Hubbell Reports Third Quarter 2025 Results
Hubbell (NYSE: HUBB) reported 3Q25 diluted EPS $4.77 and adjusted diluted EPS $5.17, with 3Q net sales +4% (organic +3%) and adjusted operating margin of 23.9%. Utility Solutions net sales were $944M (organic +1%), driven by Grid Infrastructure +9% and Grid Automation -18%. Electrical Solutions net sales were $559M (organic +8%), with segment adjusted margin of 20.8%. 3Q free cash flow was $254M. Hubbell raised 2025 guidance to adjusted EPS $18.10–$18.30 and expects full-year organic growth of 3–4%.
Hubbell (NYSE: HUBB) ha riportato EPS diluito del 3Q25 di 4,77 $ e EPS diluito rettificato di 5,17 $, con vendite nette del 3Q +4% (organico +3%) e margine operativo rettificato del 23,9%. Le vendite nette di Utility Solutions sono state di 944 milioni di dollari (organico +1%), trainate da Grid Infrastructure +9% e Grid Automation -18%. Le vendite nette di Electrical Solutions sono state di 559 milioni di dollari (organico +8%), con margine operativo rettificato di segmento del 20,8%. Il flusso di cassa libero nel 3Q è stato di 254 milioni di dollari. Hubbell ha alzato le previsioni per il 2025 a EPS rettificato $18.10–$18.30 e si aspetta una crescita organica annua del 3–4%.
Hubbell (NYSE: HUBB) informó un EPS diluido del 3Q25 de $4.77 y un EPS diluido ajustado de $5.17, con ventas netas del 3Q +4% (orgánico +3%) y un margen operativo ajustado del 23,9%. Las ventas netas de Utility Solutions fueron de $944M (orgánico +1%), impulsadas por Grid Infrastructure +9% y Grid Automation -18%. Las ventas netas de Electrical Solutions fueron de $559M (orgánico +8%), con un margen ajustado del segmento de 20,8%. El flujo de caja libre del 3Q fue de $254M. Hubbell elevó la guía para 2025 a EPS ajustado $18.10–$18.30 y espera un crecimiento orgánico anual del 3–4%.
Hubbell (NYSE: HUBB) 는 3Q25 희석 EPS를 4.77달러, 조정된 희석 EPS를 5.17달러로 보고했고, 3Q 순매출 +4% (유기 +3%) 및 조정된 영업 이익률 23.9%를 기록했습니다. Utility Solutions 순매출은 9.44억 달러로 (유기 +1%), Grid Infrastructure +9%와 Grid Automation -18%에 힘입었습니다. Electrical Solutions 순매출은 5.59억 달러 (유기 +8%)였고, 부문 조정 마진은 20.8%였습니다. 3Q 자유현금흐름은 2.54억 달러였습니다. Hubbell은 2025년 가이던스를 조정 EPS $18.10–$18.30로 상향했고, 연간 유기 성장률은 3–4%를 기대합니다.
Hubbell (NYSE: HUBB) a annoncé un BPA dilué du T3 25 de 4,77 $ et un BPA dilué ajusté de 5,17 $, avec des ventes nettes du T3 en hausse de 4% (organique +3%) et une marge opérationnelle ajustée de 23,9%. Les ventes nettes de Utility Solutions ont été de 944 M$ (organique +1%), portées par Grid Infrastructure +9% et Grid Automation -18%. Les ventes nettes de Electrical Solutions ont été de 559 M$ (organique +8%), avec une marge ajustée par segment de 20,8%. Le flux de trésorerie libre du T3 s’est élevé à 254 M$. Hubbell a relevé les prévisions pour 2025 à BPA ajusté $18.10–$18.30 et prévoit une croissance organique annuelle de 3–4%.
Hubbell (NYSE: HUBB) berichtete über das verwässerte EPS des 3Q25 von 4,77 $ und das bereinigte verwässerte EPS von 5,17 $, mit 3Q-Netto-Umsätzen +4% (organisch +3%) und einer bereinigten operativen Marge von 23,9%. Die Nettoverkäufe von Utility Solutions betrugen 944 Mio. $ (organisch +1%), getragen von Grid Infrastructure +9% und Grid Automation -18%. Die Nettoverkäufe von Electrical Solutions betrugen 559 Mio. $ (organisch +8%), mit einer segmentspezifischen bereinigten Marge von 20,8%. Der freie Cashflow im 3Q betrug 254 Mio. $. Hubbell hat die Guidance für 2025 auf bereinigtes EPS $18.10–$18.30 angehoben und erwartet ein organisches Gesamtwachstum von 3–4%.
