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HubbellHUBB

Legal name
Hubbell Inc.
Sector
Technology
Industry
Electronic Components & Accessories
Exchange
NYSE

Stock Price $HUBB

Latest filings

You are here#79 of 91 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K110

HUBB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 110 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Jan ’17Jan ’17
  2. Leadership change8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Mar ’21Mar ’21
  4. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $5.84B
YoY changeLargest recent move+22.2%in FY18Latest +3.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All HUBB Financial Metrics58 metrics

Income Statement14

Balance Sheet26

Cash Flow13

Per Share5

02—Overview

Hubbell Financial Overview 2021–2025

Updated Nov 4, 2026

Hubbell's diluted EPS more than doubled, from $7.28 in FY2021 to $16.54a in FY2025, on just 39% sales growth. That gap is the story. Earnings came from margin expansion, not volume, and the company is now spending heavily to extend that run.

Net sales climbed from $4,194.1 million in FY2021 to $5,844.6 millionb in FY2025. Over the same span, operating margin widened from 12.7% to 20.7%. Growth has slowed, though: FY2025 sales rose 3.8%, with 3.3% organic growth from low single digit price and volume gains. Electrical Solutions led with 7.1% growth to $2.17 billion, while Utility Solutions grew 2.0% to $3.67 billion.

Cash generation backs up the earnings. FY2025 free cash flow reached $874.7 millionc, covering $286.6 million of dividends and $225.0 million of buybacks. Backlog rose to $2,159 million from $1,898 million a year earlier. The cost is a heavier balance sheet. Hubbell spent $958.3 million on acquisitions in FY2025, led by DMC Power, and total debt rose to $2,325.4 million. Total debt to total capital moved from 32% to 38%.

The market priced in that quality. At the close of FY2025, the stock traded at $444.11d, or 26.9x earnings, for a market cap of $23.7 billion.

Recent Developments (Q2 and Q3 2026)

Hubbell closed the $3.0 billione NSI Industries acquisition on June 9, 2026, and Q3 2026 showed its first full quarter of impact. Sales rose 24.6% to $1,872.5 million, with 11.3% organic growth and 13.2% from acquisitions. GAAP operating margin slipped to 21.8% from 22.0%, while adjusted margin reached 25.5%. Net interest expense jumped to $58.0 million from $13.6 million. Management raised full-year adjusted EPS guidance to $20.40-$20.60.

The bull case: Electrical Solutions grew 22.0% organically on data center demand, and about $31 million of tariff refunds helped costs. The bear case: debt to capital hit 55%, and GAAP EPS of $4.94 rose only modestly. At 26.4x earnings as of the Q3 2026 report date (October 27, 2026), the stock is not cheap for a levered, integration-heavy story.

What to watch: NSI integration and deleveraging from the 55% debt ratio; Utility Solutions growth, where Grid Automation fell about 4%

