← Filings of HUBB
Table 1 after “(Exact name of registrant as specified in its charter)”
| Connecticut | 06-0397030 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 40 Waterview Drive | | |
| Shelton | CT | 06484 |
| (Address of principal executive offices) | (Zip Code) | |
| (475) | 882-4000 | |
| (Registrant’s telephone number, including area code) | | |
Table 2 after “(Exact name of registrant as specified in its charter)”
| Indicate by check mark | | | | | |
| • | if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | Yes | ☑ | No | ☐ |
| • | if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | Yes | ☐ | No | ☑ |
| • | whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☑ | No | ☐ |
| • | whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Yes | ☑ | No | ☐ |
| • | whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | |
| Large accelerated filer | ☑ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐ | | | |
First 8 of 12 rows. The download has all of them.
Table 3 after “*Calculated by excluding all shares held by Executive Officers and Directors of registrant without conceding that all such persons or entiti”
| Table of contents | | |
| PART I | | 3 |
| ITEM 1 | Business | 3 |
| ITEM 1A | Risk Factors | 10 |
| ITEM 1B | Unresolved Staff Comments | 17 |
| ITEM 1C | Cybersecurity | 17 |
| ITEM 2 | Properties | 18 |
| ITEM 3 | Legal Proceedings | 18 |
First 8 of 29 rows. The download has all of them.
Table 4 after “Information about our Executive Officers”
| Name (1) | Age | Present Position | Business Experience |
| Gerben W. Bakker | 61 | Chairman of the Board, President and Chief Executive Officer | Present position since May 2021; previously President and Chief Executive Officer since October 2020; President and Chief Operating Officer, from June 2019 to October 2020; Group President, Power Systems, from February 2014 to June 2019; various other positions at Hubbell, from 1988 to 2014. |
| Joseph A. Capozzoli | 51 | Senior Vice President, Chief Financial Officer | Present position since January 2026; previously, Vice President, Enterprise Finance from October 2025 to December 2025, Vice President, Finance - Hubbell Electrical Solutions Segment from January 2023 to October 2025; Vice President, Business Transformation from January 2021 to January 2023; Vice President, Controller and Principal Accounting Officer from 2013 to January 2021. |
| Jonathan M. Del Nero | 54 | Vice President, Controller | Present position since January 2021; previously, Assistant Controller, from 2014 to January 2021. |
| Alyssa R. Flynn | 54 | Chief Human Resources Officer | Present position since February 2022; previously Vice President, Compensation, Benefits & HR Systems from 2014 to February 2022; Chief of Staff to the Chief Executive Officer from June 2021 to February 2022. |
| Gregory A. Gumbs | 56 | President, Utility Solutions Segment | Present position since July 2023; previously President and CEO, Bosch Rexroth, from September 2020 to June 2023; Vice President & General Manager Electrical Energy Automation Solutions Business, Eaton Corporation, from 2015 to May 2020. |
| Katherine A. Lane | 48 | Senior Vice President, General Counsel and Secretary | Present position since May 2021; previously Vice President, General Counsel and Secretary, from June 2019 to May 2021; Vice President, Acting General Counsel and Secretary, from March 2019 to June 2019; Vice President, Associate General Counsel, from 2017 to March 2019; various other positions at Hubbell, from 2010 to 2017. |
| Mark E. Mikes | 61 | President, Electrical Solutions Segment | Present position since July 2023; previously Division President, Hubbell Power Systems and Enterprise Operational Excellence from July 2022 to June, 2023; Division President, Hubbell Power Systems, November, from 2019 to July, 2022; various other position at Hubbell, from 1989 - November, 2019. |
Table 5 after “the Dow Jones US Electrical Components & Equipment Index”
| 12/20 | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 |
| Hubbell, Incorporated | 100.00 | 135.59 | 155.99 | 222.14 | 286.40 | 307.70 |
| S&P 500 | 100.00 | 128.71 | 105.40 | 133.10 | 166.40 | 196.16 |
| Dow Jones US Electrical Components & Equipment | 100.00 | 125.35 | 103.42 | 132.15 | 176.57 | 236.57 |
Table 6 after “SUMMARY OF CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA)”
| For the Year Ending December 31, | | | | | | | | |
| 2025 | % of Net sales | 2024 | % of Net sales | 2023 | % of Net sales | | | |
| Net sales | $5,844.6 | | | $5,628.5 | | | $5,372.9 | | |
| Cost of goods sold | 3,780.5 | | 64.7% | | 3,722.9 | | 66.1% | 3,495.9 | 65.1% |
| Gross profit | 2,064.1 | | 35.3% | | 1,905.6 | | 33.9% | 1,877.0 | 34.9% |
| Selling & administrative expenses | 855.3 | | 14.6% | | 812.5 | | 14.5% | 849.6 | 15.8% |
| Operating income | 1,208.8 | | 20.7% | | 1,093.1 | | 19.4% | 1,027.4 | 19.1% |
| Net income | 891.9 | | 15.3% | | 784.7 | | 13.9% | 757.6 | 14.1% |
First 8 of 14 rows. The download has all of them.
Table 7 after “The following table reconciles Adjusted operating income, a non-GAAP measure, to Operating income, the directly comparable GAAP financial me”
| For the Year Ended December 31, | | | | | | | | |
| 2025 | % of Net sales | 2024 | % of Net sales | 2023 | % of Net sales | | | |
| Operating income (GAAP measure) | $1,208.8 | 20.7% | | $1,093.1 | 19.4% | | $1,027.4 | | 19.1% |
| Amortization of acquisition-related intangible assets | 109.6 | 1.9% | | 127.3 | 2.3% | | 76.8 | | 1.4% |
| Transaction, integration & separation costs | 7.0 | 0.1% | | 13.8 | 0.2% | | 13.5 | | 0.3% |
| Adjusted operating income (non-GAAP measure) | $1,325.4 | 22.7% | | $1,234.2 | 21.9% | | $1,117.7 | 20.8% | |
Table 8 after “The following table reconciles Adjusted net income attributable to Hubbell Incorporated, Adjusted net income available to common shareholder”
| For the Year Ended December 31, | | | | | | | | |
| 2025 | Diluted Per Share | 2024 | Diluted Per Share | 2023 | Diluted Per Share | | | |
| Net income attributable to Hubbell Incorporated (GAAP measure) | $887.1 | $16.54 | | $779.0 | $14.39 | | $751.4 | $13.89 | |
| Amortization of acquisition-related intangible assets | 109.6 | 2.06 | | 127.3 | 2.37 | | 76.8 | 1.42 | |
| Transaction, integration & separation costs | 7.0 | 0.14 | | 13.8 | 0.26 | | 13.5 | 0.25 | |
| Loss on disposition of business | 0.4 | 0.01 | | 5.3 | | 0.10 | | — | — |
| Subtotal | $1,004.1 | 18.75 | | $925.4 | 17.12 | | $841.7 | 15.56 | |
| Income tax effects(1) | 27.3 | 0.51 | | 27.4 | 0.50 | | 20.7 | 0.36 | |
First 8 of 11 rows. The download has all of them.
Table 9 after “The following table reconciles our Organic Net sales growth to the directly comparable GAAP financial measure (in millions and percentage ch”
| For the Year Ended December 31, | | | | | | | | |
| 2025 | Inc/(Dec) % | 2024 | Inc/(Dec) % | 2023 | Inc/(Dec) % | | | |
| Net sales growth (GAAP measure) | $216.1 | | 3.8 | | $255.6 | | 4.7 | $425.0 | 8.6 |
| Impact of acquisitions | 56.4 | | 1.0 | | 421.0 | | 7.8 | 96.6 | 1.9 |
| Impact of divestitures | (21.1) | | (0.4) | | (163.0) | | (3.0) | — | — |
| Foreign currency exchange | (5.0) | | (0.1) | | (4.4) | | (0.1) | 3.1 | 0.1 |
| Organic Net sales growth (non-GAAP measure) | $185.8 | | 3.3 | | $2.0 | | — | $325.3 | 6.6 |
Table 10 after “The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly compara”
| For the Year Ended December 31, | | |
| (in millions) | 2025 | 2024 | |
| Net sales | $3,672.3 | | $3,600.7 |
| Operating income (GAAP measure) | $789.9 | | $731.8 |
| Amortization of acquisition-related intangible assets | 90.2 | | 111.2 |
| Transaction, integration & separation costs | 6.5 | | 6.5 |
| Adjusted operating income | $886.6 | | $849.5 |
| Operating margin (GAAP measure) | 21.5% | | 20.3% |
First 8 of 9 rows. The download has all of them.