هابل (NYSE: HUBB) أبلغ عن ربحية السهم المخفّفة للربع الثالث 2025 بقيمة 4.77 دولار وربحية السهم المخفّفة المعدلة بقيمة 5.17 دولار، مع مبيعات صافية للربع الثالث +4% (عضوي +3%) وهوامش تشغيلية معدلة بنسبة 23.9%. بلغت مبيعات حلول المرافق 944 مليون دولار (عضوي +1%)، مدفوعة بـ Grid Infrastructure +9% وGrid Automation -18%. بلغت مبيعات حلول الكهرباء 559 مليون دولار (عضوي +8%)، وبالهامش المعدل للقطاع 20.8%. وبلغت التدفقات النقدية الحرة للربع الثالث 254 مليون دولار. رفعت هابل التوجيه لعام 2025 إلى EPS معدّل 18.10–18.30 دولار وتتوقع نموًا عضويًا للسنة بالكامل بمعدل 3–4%.
Hubbell (NYSE: HUBB) 报告 3Q25 稀释每股收益 $4.77 和 调整后稀释每股收益 $5.17，同时 3Q 净销售额同比 +4%（有机 +3%），调整后的经营利润率为 23.9%。Utilities Solutions 的净销售额为 $944M（有机 +1%），由 Grid Infrastructure +9% 和 Grid Automation -18% 推动。Electrical Solutions 的净销售额为 $559M（有机 +8%），分部调整后利润率为 20.8%。3Q 自由现金流为 $254M。Hubbell 将 2025 年指引上调至 调整后EPS $18.10–$18.30，并预计全年有机增长 3–4%。
- Adjusted diluted EPS of $5.17 in 3Q25
- 3Q25 net sales growth of +4% (organic +3%)
- Electrical Solutions organic growth of +8%
- Grid Infrastructure net sales increase of ~9%
- 3Q25 free cash flow of $254M
- Grid Automation sales declined ~18% in 3Q25
- Higher cost inflation, raw material costs and tariffs reduced margins
- Guidance includes approximately $20M of restructuring and related investment
Insights
Hubbell beat key profitability and cash metrics, raised full‑year guidance, driven by Utility and Electrical Solutions strength.
Third quarter results show diluted EPS of
Management raised full‑year guidance to diluted EPS of
Drivers and risks are clear: price realization, productivity and segment unification drove margins. Offsets include higher raw material costs, tariffs, and a weakness in Grid Automation. Watch near‑term indicators: Grid Automation project awards and the impact of the international restructuring on the effective tax rate in
Shelton, CT, Oct. 28, 2025 (GLOBE NEWSWIRE) --
HUBBELL REPORTS THIRD QUARTER 2025 RESULTS
- 3Q diluted EPS of
$4.77 ; adjusted diluted EPS of$5.17 - 3Q net sales +
4% (organic +3% ) - 3Q operating margin
22.0% ; adjusted operating margin23.9% - Raising 2025 diluted EPS outlook to
$16.55 -$16.75 ; adj. diluted EPS of$18.10 -$18.30
Hubbell Incorporated (NYSE: HUBB) today reported operating results for the third quarter ended September 30, 2025.
“Hubbell delivered double digit adjusted earnings per diluted share growth in the third quarter, driven by strong organic growth in Electrical Solutions and Grid Infrastructure products within our Utility Solutions segment, as well as a lower year-over-year tax rate” said Gerben Bakker, Chairman, President and CEO.
Mr. Bakker continued, “In our Utility Solutions segment, Grid Infrastructure achieved
Mr. Bakker concluded, “We are raising our 2025 adjusted earnings per share outlook, which anticipates 3
Certain terms used in this release, including “net debt”, “free cash flow”, “organic net sales”, “organic net sales growth”, “restructuring-related costs”, “Adjusted EBITDA”, and certain other “adjusted” measures, are defined under the section entitled “Non-GAAP Definitions.” See page 9 for more information.
THIRD QUARTER FINANCIAL HIGHLIGHTS
The comments and year-over-year comparisons in this segment review are based on third quarter results in 2025 and 2024.
