10-K 0001628280-26-007500 (2026-02-12) vs 10-K 0001628280-25-005311 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,617 |
8.2% |
| MD&A | Item 7 | 12,415 |
20.6% |
| Legal Proceedings | Item 3, via Note 15 – Commitments and Contingencies | 320 |
0.0% |
| Accounting Policies | Item 8, Note 1 – Significant Accounting Policies | 5,329 |
11.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 178 words changed in this paragraph; it is 58% similar to last year's version.
We are subject to income taxes as well as non-income based taxes, in both the United States and numerous foreign jurisdictions. The determination of the Company’s worldwide provision for income taxes and other tax liabilities requires judgment and is based on diverse legislative and regulatory structures that exist in the various jurisdictions where the company Company operates. As a result of the The U.S. federal elections, there may also be changes in tax policy pursued by the new administration, Congress and the Treasury Department regularly consider modifications to corporate taxation, including adjustments to tax rates, deductive limitations, cross-border tax provisions, and administrative guidance. The nature and outcome of those potential changes is uncertain at this time. are uncertain. Although management believes its estimates are reasonable, the ultimate tax outcome may differ from the amounts recorded in the Company’s financial statements and may materially impact the Company’s financial results for the period when such determination is made. We are subject to ongoing tax audits in various jurisdictions. Tax authorities in many jurisdictions continue to intensify enforcement efforts and adopt new rules intended to counter perceived tax avoidance practices by multinational companies. These responses may disagree with certain positions we have taken include changes to transfer‑pricing standards, withholding tax rules, and assess additional taxes. We regularly assess the likely outcomes of these audits in order anti‑base‑erosion measures. Resulting disputes, assessments, or requirements to determine the appropriateness of revise our global tax arrangements could increase our tax provisions. However, there can be no assurance that obligations or compliance costs. While we will accurately predict the estimate tax provisions based on our assessment of ongoing audits, actual outcomes of these audits, may differ and the future outcomes of these audits could adversely affect impact our results of operations, results, financial condition and condition, or cash flows.
Source: Item 1A, 10-K 0001628280-26-007500 vs Item 1A, 10-K 0001628280-25-005311
MD&A 169 words changed in this paragraph; it is 34% similar to last year's version.
In connection with the December 2023 acquisition of Systems Control, On September 29, 2025, the Company entered into a Term Loan Agreement (the “Term "2025 Term Loan Agreement”) Agreement") with a syndicate of lenders under which and JPMorgan Chase Bank, N.A., as administrative agent. On October 1, 2025, the Company borrowed $600 million under the 2025 Term Loan Agreement (the "2025 Term Loan") on an unsecured basis. Borrowings under basis to finance a portion of the DMC Power purchase price. The 2025 Term Loan was made in a single borrowing and will be due and payable on September 29, 2028. The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement bore interest generally at either the adjusted term SOFR rate Agreement), plus an applicable margin (determined by a ratings interest addition based grid) or on Hubbell's credit ratings. The interest rate on the alternative base rate. The outstanding principal amount under the 2025 Term Loan Agreement as of December 31, 2025 was due and payable 4.99%. Hubbell also paid the lenders certain customary fees in full at maturity in December 2026. During connection with the fourth quarter of 2024, the Company repaid the remainder of the 2025 Term Loan and no balance was outstanding at December 31, 2024. Agreement.
Source: Item 7, 10-K 0001628280-26-007500 vs Item 7, 10-K 0001628280-25-005311
Accounting Policies 33 words changed in this paragraph; it is 81% similar to last year's version.
Property, plant, and equipment values are stated at cost less accumulated depreciation. depreciation and are depreciated over their estimated useful lives. Maintenance and repair expenditures that do not significantly increase the life of an asset are charged to expense when incurred. Property, plant, and equipment placed in service prior to January 1, 1999 are depreciated over their estimated useful lives, principally, using accelerated methods. Leasehold improvements are amortized over the shorter of their economic lives or the lease term. Gains and losses arising on the disposal of property, plant and equipment are included in Operating income in the Consolidated Statement of Income.
Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0001628280-26-007500 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0001628280-25-005311
Every change, by type
Sentences and paragraphs of HUBB's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
In addition, Hubbell is increasingly evaluating, developing, or utilizing artificial intelligence (“AI”), including machine learning, automation, and data‑driven analytics technologies, whether internally, embedded in third‑party software products, or integrated into customer‑facing solutions. The use of AI technologies introduces additional risks related to system reliability, data integrity, transparency, governance, and security. AI‑enabled systems may also increase the Company’s exposure to cybersecurity, data privacy, and intellectual property risks.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Evolving international tax frameworks may adversely affect our global tax position.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Governments worldwide and the Organisation for Economic Co-operation and Development (“OECD”) continue to advance extensive changes to the taxation of multinational enterprises, including global minimum tax rules under the OECD's Pillar Two initiative to address perceived tax abuse and inconsistencies between tax jurisdictions. As a result, countries in which we operate are at various stages of adopting and interpreting these rules, creating, uncertainty, in the application of new requirements. As jurisdictions implement these measures potentially with retroactive effect our effective tax rate, cash taxes, and financial results could be materially impacted.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Given the interpretive and evolving nature of tax laws, actual tax payments may differ from those currently recorded.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedRisk Factors
Changes in tax law relating to multinational corporations could adversely affect our tax position.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
Government agencies and the Organisation for Economic Co-operation and Development (“OECD”) have focused on issues related to the taxation of multinational corporations. One example is in the area of “base erosion and profit shifting,” for which the OECD has released several components of its comprehensive plan that have been adopted and expanded by many taxing authorities to address perceived tax abuse and inconsistencies between tax jurisdictions. As a result, the tax laws and policies in countries in which we do business could change on a prospective or retroactive basis, and any such changes, including any changes in the current U.S. income tax rates, may materially impact the Company’s business and financial statements.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedRisk Factors
Because tax laws and regulations are subject to interpretation, uncertainty, and change, tax payments may ultimately differ from amounts currently recorded by the Company.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedRisk Factors
Changes in U.S. trade policy have resulted and could in trade policy responses from other countries (and may result in additional reactions from U.S. trading partners, ones in the future), including adopting responsive the adoption of reciprocal trade policies making that could make it more difficult or costly for us to export our products or import goods and materials from those countries.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We rely on materials, utilize materials (such as steel, aluminum and copper), components and finished goods, such as steel and aluminum, goods that are sourced from or manufactured in foreign countries, including Canada, China, Mexico and those countries in Europe.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We may fail to realize all of the anticipated benefits of the Acquisition acquisitions of Systems Control or those benefits may take longer to realize than expected. Alliance USAcqCo 2, Inc.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We may fail to realize all of the anticipated benefits of the Acquisition of Systems Control ("Systems Control") or those benefits may take longer to realize than expected.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We have continued to work on improving our utilization of our enterprise resource planning system, expanding standardization of business processes and performing implementations at our remaining businesses, as well as acquired businesses, for example, the implementation of our enterprise resource planning system in 2024 at Aclara. businesses.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Failure to achieve the anticipated benefits of the acquisition acquisitions of Ventev, Nicor, DMC Power and Systems Control could adversely affect our results of operations or cash flows and decrease or delay the expected accretive effects of the acquisition acquisitions of Ventev, Nicor, DMC Power and Systems Control.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We are subject to risks surrounding our information technology systems and industrial controls systems failures, and the use of emerging technologies, including artificial intelligence, as well as, network disruptions, breaches in data security and compliance with data privacy laws or regulations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The U.S. has also announced new tariffs on foreign steel and aluminum, with such tariffs taking which took effect in early March. March 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In recent years, various Various countries, and regions, including, without limitation, Canada, China, Mexico, Canada and Europe, have announced plans or intentions to impose or have imposed reciprocal tariffs on a wide range of U.S. products in retaliation for new the recent U.S. tariffs.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