Table 11 after “The following table reconciles our Utility Solutions segment Organic Net sales growth to the directly comparable GAAP financial measure (in ”
| For the Year Ended December 31, | | | | | |
| Utility Solutions | 2025 | Inc/(Dec) % | 2024 | Inc/(Dec) % | | |
| Net sales growth (GAAP measure) | $71.6 | | 2.0 | | $339.0 | 10.4 |
| Impact of acquisitions | 35.4 | | 1.0 | | 421.0 | 12.9 |
| Impact of divestitures | — | | — | | — | — |
| Foreign currency exchange | (2.9) | | (0.1) | | (3.7) | (0.1) |
| Organic Net sales growth (decline) (non-GAAP measure) | $39.1 | | 1.1 | | $(78.3) | (2.4) |
Table 12 after “The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comp”
| For the Year Ended December 31, | | |
| (in millions) | 2025 | 2024 | |
| Net sales | $2,172.3 | | $2,027.8 |
| Operating income (GAAP measure) | $418.9 | | $361.3 |
| Amortization of acquisition-related intangible assets | 19.4 | | 16.1 |
| Transaction, integration & separation costs | 0.5 | | 7.3 |
| Adjusted operating income | $438.8 | | $384.7 |
| Operating margin (GAAP measure) | 19.3% | | 17.8% |
First 8 of 9 rows. The download has all of them.
Table 13 after “The following table reconciles our Electrical Solutions segment Organic Net sales growth to the directly comparable GAAP financial measure (”
| For the Year Ended December 31, | | | | | |
| Electrical Solutions | 2025 | Inc/(Dec) % | 2024 | Inc/(Dec) % | | |
| Net sales growth (decline) (GAAP measure) | $144.5 | | 7.1 | | $(83.4) | (3.9) |
| Impact of acquisitions | 21.0 | | 1.0 | | — | — |
| Impact of divestitures | (21.1) | | (1.0) | | (163.0) | (7.7) |
| Foreign currency exchange | (2.1) | | (0.1) | | (0.7) | — |
| Organic Net sales growth (non-GAAP measure) | $146.7 | | 7.2 | | $80.3 | 3.8 |
Table 14 after “The following table reconciles our Utility Solutions segment adjusted operating income and adjusted operating margin to the directly compara”
| For the Year Ended December 31, | | |
| (in millions) | 2024 | 2023 | |
| Net sales | $3,600.7 | | $3,261.7 |
| Operating income (GAAP measure) | $731.8 | | $698.4 |
| Amortization of acquisition-related intangible assets | 111.2 | | 58.3 |
| Transaction, integration & separation costs | 6.5 | | 13.2 |
| Adjusted operating income | $849.5 | | $769.9 |
| Operating margin (GAAP measure) | 20.3% | | 21.4% |
First 8 of 9 rows. The download has all of them.
Table 15 after “The following table reconciles our Utility Solutions segment Organic Net sales growth to the directly comparable GAAP financial measure (in ”
| For the Year Ended December 31, | | | | | |
| Utility Solutions | 2024 | Inc/(Dec) % | 2023 | Inc/(Dec) % | | |
| Net sales growth (GAAP measure) | $339.0 | | 10.4 | | $390.6 | 13.6 |
| Impact of acquisitions | 421.0 | | 12.9 | | 52.7 | 1.8 |
| Impact of divestitures | — | | — | | — | — |
| Foreign currency exchange | (3.7) | | (0.1) | | 1.6 | 0.1 |
| Organic Net sales (decline) growth (non-GAAP measure) | $(78.3) | | (2.4) | | $336.3 | 11.7 |
Table 16 after “The following table reconciles our Electrical Solutions segment adjusted operating income and adjusted operating margin to the directly comp”
| For the Year Ended December 31, | | |
| (in millions) | 2024 | 2023 | |
| Net sales | $2,027.8 | | $2,111.2 |
| Operating income (GAAP measure) | $361.3 | | $329.0 |
| Amortization of acquisition-related intangible assets | 16.1 | | 18.5 |
| Transaction, integration & separation costs | 7.3 | | 0.3 |
| Adjusted operating income | $384.7 | | $347.8 |
| Operating margin (GAAP measure) | 17.8% | | 15.6% |
First 8 of 9 rows. The download has all of them.
Table 17 after “The following table reconciles our Electrical Solutions segment Organic Net sales growth to the directly comparable GAAP financial measure (”
| For the Year Ended December 31, | | | | | |
| Electrical Solutions | 2024 | Inc/(Dec) % | 2023 | Inc/(Dec) % | | |
| Net sales (decline) growth (GAAP measure) | $(83.4) | | (3.9) | | $34.4 | 1.7 |
| Impact of acquisitions | — | | — | | 43.9 | 2.1 |
| Impact of divestitures | (163.0) | | (7.7) | | — | — |
| Foreign currency exchange | (0.7) | | — | | 1.5 | 0.1 |
| Organic Net sales growth (decline) (non-GAAP measure) | $80.3 | | 3.8 | | $(11.0) | (0.5) |
Table 18 after “Cash Flow”
| For the Year Ended December 31, | | |
| (in millions) | 2025 | 2024 | |
| Net cash provided by (used in): | | | |
| Operating activities | $1,029.8 | | $991.2 |
| Investing activities | (1,094.6) | | (59.1) |
| Financing activities | 203.6 | | (923.4) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 13.9 | | (16.4) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | $152.7 | | $(7.7) |
Table 19 after “The following table reconciles our cash flows from operating activities to free cash flows for 2025 and 2024:”
| For the Year Ended December 31, | | |
| (in millions) | 2025 | 2024 | |
| Net cash provided by operating activities (GAAP measure) | $1,029.8 | | $991.2 |
| Less: Capital expenditures | (155.1) | | (180.4) |
| Free cash flow | $874.7 | | $810.8 |
| Free cash flow as a percent of net income attributable to Hubbell | 98.6% | | 104.1% |
Table 20 after “The table below presents the restructuring and related costs incurred in 2025, additional expected costs, and the expected completion date o”
| Costs Incurred in 2025 | Additional Expected Costs | Expected Completion Date | |
| 2025 Restructuring Actions | $9.1 | | $1.9 | 2026 |
| 2024 and Prior Restructuring Actions | 2.9 | | 2.1 | 2026 |
| Restructuring cost (GAAP measure) | $12.0 | | $4.0 | |
| Restructuring-related costs | 4.9 | | 0.2 | |
| Restructuring and related costs (Non-GAAP measure) | $16.9 | | $4.2 | |
Table 21 after “The following table sets forth the reconciliation of net debt at December 31, 2025 and 2024:”
| December 31, | | |
| (in millions) | 2025 | 2024 | |
| Total Debt (GAAP measure) | $2,325.4 | | $1,568.1 |
| Total Hubbell Incorporated Shareholders’ Equity | 3,847.9 | | 3,396.2 |
| TOTAL CAPITAL (GAAP measure) | $6,173.3 | | $4,964.3 |
| Total Debt to Total Capital (GAAP measure) | 38% | | 32% |
| Cash and Investments | $596.3 | | $429.9 |
| NET DEBT (non-GAAP measure) | $1,729.1 | | $1,138.2 |
First 8 of 9 rows. The download has all of them.
Table 22 after “The following assumptions were used to determine projected pension and other benefit obligations at the measurement date and the net periodi”
| Pension Benefits | | Other Benefits | | | | | |
| 2025 | 2024 | | 2025 | 2024 | | | |
| Weighted-average assumptions used to determine benefit obligations at December 31, | | | | | | | | |
| Discount rate | 5.49% | | 5.58% | | | 5.50% | | 5.60% |
| Rate of compensation increase | 0.08% | | 0.08% | | | 5.00% | | 5.00% |
| Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | | | | | | | | |
| Discount rate | 5.58% | | 5.16% | | | 5.60% | | 5.20% |
| Expected return on plan assets | 5.75% | | 5.93% | | | N/A | N/A | |
First 8 of 9 rows. The download has all of them.