Utility Solutions segment net sales in the third quarter of 2025 increased
Electrical Solutions segment net sales in the third quarter of 2025 increased
The effective tax rate in the third quarter of 2025 decreased to
Adjusted diluted EPS in the third quarter 2025 excludes
Net cash provided by operating activities was
SUMMARY & OUTLOOK
For the full year 2025, Hubbell anticipates diluted earnings per share ("EPS") in the range of
Hubbell anticipates full year 2025 total sales growth and organic net sales growth of 3
CONFERENCE CALL
Hubbell will conduct an earnings conference call to discuss its third quarter 2025 financial results today, October 28, 2025 at 10:00 a.m. ET. A live audio of the conference call will be available and can be accessed by visiting Hubbell's "Investor Relations - Events/Presentations" section of www.hubbell.com. Audio replays will also be available at the conclusion of the call by visiting www.hubbell.com and selecting "Investors" from the options at the bottom of the page and then "Events/Presentations" from the drop-down menu.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements generally relate to our expectations and beliefs regarding our financial results, condition and outlook, projections of future performance, anticipated growth and end markets, changes in operating results, market conditions and economic conditions, expected capital resources, liquidity, financial performance, pension funding, results of operations, plans, strategies, opportunities, developments and productivity initiatives, competitive positioning, and trends in particular markets or industries. In addition, all statements set forth in the “Summary & Outlook” section above, as well as other statements that are not strictly historic in nature are forward-looking. These statements may be identified by the use of forward-looking words or phrases such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “plan”, “estimated”, “predict”, “target”, “should”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending”, “target”, “goals”, “scheduled”, “will”, “will likely be”, and similar words and phrases. Such forward-looking statements are based on our current expectations and involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or the Company’s achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the effects of trade tariffs, import quotas and other trade restrictions or actions taken by the United States, Mexico, the United Kingdom, member states of the European Union, and other countries, including recent and ongoing potential changes in U.S. trade policies that may be made by the current or a future presidential administration and changes in trade policies in other countries made in response to changes in U.S. trade policies; the general impact of inflation on our business, including the impact on raw materials costs, elevated interest rates and increased energy costs and our ability to implement and maintain pricing actions that we have taken to cover higher costs and protect our margin profile; economic and business conditions in particular industries, markets or geographic regions, as well the potential macro-economic effects of the U.S. government federal deficit, and for continued inflation, a significant economic slowdown, stagflation or recession; political unrest and military actions in foreign countries, including trade tensions with China and the wars in Ukraine and the Middle East, as well as the impact on world markets and energy supplies and prices resulting therefrom; continued softness in the grid automation market of Utility Solutions and residential market of Electrical Solutions; our ability to offset increases in material and non-material costs through price recovery and volume growth; effects of unfavorable foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases; the outcome of contingencies or costs compared to amounts provided for such contingencies, including those with respect to pension withdrawal liabilities; achieving sales levels to meet revenue expectations; unexpected costs or charges, certain of which may be outside the Company’s control; failure to achieve projected levels of efficiencies, cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans, regulatory issues, changes in tax laws and policies, including changes in current U.S. income tax rates, multijurisdictional implementation of the Organisation for Economic Co-operation and Development’s comprehensive base erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives; the ability to successfully manage and integrate acquired businesses, including the acquisitions of Northern Star Holdings, Inc. (the Systems Control business), Alliance USAcqCo 2, Inc., a Delaware corporation (the Ventev business), Nicor, Inc. (the Nicor business), and Power Rose Acquisition, Inc. (the DMC Power business), as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition due to potential adverse reactions or changes to business or employee relationships resulting from completion of the transaction, competitive responses to the transaction, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the acquired business, diversion of management’s attention from ongoing business operations and opportunities, and litigation relating to the transaction; the impact of certain divestitures, including the benefits and costs of the sale of the residential lighting business; the ability to effectively develop and introduce new products, expand into new markets and deploy capital; and other factors described in our Securities and Exchange Commission filings, including in the “Business”, “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Forward-Looking Statements” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 as well as in the Company's Quarterly Reports on Form 10-Q. Any such forward-looking statements are not guarantees of future performances and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. The Company disclaims any duty to update any forward-looking statement, all of which are expressly qualified by the foregoing, other than as required by law.
About the Company
Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2024 revenues of
Contact:
| Dan Innamorato |
| Hubbell Incorporated |
| 40 Waterview Drive |
| P.O. Box 1000 |
| Shelton, CT 06484 |
| (475) 882-4000 |
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NON-GAAP DEFINITIONS
References to "adjusted" operating measures exclude the impact of certain costs, gains or losses. Management believes these adjusted operating measures provide useful information regarding our underlying performance from period to period and an understanding of our results of operations without regard to items we do not consider a component of our core operating performance. Adjusted operating measures are non-GAAP measures, and include adjusted operating income, adjusted operating margin, adjusted net income attributed to Hubbell Incorporated, adjusted net income available to common shareholders, adjusted earnings per diluted share, and Adjusted EBITDA. These non-GAAP measures exclude, where applicable:
- Amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 7—Goodwill and Other Intangible Assets, under the heading “Total Definite-Lived Intangibles,” within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for Fiscal Year Ended December 31, 2024. The Company excludes these non-cash expenses because we believe it (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions. Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results, we believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted net income attributable to Hubbell Incorporated.
- Transaction, integration, and separation costs associated with our business acquisitions and divestitures. The effect that acquisitions and divestitures may have on our results fluctuate significantly based on the timing, size, and number of transactions, and therefore results in significant volatility in the costs to complete transactions and integrate or separate the businesses. Transaction costs are primarily professional services and other fees incurred to complete the transactions. Integration and separation costs are the internal and external incremental costs directly relating to these activities for the acquired or divested business. The acquisition and integration of DMC Power will result in significant transaction and integration costs, and the acquisitions and dispositions completed by the company in the fourth quarter of 2023 resulted in a significant increase in the 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.
- Gains or losses from the disposition of a business. The Company excludes these gains or losses 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. In the first quarter of 2024 the Company recognized a
$5.3 million pre-tax loss on the disposition of the residential lighting business. 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 HES segment. - The income tax effect directly related to the disposition of the residential lighting business. In the first quarter of 2024 the Company 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. - Income tax effects of the above adjustments, which are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted.