For example, the European Union’s implementation of the General Data Protection Regulation in 2018, Regulation, the European Union’s pending ePrivacy Regulation and the implementation of the ePrivacy Directive by the various European Union member states, and California’s implementation of its Consumer Privacy Act of 2018 and Connected Device Privacy Act of 2018, as well as data privacy statutes implemented by other states, could all disrupt our ability to sell products and solutions or use and transfer data because such activities may not be in compliance with applicable law in certain jurisdictions.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Our strategy is to also increase selling prices to offset rising costs of raw materials materials, components and components logistics and supply chain matters when necessary.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
The full benefits of the acquisition acquisitions of Ventev, Nicor, DMC Power and Systems Control, including the anticipated sales or growth opportunities, may not be realized as expected or may not be achieved within the anticipated time frame, or at all.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
These measures could also result in increased costs for goods imported into the U.S. or may lead to disruptions in the supply of good goods and materials that could cause us to adjust our worldwide supply chain.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
In the second quarter of 2025, the Company elected to change its method of accounting for certain inventories in the United States from the last-in, first out (LIFO) method to the first-in, first out (FIFO) method. The change to the FIFO method of accounting for these inventories is preferable because it provides better matching of costs and revenues, conforms the Company's inventory to a single method of accounting and improves comparability with the Company's peers. To provide historical information on a basis consistent with the change to FIFO, the Company has recast certain historical financial information to conform to the updated method of inventory accounting. The recast financial information does not represent a restatement of previously issued financial statements. Refer to Note 1 – Significant Accounting Policies within the Notes to Consolidated Financial Statements for additional information.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Unless specified otherwise, all comparisons of 2025 results are with 2024 results, and all comparisons of 2024 results are with 2023 results.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
In the first quarter of 2025, the Company acquired Ventev for approximately $73 million. Ventev is a leading manufacturer and provider of a complete ecosystem of solutions to power, protect, and connect wireless networks. The Ventev business has been added to the Electrical Solutions segment.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
In the third quarter of 2025, the Company acquired Nicor for approximately $56 million. Nicor designs and manufactures water metering endpoint solutions to integrate and optimize advanced metering infrastructure networks. Such solutions include polymer meter box lids and covers. Nicor has been added to the Utility Solutions segment.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On October 1, 2025, the Company acquired DMC Power for approximately $829 million, net of cash acquired, subject to customary purchase price adjustments. DMC Power is a provider of swaged connection systems and tooling for utility substation and transmission markets. DMC Power has been added to the Utility Solutions segment.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On September 29, 2025, the Company entered into a Term Loan Agreement (the "2025 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On October 1, 2025, the Company borrowed $600 million under the 2025 Term Loan Agreement (the "2025 Term Loan") on an unsecured basis to finance a portion of the DMC Power purchase price. The 2025 Term Loan was made in a single borrowing and will be due and payable on September 29, 2028. The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2025 Term Loan as of December 31, 2025 was 4.99%. Hubbell also paid the lenders certain customary fees in connection with the 2025 Term Loan Agreement.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
All revolving loans outstanding under the Revolving Credit Agreement will be due and payable on March 25, 2030. The Revolving Credit Agreement provides for up to two one-year maturity extensions. As of December 31, 2025, the credit facility was undrawn.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On November 14, 2025, the Company completed a public offering of $400 million aggregate principal amount of its 4.800% Senior Notes due 2035 (the “2035 Notes”). The net proceeds from the offering were approximately $392.7 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2035 Notes bear interest at a rate of 4.800% per annum from November 14, 2025. Interest on the 2035 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. The 2035 Notes will mature on November 15, 2035.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The Company used the net proceeds from the offering of the 2035 Notes, together with cash on hand, on December 1, 2025 to redeem in full all of the Company’s outstanding 3.350% Senior Notes due in 2026 for an aggregate principal amount of $400 million, which had a stated maturity date of March 1, 2026 (the "2026 Notes"), and to pay the accrued interest in respect thereof.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•Regulatory issues, and extensive worldwide changes to the taxation of multinational enterprises, including global minimum tax rules under the OECD’s Pillar Two initiative and potential modifications to corporate taxation by the U.S. government, including adjustments to tax rates, deduction limitations, cross-border tax provisions, and administrative guidance.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
