SHELTON, Conn. (July 28, 2026) – Hubbell Incorporated today reported operating results for the second quarter ended June 30, 2026.
“Hubbell delivered strong performance in the second quarter, with double digit growth in sales, adjusted operating profit and adjusted earnings per share,” said Gerben Bakker, Chairman, President and CEO.
Bakker continued, “Our strong positions in attractive end markets, as well as continued execution on our strategy, are demonstrated by our strong second quarter and first half financial results. Megatrends in grid modernization, load growth and datacenter investment drove 10% organic growth in the second quarter, with visible demand strength across utility and electrical markets. Operationally, we are managing inflation effectively through price and productivity actions while investing in capacity expansion to serve our customers in high growth areas and deploying capital to further upgrade our portfolio in high growth and margin areas within our core.”
Bakker concluded, “Strong first half order trends provide visibility to our second half outlook, and we are increasing our full year outlook to reflect double digit growth in organic sales, adjusted operating profit and adjusted earnings per share at the midpoint of our range.”
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 11 for more information.
SECOND QUARTER FINANCIAL HIGHLIGHTS
The comments and year-over-year comparisons in this segment review are based on second quarter results in 2026 and 2025.
Utility Solutions segment net sales in the second quarter of 2026 increased 10% to $1,026 million compared to $936 million reported in the second quarter of 2025. Organic net sales increased approximately 6% in the quarter compared to the second quarter 2025. Grid Infrastructure net sales increased approximately 12% and Grid Automation net sales increased approximately 1%. Segment operating income in the second quarter of 2026 was $234 million, or 22.8% of net sales, compared to $218 million, or 23.3% of net sales, in the same period of 2025. Adjusted operating income was $263 million, or 25.6% of net sales, in the second quarter of 2026 as compared to $239 million, or 25.5% of net sales, in the same period of the prior year. Changes in operating income and operating margin were primarily due to volume growth, the impact of acquisitions and favorable price and productivity, partially offset by higher cost inflation, raw material costs and tariffs.
Electrical Solutions segment net sales in the second quarter of 2026 increased 25% to $686 million compared to $549 million reported in the second quarter of 2025. Organic net sales increased 18% in the quarter, while acquisitions added 6.5%. Segment operating income in the second quarter of 2026 was $115 million, or 16.7% of net sales, compared to $118 million, or 21.5% of net sales, in the same period of 2025. Adjusted operating income was $146 million, or 21.2% of net sales, in the second quarter of 2026 as compared to $124 million, or 22.5% of net sales, in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth, the impact of acquisitions and favorable price realization and productivity, partially offset by higher cost inflation, raw material costs, tariffs and restructuring investment.
Adjusted diluted EPS in the second quarter 2026 excluded $0.56 of amortization of acquisition-related intangible assets and $0.44 of transaction, integration, and separation costs. Adjusted diluted EPS in the second quarter 2025 excluded $0.36 of amortization of acquisition-related intangible assets and $0.01 of transaction, integration, & separation costs.
During the second quarter, the Company acquired all of the issued and outstanding equity of NSI Electrical Buyer, Inc. (“NSI Industries”), a leading provider of electrical fittings, connectors, components and wire management products, for approximately $3.0 billion, using net proceeds from borrowings under a new unsecured term loan facility in an aggregate principal amount of $900 million, the issuance of $1.9 billion aggregate principal amount of senior notes and issuances of commercial paper.
Net cash provided by operating activities was $250 million in the second quarter of 2026 versus net cash provided by operating activities of $261 million in the 2025 period. Free cash flow was $213 million in the second quarter of 2026 versus $221 million in the comparable period of 2025.
SUMMARY & OUTLOOK
For the full year 2026, Hubbell anticipates total sales growth of 16-18% including organic sales growth of 9-11%. Hubbell expects 2026 GAAP diluted earnings per share in the range of $17.25 to $17.55 and adjusted diluted earnings per share (“Adjusted EPS”) in the range of $20.25 to $20.55. For the full year, Adjusted EPS excludes amortization of acquisition-related intangible assets, which the Company expects to be approximately $2.50 per share, and transaction, integration, and separation costs, which the Company expects to be approximately $0.50 per share. The Company believes Adjusted EPS is a useful measure of underlying performance in light of our acquisition strategy.
The diluted earnings per share and Adjusted EPS 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 full year 2026 free cash flow conversion of approximately 90% on adjusted net income.
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