03—Filings

Recent SEC Filings

  1. 8-KHubbell 8-K Report, Financial Results (Oct 27, 2026)Hubbell Incorporated reported third quarter 2026 results, with net sales of $1,872.5 million, up from $1,502.4 million a year earlier, and net sales growth of 25%. Organic net sales grew 11%, while acquisitions contributed 13%. GAAP diluted EPS was $4.94, compared with $4.77 in the prior-year quarter. Adjusted diluted EPS was $5.91, up 14% year over year. Operating income was $408.7 million, a 21.8% operating margin, and adjusted operating margin was 25.5%, up 160 bps. Free cash flow was $280.4 million. Management attributed the strength to Electrical Solutions, where organic net sales grew 22% on strong datacenter markets, content gains and capacity expansion. Utility Solutions net sales rose 9% to $1,027.8 million, with organic growth of about 5%. The company raised its full-year 2026 outlook, primarily on stronger expected Electrical Solutions growth. It now expects total sales growth of 18-19%, including organic growth of 10-11%, GAAP diluted EPS of $17.30 to $17.50, and adjusted diluted EPS of $20.40 to $20.60. The guidance includes approximately $20 million of anticipated restructuring and related investment and an expected free cash flow conversion of approximately 90% on adjusted net income. Balance sheet leverage increased materially during the period. Long-term debt was $4,506.4 million at September 30, 2026, versus $2,036.3 million at December 31, 2025, and total debt to total capital rose to 55% from 38%. Net debt was $4,664.7 million, or 51% of total capital. Goodwill and other intangible assets grew, and the company reported acquisition-related intangible amortization of $62.2 million in the quarter, compared with $24.7 million a year earlier. Interest expense, net was $58.0 million, versus $13.6 million in the prior-year quarter. The acquisitions of NSI Industries, Ventev, Nicor and DMC Power are cited in the filing as integration priorities, with management noting that NSI performance and integration are trending ahead of initial expectations.
  2. 8-KHubbell 8-K Report, Financial Results (Jul 28, 2026)Hubbell Incorporated reported second-quarter 2026 results, with net sales of $1,711.8 million, up from $1,484.3 million a year earlier. The company stated net sales grew 15%, including 10% organic growth and 5% from acquisitions. Diluted EPS was $4.52, compared with $4.56 in the prior-year quarter. Adjusted diluted EPS was $5.52, up 12% year over year, and GAAP operating margin was 20.4% versus 22.7% a year earlier. Adjusted operating margin was 23.9%, down 50 bps year over year. Utility Solutions net sales rose 10% to $1,025.8 million, and Electrical Solutions net sales rose 25% to $686.0 million, with organic growth of 18% in that segment. During the quarter Hubbell acquired NSI Electrical Buyer, Inc. (NSI Industries) for approximately $3.0 billion, funded with a $900 million unsecured term loan, $1.9 billion of senior notes and commercial paper. Total debt rose to $5,372.6 million at June 30, 2026 from $2,325.4 million at December 31, 2025, and net debt to total capital was 52% versus 28% at year-end 2025. Second-quarter free cash flow was $212.8 million, compared with $220.7 million in the prior-year period. For full-year 2026, Hubbell expects total sales growth of 16-18%, including organic sales growth of 9-11%. The company expects GAAP diluted EPS of $17.25 to $17.55 and raised its adjusted diluted EPS outlook to $20.25 to $20.55. Management expects free cash flow conversion of approximately 90% on adjusted net income and about $20 million of restructuring and related investment.
  3. 8-KHubbell 8-K Report, Regulation FD Disclosure (Jun 9, 2026)Hubbell Incorporated completed its acquisition of NSI Industries on June 9, 2026, after entering into a Stock Purchase Agreement dated May 1, 2026 with NSI Buyer, LP. Hubbell Incorporated (Delaware), a wholly-owned subsidiary, purchased all issued and outstanding capital stock of NSI Industries for $3.0 billion in cash, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses. The acquisition was funded with net proceeds from a new $900 million unsecured term loan facility, $1.9 billion aggregate principal amount of senior notes, and commercial paper issuances. According to the press release furnished as Exhibit 99.1, NSI Industries is a leading manufacturer and supplier of over 15,000 branded electrical products sold to over 2,000 distributors in North America. Its brands include Bridgeport fittings, Polaris connectors and Tork timers, and it is headquartered in Huntersville, North Carolina. The filing describes NSI as a provider of electrical fittings, connectors, components and wire management products serving industrial, infrastructure and commercial markets. Hubbell's press release states that the company had 2025 revenues of $5.8 billion. The filing does not provide NSI Industries' revenue, earnings or other financial results, nor the expected effect of the acquisition on Hubbell's financial performance.
  4. 8-KHubbell 8-K Report, Material Agreement (Jun 8, 2026)On June 2, 2026, Hubbell Incorporated priced a public offering of $1.9 billion aggregate principal amount of senior notes under its effective Form S-3 shelf registration, consisting of $500,000,000 of 4.650% Senior Notes due 2031, $700,000,000 of 4.900% Senior Notes due 2033 and $700,000,000 of 5.150% Senior Notes due 2036. The Notes were issued on June 8, 2026 and carry net proceeds of approximately $1,869.6 million after the underwriting discount and estimated offering expenses. Interest is payable semi-annually on June 15 and December 15, beginning December 15, 2026. The Notes are unsecured obligations of Hubbell only and are not guaranteed by any subsidiaries, so they are structurally subordinated to subsidiary liabilities. Hubbell expects to use the proceeds, together with cash on hand and/or additional borrowings (including under its previously announced 2026 term loan facility and/or commercial paper), to fund in part its previously announced acquisition of NSI Electrical Buyer, Inc. (NSI Industries), to repay certain NSI indebtedness, and to pay related fees and expenses. Investors should note a special mandatory redemption feature: if the NSI Acquisition is not consummated by five business days after the later of May 1, 2027 or any later Outside Date agreed by the parties, or if Hubbell notifies the trustee it will not pursue the acquisition, the Notes must be redeemed at 101% of principal plus accrued interest. Holders also have a change-in-control put at 101% of principal plus accrued interest. The filing also includes the Underwriting Agreement with J.P. Morgan Securities LLC, BofA Securities, Inc. and HSBC Securities (USA) Inc. as representatives, the Eighth Supplemental Indenture with U.S. Bank Trust Company, National Association as trustee, and legal opinions from Wachtell, Lipton, Rosen & Katz and Robinson & Cole LLP. Hubbell's press release announcing pricing is furnished as Exhibit 99.1, which describes the company as having 2025 revenues of $5.8 billion.
  5. 8-KHubbell 8-K Report, Material Agreement (May 15, 2026)On May 15, 2026, Hubbell Incorporated entered into a Term Loan Agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. The agreement lets Hubbell borrow up to $900 million on an unsecured basis to finance the NSI Acquisition, repay certain existing indebtedness of NSI, and pay related fees, costs and expenses. Availability is subject to customary conditions, including the consummation of the NSI Acquisition concurrently with funding. The loans will be drawn in a single borrowing on the acquisition closing date and will be due on the third anniversary of that borrowing. They bear interest at the Alternate Base Rate or Term SOFR, plus an applicable interest addition tied to Hubbell's credit ratings. The agreement includes customary unsecured-financing representations, warranties and covenants, plus a financial covenant requiring the ratio of total indebtedness to total capitalization to not exceed 65% at each fiscal quarter-end, beginning with the first quarter-end on or after the effective date. Events of default include non-payment of principal, covenant breaches, cross-default on other debt obligations above $100 million, and a change of control of Hubbell, any of which could allow lenders to accelerate outstanding loans. The filing also incorporates forward-looking statements about the expected timing and benefits of the NSI Acquisition and the related loan funding, and lists risks including completing the acquisition on the anticipated terms and timeline, integrating NSI, and transaction costs. The full agreement is filed as Exhibit 10.1, with schedules omitted under Item 601(a)(5) of Regulation S-K.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.