiatives, and repurchased $225.0 million of shares.

(1) Organic Net sales, adjusted operating margin, adjusted net income attributable to Hubbell and adjusted diluted earnings per share are non-GAAP financial measures. See “Adjusted Operating Measures” below for a reconciliation to the comparable GAAP financial measures.

(2) Free cash flow is a non-GAAP financial measure. See “Adjusted Operating Measures” and “Financial Condition, Liquidity and Capital Resources - Cash Flow” below for a reconciliation to the comparable GAAP financial measure.

SUMMARY OF CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA)

[[GREPCENT_TABLE]]
[["","For the Year Ending December 31,"],["","2025","% of Net sales","2024","% of Net sales","2023","% of Net sales"],["Net sales","$","5,844.6","","","$","5,628.5","","","$","5,372.9"],["Cost of goods sold","3,780.5","","64.7","%","3,722.9","","66.1","%","3,495.9","","65.1","%"],["Gross profit","2,064.1","","35.3","%","1,905.6","","33.9","%","1,877.0","","34.9","%"],["Selling & administrative expenses","855.3","","14.6","%","812.5","","14.5","%","849.6","","15.8","%"],["Operating income","1,208.8","","20.7","%","1,093.1","","19.4","%","1,027.4","","19.1","%"],["Net income","891.9","","15.3","%","784.7","","13.9","%","757.6","","14.1","%"],["Less: Net income attributable to noncontrolling interest","(4.8)","","(0.1)","%","(5.7)","","(0.1)","%","(6.2)","","(0.1)","%"],["Net income attributable to Hubbell Incorporated","887.1","","15.2","%","779.0","","13.8","%","751.4","","14.0","%"],["Less: Earnings allocated to participating securities","(1.5)","","","(1.5)","","","(1.8)"],["Net income available to common shareholders","$","885.6","","","$","777.5","","","$","749.6"],["Average number of diluted shares outstanding","53.5","","","54.0","","","54.0"],["DILUTED EARNINGS PER SHARE","$","16.54","","","$","14.39","","","$","13.89"]]
[[/GREPCENT_TABLE]]

Adjusted Operating Measures

In the following discussion of results of operations, we refer to “adjusted” operating measures. We believe those adjusted measures, which exclude the impact of certain costs, gains and losses, may provide investors with useful information regarding our underlying performance from period to period and allow investors to understand our results of operations without regard to items that, in management’s judgment, significantly affect the comparability of operating results, or we do not consider a component of our core operating performance.

Significant items impacting comparability comprise the following:

Transaction, integration and separation costs

The effect that acquisitions and divestitures may have on our results can fluctuate significantly based on the timing, size and number of transactions, and therefore result in significant volatility in the costs to complete transactions and to integrate or separate the businesses.

Transaction costs are primarily professional services and other fees incurred to complete the transactions. Integration and separation costs are the internal and external incremental costs directly relating to these activities for the acquired or divested business.

The acquisition and integration of DMC Power resulted in significant transaction and integration costs, and the acquisitions and disposition completed by the Company in the fourth quarter of 2023 resulted in a significant increase in transaction, integration and separation costs. As a result, we believe excluding such costs relating to these transactions provides useful and more comparable information for investors to better assess our operating performance from period to period.

Gains or losses on disposition of a business

The Company believes excluding these gains or losses will enhance management's and investors' ability to analyze underlying business performance and facilitate comparisons of our financial results over multiple periods. In the first quarter of 2024 the Company recognized a $5.3 million pre-tax loss on the disposition of the residential lighting business and also recognized $6.8 million of income tax expense relating to that transaction, primarily driven by differences between book and tax basis in goodwill. In

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/HUBB/mda/fy2025/
All MD&A years: /company/HUBB/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/HUBB/mda/fy2024/): filed 2025-02-13; accession 0001628280-25-005311 (https://www.sec.gov/Archives/edgar/data/48898/000162828025005311/hubb-20241231.htm)
- [FY 2023 MD&A](/company/HUBB/mda/fy2023/): filed 2024-02-08; accession 0001628280-24-003792 (https://www.sec.gov/Archives/edgar/data/48898/000162828024003792/hubb-20231231.htm)
- [FY 2022 MD&A](/company/HUBB/mda/fy2022/): filed 2023-02-09; accession 0001628280-23-002875 (https://www.sec.gov/Archives/edgar/data/48898/000162828023002875/hubb-20221231.htm)
- [FY 2021 MD&A](/company/HUBB/mda/fy2021/): filed 2022-02-11; accession 0001628280-22-002255 (https://www.sec.gov/Archives/edgar/data/48898/000162828022002255/hubb-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3670 Electronic Components & Accessories) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/HUBB.md · JSON record: /company/HUBB.json · verified financials: /company/HUBB/financials.json / /company/HUBB/financials.csv · machine TOC for the whole site: /llms.txt