01—Abstract
Summary
Summary of the 10-Q filed October 29, 2025. Cited figures are marked; the original filing is the authoritative source.
Hubbell Incorporated's third-quarter 2025 results show net sales of $1,502.4 milliona, up from $1,442.6 million a year earlier, with organic net sales growth of 3.2% and acquisitions adding 0.8%.
Operating income rose to $330.6 millionb (22.0% of net sales) from $312.7 million, and diluted earnings per share were $4.77 versus $4.18. Net income attributable to Hubbell Incorporated was $255.5 million. For the nine months, net sales were $4,351.9 million and diluted EPS was $12.35, compared with $10.73 a year earlier.
Utility Solutions net sales were $943.8 millionc in the quarter, with operating income flat at $219.3 million, while Electrical Solutions net sales rose 9.6% to $558.6 million and operating income rose to $111.3 million. The company changed its method for certain U.S. inventories from LIFO to FIFO in the second quarter of 2025 and applied it retrospectively. This raised cumulative inventory by $167.1 million at January 1, 2024.
The change increased reported third-quarter operating income by $24.8 milliond relative to LIFO, and nine-month operating income by $45.0 million. Balance sheet liquidity shifted with cash and cash equivalents of $666.8 million at September 30, 2025, and short-term debt and current portion of long-term debt rising to $951.5 million, mainly from $399.7 million of 2026 Notes reclassified to current and $550.0 million of commercial paper. Subsequent to quarter-end, on October 1, 2025, Hubbell acquired DMC Power for approximately $825 million, net of cash acquired, funded partly by a $600 million unsecured term loan due September 29, 2028 and commercial paper.
The filing notes that the initial purchase accounting for DMC Power is incomplete. During the nine months, the company repurchased $225.0 million of common stock and paid $211.1 million in dividends, and it reported a total share repurchase authorization of approximately $535.0 million at quarter-end.
02—Key points
Key Highlights
- Third-quarter net sales of $1,502.4 million rose $59.8 million year over year; organic net sales grew 3.2%, with acquisitions adding 0.8%.
- Third-quarter operating income of $330.6 million (22.0% of net sales) compared with $312.7 million (21.7%) in the prior-year quarter; adjusted operating margin was 23.9%.
- Diluted EPS of $4.77 for the quarter versus $4.18 a year earlier; nine-month diluted EPS of $12.35 versus $10.73.
- Electrical Solutions drove growth, with organic net sales up 8.3% in the quarter, led by datacenter and industrial markets, while Utility Solutions organic net sales rose 0.5% amid weak AMI and meter project activity.
- Change from LIFO to FIFO for certain U.S. inventories was applied retrospectively, increasing third-quarter operating income by $24.8 million versus LIFO and nine-month operating income by $45.0 million.
- Acquired DMC Power on October 1, 2025 for approximately $825 million, funded by a $600 million term loan and commercial paper; the company's total debt was $1,996.3 million at September 30, 2025.
- Share repurchases of $225.0 million and dividends of $211.1 million in the first nine months; total repurchase authorization of approximately $535.0 million remained at quarter-end.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Hubbell kept $0.17.
- Revenue$1.50B100.0%
- Cost of revenue−$958.1M63.8%
- Gross profit$544.3M36.2%
- Operating costs−$213.7M14.2%
- Operating income$330.6M22.0%
- Interest, other & tax−$75.1M5.0%
- Net income$255.5M17.0%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 29, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.50B$1.44B | +4.1% |
| Cost of Revenue | $958.10M$936.60M | +2.3% |
| Gross Profit | $544.30M$506.00M | +7.6% |
| SG&A Expenses | $213.70M$193.30M | +10.6% |
| Operating Income | $330.60M$312.70M | +5.7% |
| Net Income | $255.50M$226.20M | +13.0% |
| EPS (Basic) | $4.80$4.21 | +14.0% |
| EPS (Diluted) | $4.77$4.18 | +14.1% |
| Shares Outstanding (Basic) | 53.10M53.70M | −1.1% |
| Shares Outstanding (Diluted) | 53.40M54.00M | −1.1% |
05—Questions
Frequently Asked Questions
How did Hubbell perform in the third quarter of 2025?
Net sales were $1,502.4 million, up $59.8 million from the third quarter of 2024. Operating income was $330.6 million, net income attributable to Hubbell Incorporated was $255.5 million, and diluted EPS was $4.77 compared with $4.18 a year earlier.
What is the impact of the change from LIFO to FIFO inventory accounting?
The company retrospectively applied the switch from LIFO to FIFO for certain U.S. inventories. The filing shows that, under LIFO, third-quarter 2025 operating income would have been $305.8 million rather than the reported $330.6 million, and nine-month operating income would have been $852.3 million rather than $897.3 million.
How is Hubbell financing the DMC Power acquisition and what are its debt levels?
DMC Power was acquired on October 1, 2025 for approximately $825 million, net of cash acquired. It was funded through a $600 million unsecured term loan due September 29, 2028 and commercial paper. Total debt was $1,996.3 million at September 30, 2025, and the company stated it was in compliance with its 65% total debt to total capitalization covenant.
Which segment performed better in the quarter?
Electrical Solutions performed better, with net sales up 9.6% to $558.6 million and operating income up to $111.3 million from $93.5 million. Utility Solutions net sales rose 1.2% to $943.8 million, while its operating income was $219.3 million, approximately flat year over year.
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