HUBBELL INC
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 12, 2026
HUBB$429.45+2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-13.
0001628280-25-005311
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-12.
0001628280-26-007500
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 196 previous paragraphs and 224 current paragraphs.
121 unchanged; 63 reworded; 30 added; 10 removed; 2 previous and 10 current paragraphs rearranged.
Tables are not compared: 13 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
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.
Current report
As a percentage of net sales, cost of goods sold decreased by 140 basis points to 64.7% and gross profit margin expanded to 35.3% in 2025. The increase in gross profit margin includes approximately four percentage points of margin expansion driven by favorable price realization, improved operational productivity, and lower acquisition-related intangible amortization expense, which was partially offset by three points of margin contraction due to material and other cost inflation, including tariff expense.
Current report
Selling and administrative expense in 2025 was $855.3 million and increased by $42.8 million compared to the prior year. This increase was driven by higher acquisition-related intangible amortization expense and the selling and administration expense added by our 2025 acquisitions, as well as and higher employee compensation and benefits, partially offset by lower transaction, integration and separation costs as compared to the prior year. Selling and administrative expense as a percentage of Net sales increased by 10 basis points to 14.6% in 2025.
Current report
Total other expense increased by $3.4 million in 2025 to $89.7 million compared to the prior year. That increase is primarily due TSA income in 2024 related to the disposal of the residential lighting business that did not repeat in 2025, higher non-service pension costs in the current year, and the impact of foreign currency exchange. Those drivers were partially offset by a $9.7 million decrease in net interest expense driven by lower average term loan borrowings outstanding in 2025, along with a $4.9 million net decrease on losses recognized on business dispositions, primarily due to the disposal of the residential lighting business in the first quarter of 2024.
Current report
The effective tax rate decreased to 20.3% in 2025 compared to 22.1% in 2024, primarily due to a larger income tax benefit in 2025 from international restructurings as compared to the prior year, as well as the income tax costs from the sale of our residential lighting business in the first quarter of 2024.
Current report
Net income attributable to Hubbell Incorporated was $887.1 million in 2025 and increased 13.9% as compared to 2024. As a result, earnings per diluted share in 2025 increased 14.9% compared to 2024. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles, as well as transaction, integration & separation costs, and a loss on disposition of a business, was $976.8 million in 2025 and increased 8.8% as compared to 2024.
Current report
Net sales in the Utility Solutions segment in 2025 were approximately $3.7 billion, an increase of 2.0% as compared to 2024. This increase was driven by a 1.1% increase in organic net sales from a low single digit increase in price, partially offset by a low single digit percentage decrease in unit volumes. Acquisitions also added 1.0% to net sales as compared to the prior year. Strong substation, transmission and distribution markets drove volume growth year over year, but that growth was more than offset by a decrease in volume within Grid Automation products from weak advanced metering infrastructure and meter project activity in the year.
Current report
Operating income in the Utility Solutions segment in 2025 was $789.9 million an increase of 7.9% compared to 2024. Operating margin increased by 120 basis points to 21.5% in 2025. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin increased by 50 basis points to 24.1% as compared to the prior year. The increase in operating margin and adjusted operating margin includes approximately three percentage points of margin expansion from favorable price realization and improved operational productivity. Those factors were partially offset by approximately two percentage points of margin contraction due to material and other cost inflation, including tariff expense.
Current report
Net sales of the Electrical Solutions segment in 2025 were approximately $2.2 billion, an increase of $144.5 million, or 7.1% as compared to 2024. The increase includes 7.2% growth in organic net sales, driven by a mid single digit percentage increase in price realization and a low single digit percentage increase in unit volumes. This was partially offset by a 0.1% decline from foreign currency exchange. Volume growth was driven primarily by strength in the datacenter and light industrial markets, partially offset by softness in the non-residential and heavy industrial markets.
Current report
Operating income of the Electrical Solutions segment in 2025 was $418.9 million and increased approximately 15.9% compared to 2024, while operating margin in 2025 increased by 150 basis points to 19.3%. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin increased by 120 basis points to 20.2% in 2025. The increase in the operating margin and adjusted operating margin in 2025 was primarily due to approximately six percentage points of margin expansion from favorable price realization, improved operational productivity and higher unit volumes. Those factors were partially offset by approximately five percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and unfavorable business mix.
