01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Hubbell Incorporated's 2025 results show net sales of $5,844.6 milliona, up 3.8% (or $216 million) from $5,628.5 million in 2024, with organic net sales up 3.3% on low single digit price realization and low single digit unit volume growth.
Operating income rose to $1,208.8 millionb (20.7% of net sales) from $1,093.1 million (19.4%), and net income attributable to Hubbell increased 13.9% to $887.1 million. Diluted earnings per share were $16.54, up 14.9%. Management's adjusted diluted EPS, a non-GAAP measure, rose 9.8% to $18.21 on an adjusted basis as reported in the filing's reconciliation table.
The Utility Solutions segment (63% of 2025 consolidated revenues) grew net sales 2.0% to $3.67 billionc, while Electrical Solutions (37%) grew 7.1% to $2.17 billion with organic growth of 7.2%. The company spent $958.3 million on acquisitions in 2025, principally Ventev, Nicor and DMC Power, with DMC Power acquired October 1, 2025 for approximately $829 million net of cash acquired. Operating cash flow was $1,029.8 million and free cash flow was $874.7 million, a non-GAAP measure.
Total debt rose to $2,325.4 milliond at December 31, 2025 from $1,568.1 million, funded partly by a $600 million term loan and a $400 million 4.800% Senior Notes due 2035 issued in November 2025, which were used to redeem the $400 million 3.350% notes due 2026. Total debt to total capital was 38% versus 32% a year earlier. Shareholders received $286.6 million in dividends, the quarterly dividend rate was raised from $1.32 to $1.42 per share, and $225.0 million of shares were repurchased, with $500.0 million of authorization outstanding at year end.
The filing also discloses a change in inventory accounting from LIFO to FIFO for certain U.S. inventories in the second quarter of 2025, applied retrospectively to prior periods. Backlog of firm orders was $2,159 million at December 31, 2025, compared with $1,898 million a year earlier. Investors should note the exposure to tariff-related material cost inflation, which the filing says contributed to margin contraction, and the disclosed risk from trade policy changes affecting imports from Canada, Mexico, China and Europe.
02—Key points
Key Highlights
- Net sales of $5,844.6 million rose 3.8% year over year, with organic net sales up 3.3% driven by price realization and higher unit volumes.
- Operating margin expanded 130 basis points to 20.7%, and adjusted operating margin rose 80 basis points to 22.7%, offset partly by material and tariff-related cost inflation.
- Net income attributable to Hubbell increased 13.9% to $887.1 million; diluted EPS was $16.54 (up 14.9%) and adjusted diluted EPS was $18.21 (up 9.8%).
- Acquisitions totaling $958.3 million, led by DMC Power (approximately $829 million net of cash acquired), added to the Utility Solutions segment; goodwill rose to $3,060.8 million.
- Total debt increased to $2,325.4 million, with total debt to total capital of 38% versus 32% in 2024; the $2,036.3 million of long-term debt has no maturities due within the next 12 months.
- Operating cash flow of $1,029.8 million and free cash flow of $874.7 million supported $286.6 million in dividends and $225.0 million in share repurchases.
- Backlog of firm orders reached $2,159 million at December 31, 2025, versus $1,898 million a year earlier.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Hubbell kept $0.15.
- Revenue$5.84B100.0%
- Cost of revenue−$3.78B64.7%
- Gross profit$2.06B35.3%
- Operating costs−$855.3M14.6%
- Operating income$1.21B20.7%
- Interest, other & tax−$321.7M5.5%
- Net income$887.1M15.2%
Where FY2025 revenue went
$5.84B- Cost of revenue: $3.78B, 65% of revenue
- Net income: $887.1M, 15% of revenue
- SG&A: $855.3M, 15% of revenue
- Interest, other & tax: $321.7M, 5.5% of revenue
Kept 15% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $5.84B$5.63B | +3.8% |
| Cost of Revenue | $3.78B$3.72B | +1.5% |
| Gross Profit | $2.06B$1.91B | +8.3% |
| SG&A Expenses | $855.30M$812.50M | +5.3% |
| Operating Income | $1.21B$1.09B | +10.6% |
| Net Income | $887.10M$779.00M | +13.9% |
| EPS (Basic) | $16.63$14.49 | +14.8% |
| EPS (Diluted) | $16.54$14.39 | +14.9% |
| Shares Outstanding (Basic) | 53.20M53.70M | −0.9% |
| Shares Outstanding (Diluted) | 53.50M54.00M | −0.9% |
05—Questions
Frequently Asked Questions
What drove Hubbell's revenue and margin improvement in 2025?
Net sales rose 3.8% to $5,844.6 million, with organic growth of 3.3% from favorable price realization and higher unit volumes. Operating margin increased to 20.7% from 19.4%, driven by favorable price realization and improved operational productivity, partly offset by material and other cost inflation, including tariff expense.
How did the two segments perform?
Utility Solutions net sales grew 2.0% to about $3.7 billion, with an operating margin of 21.5%, while Electrical Solutions net sales grew 7.1% to about $2.2 billion, with organic growth of 7.2% and an operating margin of 19.3%. The filing attributes Electrical Solutions growth mainly to datacenter and light industrial strength, partly offset by softness in non-residential and heavy industrial markets.
How did Hubbell change its debt profile in 2025?
The company borrowed $600 million under a 2025 Term Loan due September 2028 to help fund the DMC Power acquisition and issued $400 million of 4.800% Senior Notes due 2035. It used those proceeds, with cash on hand, to redeem its $400 million 3.350% Senior Notes due 2026. Total debt rose to $2,325.4 million, and the company reports compliance with its 65% total debt to total capitalization covenant.
Did Hubbell change its accounting methods in 2025?
Yes. In the second quarter of 2025 the company changed its method for certain U.S. inventories from LIFO to FIFO, which it says better matches costs and revenues and improves comparability with peers. Prior periods were retrospectively adjusted, and the company states this is not a restatement of previously issued financial statements. Under LIFO, 2025 net income would have been $844.1 million instead of $891.9 million as reported.
What risks does the filing highlight for investors?
The filing highlights tariffs and changes in U.S. and international trade policy, inflation in materials and energy costs, intangible asset impairment risk with goodwill and intangibles of approximately $4,455 million, dependence on utility spending, and integration risk from recent acquisitions. It also notes the top ten customers account for approximately 42% of net sales and that the DMC Power and Nicor businesses were excluded from management's internal control assessment for 2025.
06—Continue