Adjusted EBITDA is a non-GAAP measure that excludes the items noted above and also excludes the Other income (expense), net, Interest expense, net, and Provision for income taxes captions of the Condensed Consolidated Statement of Income, as well as depreciation and amortization expense.
Net debt (defined as total debt less cash and investments) to total capital is a non-GAAP measure that we believe is a useful measure for evaluating the Company's financial leverage and the ability to meet its funding needs.
Free cash flow is a non-GAAP measure that we believe provides useful information regarding the Company's ability to generate cash without reliance on external financing. In addition, management uses free cash flow to evaluate the resources available for investments in the business, strategic acquisitions and further strengthening the balance sheet.
In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which are primarily severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. We also incur restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining our processes, and certain other costs and gains associated with restructuring actions. We refer to these costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure.
Organic net sales, a non-GAAP measure, represents net sales according to U.S. GAAP, less net sales from acquisitions and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in net sales from foreign currency exchange. The period-over-period effect of fluctuations in net sales from foreign currency exchange is calculated as the difference between local currency net sales of the prior period translated at the current period exchange rate as compared to the same local currency net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. When comparing net sales growth between periods excluding the effects of acquisitions, business dispositions and currency exchange rates, those effects are different when comparing results for different periods. For example, because net sales from acquisitions are considered inorganic from the date we complete an acquisition through the end of the first year following the acquisition, net sales from such acquisition are reflected as organic net sales thereafter.
There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.
Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measure can be found in the tables below. When we provide our expectations for organic net sales, adjusted effective tax rate, adjusted diluted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, effective tax rate, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, certain financing costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
HUBBELL INCORPORATED
Condensed Consolidated Statement of Income
(unaudited)
(in millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales | $ | 1,502.4 | $ | 1,442.6 | $ | 4,351.9 | $ | 4,294.2 | |||||||
| Cost of goods sold | 958.1 | 936.6 | 2,812.9 | 2,840.8 | |||||||||||
| Gross profit | 544.3 | 506.0 | 1,539.0 | 1,453.4 | |||||||||||
| Selling & administrative expenses | 213.7 | 193.3 | 641.7 | 620.0 | |||||||||||
| Operating income | 330.6 | 312.7 | 897.3 | 833.4 | |||||||||||
| Operating income as a % of Net sales | 22.0 | % | 21.7 | % | 20.6 | % | 19.4 | % | |||||||
| Loss on disposition of business | — | — | (0.4 | ) | (5.3 | ) | |||||||||
| Interest expense, net | (13.6 | ) | (18.7 | ) | (41.9 | ) | (59.6 | ) | |||||||
| Other expense, net | (5.9 | ) | (5.6 | ) | (17.4 | ) | (7.5 | ) | |||||||
| Total other expense, net | (19.5 | ) | (24.3 | ) | (59.7 | ) | (72.4 | ) | |||||||
| Income before income taxes | 311.1 | 288.4 | 837.6 | 761.0 | |||||||||||
| Provision for income taxes | 54.4 | 60.6 | 170.9 | 175.7 | |||||||||||
| Net income | 256.7 | 227.8 | 666.7 | 585.3 | |||||||||||
| Less: Net income attributable to noncontrolling interest | (1.2 | ) | (1.6 | ) | (3.8 | ) | (4.5 | ) | |||||||