Current report
Net Sales
Current report
Selling & Administrative Expenses
Current report
Total Other Expense
Current report
Segment Results
Current report
Utility Solutions
Current report
Electrical Solutions
Current report
2025 Compared to 2024
Current report
In the first quarter of 2025, the Company acquired Ventev for approximately $73 million. Ventev is a leading manufacturer and provider of a complete ecosystem of solutions to power, protect, and connect wireless networks. The Ventev business has been added to the Electrical Solutions segment.
Current report
In the third quarter of 2025, the Company acquired Nicor for approximately $56 million. Nicor designs and manufactures water metering endpoint solutions to integrate and optimize advanced metering infrastructure networks. Such solutions include polymer meter box lids and covers. Nicor has been added to the Utility Solutions segment.
Current report
On October 1, 2025, the Company acquired DMC Power for approximately $829 million, net of cash acquired, subject to customary purchase price adjustments. DMC Power is a provider of swaged connection systems and tooling for utility substation and transmission markets. DMC Power has been added to the Utility Solutions segment.
Current report
2025 Term Loan
Current report
On September 29, 2025, the Company entered into a Term Loan Agreement (the "2025 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On October 1, 2025, the Company borrowed $600 million under the 2025 Term Loan Agreement (the "2025 Term Loan") on an unsecured basis to finance a portion of the DMC Power purchase price. The 2025 Term Loan was made in a single borrowing and will be due and payable on September 29, 2028. The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2025 Term Loan as of December 31, 2025 was 4.99%. Hubbell also paid the lenders certain customary fees in connection with the 2025 Term Loan Agreement.
Current report
2023 Term Loan
Current report
2025 Credit Facility
Current report
On March 25, 2025, the Company, as borrower, and each foreign subsidiary borrower from time to time party thereto (collectively, the “Foreign Subsidiary Borrowers”) entered into a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $1.0 billion committed unsecured revolving credit facility (the “Revolving Credit Agreement”). The obligations of the Foreign Subsidiary Borrowers (if any) under the Revolving Credit Agreement are guaranteed by the Company.
Current report
All revolving loans outstanding under the Revolving Credit Agreement will be due and payable on March 25, 2030. The Revolving Credit Agreement provides for up to two one-year maturity extensions. As of December 31, 2025, the credit facility was undrawn.
Current report
On November 14, 2025, the Company completed a public offering of $400 million aggregate principal amount of its 4.800% Senior Notes due 2035 (the “2035 Notes”). The net proceeds from the offering were approximately $392.7 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2035 Notes bear interest at a rate of 4.800% per annum from November 14, 2025. Interest on the 2035 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. The 2035 Notes will mature on November 15, 2035.
Current report
The Company used the net proceeds from the offering of the 2035 Notes, together with cash on hand, on December 1, 2025 to redeem in full all of the Company’s outstanding 3.350% Senior Notes due in 2026 for an aggregate principal amount of $400 million, which had a stated maturity date of March 1, 2026 (the "2026 Notes"), and to pay the accrued interest in respect thereof.
Current report
Short-term Debt
Current report
•Regulatory issues, and extensive worldwide changes to the taxation of multinational enterprises, including global minimum tax rules under the OECD’s Pillar Two initiative and potential modifications to corporate taxation by the U.S. government, including adjustments to tax rates, deduction limitations, cross-border tax provisions, and administrative guidance.
Removed paragraphs (10)
Previous report
Productivity programs affect virtually all functional areas within the Company by reducing or eliminating waste and improving processes. We continue to expand our efforts related to global product and component sourcing and supplier cost reduction programs. Value engineering efforts, product transfers and the use of lean process improvement techniques are expected to continue to increase manufacturing efficiency. In addition, we continue to build upon the benefits of our enterprise resource planning system across all functions.
Previous report
Discontinued Operations
Previous report
On February 1, 2022, the Company completed the sale of the Commercial and Industrial Lighting business (the“C&I Lighting business”) to GE Current, a Daintree Company. The disposal of the C&I Lighting business met the criteria set forth in ASC 205-20 to be presented as a discontinued operation. The C&I Lighting businesses’ results of operations and the related cash flows have been reclassified to income from discontinued operations in the Consolidated Statements of Income and cash flows from discontinued operations in the Consolidated Statement of Cash Flows, respectively, for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, see Note 2 – Discontinued Operations, in the accompanying Consolidated Financial Statements, which note is incorporated herein by reference.
