NYSE: HUBB
HUBBELL INCCIK 0000048898 · SIC 3670 · Electronic Components
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HUBB: revenue $1.71B, net income $240.4M. HUBB Q2 sales +15% on NSI acquisition; operating margin contracts 230bp on tariffs
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Hubbell reports 15% Q2 sales growth, completes $3.0B NSI acquisition, raises FY guidance
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Hubbell completes acquisition of NSI Industries, expanding electrical components portfolio
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Hubbell raises $1.9B in senior notes to fund NSI Industries acquisition
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Hubbell secures up to $900M term loan to finance NSI Acquisition, adds 65% debt-to-cap covenant
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Hubbell shareholders approve all proposals at 2026 Annual Meeting, re-elect full board
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Hubbell to acquire NSI Industries for $3.0 billion in cash, financed with debt and cash
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revenue $1.52B, net income $181.8M. Hubbell Q1 sales surge 11% on datacenter strength; tariff refund potential unclear
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(in millions, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 1,711.8 | 1,484.3 | 3,228.5 | 2,849.5 |
| Cost of goods sold | 1,098.8 | 932.2 | 2,110.2 | 1,854.8 |
| Gross profit | 613.0 | 552.1 | 1,118.3 | 994.7 |
| Selling & administrative expenses | 264.4 | 215.8 | 505.9 | 428.0 |
| Operating income | 348.6 | 336.3 | 612.4 | 566.7 |
| Interest expense, net | (39.1) | (14.5) | (61.1) | (28.3) |
| Loss on disposition of business | — | (0.4) | — | (0.4) |
| Other expense, net | (5.8) | (6.2) | (11.2) | (11.5) |
| Total other expense, net | (44.9) | (21.1) | (72.3) | (40.2) |
| Income before income taxes | 303.7 | 315.2 | 540.1 | 526.5 |
| Provision for income taxes | 61.5 | 69.7 | 114.9 | 116.5 |
| Net income | 242.2 | 245.5 | 425.2 | 410.0 |
| Less: Net income attributable to noncontrolling interest | (1.8) | (1.3) | (3.0) | (2.6) |
| Net income attributable to Hubbell Incorporated | 240.4 | 244.2 | 422.2 | 407.4 |
| Earnings per share: | ||||
| Basic earnings per share | 4.54 | 4.58 | 7.96 | 7.62 |
| Diluted earnings per share | 4.52 | 4.56 | 7.93 | 7.58 |
Condensed Consolidated Balance Sheets (Unaudited)
(in millions)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | 378.6 | 482.5 |
| Short-term investments | 16.1 | 15.4 |
| Accounts receivable (net of allowances of $17.0 and $13.9) | 1,150.9 | 856.9 |
| Inventories, net | 1,267.5 | 1,083.8 |
| Other current assets | 197.2 | 155.4 |
| Total Current Assets | 3,010.3 | 2,594.0 |
| Property, Plant, and Equipment, net | 902.4 | 841.2 |
| Other Assets | ||
| Investments | 103.7 | 98.4 |
| Goodwill | 4,354.1 | 3,060.8 |
| Other intangible assets, net | 3,189.9 | 1,394.3 |
| Other long-term assets | 285.8 | 240.1 |
| TOTAL ASSETS | 11,846.2 | 8,228.8 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Short-term debt | 568.7 | 289.1 |
| Accounts payable | 650.5 | 570.5 |
| Accrued salaries, wages and employee benefits | 117.1 | 115.4 |
| Accrued insurance | 84.9 | 83.0 |
| Other accrued liabilities | 449.3 | 450.7 |
| Total Current Liabilities | 1,870.5 | 1,508.7 |
| Long-Term Debt | 4,803.9 | 2,036.3 |
| Deferred tax liabilities | 816.0 | 420.1 |
| Other Non-Current Liabilities | 432.8 | 405.8 |
| TOTAL LIABILITIES | 7,923.2 | 4,370.9 |
| Commitments and contingencies (Note 15) | ||
| Hubbell Incorporated Shareholders’ Equity | 3,911.9 | 3,847.9 |
| Noncontrolling interest | 11.1 | 10.0 |
| TOTAL EQUITY | 3,923.0 | 3,857.9 |
| TOTAL LIABILITIES AND EQUITY | 11,846.2 | 8,228.8 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | 425.2 | 410.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 127.8 | 95.2 |
| Deferred income taxes | (8.9) | (18.4) |
| Stock-based compensation | 21.9 | 20.7 |
| Loss on disposition of business | — | 0.4 |
| Loss (gain) on sale of assets | 1.5 | (1.3) |
| Changes in assets and liabilities, excluding effects of acquisitions: | ||
| Increase in accounts receivable, net | (167.1) | (140.4) |
| Increase in inventories, net | (79.2) | (15.1) |
| Increase (decrease) in accounts payable | 68.0 | (11.9) |
| Decrease in current liabilities | (36.9) | (21.9) |
| Changes in other assets and liabilities, net | (18.4) | (0.5) |
| Contribution to qualified defined benefit pension plans | (1.4) | (21.4) |
| Other, net | 3.9 | 2.6 |
| Net cash provided by operating activities | 336.4 | 298.0 |
| Cash Flows from Investing Activities | ||
| Capital expenditures | (77.6) | (65.9) |
| Acquisitions, net of cash acquired | (3,005.7) | (73.2) |
| Proceeds from disposal of business, net of cash | — | 2.6 |
| Purchases of available-for-sale investments | (12.9) | (15.5) |
| Proceeds from available-for-sale investments | 8.3 | 5.4 |
| Other, net | 1.3 | 6.0 |
| Net cash used in investing activities | (3,086.6) | (140.6) |
| Cash Flows from Financing Activities | ||
| Issuance of long-term debt | 2,787.5 | — |
| Borrowing of short-term debt, net | 279.6 | 277.7 |
| Payment of dividends | (150.4) | (140.9) |
| Debt issuance costs | (19.9) | — |
| Acquisition of common shares | (203.5) | (225.0) |
| Other, net | (41.6) | (29.3) |
| Net cash provided (used in) by financing activities | 2,651.7 | (117.5) |
| Effect of exchange rate changes on cash and cash equivalents | (1.2) | 13.1 |
| (Decrease) increase in cash and cash equivalents | (99.7) | 53.0 |
| Cash and cash equivalents, beginning of year | 482.5 | 329.1 |
| Restricted cash, included in other assets, beginning of year | 1.8 | 2.5 |
| Less: Restricted cash, included in Other Assets | 6.0 | 2.0 |
| Cash and cash equivalents, end of period | 378.6 | 382.6 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share amounts); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