| Net income attributable to Hubbell Incorporated | $ | 255.5 | $ | 226.2 | $ | 662.9 | $ | 580.8 | |||||||
| Earnings Per Share: | |||||||||||||||
| Basic earnings per share | $ | 4.80 | $ | 4.21 | $ | 12.42 | $ | 10.80 | |||||||
| Diluted earnings per share | $ | 4.77 | $ | 4.18 | $ | 12.35 | $ | 10.73 | |||||||
HUBBELL INCORPORATED
Condensed Consolidated Balance Sheet
(unaudited)
(in millions)
| September 30, 2025 | December 31, 2024 | ||||
| ASSETS | |||||
| Cash and cash equivalents | $ | 666.8 | $ | 329.1 | |
| Short-term investments | 14.1 | 15.9 | |||
| Accounts receivable (net of allowances of | 909.9 | 756.0 | |||
| Inventories, net | 1,053.7 | 1,010.4 | |||
| Other current assets | 145.5 | 146.5 | |||
| TOTAL CURRENT ASSETS | 2,790.0 | 2,257.9 | |||
| Property, plant and equipment, net | 766.1 | 726.6 | |||
| Investments | 99.8 | 84.9 | |||
| Goodwill | 2,588.8 | 2,500.8 | |||
| Other intangible assets, net | 1,059.9 | 1,080.0 | |||
| Other long-term assets | 222.3 | 197.5 | |||
| TOTAL ASSETS | $ | 7,526.9 | $ | 6,847.7 | |
| LIABILITIES AND EQUITY | |||||
| Short-term debt and current portion of long-term debt | $ | 951.5 | $ | 125.4 | |
| Accounts payable | 536.6 | 541.7 | |||
| Accrued salaries, wages and employee benefits | 110.9 | 145.7 | |||
| Accrued insurance | 80.2 | 89.0 | |||
| Other accrued liabilities | 375.1 | 372.4 | |||
| TOTAL CURRENT LIABILITIES | 2,054.3 | 1,274.2 | |||
| Long-term debt | 1,044.8 | 1,442.7 | |||
| Other non-current liabilities | 734.8 | 720.2 | |||
| TOTAL LIABILITIES | 3,833.9 | 3,437.1 | |||
| Hubbell Incorporated Shareholders' Equity | 3,681.3 | 3,396.2 | |||
| Noncontrolling interest | 11.7 | 14.4 | |||
| TOTAL EQUITY | 3,693.0 | 3,410.6 | |||
| TOTAL LIABILITIES AND EQUITY | $ | 7,526.9 | $ | 6,847.7 | |
HUBBELL INCORPORATED
Condensed Consolidated Statement of Cash Flows
(unaudited)
(in millions)
| Nine Months Ended September 30, | |||||||
| 2025 | 2024 | ||||||
| Cash Flows From Operating Activities | |||||||
| Net income attributable to Hubbell | $ | 662.9 | $ | 580.8 | |||
| Depreciation and amortization | 144.6 | 158.8 | |||||
| Deferred income taxes | (8.2 | ) | 4.1 | ||||
| Stock-based compensation expense | 27.0 | 24.2 | |||||
| Loss on disposition of business | 0.4 | 5.3 | |||||
| Loss on sale of assets | 0.9 | 0.7 | |||||
| Changes in assets and liabilities, net of acquisitions | |||||||
| Accounts receivable, net | (147.7 | ) | (116.6 | ) | |||
| Inventories, net | (37.9 | ) | (30.7 | ) | |||
| Accounts payable | (10.9 | ) | (14.0 | ) | |||
| Current liabilities | (38.8 | ) | (66.2 | ) | |||
| Other assets and liabilities, net | 11.2 | 17.2 | |||||
| Contributions to defined benefit pension plans | (21.4 | ) | (1.3 | ) | |||
| Other, net | 0.2 | (3.5 | ) | ||||
| Net cash provided by operating activities | 582.3 | 558.8 | |||||
| Cash Flows From Investing Activities | |||||||
| Capital expenditures | (96.4 | ) | (112.4 | ) | |||
| Acquisition of businesses, net of cash acquired | (129.1 | ) | 5.9 | ||||
| Proceeds from disposal of business, net of cash | 2.6 | 122.9 | |||||
| Purchases of available-for-sale investments | (17.6 | ) | (11.7 | ) | |||
| Proceeds from sales of available-for-sale investments | 12.7 | 14.5 | |||||
| Other, net | 12.4 | 0.8 | |||||
| Net cash (used in) provided by investing activities | (215.4 | ) | 20.0 | ||||
| Cash Flows From Financing Activities | |||||||
| Payment of long-term debt | — | (386.3 | ) | ||||
| Borrowing of short-term debt, net | 426.3 | 173.6 | |||||
| Payment of dividends | (211.1 | ) | (196.5 | ) | |||
| Repurchase of common shares | (225.0 | ) | (30.0 | ) | |||
| Other, net | (32.8 | ) | (37.2 | ) | |||
| Net cash used in financing activities | (42.6 | ) | (476.4 | ) | |||
| Effect of foreign exchange rate changes on cash and cash equivalents | 13.0 | (3.2 | ) | ||||
| Increase in cash, cash equivalents and restricted cash | 337.3 | 99.2 | |||||
