HUBBELL INC
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
HUBB$437.79-0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statement of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Cash Flows from Operating Activities | |||
| Net income | $891.9 | $784.7 | $757.6 |
| Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | |||
| Depreciation and amortization | 206.1 | 212.1 | 149.7 |
| Deferred income taxes | 11.0 | 2.0 | (18.9) |
| Stock-based compensation | 33.0 | 30.6 | 26.5 |
| Loss on disposition of business | 0.4 | 5.3 | — |
| Loss on sale of assets | 1.2 | 1.0 | 2.5 |
| Changes in assets and liabilities, net of acquisitions: | |||
| (Increase) decrease in accounts receivable | (68.2) | 22.2 | (1.6) |
| Increase in inventories | (32.3) | (24.2) | (31.0) |
| Increase (decrease) in accounts payable | 6.3 | (13.6) | 13.2 |
| Increase (decrease) in current liabilities | 33.3 | (24.3) | (4.5) |
| Changes in other assets and liabilities, net | 4.6 | 14.9 | 2.1 |
| Contributions to qualified defined benefit pension plans | (41.4) | (1.3) | (20.0) |
| Other, net | (16.1) | (18.2) | 5.2 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,029.8 | 991.2 | 880.8 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (155.1) | (180.4) | (165.7) |
| Acquisitions, net of cash acquired | (958.3) | 5.9 | (1,211.7) |
| Proceeds from disposal of business, net of cash | 2.6 | 122.9 | — |
| Purchases of available-for-sale investments | (25.2) | (21.0) | (25.4) |
| Proceeds from sales of available-for-sale investments | 16.7 | 15.8 | 21.8 |
| Other, net | 24.7 | (2.3) | 0.8 |
| NET CASH USED IN INVESTING ACTIVITIES | (1,094.6) | (59.1) | (1,380.2) |
| Cash Flows from Financing Activities | |||
| Issuance of long-term debt | 1,000.0 | — | 600.0 |
| Payment of long-term debt | (400.0) | (600.0) | — |
| Issuance of short-term debt | 164.0 | 22.9 | 100.0 |
| Payment of short-term debt | (0.3) | — | (2.2) |
| Payment of dividends | (286.6) | (267.3) | (245.5) |
| Debt issuance cost | (9.2) | — | (2.2) |
| Acquisition of common shares | (225.0) | (40.0) | (30.0) |
| Other | (39.3) | (39.0) | (31.6) |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 203.6 | (923.4) | 388.5 |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 13.9 | (16.4) | 6.9 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 152.7 | (7.7) | (104.0) |
| Cash and cash equivalents, beginning of year | 329.1 | 336.1 | 440.5 |
| Restricted cash, included in other assets, beginning of year | 2.5 | 3.2 | 2.8 |
| Less: Restricted cash, included in Other Assets | 1.8 | 2.5 | 3.2 |
| Cash and cash equivalents, end of year | $482.5 | $329.1 | $336.1 |
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