Previous report
Income Taxes
Previous report
During 2024, we invested $180.4 million in capital expenditures, an increase of $14.7 million as compared to 2023, as we continue to invest in footprint optimization, automation and productivity initiatives.
Previous report
Term Loan Agreement
Previous report
Borrowings under Revolving Credit Facility
Previous report
Short-term Debt and Current Portion of Long-Term Debt
Previous report
◦At December 31, 2023 the Company had $15.0 million of long-term debt classified within current liabilities in the Consolidated Balance Sheets, reflecting maturities within the next 12 months related to borrowing under the Term Loan Agreement at December 31, 2023.
Previous report
•Regulatory issues, changes in tax laws and policies, including changes in current U.S. income tax rates multijurisdictional implementation of the OECD’s comprehensive base erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives.
Reworded paragraphs (63)
Previous wording
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 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 are not included in this Form 10-K and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form-10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on February 8, 2024.
Current wording
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.
Previous wording
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 17,700 individuals worldwide as of December 31, 2024.
Current wording
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.
Previous wording
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. Our acquisition strategy also provides the opportunity to advance our revenue growth objectives during periods of weakness or inconsistency in our end-markets.
Current wording
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.
Previous wording
Our strategy to deliver products through a competitive cost structure has resulted in past and ongoing 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.
Current wording
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.
Previous wording
Productivity improvement also continues to be a key area of focus for the Company and efforts to drive productivity complement our restructuring and related activities to minimize the impact of rising material costs and other administrative cost inflation. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our goal is to have pricing and productivity programs that offset material and other inflationary cost increases as well as pay for investments in key growth areas.
Current wording
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.
Previous wording
Our sales are also 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. Since early 2021, we have experienced significant inflationary pressure across much of our business. As a result, we have taken various pricing actions to cover the higher costs and to protect our profitability. Although inflation has moderated considerably since its high point in 2022, we expect inflation to remain a factor for the foreseeable future and we expect to continue to take these pricing actions subject to demand and market conditions. Accordingly, there can be no assurance that we will be able to maintain our margins in response to further changes in inflationary pressures. In addition, macroeconomic effects such as increases in interest rates and other measures taken by central banks and other policy makers could have a negative effect on overall economic activity which could reduce our customers’ demand for our products, and cause the continuation of relatively high market interest rates that increase our borrowing costs. Additionally, international tensions, such as the conflicts in the Middle East and Ukraine, as well as trade and other tensions, including those with China, may affect demand for our products, as well as our production costs.
Current wording
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.
Previous wording
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 several primary end markets: utility distribution, utility transmission and utility substation as well as industrial and non-residential. Unless specified otherwise, all comparisons of 2024 results are with 2023 results.
Current wording
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.
Previous wording
In 2024, Net sales increased by 4.7% or$256 million and organic Net sales(1)increased by$2 million on favorable price realization partially offset by lower volumes, as further discussed in segment results below. Operating margin increased in 2024, by 10 basis points and adjusted operating margin(1) increased by 90 basis points, driven by favorable price realization, productivity and cost management. Those increases were partially offset by material and other cost inflation and lower unit volume. Net income from continuing operations attributable to Hubbell increased by 2.4% in 2024 compared to the prior year and diluted earnings per share from continuing operations increased by 2.3%. Adjusted net income from continuing operations attributable to Hubbell(1) increased by 8.1% in 2024 compared to the prior year and adjusted diluted earnings per share from continuing operations(1) increased by 8.1% in 2024.
Current wording
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.
Previous wording
Operating cash flow was higher in 2024 at $991.2 million as compared to $880.8 million in the prior year. Free cash flow(2) was higher in 2024 at $810.8 million as compared to $715.1 million in the prior year. In 2024 we paid $267.3 million in shareholder dividends, an increase of 8.9% as compared to the prior year. We also invested $180.4 million of capital expenditures in footprint optimization, automation and productivity initiatives, and repurchased $40.0 million of shares in 2024.
Current wording
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.
Previous wording
(1) Organic Net sales, adjusted operating margin, adjusted net income from continuing operations attributable to Hubbell and adjusted diluted earnings per share from continuing operations are non-GAAP financial measures. See “Adjusted Operating Measures” below for a reconciliation to the comparable GAAP financial measures.