| Cash and cash equivalents, beginning of year | 329.1 | 336.1 | |||||
| Restricted cash, included in other assets, beginning of year | 2.5 | 3.2 | |||||
| Less: Restricted cash, included in other assets | 2.1 | 2.8 | |||||
| Cash and cash equivalents, end of quarter | $ | 666.8 | $ | 435.7 | |||
HUBBELL INCORPORATED
Earnings Per Share
(unaudited)
(in millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net income attributable to Hubbell (GAAP measure) | $ | 255.5 | $ | 226.2 | 13 | % | $ | 662.9 | $ | 580.8 | 14 | % | |||||||||
| Amortization of acquisition-related intangible assets | 24.7 | 28.1 | 74.6 | 96.0 | |||||||||||||||||
| Transaction, integration & separation costs | 3.1 | 2.9 | 4.2 | 11.9 | |||||||||||||||||
| Loss on disposition of business | — | — | 0.4 | 5.3 | |||||||||||||||||
| Subtotal | $ | 283.3 | $ | 257.2 | $ | 742.1 | $ | 694.0 | |||||||||||||
| Income tax effects | 6.7 | 7.5 | 18.8 | 19.4 | |||||||||||||||||
| Adjusted net income | $ | 276.6 | $ | 249.7 | 11 | % | $ | 723.3 | $ | 674.6 | 7 | % | |||||||||
| Numerator: | |||||||||||||||||||||
| Net income attributable to Hubbell (GAAP measure) | $ | 255.5 | $ | 226.2 | $ | 662.9 | $ | 580.8 | |||||||||||||
| Less: Earnings allocated to participating securities | (0.4 | ) | (0.4 | ) | (1.1 | ) | (1.1 | ) | |||||||||||||
| Net income available to common shareholders (GAAP measure) [a] | $ | 255.1 | $ | 225.8 | 13 | % | $ | 661.8 | $ | 579.7 | 14 | % | |||||||||
| Adjusted net income | $ | 276.6 | $ | 249.7 | $ | 723.3 | $ | 674.6 | |||||||||||||
| Less: Earnings allocated to participating securities | (0.4 | ) | (0.4 | ) | (1.2 | ) | (1.3 | ) | |||||||||||||
| Adjusted net income available to common shareholders [b] | $ | 276.2 | $ | 249.3 | 11 | % | $ | 722.1 | $ | 673.3 | 7 | % | |||||||||
| Denominator: | |||||||||||||||||||||
| Average number of common shares outstanding [c] | 53.1 | 53.7 | 53.3 | 53.7 | |||||||||||||||||
| Potential dilutive shares | 0.3 | 0.3 | 0.3 | 0.3 | |||||||||||||||||
| Average number of diluted shares outstanding [d] | 53.4 | 54.0 | 53.6 | 54.0 | |||||||||||||||||
| Earnings per share (GAAP measure): | |||||||||||||||||||||
| Basic [a] / [c] | $ | 4.80 | $ | 4.21 | $ | 12.42 | $ | 10.80 | |||||||||||||
| Diluted [a] / [d] | $ | 4.77 | $ | 4.18 | 14 | % | $ | 12.35 | $ | 10.73 | 15 | % | |||||||||
| Adjusted earnings per diluted share [b] / [d] | $ | 5.17 | $ | 4.61 | 12 | % | $ | 13.48 | $ | 12.46 | 8 | % | |||||||||
HUBBELL INCORPORATED
Segment Information
(unaudited)
(in millions)
| Hubbell Incorporated | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net Sales [a] | $ | 1,502.4 | $ | 1,442.6 | 4 | % | $ | 4,351.9 | $ | 4,294.2 | 1 | % | |||||||||
| Operating Income | |||||||||||||||||||||
| GAAP measure [b] | $ | 330.6 | $ | 312.7 | 6 | % | $ | 897.3 | $ | 833.4 | 8 | % | |||||||||
| Amortization of acquisition-related intangible assets | 24.7 | 28.1 | 74.6 | 96.0 | |||||||||||||||||
| Transaction, integration & separation costs | 3.1 | 2.9 | 4.2 | 11.9 | |||||||||||||||||
| Adjusted operating income [c] | $ | 358.4 | $ | 343.7 | 4 | % | $ | 976.1 | $ | 941.3 | 4 | % | |||||||||
| Operating margin | |||||||||||||||||||||
| GAAP measure [b] / [a] | 22.0 | % | 21.7 | % | +30 bps | 20.6 | % | 19.4 | % | +120 bps | |||||||||||
| Adjusted operating margin [c] / [a] | 23.9 | % | 23.8 | % | +10 bps | 22.4 | % | 21.9 | % | +50 bps | |||||||||||
| Utility Solutions | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net Sales [a] | $ | 943.8 | $ | 933.1 | 1 | % | $ | 2,736.4 | $ | 2,753.6 | (1) % | ||||||||||
| Operating Income | |||||||||||||||||||||
| GAAP measure [b] | $ | 219.3 | $ | 219.2 | — | % | $ | 588.3 | $ | 564.1 | 4 | % | |||||||||
| Amortization of acquisition-related intangible assets | 19.9 | 24.1 | 59.7 | 83.7 | |||||||||||||||||
| Transaction, integration & separation costs | 3.1 | 1.4 | 3.7 | 5.6 | |||||||||||||||||