Table 23 after “The following table presents cost and weighted average interest rate information related to financial instruments that are sensitive to chan”
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | Fair Value 12/31/25 | | | | |
| ASSETS | | | | | | | | | | | | |
| Available-for-sale investments | $12.5 | | $17.5 | | $16.3 | | $14.2 | | $3.7 | $13.8 | $78.0 | $78.4 |
| Avg. interest rate | 4.26% | | 3.88% | | 5.00% | | 4.94% | | 4.63% | 4.91% | | |
| LIABILITIES | | | | | | | | | | | | |
| Long-term debt | $— | | $300.0 | | $1,050.0 | | $— | | $— | $700.0 | $2,050.0 | $2,008.3 |
| Avg. interest rate | —% | | 3.15% | | 4.35% | | —% | | —% | 3.73% | | |
Table 24 after “Financial Statements and Supplementary Data”
| Reports of Management | 46 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 238) | 47 |
| Consolidated Statement of Income | 50 |
| Consolidated Statement of Comprehensive Income | 51 |
| Consolidated Balance Sheet | 52 |
| Consolidated Statement of Cash Flows | 53 |
| Consolidated Statement of Changes in Equity | 54 |
| Notes to Consolidated Financial Statements | 55 |
First 8 of 10 rows. The download has all of them.
Table 25 after “Consolidated Statement of Income”
| Year Ended December 31, | | | |
| (in millions, except per share amounts) | 2025 | 2024 | 2023 | |
| Net sales | $5,844.6 | | $5,628.5 | $5,372.9 |
| Cost of goods sold | 3,780.5 | | 3,722.9 | 3,495.9 |
| Gross profit | 2,064.1 | | 1,905.6 | 1,877.0 |
| Selling & administrative expenses | 855.3 | | 812.5 | 849.6 |
| Operating income | 1,208.8 | | 1,093.1 | 1,027.4 |
| Loss on disposition of business (Note 3) | (0.4) | | (5.3) | — |
First 8 of 19 rows. The download has all of them.
Table 26 after “Consolidated Statement of Comprehensive Income”
| Year Ended December 31, | | | |
| (in millions) | 2025 | 2024 | 2023 | |
| Net income | $891.9 | | $784.7 | $757.6 |
| Other comprehensive (loss) income: | | | | |
| Currency translation adjustment: | | | | |
| Foreign currency translation adjustments | 48.7 | | (60.3) | 22.9 |
| Defined benefit pension and post-retirement plans, net of taxes of $(6.9), $4.6 and $(4.2) | 23.6 | | (15.0) | 10.2 |
| Unrealized gain (loss) on investments, net of taxes of $(0.2), $0.0 and $(0.2) | 0.7 | | (0.1) | 0.6 |
First 8 of 13 rows. The download has all of them.
Table 27 after “Consolidated Balance Sheet”
| At December 31, | | |
| (in millions, except share and per share amounts) | 2025 | 2024 | |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $482.5 | | $329.1 |
| Short-term investments | 15.4 | | 15.9 |
| Accounts receivable (net of allowances of $13.9 and $11.3) | 856.9 | | 756.0 |
| Inventories, net | 1,083.8 | | 1,010.4 |
First 8 of 39 rows. The download has all of them.
Table 28 after “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 |
First 8 of 43 rows. The download has all of them.
Table 29 after “Consolidated Statement of Changes in Equity”
| (in millions, except per share amounts) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total HubbellShareholders’Equity | Non- controlling interest | | | |
| BALANCE AT DECEMBER 31, 2022 | $0.6 | | $— | | $2,840.6 | | $(345.2) | $2,496.0 | $9.7 |
| Net income | — | — | 751.4 | — | 751.4 | 6.2 | | | |
| Other comprehensive (loss) income | — | — | — | 32.8 | 32.8 | — | | | |
| Stock-based compensation | — | 26.9 | — | — | 26.9 | — | | | |
| Acquisition/surrender of common shares (1) | — | (21.4) | (36.6) | — | (58.0) | — | | | |
| Cash dividends declared ($4.58 per share) | — | — | (246.0) | — | (246.0) | — | | | |
| Dividends to noncontrolling interest | — | — | — | — | — | (3.6) | | | |
First 8 of 26 rows. The download has all of them.
Table 30 after “The table below illustrates the impacts for the years ended December 31, 2025, 2024 and 2023, respectively had the Company continued to repo”
| For the Year Ended December, 31, 2025 | For the Year Ended December, 31, 2024 | For the Year Ended December, 31, 2023 | | | | | | | | | | |
| As Computed Under LIFO | Impact of Change | As Reported | As Reported Under LIFO | Impact of Change FIFO | As Adjusted | As Reported Under LIFO | Impact of Change FIFO | As Adjusted | | | | |
| Consolidated Statement of Income | | | | | | | | | | | | | |
| Net sales | $5,844.6 | | $— | | $5,844.6 | | $5,628.5 | | $— | $5,628.5 | $5,372.9 | $— | $5,372.9 |
| Cost of goods sold | 3,843.2 | | (62.7) | | 3,780.5 | | 3,724.4 | | (1.5) | 3,722.9 | 3,484.8 | 11.1 | 3,495.9 |
| Operating Income | 1,146.1 | | 62.7 | | 1,208.8 | | 1,091.6 | | 1.5 | 1,093.1 | 1,038.5 | (11.1) | 1,027.4 |
| Income before income taxes | 1,056.4 | | 62.7 | | 1,119.1 | | 1,005.3 | | 1.5 | 1,006.8 | 983.3 | (11.1) | 972.2 |
| Provision for income taxes | 212.3 | | 14.9 | | 227.2 | | 221.8 | | 0.3 | 222.1 | 217.3 | (2.7) | 214.6 |
First 8 of 14 rows. The download has all of them.
Table 31 after “The Consolidated Balance Sheet at December 31, 2025 and December 31, 2024 have been retrospectively adjusted to reflect the change in accoun”
| December 31, 2025 | December 31, 2024 | | | | | | | |
| As Computed Under LIFO | Impact of Change | As Reported | As Reported Under LIFO | Impact of Change FIFO | As Adjusted | | | |
| Condensed Balance Sheet | | | | | | | | | |
| Inventories, net | $852.5 | | $231.3 | | $1,083.8 | | $841.8 | $168.6 | $1,010.4 |
| Total Current Assets | 2,362.7 | | 231.3 | | 2,594.0 | | 2,089.3 | 168.6 | 2,257.9 |
| Total Assets | 7,997.5 | | 231.3 | | 8,228.8 | | 6,679.1 | 168.6 | 6,847.7 |
| Other Accrued Liabilities | 422.6 | | 28.1 | | 450.7 | | 372.4 | — | 372.4 |
| Total Current Liabilities | 1,480.6 | | 28.1 | | 1,508.7 | | 1,274.2 | — | 1,274.2 |
First 8 of 13 rows. The download has all of them.
Table 32 after “The Consolidated Statement of Cash Flows for the years ended December 31, 2024 and December 31, 2023 have been retrospectively adjusted to r”
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | | | | | | | |
| As Reported Under LIFO | Impact of Change FIFO | As Adjusted | As Reported Under LIFO | Impact of Change FIFO | As Adjusted | | | |
| Condensed Statement of Cash Flows | | | | | | | | | |
| Net income | $783.5 | | $1.2 | | $784.7 | | $766.0 | $(8.4) | $757.6 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Deferred income taxes | 1.7 | | 0.3 | | 2.0 | | (16.2) | (2.7) | (18.9) |
| Changes in assets and liabilities, excluding effects of acquisitions: | | | | | | | | | |
| (Increase) Decrease in inventories, net | (22.7) | | (1.5) | | (24.2) | | (42.1) | 11.1 | (31.0) |
First 8 of 9 rows. The download has all of them.