Current wording
(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.
Previous wording
Significant items impacting comparability:
Current wording
Significant items impacting comparability comprise the following:
Previous wording
The size of acquisition and divestiture actions taken by the Company in the fourth quarter of 2023 has resulted in a significant increase in these costs. As a result, we believe excluding costs relating to these fourth quarter transactions provides useful and more comparable information to investors to better assess our operating performance.
Current wording
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.
Previous wording
Our adjusted operating measures exclude these gains or losses because we believe excluding them enhances management’s and investors’ ability to analyze underlying business performance and facilitates 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 on the sale of the residential lighting business, primarily driven by differences between book and tax basis in goodwill. That loss and the related income tax expense are excluded from our adjusted operating measures.
Current wording
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 the second quarter of 2025 the Company recognized a $0.4 million pre-tax loss on the disposition of a product line in the Electrical Solutions segment. Those losses and the related income tax expense are excluded from our adjusted operating measures.
Previous wording
The Company excludes these non-core items because we believe it enhances management’s and investors’ ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. Refer to the reconciliation of non-GAAP measures presented below, Note 4 – Business Acquisitions and Dispositions, for additional information.
Current wording
The Company excludes these non-core items because we believe it enhances management’s and investors’ ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods. Refer to the reconciliation of non-GAAP measures presented below and Note 3 – Business Acquisitions and Dispositions to the Consolidated Financial Statements for additional information.
Previous wording
The following table reconciles Adjusted net income from continuing operations attributable to Hubbell Incorporated, Adjusted net income from continuing operations available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data).
Current wording
The following table reconciles Adjusted net income attributable to Hubbell Incorporated, Adjusted net income available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data).
Previous wording
The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP measure (in million and percentage change):
Current wording
The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP measure (in million and percentage):
Previous wording
As a percentage of net sales, cost of goods sold increased by 130 basis points to 66.2% and gross profit margin declined to 33.8% in 2024. The decline in gross profit margin includes approximately four percentage points of margin contraction due to higher intangible amortization expense, material and other cost inflation and lower volume, which was partially offset by approximately three percentage points of margin expansion driven by favorable price realization, productivity and cost management.
Current wording
As a percentage of net sales, cost of goods sold increased by 100 basis points to 66.1% and gross profit margin declined to 33.9% in 2024. The decline in gross profit margin includes approximately four percentage points of margin contraction due to higher intangible amortization expense, material and other cost inflation and lower volume, which was partially offset by approximately three percentage points of margin expansion driven by favorable price realization, productivity and cost management.
Previous wording
S&A expense in 2024 was $812.5 million and decreased by $37.1 million compared to the prior year. This decrease was driven by lower employee incentive costs and lower professional services in the current year, transaction costs in 2023 that did not repeat in 2024, partially offset by the addition of S&A expense including intangible amortization expense related to our 2023 acquisitions. S&A expense as a percentage of Net sales decreased by 140 basis points to 14.4% in 2024.
Current wording
S&A expense in 2024 was $812.5 million and decreased by $37.1 million compared to the prior year. This decrease was driven by lower employee incentive costs and lower professional services in 2024, transaction costs in 2023 that did not repeat in 2024, partially offset by the addition of S&A expense including intangible amortization expense related to our 2023 acquisitions. S&A expense as a percentage of Net sales decreased by 130 basis points to 14.5% in 2024.
Previous wording
Total other expense increased by $31.1 million in 2024 to $86.3 million compared to the prior year, primarily due to a $37.1 million increase in net interest expense and a $5.3 million loss recognized on the disposition of the residential lighting business in 2024, partially offset by $7.2 million in 2024 of TSA income related to the disposal of the residential lighting business and lower non service pension cost. The increase in interest expense was primarily attributable to debt incurred in connection with the acquisition of Systems Control.
Current wording
Total other expense increased by $31.1 million in 2024 to $86.3 million compared to the prior year, primarily due to a $37.1 million increase in net interest expense and a $5.3 million loss recognized on the disposition of the residential lighting business in 2024, partially offset by $7.2 million in 2024 of TSA income related to the disposal of the residential lighting business and lower non service pension cost. The increase in interest expense was primarily attributable to debt incurred in connection with the acquisition of Northern Star Holdings, Inc. ("Systems Control").