| Adjusted operating income [c] | $ | 242.3 | $ | 244.7 | (1) % | $ | 651.7 | $ | 653.4 | — | % | ||||||||||
| Operating margin | |||||||||||||||||||||
| GAAP measure [b] / [a] | 23.2 | % | 23.5 | % | -30 bps | 21.5 | % | 20.5 | % | +100 bps | |||||||||||
| Adjusted operating margin [c] / [a] | 25.7 | % | 26.2 | % | -50 bps | 23.8 | % | 23.7 | % | +10 bps | |||||||||||
| Electrical Solutions | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Net Sales [a] | $ | 558.6 | $ | 509.5 | 10 | % | $ | 1,615.5 | $ | 1,540.6 | 5 | % | |||||||||
| Operating Income | |||||||||||||||||||||
| GAAP measure [b] | $ | 111.3 | $ | 93.5 | 19 | % | $ | 309.0 | $ | 269.3 | 15 | % | |||||||||
| Amortization of acquisition-related intangible assets | 4.8 | 4.0 | 14.9 | 12.3 | |||||||||||||||||
| Transaction, integration & separation costs | — | 1.5 | 0.5 | 6.3 | |||||||||||||||||
| Adjusted operating income [c] | $ | 116.1 | $ | 99.0 | 17 | % | $ | 324.4 | $ | 287.9 | 13 | % | |||||||||
| Operating margin | |||||||||||||||||||||
| GAAP measure [b] / [a] | 19.9 | % | 18.4 | % | +150 bps | 19.1 | % | 17.5 | % | +160 bps | |||||||||||
| Adjusted operating margin [c] / [a] | 20.8 | % | 19.4 | % | +140 bps | 20.1 | % | 18.7 | % | +140 bps | |||||||||||
HUBBELL INCORPORATED
Organic Net Sales Growth
(unaudited)
(in millions and percentage change)
| Hubbell Incorporated | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | ||||||||||||||||||
| Net sales growth (GAAP measure) | $ | 59.8 | 4.1 | $ | 66.8 | 4.9 | $ | 57.7 | 1.3 | $ | 267.1 | 6.6 | |||||||||||||
| Impact of acquisitions | 11.5 | 0.8 | 128.6 | 9.4 | 20.9 | 0.5 | 345.9 | 8.6 | |||||||||||||||||
| Impact of divestitures | — | — | (45.6 | ) | (3.3 | ) | (21.1 | ) | (0.5 | ) | (120.9 | ) | (3.0 | ) | |||||||||||
| Foreign currency exchange | 1.6 | 0.1 | (2.4 | ) | (0.2 | ) | (9.1 | ) | (0.3 | ) | (0.4 | ) | — | ||||||||||||
| Organic net sales growth (decline) (non-GAAP measure) | $ | 46.7 | 3.2 | $ | (13.8 | ) | (1.0 | ) | $ | 67.0 | 1.6 | $ | 42.5 | 1.0 | |||||||||||
| Utility Solutions | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | ||||||||||||||||||
| Net sales growth (decline) (GAAP measure) | $ | 10.7 | 1.2 | $ | 95.2 | 11.3 | $ | (17.2 | ) | (0.6 | ) | $ | 303.3 | 12.4 | |||||||||||
| Impact of acquisitions | 5.4 | 0.6 | 128.6 | 15.3 | 5.4 | 0.2 | 345.9 | 14.1 | |||||||||||||||||
| Impact of divestitures | — | — | — | — | — | — | — | — | |||||||||||||||||
| Foreign currency exchange | 0.8 | 0.1 | (1.4 | ) | (0.2 | ) | (4.8 | ) | (0.2 | ) | (1.1 | ) | — | ||||||||||||
| Organic net sales growth (decline) (non-GAAP measure) | $ | 4.5 | 0.5 | $ | (32.0 | ) | (3.8 | ) | $ | (17.8 | ) | (0.6 | ) | $ | (41.5 | ) | (1.7 | ) | |||||||
| Electrical Solutions | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | 2025 | Inc/(Dec)% | 2024 | Inc/(Dec)% | ||||||||||||||||||
| Net sales growth (decline) (GAAP measure) | $ | 49.1 | 9.6 | $ | (28.4 | ) | (5.3 | ) | $ | 74.9 | 4.9 | $ | (36.2 | ) | (2.3 | ) | |||||||||
| Impact of acquisitions | 6.1 | 1.1 | — | — | 15.5 | 1.0 | — | — | |||||||||||||||||
| Impact of divestitures | — | — | (45.6 | ) | (8.5 | ) | (21.1 | ) | (1.4 | ) | (120.9 | ) | (7.6 | ) | |||||||||||
| Foreign currency exchange | 0.8 | 0.2 | (1.0 | ) | (0.2 | ) | (4.3 | ) | (0.2 | ) | 0.7 | — | |||||||||||||
| Organic net sales growth (non-GAAP measure) | $ | 42.2 | 8.3 | $ | 18.2 | 3.4 | $ | 84.8 | 5.5 | $ | 84.0 | 5.3 | |||||||||||||
HUBBELL INCORPORATED
Adjusted EBITDA
(unaudited)
(in millions)
| Three Months Ended September 30, | ||||||||
| 2025 | 2024 | Change | ||||||
| Net income | $ | 256.7 | $ | 227.8 | 13 | % | ||
| Provision for income taxes | 54.4 | 60.6 | ||||||
| Interest expense, net | 13.6 | 18.7 | ||||||
| Other expense, net | 5.9 | 5.6 | ||||||
| Depreciation and amortization | 49.4 | 49.3 | ||||||
| Loss on disposition of business | — | — | ||||||
| Subtotal | 123.3 | 134.2 | ||||||
| Adjusted EBITDA | $ | 380.0 | $ | 362.0 | 5 | % | ||