Table 33 after “The rollforward of the Company’s outstanding obligations confirmed as valid under the Payment Services Arrangements supplier finance program”
| (in millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
| Confirmed obligations outstanding at the beginning of the period | $101.9 | | $101.3 |
| Invoices confirmed during the period | 322.9 | | 348.7 |
| Confirmed invoices paid during the period | (329.3) | | (348.1) |
| Confirmed obligations outstanding at the end of the period | $95.5 | | $101.9 |
Table 34 after “The rollforward of the Company’s outstanding obligations confirmed as valid under the commercial card supplier finance program for the year ”
| (in millions) | Year Ended December 31, 2025 | Year Ended December 31, 2024 | |
| Confirmed obligations outstanding at the beginning of the period | $2.4 | | $2.0 |
| Invoices confirmed during the period | 21.8 | | 24.7 |
| Confirmed invoices paid during the period | (22.1) | | (24.3) |
| Confirmed obligations outstanding at the end of the period | $2.1 | | $2.4 |
Table 35 after “The following table presents disaggregated revenue by business group. In January 2024, we internally reorganized certain businesses within o”
| Twelve Months Ended December 31, | | | |
| (in millions) | 2025 | 2024 | 2023 | |
| Net sales | | | | |
| Grid Infrastructure | $2,748.2 | | $2,531.3 | $2,259.2 |
| Grid Automation | 924.1 | | 1,069.4 | 1,002.5 |
| Total Utility Solutions | $3,672.3 | | $3,600.7 | $3,261.7 |
| Electrical Products | $885.2 | | $835.3 | $823.0 |
| Industrial | 1,287.1 | | 1,171.3 | 1,101.1 |
First 8 of 11 rows. The download has all of them.
Table 36 after “as operations based outside of the United States and its possessions):”
| Twelve Months Ended December 31, | | | |
| (in millions) | 2025 | 2024 | 2023 | |
| Net sales | | | | |
| United States | $3,518.9 | | $3,428.2 | $3,090.7 |
| International | 153.4 | | 172.5 | 171.0 |
| Total Utility Solutions | $3,672.3 | | $3,600.7 | $3,261.7 |
| United States | $1,892.4 | | $1,731.1 | $1,831.7 |
| International | 279.9 | | 296.7 | 279.5 |
First 8 of 10 rows. The download has all of them.
Table 37 after “The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition for the”
| Accounts receivable | $32.3 |
| Inventories | 47.6 |
| Other current assets | 1.9 |
| Property, plant and equipment | 54.7 |
| Other non-current assets | 5.4 |
| Intangible assets | 417.1 |
| Accounts payable | (12.6) |
| Other accrued liabilities | (16.1) |
First 8 of 12 rows. The download has all of them.
Table 38 after “The purchase price allocation to identifiable intangible assets acquired for all of the 2025 acquisitions is as follows (in millions, except”
| Estimated Fair Value | Weighted Average Estimated Useful Life | |
| Patents, tradenames and trademarks | $19.2 | | 20 |
| Customer relationships | 338.5 | | 23 |
| Developed technology | 55.0 | | 10 |
| Backlog | 4.4 | | 2 |
| Total | $417.1 | | |
Table 39 after “s results of operations (in millions):”
| Accounts receivable | $71.5 |
| Inventories | 84.9 |
| Other current assets | 49.6 |
| Property, plant and equipment | 31.6 |
| Other non-current assets | 2.8 |
| Intangible assets | 608.2 |
| Accounts payable | (17.5) |
| Other accrued liabilities | (85.1) |
First 8 of 12 rows. The download has all of them.
Table 40 after “The purchase price allocation to identifiable intangible assets acquired for all of the 2023 acquisitions is as follows (in millions, except”
| Estimated Fair Value | Weighted Average Estimated Useful Life | |
| Patents, tradenames and trademarks | $45.1 | | 20 |
| Customer relationships | 503.0 | | 21 |
| Developed technology | 8.5 | | 10 |
| Backlog | 51.6 | | 3 |
| Total | $608.2 | | |
Table 41 after “The following unaudited supplemental pro-forma information presents consolidated results as if the acquisitions had been completed on Januar”
| Twelve Months Ended December 31, | Per Diluted Share | | |
| 2023 | | 2023 | |
| Transaction costs incurred in 2023(1) | $11.2 | | | $0.21 |
| Intangible amortization and inventory step up(2) | $(20.7) | | | $(0.38) |
| Interest expense(3) | $1.2 | | | $0.02 |
Table 42 after “The pro-forma results were calculated by combining the results of the Company with the stand-alone results of the acquisitions for the pre-a”
| Twelve Months Ended |
| (in millions, except per share amounts) | December 31, 2023 |
| Net sales | $5,762.1 |
| Net income attributable to Hubbell | $801.4 |
| Earnings Per Share: | |
| Basic | $14.92 |
| Diluted | $14.81 |
Table 43 after “Receivables consist of the following components at December 31, (in millions):”
| 2025 | 2024 | |
| Trade accounts receivable | $879.4 | | $780.1 |
| Non-trade receivables | 29.5 | | 22.4 |
| Accounts receivable, gross | 908.9 | | 802.5 |
| Allowance for credit memos, returns and cash discounts | (38.1) | | (35.2) |
| Allowance for doubtful accounts | (13.9) | | (11.3) |
| Total allowances | (52.0) | | (46.5) |
| ACCOUNTS RECEIVABLE, NET | $856.9 | | $756.0 |
Table 44 after “Inventories are classified as follows at December 31, (in millions):”
| 2025 | 2024 | |
| Raw material | $455.0 | | $409.9 |
| Work-in-process | 227.5 | | 218.5 |
| Finished goods | 401.3 | | 382.0 |
| INVENTORIES, NET | $1,083.8 | | $1,010.4 |
Table 45 after “Changes in the carrying amounts of goodwill for the years ended December 31, 2025 and 2024, by segment, were as follows (in millions):”
| Segment | | | |
| Utility Solutions | Electrical Solutions | Total | |
| BALANCE AT DECEMBER 31, 2023 | $1,897.5 | | $635.9 | $2,533.4 |
| Prior year acquisitions | (9.0) | | — | (9.0) |
| Foreign currency translation | (20.1) | | (3.5) | (23.6) |
| BALANCE AT DECEMBER 31, 2024 | $1,868.4 | | $632.4 | $2,500.8 |
| Current year dispositions(1) | — | | (0.3) | (0.3) |
| Current year acquisitions(1) | 499.2 | | 40.0 | 539.2 |
First 8 of 10 rows. The download has all of them.
Table 46 after “Identifiable intangible assets are recorded in Other intangible assets, net in the Consolidated Balance Sheet. Identifiable intangible asset”
| December 31, 2025 | | December 31, 2024 | | | | |
| Gross Amount | Accumulated Amortization | | Gross Amount | Accumulated Amortization | | |
| Definite-lived: | | | | | | | |
| Patents, tradenames and trademarks | $250.0 | | $(104.7) | | | $232.4 | $(95.2) |
| Customer relationships | 1,633.6 | | (517.6) | | | 1,290.0 | (443.2) |
| Developed technology and other | 278.6 | | (179.4) | | | 221.4 | (158.8) |
| TOTAL DEFINITE-LIVED INTANGIBLES | 2,162.2 | | (801.7) | | | 1,743.8 | (697.2) |
| Indefinite-lived: | | | | | | | |
First 8 of 10 rows. The download has all of them.