Previous wording
Net income attributable to Hubbell Incorporated was $777.8 million in 2024 and increased 2.4% as compared to 2023. As a result, earnings per diluted share in 2024 increased 2.3% compared to 2023. Adjusted net income attributable to Hubbell Incorporated, which excluded amortization of acquisition-related intangibles and transaction, integration & separation costs in both periods, and a loss on disposition of a business in 2024 was $896.8 million in 2024 and increased 8.1% as compared to 2023.
Current wording
Net income attributable to Hubbell Incorporated was$779.0 million in 2024 and increased 3.7% as compared to 2023. As a result, earnings per diluted share in 2024 increased 3.6% compared to 2023. Adjusted net income attributable to Hubbell Incorporated, which excluded amortization of acquisition-related intangibles and transaction, integration & separation costs in both periods, and a loss on disposition of a business in 2024 was $898.0 million in 2024 and increased 9.4% as compared to 2023.
Previous wording
Net sales in the Utility Solutions segment in 2024 were approximately $3.6 billion, an increase of 10.4% as compared to 2023. This increase was driven by a 12.9% increase in net sales from acquisitions, partially offset by a 2.4% decrease in organic net sales driven by a mid single digit percentage decrease in unit volumes partially offset by a low single digit increase in price realization. The decrease in unit volume resulted largely from volume declines in enclosures products primarily driven by weakness in the telcom market, as well as customer inventory management in distribution markets. These factors were partially offset by strong growth in transmission and substation markets and in grid automation projects.
Current wording
Net sales in the Utility Solutions segment in 2024 were approximately$3.6 billion, an increase of 10.4% as compared to 2023. This increase was driven by a 12.9% increase in net sales from acquisitions, partially offset by a 2.4% decrease in organic net sales driven by a mid single digit percentage decrease in unit volumes partially offset by a low single digit increase in price realization. The decrease in unit volume resulted largely from volume declines in enclosures products primarily driven by prior weakness in the telecom market, as well as customer inventory management in distribution markets. These factors were partially offset by strong growth in transmission and substation markets and in grid automation projects.
Previous wording
Operating income in the Utility Solutions segment in 2024 was $729.8 million an increase of 3.3% compared to 2023. Operating margin declined by 140 basis points to 20.3% in 2024. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin declined by 40 basis points to 23.5% as compared to the prior year. The decrease in operating margin and adjusted operating margin includes approximately three percentage points of margin expansion from favorable price realization, improved productivity and cost management, but that expansion was more than offset by approximately three percentage points of margin contraction due to material and other cost inflation and lower unit volume. The impact of lower unit volume includes approximately 130 basis points from enclosures products, driven primarily by weakness in the telcom market.
Current wording
Operating income in the Utility Solutions segment in 2024 was $731.8 million an increase of 4.8% compared to 2023. Operating margin declined by 110 basis points to 20.3% in 2024. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin was flat as compared to the prior year. The decrease in operating margin includes approximately three percentage points of margin expansion from favorable price realization, improved productivity and cost management, but that expansion was more than offset by approximately four percentage points of margin contraction due to material and other cost inflation, higher acquisition-related intangible amortization and lower unit volume. The impact of lower unit volume includes approximately 130 basis points from enclosures products, driven primarily by prior weakness in the telecom market.
Previous wording
Net sales of the Electrical Solutions segment in 2024 were approximately $2.0 billion, a decrease of $83.4 million, or 3.9% as compared to 2023. The decrease includes 3.8% growth in organic net sales, that was more than offset by a 7.7% decline in net sales resulting from the disposition of the residential lighting business during the first quarter of 2024. The increase in organic net sales was driven by a low single digit percentage increase in unit volumes and a low single digit percentage increase in price realization. Volume growth was driven primarily by strength in renewables markets and datacenter balance-of-system products, while industrial markets were solid and non residential markets were soft.
Current wording
Net sales of the Electrical Solutions segment in 2024 were approximately$2.0 billion, a decrease of $83.4 million, or 3.9% as compared to 2023. The decrease includes 3.8% growth in organic net sales, that was more than offset by a 7.7% decline in net sales resulting from the disposition of the residential lighting business during the first quarter of 2024. The increase in organic net sales was driven by a low single digit percentage increase in unit volumes and a low single digit percentage increase in price realization. Volume growth was driven primarily by strength in renewables markets and datacenter balance-of-system products, while industrial markets were solid and non residential markets were soft.