| Nine Months Ended September 30, | ||||||||
| 2025 | 2024 | Change | ||||||
| Net income | $ | 666.7 | $ | 585.3 | 14 | % | ||
| Provision for income taxes | 170.9 | 175.7 | ||||||
| Interest expense, net | 41.9 | 59.6 | ||||||
| Other expense, net | 17.4 | 7.5 | ||||||
| Depreciation and amortization | 144.6 | 158.8 | ||||||
| Loss on disposition of business | 0.4 | 5.3 | ||||||
| Subtotal | 375.2 | 406.9 | ||||||
| Adjusted EBITDA | $ | 1,041.9 | $ | 992.2 | 5 | % | ||
HUBBELL INCORPORATED
Restructuring and Related Costs Included in Consolidated Results
(unaudited)
(in millions, except per share amounts)
| Three Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Costs of goods sold | S&A expense | Total | |||||||||||||||
| Restructuring costs (GAAP Measure) | $ | 3.8 | $ | 1.3 | $ | 1.9 | $ | — | $ | 5.7 | $ | 1.3 | |||||
| Restructuring related costs (benefit) | 0.4 | 0.9 | 0.6 | 0.7 | 1.0 | 1.6 | |||||||||||
| Restructuring and related costs (non-GAAP measure) | $ | 4.2 | $ | 2.2 | $ | 2.5 | $ | 0.7 | $ | 6.7 | $ | 2.9 | |||||
| Nine Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Costs of goods sold | S&A expense | Total | |||||||||||||||
| Restructuring costs (GAAP Measure) | $ | 8.2 | $ | 7.9 | $ | 2.0 | $ | 3.1 | $ | 10.2 | $ | 11.0 | |||||
| Restructuring related costs (benefit) | 2.9 | 2.8 | 0.4 | 2.1 | 3.3 | 4.9 | |||||||||||
| Restructuring and related costs (non-GAAP measure) | $ | 11.1 | $ | 10.7 | $ | 2.4 | $ | 5.2 | $ | 13.5 | $ | 15.9 | |||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Restructuring and related costs included in Cost of goods sold (non-GAAP measure) | |||||||||||
| Utility Solutions | $ | 1.8 | $ | 0.4 | $ | 5.9 | $ | 3.6 | |||
| Electrical Solutions | 2.4 | 1.8 | 5.2 | 7.1 | |||||||
| Total | $ | 4.2 | $ | 2.2 | $ | 11.1 | $ | 10.7 | |||
| Restructuring and related costs included in Selling & administrative expenses (non-GAAP measure) | |||||||||||
| Utility Solutions | $ | 0.7 | $ | — | $ | 0.8 | $ | 1.6 | |||
| Electrical Solutions | 1.8 | 0.7 | 1.6 | 3.6 | |||||||
| Total | $ | 2.5 | $ | 0.7 | $ | 2.4 | $ | 5.2 | |||
| Impact on Income before income taxes (non-GAAP measure) | $ | 6.7 | $ | 2.9 | $ | 13.5 | $ | 15.9 | |||
| Impact on Net income available to Hubbell common shareholders (non-GAAP measure) | 5.1 | 2.2 | 10.3 | 12.0 | |||||||
| Impact on Diluted earnings per share (non-GAAP measure) | $ | 0.09 | $ | 0.04 | $ | 0.19 | $ | 0.22 | |||
HUBBELL INCORPORATED
Additional Non-GAAP Financial Measures
(unaudited)
(in millions)
Ratios of Total Debt to Total Capital and Net Debt to Total Capital
| September 30, 2025 | December 31, 2024 | ||||||
| Total Debt (GAAP measure) | $ | 1,996.3 | $ | 1,568.1 | |||
| Total Hubbell Shareholders’ Equity | 3,681.3 | 3,396.2 | |||||
| Total Capital | $ | 5,677.6 | $ | 4,964.3 | |||
| Total Debt to Total Capital (GAAP measure) | 35 | % | 32 | % | |||
| Less: Cash and Investments | $ | 780.7 | $ | 429.9 | |||
| Net Debt (non-GAAP measure) | $ | 1,215.6 | $ | 1,138.2 | |||
| Net Debt to Total Capital (non-GAAP measure) | 21 | % | 23 | % | |||
Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Flow Reconciliation
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities (GAAP measure) | $ | 284.3 | $ | 227.0 | $ | 582.3 | $ | 558.8 | |||||||
| Less: Capital expenditures | (30.5 | ) | (38.2 | ) | (96.4 | ) | (112.4 | ) | |||||||
| Free cash flow (non-GAAP measure) | $ | 253.8 | $ | 188.8 | $ | 485.9 | $ | 446.4 | |||||||
FAQ
What were Hubbell (HUBB) reported 3Q25 EPS and adjusted EPS on Oct 28, 2025?
How much did Hubbell (HUBB) sales grow in 3Q25 and what was organic growth?
What is Hubbell's updated 2025 adjusted EPS guidance announced Oct 28, 2025?
Which Hubbell (HUBB) segments drove 3Q25 performance and by how much?
How much free cash flow did Hubbell generate in 3Q25 and what conversion is expected for 2025?
Does Hubbell's 2025 outlook include any restructuring costs?