Table 47 after “The following table sets forth selected data with respect to the Company’s investments at December 31, (in millions):”
| 2025 | | 2024 | | | | | | | | | | | | |
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Value | | | | | |
| Available-for-sale securities | $78.0 | | $0.8 | | $(0.4) | $78.4 | | $78.4 | | | $70.1 | $0.1 | $(0.6) | $69.6 | $69.6 |
| Trading securities | 13.5 | | 19.0 | | — | 32.5 | | 32.5 | | | 13.5 | 14.6 | — | 28.1 | 28.1 |
| TOTAL INVESTMENTS | $91.5 | | $19.8 | | $(0.4) | $110.9 | | $110.9 | | | $83.6 | $14.7 | $(0.6) | $97.7 | $97.7 |
Table 48 after “Contractual maturities of our investments in available-for-sale securities at December 31, 2025 were as follows (in millions):”
| Amortized Cost | Fair Value | |
| Available-for-sale securities | | | |
| Due within 1 year | $12.5 | | $12.5 |
| After 1 year but within 5 years | 51.7 | | 52.4 |
| After 5 years but within 10 years | 5.8 | | 5.9 |
| Due after 10 years | 8.0 | | 7.6 |
| TOTAL | $78.0 | | $78.4 |
Table 49 after “Property, plant, and equipment, carried at cost, is summarized as follows at December 31, (in millions):”
| 2025 | 2024 | |
| Land | $37.9 | | $34.8 |
| Buildings and improvements | 291.5 | | 269.6 |
| Machinery, tools, and equipment | 1,225.8 | | 1,089.8 |
| Construction-in-progress | 121.7 | | 135.7 |
| Gross property, plant, and equipment | 1,676.9 | | 1,529.9 |
| Less accumulated depreciation | (835.7) | | (803.3) |
| PROPERTY, PLANT, AND EQUIPMENT, NET | $841.2 | | $726.6 |
Table 50 after “Other accrued liabilities consist of the following at December 31, (in millions):”
| 2025 | 2024 | |
| Customer program incentives | $73.5 | | $51.7 |
| Accrued income taxes | 27.5 | | 21.4 |
| Contract liabilities - deferred revenue | 161.3 | | 134.6 |
| Customer refund liability | 20.5 | | 20.1 |
| Accrued warranties(1) | 15.2 | | 20.6 |
| Current operating lease liabilities | 40.7 | | 34.2 |
| Other | 112.0 | | 89.8 |
First 8 of 9 rows. The download has all of them.
Table 51 after “Other non-current liabilities consist of the following at December 31, (in millions):”
| 2025 | 2024 | |
| Pensions | $117.4 | | $167.1 |
| Other post-employment benefits | 10.3 | | 12.9 |
| Deferred tax liabilities | 420.1 | | 277.1 |
| Accrued warranties long-term(1) | 18.8 | | 21.1 |
| Non-current operating lease liabilities | 121.2 | | 117.3 |
| Other | 138.1 | | 124.7 |
| TOTAL | $825.9 | | $720.2 |
Table 52 after “The following table sets forth the reconciliation of beginning and ending balances of the benefit obligations and the plan assets for the Co”
| Pension Benefits | | Other Benefits | | | | |
| 2025 | 2024 | | 2025 | 2024 | | |
| Change in benefit obligation | | | | | | | |
| Benefit obligation at beginning of year | $657.1 | | $674.9 | | | $14.2 | $16.1 |
| Service cost | 0.5 | | 0.6 | | | — | — |
| Interest cost | 35.2 | | 33.4 | | | 0.7 | 0.8 |
| Plan participants’ contributions | — | | — | | | — | — |
| Amendments | — | | — | | | — | — |
First 8 of 30 rows. The download has all of them.
Table 53 after “Information with respect to plans with accumulated benefit obligations in excess of plan assets is as follows, (in millions):”
| 2025 | 2024 | |
| Projected benefit obligation | $450.1 | | $468.8 |
| Accumulated benefit obligation | $450.1 | | $468.8 |
| Fair value of plan assets | $326.8 | | $295.2 |
Table 54 after “The following table sets forth the components of pension and other benefit costs for the years ended December 31, (in millions):”
| Pension Benefits | | Other Benefits | | | | | | |
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | | | |
| Components of net periodic benefit cost: | | | | | | | | | |
| Service cost | $0.5 | | $0.6 | $0.6 | | | $— | $— | $— |
| Interest cost | 35.2 | | 33.4 | 35.2 | | | 0.7 | 0.8 | 0.8 |
| Expected return on plan assets | (28.6) | | (30.8) | (28.1) | | | — | — | — |
| Amortization of prior service cost | 0.4 | | 0.4 | 0.4 | | | — | — | — |
| Amortization of actuarial losses (gains) | 11.3 | | 9.9 | 10.4 | | | (0.6) | (0.4) | (0.5) |
First 8 of 20 rows. The download has all of them.
Table 55 after “The following assumptions were used to determine the projected benefit obligations at the measurement date and the net periodic benefit cost”
| Pension Benefits | | Other Benefits | | | | | | | |
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | | | | |
| Weighted-average assumptions used to determine benefit obligations at December 31, | | | | | | | | | | |
| Discount rate | 5.49% | | 5.58% | 5.16% | | | 5.50% | | 5.60% | 5.20% |
| Rate of compensation increase | 0.08% | | 0.08% | 0.08% | | | 5.00% | | 5.00% | 5.00% |
| Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | | | | | | | | | | |
| Discount rate | 5.58% | | 5.16% | 5.46% | | | 5.60% | | 5.20% | 5.50% |
| Expected return on plan assets | 5.75% | | 5.93% | 5.68% | | | N/A | N/A | N/A | |
First 8 of 9 rows. The download has all of them.
Table 56 after “The assumed health care cost trend rates used to determine the projected postretirement benefit obligation are as follows:”
| Other Benefits | | | |
| 2025 | 2024 | 2023 | |
| Assumed health care cost trend rates at December 31, | | | | |
| Health care cost trend assumed for next year | 7.5% | | 6.8% | 6.8% |
| Rate to which the cost trend is assumed to decline | 5.0% | | 5.0% | 5.0% |
| Year that the rate reaches the ultimate trend rate | 2036 | 2031 | 2031 | |
Table 57 after “2024 by asset category are as follows:”
| Percentage of Plan Assets | | | |
| Target | Actual | | |
| Asset Category | 2026 | 2025 | 2024 | |
| Equity securities | 20% | | 20% | 21% |
| Debt securities & Cash | 80% | | 80% | 79% |
| Alternative Investments | —% | | —% | —% |
| TOTAL | 100% | | 100% | 100% |
Table 58 after “The fair value of the Company’s pension plan assets at December 31, 2025 and 2024, by asset category are as follows (in millions):”
| | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Market for Similar Asset | Significant Unobservable Inputs | Investments Priced Using Net Asset Value | | |
| Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | | | |
| Cash and cash equivalents | $25.4 | | $21.2 | | $4.2 | $— | $— |
| Equity securities: | | | | | | | |
| Equity Mutual Funds | 16.8 | | 16.8 | | — | — | — |
| Common Pooled Equity Funds (a) | 86.7 | | — | | 86.7 | — | — |
| Fixed Income Securities: | | | | | | | |
| U.S. Treasuries | 44.3 | | — | | 44.3 | — | — |
First 8 of 17 rows. The download has all of them.
Table 59 after “The fair value of the Company’s pension plan assets at December 31, 2025 and 2024, by asset category are as follows (in millions):”
| | Quoted Prices in Active Markets for Identical Assets | Quoted Prices in Active Market for Similar Asset | Significant Unobservable Inputs | Investments Priced Using Net Asset Value | | |
| Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | | | |
| Cash and cash equivalents | $3.0 | | $1.1 | | $1.9 | $— | $— |
| Equity securities: | | | | | | | |
| Equity Mutual Funds | 14.7 | | 14.7 | | — | — | — |
| Common Pooled Equity Funds (a) | 87.6 | | — | | 87.6 | — | — |
| Fixed Income Securities: | | | | | | | |
| U.S. Treasuries | 41.3 | | — | | 41.3 | — | — |
First 8 of 17 rows. The download has all of them.
Table 60 after “The following domestic and foreign benefit payments, which reflect future service, as appropriate, are expected to be paid as follows (in mi”
| Pension Benefits | Other Benefits | |
| 2026 | $54.5 | | $2.6 |
| 2027 | $53.9 | | $1.1 |
| 2028 | $53.3 | | $1.1 |
| 2029 | $52.7 | | $1.0 |
| 2030 | $51.9 | | $1.0 |
| 2031-2035 | $244.8 | | $4.3 |
Table 61 after “The following table sets forth the Company’s long-term debt at December 31, (in millions):”
| Maturity | 2025 | 2024 | |
| Senior notes at 3.35% | 2026 | $— | | $399.2 |
| Senior notes at 3.15% | 2027 | 299.1 | | 298.6 |
| Senior notes at 3.50% | 2028 | 448.5 | | 447.7 |
| Senior notes at 2.300% | 2031 | 297.7 | | 297.2 |
| Senior notes at 4.800% | 2035 | 392.1 | | — |
| Term loan | 2028 | 598.9 | | — |
| TOTAL LONG-TERM DEBT(a) | | $2,036.3 | | $1,442.7 |
Table 62 after “Other information related to short-term debt at December 31, is summarized below:”
| 2025 | 2024 | |
| Weighted average interest rate on short-term debt: | | | |
| At year end | 4.13% | | 4.49% |
Table 63 after “The following table sets forth selected data with respect to the Company’s income tax provisions for the years ended December 31, (in millio”
| 2025 | 2024 | 2023 | |
| Income before income taxes: | | | | |
| United States | $968.1 | | $851.3 | $836.9 |
| International | 151.0 | | 155.5 | 135.3 |
| TOTAL INCOME BEFORE INCOME TAXES | $1,119.1 | | $1,006.8 | $972.2 |
| Provision for income taxes — current: | | | | |
| Federal | $155.0 | | $150.2 | $165.6 |
| State | 24.3 | | 33.0 | 35.6 |
First 8 of 16 rows. The download has all of them.