Previous wording
Operating income of the Electrical Solutions segment in 2024 was $361.8 million and increased approximately 9.0% compared to 2023, while operating margin in 2024 increased by 210 basis points to 17.8%. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin increased by 240 basis points to 19.0% in 2024. The increase in the operating margin and adjusted operating margin in 2024 was primarily due to approximately five percentage points of margin expansion from favorable price realization, improved productivity and higher volume. The disposition of the residential lighting business also contributed to the expansion. Those factors were partially offset by approximately three percentage points of margin contraction driven by higher material and other cost inflation.
Current wording
Operating income of the Electrical Solutions segment in 2024 was $361.3 million and increased approximately 9.8% compared to 2023, while operating margin in 2024 increased by 220 basis points to 17.8%. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin increased by 250 basis points to 19.0% in 2024. The increase in the operating margin and adjusted operating margin in 2024 was primarily due to approximately five percentage points of margin expansion from favorable price realization, improved productivity and higher volume. The disposition of the residential lighting business also contributed to the expansion. Those factors were partially offset by approximately three percentage points of margin contraction driven by higher material and other cost inflation.
Previous wording
Cash provided by operating activities from continuing operations was $991.2 million in 2024 compared to $880.8 million in 2023. The increase was primarily due to higher net income, after adjusting for the effect of non-cash items, primarily depreciation and amortization expense, along with lower cash used for working capital in 2024.
Current wording
Cash provided by operating activities was $1,029.8 million in 2025 compared to $991.2 million in 2024. The increase was primarily due to higher net income in 2025, partially offset by an increase in cash used for working capital and an increase in cash used for contributions to pension plans in 2025 compared to 2024.
Previous wording
Cash used in investing activities was $59.1 million in 2024 compared to cash used of $1,380.2 million in 2023. That change was driven by $122.9 million of cash proceeds in 2024 from the disposition of our residential lighting business as compared to cash used for acquisitions of $1,211.7 million in 2023.
Current wording
Cash used in investing activities was $1,094.6 million in 2025 compared to cash used of $59.1 million in 2024. That change was driven by $958.3 million of cash used in 2025 to acquire Alliance USAcqCo 2, Inc. ("Ventev"), Nicor, Inc. ("Nicor") and Power Rose Acquisition, Inc. (and together with its subsidiaries, "DMC Power"), as compared to $122.9 million of cash proceeds in 2024 from the disposition of our residential lighting business.
Previous wording
Cash used in financing activities was $923.4 million in 2024 as compared to $388.5 million of cash provided by financing activities in 2023. The change in cash flows reflects $600 million of cash provided in December 2023 from the Term Loan issued to partially fund the acquisition of Systems Control, as compared to cash used in 2024 to extinguish that loan, along with an increase in dividends paid and higher share repurchases in 2024 compared to 2023.
Current wording
Cash provided by financing activities was $203.6 million in 2025 as compared to $923.4 million of cash used by financing activities in 2024. The change in cash flows reflects $600 million of cash provided in December 2025 from the Term Loan issued to partially fund the acquisition of DMC Power, as compared to cash used in 2024 to repay a previously issued Term Loan, along with an increase in dividends paid and higher share repurchases in 2025 compared to 2024.
Previous wording
The unfavorable impact of foreign currency exchange rates on cash was $16.4 million in 2024 as compared to a favorable effect of $6.9 million in 2023. The unfavorable impact in 2024 was primarily related to weakness in the Brazilian Real, Canadian Dollar and Mexican Peso compared to the U.S. Dollar.
Current wording
The favorable impact of foreign currency exchange rates on cash was $13.9 million in 2025 as compared to an unfavorable effect of $16.4 million in 2024. The favorable impact in 2025 was primarily related to strengthening in the British Pound, Brazilian Real, Mexican Peso, and Canadian Dollar compared to the U.S. Dollar.
Previous wording
For more information related to acquisitions completed in 2023, refer to Note 4 - Business Acquisition in the Notes to Consolidated Financial Statements, which is incorporated herein by reference.
