Highlights

  • Third quarter 2026 diluted EPS was $4.94, and adjusted diluted EPS was $5.91, up 14% from the prior year period.
  • Net sales rose 25% in the quarter, with organic sales up 11% and acquisitions adding 13%.
  • Total debt was $5,120.2 million at September 30, 2026, compared with $2,325.4 million at December 31, 2025.
  • The company raised its full year 2026 adjusted diluted EPS outlook to a range of $20.40 to $20.60.

Hubbell Incorporated (NYSE: HUBB) shares were trading at USD 437.14 on October 27, 2026, down 4.85%, with a relative volume at time of 4.23. The company reported results for the quarter ended September 30, 2026 on October 27, including net sales of $1,872.5 million, and raised its full year 2026 adjusted diluted EPS outlook.

Hubbell is incorporated in Connecticut and is headquartered in Shelton, Connecticut. The company reports two segments, Utility Solutions and Electrical Solutions. Utility Solutions includes Grid Infrastructure and Grid Automation. The company's release refers to its acquisitions of the NSI Industries, Ventev, Nicor and DMC Power businesses and to the sale of its residential lighting business. Its forward-looking statements also refer to datacenter markets and to the heavy industrial and residential markets served by Electrical Solutions. Its executive offices are at 40 Waterview Drive, Shelton, Connecticut.

Third Quarter 2026 Results

For the third quarter of 2026, Hubbell reported diluted EPS of $4.94. Adjusted diluted EPS, a non-GAAP measure, was $5.91, up 14% year over year. Adjusted diluted EPS excluded $0.89 of amortization of acquisition-related intangible assets and $0.08 of transaction, integration and separation costs.

Net sales were $1,872.5 million, compared with $1,502.4 million in the third quarter of 2025. The company reported net sales growth of 25%, with organic growth of 11% and acquisitions contributing 13%. Operating income was $408.7 million, and operating margin was 21.8%, compared with 22.0% in the prior year period. Adjusted operating margin was 25.5%, up 160 basis points. Net income attributable to Hubbell was $262.5 million, compared with $255.5 million. Interest expense, net was $58.0 million, compared with $13.6 million.

Segment Results

Utility Solutions net sales increased 9% to $1,028 million, compared with $944 million. Organic net sales increased approximately 5%. Grid Infrastructure net sales increased approximately 13%, and Grid Automation net sales decreased approximately 4%. Segment operating income was $241 million, or 23.5% of net sales, and adjusted operating income was $267 million, or 26.0% of net sales.

Electrical Solutions net sales increased 51% to $845 million, compared with $559 million. Organic net sales increased 22%, and acquisitions added 29%. Segment operating income was $168 million, or 19.8% of net sales, compared with 19.9% in the prior year period. Adjusted operating income was $210 million, or 24.8% of net sales. The company said changes in operating income and margin reflected volume growth, acquisitions, price realization, productivity and a net tariff benefit, partially offset by higher cost inflation and raw material costs.

Cash Flow and Balance Sheet

Net cash provided by operating activities was $323 million in the third quarter, compared with $284 million in the same period of 2025. Free cash flow, a non-GAAP measure, was $280 million, compared with $254 million. Cash and cash equivalents were $334.5 million at September 30, 2026, compared with $482.5 million at December 31, 2025. Total debt was $5,120.2 million, compared with $2,325.4 million, and the ratio of total debt to total capital was 55%, compared with 38%. For the nine months, the company reported issuance of long-term debt of $2,787.5 million, repurchases of common shares of $203.5 million and dividends paid of $225.4 million.

Full Year 2026 Outlook

Hubbell anticipates total sales growth of 18-19% for 2026, including organic sales growth of 10-11%. It expects GAAP diluted EPS of $17.30 to $17.50 and adjusted diluted EPS of $20.40 to $20.60. Adjusted EPS excludes amortization of acquisition-related intangible assets, expected at approximately $2.50 per share, and transaction, integration and separation costs, expected at approximately $0.60 per share. The ranges are based on an adjusted tax rate of 22.0% to 22.5% and include approximately $20 million of anticipated restructuring and related investment. The company expects free cash flow conversion of approximately 90% on adjusted net income. Management said the raised outlook relates primarily to anticipated Electrical Solutions growth.