Table 64 after “Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial statement purposes.”
| 2025 | 2024 | |
| Deferred tax assets: | | | |
| Inventories | $17.7 | | $— |
| Lease liabilities | 39.5 | | 38.2 |
| Income tax credits | 10.4 | | 23.9 |
| Accrued liabilities | 42.6 | | 38.0 |
| Pension | 24.0 | | 33.0 |
| Post retirement and post employment benefits | 3.1 | | 3.4 |
First 8 of 27 rows. The download has all of them.
Table 65 after “The Company paid cash income taxes (net of refunds) in the following jurisdictions (in millions):”
| 2025 | 2024 | 2023 | |
| Federal | $147.2 | | $158.5 | $157.9 |
| State payments | 28.5 | | 30.3 | 27.6 |
| Foreign | 38.6 | | 36.5 | 29.5 |
| TOTAL CASH TAXES PAID | $214.3 | | $225.3 | $215.0 |
Table 66 after “The following tax years, by major jurisdiction, are still subject to examination by taxing authorities:”
| Jurisdiction | Open Years |
| United States | 2022-2025 |
| UK | 2022-2025 |
| Puerto Rico | 2021-2025 |
| Canada | 2020-2025 |
Table 67 after “A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):”
| 2025 | 2024 | 2023 | |
| Unrecognized tax benefits at beginning of year | $48.2 | | $47.0 | $42.1 |
| Additions based on tax positions relating to the current year | 13.9 | | 10.0 | 10.4 |
| Reductions based on expiration of statute of limitations | (5.6) | | (7.2) | (7.6) |
| Additions/(Subtractions) to tax positions relating to previous years | 2.6 | | (0.4) | 2.8 |
| Settlements | (0.2) | | (1.2) | (0.7) |
| TOTAL UNRECOGNIZED TAX BENEFITS | $58.9 | | $48.2 | $47.0 |
Table 68 after “federal statutory income tax rate for the years ended December 31, as follows (in millions and percentage):”
| 2025 | 2024 | 2023 | | | | | | |
| Amount | Percentage | Amount | Percentage | Amount | Percentage | | | |
| U.S. Federal Statutory Tax Rate | $235.0 | | 21.0% | | $211.5 | | 21.0% | $203.9 | 21.0% |
| State and Local Income taxes, net of federal income tax effect (1) | 20.3 | | 1.8 | | 23.4 | | 2.3 | 22.9 | 2.4 |
| Foreign Tax Effect (2) | (11.4) | | (1.0) | | (1.5) | | (0.1) | 4.6 | 0.5 |
| Effect of Cross-Border Tax Laws | (5.2) | | (0.5) | | (5.7) | | (0.6) | (1.2) | (0.1) |
| Tax Credits | (8.5) | | (0.8) | | (7.4) | | (0.7) | (9.4) | (1.0) |
| Nontaxable or Nondeductible Items | (0.3) | | — | | 5.4 | | 0.5 | 0.9 | 0.1 |
First 8 of 10 rows. The download has all of them.
Table 69 after “The following tables show, by level within the fair value hierarchy, the Company’s financial assets and liabilities that are accounted for a”
| Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Unobservable inputs for which little or no market data exists (Level 3) | Total | | |
| Money market funds (a) | $187.4 | | $— | | $— | $187.4 |
| Time Deposits (d) | — | | 2.9 | | — | 2.9 |
| Available for sale investments | — | | 78.4 | | — | 78.4 |
| Trading securities | 32.5 | | — | | — | 32.5 |
| Deferred compensation plan liabilities | (32.5) | | — | | — | (32.5) |
| Derivatives: | | | | | | |
| Forward exchange contracts-Assets (b) | — | | 0.1 | | — | 0.1 |
First 8 of 10 rows. The download has all of them.
Table 70 after “The following tables show, by level within the fair value hierarchy, the Company’s financial assets and liabilities that are accounted for a”
| Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Unobservable inputs for which little or no market data exists (Level 3) | Total | | |
| Money market funds (a) | $63.2 | | $— | | $— | $63.2 |
| Time Deposits (d) | — | | 3.1 | | — | 3.1 |
| Available for sale investments | — | | 69.6 | | — | 69.6 |
| Trading securities | 28.1 | | — | | — | 28.1 |
| Deferred compensation plan liabilities | (28.1) | | — | | — | (28.1) |
| Derivatives: | | | | | | |
| Forward exchange contracts-Assets (b) | — | | 1.4 | | — | 1.4 |
First 8 of 9 rows. The download has all of them.
Table 71 after “Activity in the Company’s common shares outstanding is set forth below for the three years ended December 31, 2025 (in thousands):”
| Common Stock |
| OUTSTANDING AT DECEMBER 31, 2022 | 53,689 |
| Exercise of stock appreciation rights | 77 |
| Director compensation arrangements, net | 4 |
| Restricted/performance shares activity, net of forfeitures | 127 |
| Acquisition/surrender of shares | (167) |
| OUTSTANDING AT DECEMBER 31, 2023 | 53,730 |
| Exercise of stock appreciation rights | 72 |
First 8 of 17 rows. The download has all of them.
Table 72 after “Activity related to both employee and non-employee restricted stock awards for the year ended December 31, 2025 is as follows (in thousands,”
| Shares | Weighted Average Grant Date Fair Value/Share | |
| RESTRICTED STOCK AT DECEMBER 31, 2024 | 151 | | $221.92 |
| Shares granted | 40 | | 389.14 |
| Shares vested | (53) | | 217.46 |
| Shares forfeited | (4) | | 316.54 |
| RESTRICTED STOCK AT DECEMBER 31, 2025 | 134 | | $269.99 |
Table 73 after “Activity related to SARs for the year ended December 31, 2025 is as follows (in thousands, except per share amounts):”
| Number of Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |
| OUTSTANDING AT DECEMBER 31, 2024 | 489 | | $198.12 | | |
| Granted | 66 | | 393.19 | | |
| Exercised | (96) | | 159.16 | | |
| Forfeited | (5) | | 306.77 | | |
| Canceled | — | | — | | |
| OUTSTANDING AT DECEMBER 31, 2025 | 454 | | $233.77 | 6.3 | $95,455 |
| EXERCISABLE AT DECEMBER 31, 2025 | 318 | | $184.49 | 5.3 | $82,540 |
Table 74 after “The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during the years 2025,”
| Grant Date | Expected Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value of 1 SAR |
| 2025 | 1.2% | 24.2% | 4.4% | 4.8 years | $100.15 |
| 2024 | 1.5% | 25.7% | 4.0% | 4.8 years | $88.17 |
| 2023 | 1.8% | 28.0% | 3.7% | 4.9 years | $62.79 |
Table 75 after “The following table summarizes the related assumptions used to determine the fair values of the performance share awards with a market condi”
| Grant Date | Stock Price on Measurement Date | Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value |
| February 2025 | $393.16 | 1.3% | 31.0% | 4.3% | 2.9 years | $421.00 |
| February 2024 | $352.55 | 1.4% | 30.6% | 4.1% | 2.9 years | $483.99 |
| February 2023 | $241.17 | 1.9% | 39.4% | 4.1% | 2.9 years | $279.47 |
Table 76 after “for the awards granted in 2025, 2024, and 2023, respectively.”