Current wording
For more information related to acquisitions completed in 2025, refer to Note 3 - Business Acquisitions and Dispositions in the Notes to Consolidated Financial Statements, which is incorporated herein by reference.
Previous wording
We continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect our investment in restructuring and related activities to continue in 2024 as we continue to invest in previously initiated actions and initiate further footprint consolidation and other cost reduction initiatives.
Current wording
During 2025, we invested $155.1 million in capital expenditures on automation, productivity initiatives and maintenance, and we also continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect investments in restructuring and related activities to continue in 2026 as we continue to invest in previously initiated actions and initiatives, further footprint consolidation, and other cost reduction initiatives.
Previous wording
On October 21, 2022 the Board of Directors approved a share repurchase program that authorized the repurchase of up to $300 million of common stock, which expires in October 2025. At December 31, 2024 our remaining share repurchase authorization under this program was $260.0 million. On February 12, 2025 the Board of Directors approved a new stock repurchase program that authorized the repurchase of up to $500.0 million of common stock and expires in February 2028. This new program is in addition to the remaining share repurchase authorization of $260.0 million under the October 21, 2022 program. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.
Current wording
On October 21, 2022, we announced that the Board of Directors had approved a share repurchase program that authorized the repurchase of up to $300 million of common stock, which expired in October 21, 2025. On February 12, 2025 the Board of Directors approved a stock repurchase program that authorized the repurchase of up to $500 million of common stock and expires in February 2028. We had a total outstanding share repurchase authorization of approximately $500.0 million at December 31, 2025. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.
Previous wording
At December 31, 2024 and 2023, the Company had $1,442.7 million and $2,023.2 million, respectively, of long-term debt outstanding, net of unamortized discount and the unamortized balance of capitalized debt issuance costs. At December 31, 2023, the Company had $15.0 million of maturities due within the next 12 months related to the Term Loan Agreement which were classified within short term debt in the Consolidated Balance Sheet.
Current wording
At December 31, 2025 and 2024, the Company had $2,036.3 million and $1,442.7 million, respectively, of long-term debt outstanding, net of unamortized discount and the unamortized balance of capitalized debt issuance costs. At December 31, 2025, the Company had no long-term debt with maturities due within the next 12 months.
Previous wording
In connection with the December 2023 acquisition of Systems Control, the Company entered into a Term Loan Agreement (the“Term Loan Agreement”) with a syndicate of lenders under which the Company borrowed $600 million on an unsecured basis. Borrowings under the Term Loan Agreement bore interest generally at either the adjusted term SOFR rate plus an applicable margin (determined by a ratings based grid) or the alternative base rate. The outstanding principal amount under the Term Loan Agreement was due and payable in full at maturity in December 2026. During the fourth quarter of 2024, the Company repaid the remainder of the Term Loan and no balance was outstanding at December 31, 2024.
Current wording
In connection with the December 2023 acquisition of Systems Control, the Company entered into a Term Loan Agreement (the“2023 Term Loan Agreement”) with a syndicate of lenders under which the Company borrowed $600 million on an unsecured basis (the "2023 Term Loan"). Borrowings under the 2023 Term Loan Agreement bore interest generally at either the adjusted term SOFR rate plus an applicable margin (determined by a ratings based grid) or the alternative base rate. The outstanding principal amount under the 2023 Term Loan Agreement was due and payable in full at maturity in December 2026. During the fourth quarter of 2024, the Company repaid the remainder of the 2023 Term Loan and no balance was outstanding at December 31, 2025 or December 31, 2024.
Previous wording
The Company, as borrower, and its subsidiaries Hubbell Power Holdings S.à r.l. and Harvey Hubbell Holdings S.à r.l., each as a subsidiary borrower (collectively, the “Subsidiary Borrowers”) are parties to a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility”), which matures on March 12, 2026. Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion. The 2021 Credit Facility includes a $50 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credit to the Subsidiary Borrowers under the 2021 Credit Facility may not exceed $75 million. There were no borrowings outstanding under the 2021 Credit Facility at December 31, 2024 or December 31, 2023.
Current wording
Commitments under the Revolving Credit Agreement may be conditionally increased to an aggregate amount not to exceed $1.5 billion. The Revolving Credit Agreement includes a $50.0 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credit to the Foreign Subsidiary Borrowers under the Revolving Credit Agreement may not exceed $100.0 million.