| Grant Date | Fair Value | Performance Period | Payout Range |
| February 2025 | $380.99 | Jan 2025 - Dec 2027 | 0-200% |
| February 2024 | $341.19 | Jan 2024 - Dec 2026 | 0-200% |
| February 2023 | $230.64 | Jan 2023 - Dec 2025 | 0-200% |
Table 77 after “The following table sets forth the computation of earnings per share for the three years ended December 31 (in millions, except per share am”
| 2025 | 2024 | 2023 | |
| Numerator: | | | | |
| Net income attributable to Hubbell Incorporated | $887.1 | | $779.0 | $751.4 |
| Less: Earnings allocated to participating securities | (1.5) | | (1.5) | (1.8) |
| Net income available to common shareholders | $885.6 | | $777.5 | $749.6 |
| Denominator: | | | | |
| Average number of common shares outstanding | 53.2 | | 53.7 | 53.6 |
| Potential dilutive common shares | 0.3 | | 0.3 | 0.4 |
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Table 78 after “A summary of the changes in Accumulated other comprehensive loss (net of tax) for the three years ended December 31, 2025 is provided below ”
| (Debit) credit | Cash Flow Hedge (Loss) Gain | Unrealized Gain (Loss) on Available-for-Sale Securities | Pension and Post Retirement Benefit Plan Adjustment | Cumulative Translation Adjustment | Total | | |
| BALANCE AT DECEMBER 31, 2022 | $0.6 | | $(0.8) | | $(188.6) | $(156.4) | $(345.2) |
| Other comprehensive income (loss) before reclassifications | (0.3) | | 0.6 | | 2.5 | 22.9 | 25.7 |
| Amounts reclassified from accumulated other comprehensive loss | (0.6) | | — | | 7.7 | — | 7.1 |
| Current period other comprehensive income (loss) | (0.9) | | 0.6 | | 10.2 | 22.9 | 32.8 |
| BALANCE AT DECEMBER 31, 2023 | $(0.3) | | $(0.2) | | $(178.4) | $(133.5) | $(312.4) |
| Other comprehensive income (loss) before reclassifications | 1.8 | | (0.1) | | (22.5) | (60.3) | (81.1) |
| Amounts reclassified from accumulated other comprehensive loss | (0.5) | | — | | 7.5 | — | 7.0 |
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Table 79 after “A summary of the gain (loss) reclassifications out of Accumulated other comprehensive loss for the two years ended December 31 is provided b”
| Details about Accumulated Other Comprehensive Loss Components | 2025 | 2024 | | Location of Gain (Loss) Reclassified into Income | | |
| Cash flow hedges gain (loss): | | | | | | |
| Forward exchange contracts | $0.7 | | $0.6 | | | Cost of goods sold |
| 0.7 | | 0.6 | | | Total before tax |
| (0.3) | | (0.1) | | | Tax (expense) |
| $0.4 | | $0.5 | | | Gain net of tax |
| Amortization of defined benefit pension and post retirement benefit items: | | | | | | |
| Prior-service credits | $(0.4) | (a) | $(0.4) | | (a) | |
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Table 80 after “INDUSTRY SEGMENT DATA”
| 2025 | 2024 | 2023 | |
| Net Sales: | | | | |
| Utility Solutions | $3,672.3 | | $3,600.7 | $3,261.7 |
| Electrical Solutions | 2,172.3 | | 2,027.8 | 2,111.2 |
| TOTAL NET SALES | $5,844.6 | | $5,628.5 | $5,372.9 |
| Cost of Goods Sold: | | | | |
| Utility Solutions | $2,396.3 | | $2,418.4 | $2,129.8 |
| Electrical Solutions | 1,384.2 | | 1,304.5 | 1,366.1 |
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Table 81 after “INDUSTRY SEGMENT DATA”
| 2025 | 2024 | 2023 | |
| Assets: | | | | |
| Utility Solutions | $5,603.8 | | $4,569.1 | $4,690.1 |
| Electrical Solutions | 2,238.8 | | 1,943.4 | 2,001.1 |
| General Corporate | 386.2 | | 335.2 | 389.9 |
| TOTAL ASSETS | $8,228.8 | | $6,847.7 | $7,081.1 |
| Capital Expenditures: | | | | |
| Utility Solutions | $81.3 | | $103.6 | $99.5 |
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Table 82 after “GEOGRAPHIC AREA DATA”
| 2025 | 2024 | 2023 | |
| Net Sales: | | | | |
| United States | $5,411.3 | | $5,159.3 | $4,922.4 |
| International | 433.3 | | 469.2 | 450.5 |
| TOTAL NET SALES | $5,844.6 | | $5,628.5 | $5,372.9 |
| Operating Income: | | | | |
| United States | $1,123.6 | | $1,008.6 | $925.9 |
| International | 85.2 | | 84.5 | 101.5 |
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Table 83 after “Changes in the accrual for product warranties for the two years ended December 31 are set forth below (in millions):”
| BALANCE AT DECEMBER 31, 2023 | $39.2 |
| Provision | 12.8 |
| Expenditures/other | (10.3) |
| BALANCE AT DECEMBER 31, 2024 | $41.7 |
| Provision | 10.4 |
| Expenditures/other | (18.1) |
| BALANCE AT DECEMBER 31, 2025(a) | $34.0 |
Table 84 after “for the years ended December 31, 2025, 2024 and 2023 are as follows (in millions):”
| Twelve Months Ended December 31, 2025 | | Twelve Months Ended December 31, 2024 | Twelve Months Ended December 31, 2023 | | | | | | | | | | |
| Utility Solutions | Electrical Solutions | Total | Utility Solutions | Electrical Solutions | Total | | Utility Solutions | Electrical Solutions | Total | | | | |
| Restructuring costs | | | | | | | | | | | | | | |
| Cost of goods sold | $5.6 | | $4.3 | $9.9 | | | $3.2 | | $6.1 | | $9.3 | $2.7 | $1.7 | $4.4 |
| S&A expense | 0.5 | | 1.6 | 2.1 | | | 1.3 | | 2.2 | | 3.5 | 0.2 | 0.8 | 1.0 |
| Total restructuring costs | $6.1 | | $5.9 | $12.0 | | | $4.5 | | $8.3 | | $12.8 | $2.9 | $2.5 | $5.4 |
Table 85 after “The following table summarizes the accrued liabilities for our restructuring actions (in millions):”
| Beginning Accrued Restructuring Balance 1/1/25 | Pre-tax Restructuring Costs | Utilization and Foreign Exchange | Ending Accrued Restructuring Balance 12/31/25 | | |
| 2025 Restructuring Actions | | | | | | |
| Severance | $— | | $4.6 | | $(4.0) | $0.6 |
| Asset write-downs | — | | 1.6 | | (1.6) | — |
| Facility closure and other costs | — | | 2.9 | | (2.9) | — |
| Total 2025 Restructuring Actions | $— | | $9.1 | | $(8.5) | $0.6 |
| 2024 and Prior Restructuring Actions | | | | | | |
| Severance | $4.5 | | $0.5 | | $(1.4) | $3.6 |
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Table 86 after “The actual and expected pre-tax costs for our restructuring actions are as follows (in millions):”
| Expected Costs | Costs incurred in 2023 | Costs incurred in 2024 | Costs incurred in 2025 | Remaining costs at 12/31/25 | | |
| 2025 Restructuring Actions | | | | | | | |
| Utility Solutions | $7.7 | | $— | | $— | $6.0 | $1.7 |
| Electrical Solutions | 3.3 | | — | | — | 3.1 | 0.2 |
| Total 2025 Restructuring Actions | $11.0 | | $— | | $— | $9.1 | $1.9 |
| 2024 Restructuring Actions | | | | | | | |
| Utility Solutions | $4.2 | | $— | | $4.1 | $0.1 | $— |
| Electrical Solutions | 11.7 | | — | | 6.8 | 2.8 | 2.1 |
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Table 87 after “Amounts recognized for operating leases in the Consolidated Balance Sheets are as follows (in millions):”
| December 31, 2025 | December 31, 2024 | |
| Operating lease right-of-use assets | $155.5 | | $146.2 |
| TOTAL ASSETS | $155.5 | | $146.2 |
| Other accrued liabilities | $40.7 | | $34.2 |
| Other non-current liabilities | 121.2 | | 117.3 |
| TOTAL LIABILITIES | $161.9 | | $151.5 |
Table 88 after “Future maturities of our operating lease liabilities as of December 31, 2025 are as follows (in millions):”
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total Payments | Imputed Interest | Total |
| Operating Leases | $46.6 | 41.1 | 33.9 | 22.8 | 12.7 | 21.2 | 178.3 | (16.4) | $161.9 |
Table 89 after “The table below sets forth summarized quarterly consolidated financial data for the years ended December 31, 2025 and 2024. The quarterly co”