Previous wording
The interest rate applicable to borrowings under the 2021 Credit Facility is either (i) the alternate base rate (as defined in the 2021 Credit Facility) or (ii) the adjusted SOFR rate plus an applicable margin (determined by a ratings based grid).
Current wording
The interest rate applicable to borrowings under the Revolving Credit Agreement is either (i) the alternate base rate (as defined in the Revolving Credit Agreement) or (ii) the term SOFR rate (as defined in the Revolving Credit Agreement) plus an applicable margin based on the Company's credit ratings.
Previous wording
The 2021 Credit Facility contains a sole financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of December 31, 2024.
Current wording
The Revolving Credit Agreement contains a sole financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of December 31, 2025.
Previous wording
At each of December 31, 2024 and 2023, the Company had outstanding unsecured, senior notes in principal amounts of $400 million due in 2026, $300 million due in 2027, $450 million due in 2028 and $300 million due in 2031 (the “Notes”).
Current wording
At December 31, 2024, the Company had an outstanding principal amount of $400 million in 2026 Notes and other unsecured, senior notes in principal amounts of $300 million due in 2027 (the "2027 Notes"), $450 million due in 2028 (the "2028 Notes"), and $300 million due in 2031 (the "2031 Notes'). At December 31, 2025 the 2027 Notes, 2028 Notes, and 2031 Notes remained outstanding in addition to the 2035 Notes.
Previous wording
The carrying value of the Notes, net of unamortized discount and the unamortized balance of capitalized debt issuance costs, was $1,442.7 million and $1,440.3 million at December 31, 2024 and December 31, 2023, respectively.
Current wording
The carrying value of the unsecured, senior notes (the "Notes"), net of unamortized discount and the unamortized balance of capitalized debt issuance costs, was $2,036.3 million and $1,442.7 million at December 31, 2025 and December 31, 2024, respectively.
Previous wording
The Notes are callable at any time at specified prices and are only subject to accelerated payment prior to maturity upon customary events of default, or upon a change in control triggering event as defined in the indenture governing the Notes, as supplemented. The Company was in compliance with all covenants (none of which is financial) as of December 31, 2024.
Current wording
The Notes are callable at any time at specified prices and are only subject to accelerated payment prior to maturity upon customary events of default, or upon a change in control triggering event as defined in the indenture governing the Notes, as supplemented. The Company was in compliance with all covenants (none of which are financial) as of December 31, 2025.
Previous wording
At December 31, 2024 and 2023, the Company had $125.4 million and $117.4 million, respectively, of short-term debt and current portion of long-term debt outstanding composed of:
Current wording
At December 31, 2025 and 2024, the Company had $289.1 million and $125.4 million, respectively, of short-term debt is composed of:
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Unless specified otherwise, all comparisons of 2025 results are with 2024 results, and all comparisons of 2024 results are with 2023 results.
Current report — wording carried from elsewhere
Net sales of $5,844.6 million in 2025 increased by $216.1 million, or 3.8%, compared to 2024. Organic net sales increased by 3.3% driven by a low single digit percentage increase in price realization, and a low single digit percentage increase in unit volumes. Acquisitions net of divestitures contributed 0.6% to net sales growth. These changes are discussed in more detail in the Segment Results section below.
Current report — wording carried from elsewhere
The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measure (in millions and percentage):
Current report — wording carried from elsewhere
Cost of Goods Sold and Gross Profit
Current report — wording carried from elsewhere
Net Income Attributable to Hubbell Incorporated and Earnings Per Diluted Share
Current report — wording carried from elsewhere
The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measure (in millions and percentage):
Current report — wording carried from elsewhere
The following table reconciles our Utility Solutions segment Organic Net sales growth to the directly comparable GAAP financial measure (in millions and percentage change):
Current report — wording carried from elsewhere
The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP measure (in million and percentage):
Current report — wording carried from elsewhere
The following table reconciles our Electrical Solutions segment Organic Net sales growth to the directly comparable GAAP financial measure (in millions and percentage change):
Current report — wording carried from elsewhere
The 2025 Term Loan Agreement contains representations and warranties and affirmative and negative covenants customary for unsecured financing of this type, as well as a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of December 31, 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly comparable GAAP financial measure (in millions and percentage change):
Previous report — wording carried elsewhere
•Continued softness in the residential market.