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | | |
| 2025 | | | | | | |
| Net sales | $1,365.2 | | $1,484.3 | | $1,502.4 | $1,492.7 |
| Cost of goods sold | $922.6 | | $932.2 | | $958.1 | $967.6 |
| Gross profit | $442.6 | | $552.1 | | $544.3 | $525.1 |
| Selling & administrative expenses | $212.2 | | $215.8 | | $213.7 | $213.6 |
| Net income | $164.5 | | $245.5 | | $256.7 | $225.2 |
| Net income attributable to Hubbell Incorporated | $163.2 | | $244.2 | | $255.5 | $224.2 |
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Table 90 after “The following table provides information as of December 31, 2025 with respect to the Company’s common stock that may be issued under the Com”
| A | B | | C | | | |
| Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) | | | |
| Equity Compensation Plans Approved by Shareholders(a) | 615 | (c)(d) | $233.77 | | (e) | 1,017 | (c) |
| Equity Compensation Plans Not Approved by Shareholders(b) | 49 | (c)(f) | — | | | 113 | (c) |
| TOTAL | 664 | | $233.77 | | | 1,130 | |
Table 91 after “2. Exhibits”
| | Incorporated by Reference | | | | |
| Number | Description | Form | File No. | Exhibit | Filing Date | Filed/ Furnished Herewith |
| 2.1†† | Stock Purchase Agreement, by and among Hubbell Power Systems, Inc., Northern Star Parent Holdings, LLC and, Hubbell Incorporated, dated October 28, 2023 | 8-K | 001-02958 | 2.1 | 10/30/2023 | |
| 3.1 | Amended and Restated Certificate of Incorporation, effective May 6, 2025 | S-8 | 333- 287002 | 3.1 | 5/6/2025 | |
| 3.2 | Amended and Restated By-Laws of the Company, effective May 6, 2025 | S-8 | 333- 287002 | 3.2 | 5/6/2025 | |
| 4.1 | Senior Indenture, dated as of September 15, 1995, between Hubbell Incorporated and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. (successor as trustee to JPMorgan Chase Bank N.A. (formerly known as JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank, formerly known as Chemical Bank))), as trustee | S-4 | 333-90754 | 4a | 6/18/2002 | |
| 4.2 | Second Supplemental Indenture, dated as of November 17, 2010, between Hubbell Incorporated and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. (successor as trustee to JPMorgan Chase Bank N.A. (formerly known as JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank, formerly known as Chemical Bank))), as trustee, including the form of 3.625% Senior Notes due 2022 | 8-K | 001-02958 | 4.2 | 11/17/2010 | |
| 4.3 | Third Supplemental Indenture, dated as of March 1, 2016, between Hubbell Incorporated and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. (successor as trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank, formerly known as Chemical Bank))), as trustee | 8-K | 001-02958 | 4.2 | 3/1/2016 | |
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Table 92 after “2. Exhibits”
| | Incorporated by Reference | | | | |
| Number | Description | Form | File No. | Exhibit | Filing Date | Filed/ Furnished Herewith |
| 4.9 | Sixth Supplemental Indenture, dated as of March 12, 2021, between Hubbell Incorporated and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. (successor as trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank, formerly known as Chemical Bank))), as trustee | 8-K | 001-02958 | 4.2 | 3/12/2021 | |
| 4.10 | Form of 2.300% Senior Notes due 2031 | 8-K | 001-02958 | 4.2 | 3/12/2021 | |
| 4.11 | Seventh Supplemental Indenture, dated as of November 14, 2025, between Hubbell Incorporated and U.S. Bank Trust Company, National Association, as trustee | 8-K | 001-02958 | 4.2 | 11/04/2025 | |
| 4.12 | Form of 4.800% Senior Notes due 2035 | 8-K | 001-02958 | 4.3 | 11/04/2025 | |
| 4.13 | Description of Registered Securities | | | | | * |
| 10.1† | Hubbell Incorporated Retirement Plan for Directors, as amended and restated effective January 1, 2005 | 10-Q | 001-02958 | 10i | 10/26/2007 | |
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Table 93 after “2. Exhibits”
| | Incorporated by Reference | | | | |
| Number | Description | Form | File No. | Exhibit | Filing Date | Filed/ Furnished Herewith |
| 10.12(c)† | Third Amendment, dated February 10, 2021, to Hubbell Incorporated Defined Contribution Restoration Plan, as amended and restated effective December 8, 2015 | 10-Q | 001-02958 | 10.2 | 4/28/2021 | |
| 10.13† | Hubbell Incorporated Policy for Providing Severance Payments to Senior Employees, as amended and restated effective December 4, 2019 | 10-K | 001-02958 | 10.14 | 2/14/2020 | |
| 10.14† | Amended and Restated Change in Control Severance Agreement, dated as of December 29, 2022, between Hubbell Incorporated and Gerben W. Bakker | 8-K | 001-02958 | 10.1 | 12/30/2022 | |
| 10.15 | Change in Control Severance Agreement, dated as of January 1, 2026, between Hubbell Incorporated and Joseph A. Capozzoli | | | | | * |
| 10.16† | Change in Control Severance Agreement, dated as of July 1, 2023, between Hubbell Incorporated and Gregory A. Gumbs | 10-K | 001-02958 | 10.19 | 2/8/2024 | |
| 10.17† | Amended and Restated Change in Control Severance Agreement, dated as of December 29, 2022, between Hubbell Incorporated and Katherine A. Lane | 8-K | 001-02958 | 10.3 | 12/30/2022 | |
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Table 94 after “2. Exhibits”
| | Incorporated by Reference | | | | |
| Number | Description | Form | File No. | Exhibit | Filing Date | Filed/ Furnished Herewith |
| 32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | ** |
| 32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | ** |
| 97.1 | Compensation Recovery Policy, effective December 1, 2023 | 10-K | 001-02958 | 97.1 | 2/8/2024 | |
| 101 | The following materials from Hubbell Incorporated’s Annual Report on Form 10-K for the year ended December 31, 2025 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Changes in Equity, and (vi) Notes to the Consolidated Financial Statements. | | | | | * |
| 104 | The cover page of this Annual Report on Form 10-K for the year end December 31, 2025, formatted in Inline XBRL (included within the Exhibit 101 attachments) | | | | | * |
| | Title | Date |
| By | /s/ G. W. BAKKERG. W. Bakker | Chairman of the Board, President and Chief Executive Officer | 2/12/2026 |
| By | /s/ J. A. CAPOZZOLIJ. A. Capozzoli | Senior Vice President, Chief Financial Officer | 2/12/2026 |
| By | /s/ J. M. DEL NEROJ. M. Del Nero | Vice President, Controller (Principal Accounting Officer) | 2/12/2026 |
| By | /s/ E. H. BAINEE. H. Baine | Director | 2/12/2026 |
| By | /s/ C. M. CARDOSOC. M. Cardoso | Director | 2/12/2026 |
| By | /s/ D. L. DIALD. L. Dial | Director | 2/12/2026 |
| By | /s/ A. J. GUZZIA. J. Guzzi | Director | 2/12/2026 |
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Table 96 after “Reserves deducted in the balance sheet from the assets to which they apply (in millions):”
| Balance at Beginning of Year | Additions / (Reversals) Charged to Costs and Expenses | | Deductions | Other | Balance atEnd of Year | |
| Allowances for doubtful accounts receivable: | | | | | | | |
| Year 2023 | $14.3 | | $(0.2) | | $(2.5) | $— | $11.6 |
| Year 2024 | $11.6 | | $1.3 | | $(1.6) | $— | $11.3 |
| Year 2025 | $11.3 | | $2.0 | | $(1.5) | $2.1 | $13.9 |
| Allowance for credit memos, returns and cash discounts: | | | | | | | |
| Year 2023 | $44.1 | | $365.5 | | $(371.4) | $— | $38.2 |
| Year 2024 | $38.2 | | $356.7 | | $(359.7) | $— | $35.2 |
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