Productivity programs affect virtually all functional areas within the Company by reducing or eliminating waste and improving processes. We continue to expand our efforts related to global product and component sourcing and supplier cost reduction programs. Value engineering efforts, product transfers and the use of lean process improvement techniques are expected to continue to increase manufacturing efficiency. In addition, we continue to build upon the benefits of our enterprise resource planning system across all functions.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
On February 1, 2022, the Company completed the sale of the Commercial and Industrial Lighting business (the “C&I Lighting business”) to GE Current, a Daintree Company. The disposal of the C&I Lighting business met the criteria set forth in ASC 205-20 to be presented as a discontinued operation. The C&I Lighting businesses’ results of operations and the related cash flows have been reclassified to income from discontinued operations in the Consolidated Statements of Income and cash flows from discontinued operations in the Consolidated Statement of Cash Flows, respectively, for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, see Note 2 – Discontinued Operations, in the accompanying Consolidated Financial Statements, which note is incorporated herein by reference.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
For the Year Ending December 31, 2024 % of Net sales 2023 % of Net sales Net sales $ 5,628.5 $ 5,372.9 Cost of goods sold 3,724.4 66.2% 3,484.8 64.9% Gross profit 1,904.1 33.8% 1,888.1 35.1% Selling & administrative expenses 812.5 14.4% 849.6 15.8% Operating income 1,091.6 19.4% 1,038.5 19.3% Net income from continuing operations 783.5 13.9% 766.0 14.2% Less: Net income from continuing operations attributable to noncontrolling interest (5.7) (0.1)% (6.2) (0.1)% Net Income From Continuing Operations Attributable to Hubbell Incorporated 777.8 13.8% 759.8 14.1% Income from discontinued operations, net of tax — —% — —% Net income attributable to Hubbell Incorporated 777.8 13.8% 759.8 14.1% Less: Earnings allocated to participating securities (1.5) (1.8) Net income available to common shareholders $ 776.3 $ 758.0 Average number of diluted shares outstanding 54.0 54.0 DILUTED EARNINGS PER SHARE - CONTINUING OPERATIONS $ 14.37 $ 14.05 DILUTED EARNINGS PER SHARE - DISCONTINUED OPERATIONS $ — $ —
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
•Regulatory issues, changes in tax laws and policies, including changes in current U.S. income tax rates multijurisdictional implementation of the OECD’s comprehensive base erosion and profit shifting plan, or changes in geographic profit mix affecting tax rates and availability of tax incentives.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedMD&A
The On March 25, 2025, the Company, as borrower, and its subsidiaries Hubbell Power Holdings S.à r.l. and Harvey Hubbell Holdings S.à r.l., each as a foreign subsidiary borrower from time to time party thereto (collectively, the “Subsidiary “Foreign Subsidiary Borrowers”) are parties to entered into a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $750 million $1.0 billion committed unsecured revolving credit facility (the “2021 “Revolving Credit Facility”), which matures on March 12, 2026. Agreement”).
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Within these segments, Hubbell serves customers in several primary end markets: markets that include utility distribution, utility transmission transmission, substation and utility substation distribution markets, data center and industrial markets, as well as industrial markets for utility meters and non-residential. grid protection and controls, non-residential, telecom and gas distribution products.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
At each of December 31, 2024 and 2023, 2024, the Company had an outstanding principal amount of $400 million in 2026 Notes and other unsecured, senior notes in principal amounts of $400 million due in 2026, $300 million due in 2027, 2027 (the "2027 Notes"), $450 million due in 2028 (the "2028 Notes"), and $300 million due in 2031 (the “Notes”). "2031 Notes').
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
This increase was driven by a 12.9% 1.1% increase in net sales from acquisitions, partially offset by a 2.4% decrease in organic net sales driven by from a mid low single digit percentage decrease increase in unit volumes price, partially offset by a low single digit increase percentage decrease in price realization. unit volumes.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
For the Year Ended December 31, Electrical Solutions 2024 2025 Inc/(Dec) % 2023 2024 Inc/(Dec) % Net sales growth (decline) growth (GAAP measure) $ 144.5 7.1 $ (83.4) (3.9) $ 34.4 1.7 Impact of acquisitions 21.0 1.0 — — 43.9 2.1 Impact of divestitures (21.1) (1.0) (163.0) (7.7) — — Foreign currency exchange (2.1) (0.1) (0.7) — 1.5 0.1 Organic Net sales growth (decline) (non-GAAP measure) $ 146.7 7.2 $ 80.3 3.8 $ (11.0) (0.5)
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
That change was driven by (and together with its subsidiaries, "DMC Power"), as compared to $122.9 million of cash proceeds in 2024 from the disposition of our residential lighting business as compared to cash used for acquisitions of $1,211.7 million in 2023. business.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The size of acquisition and divestiture actions taken integration of DMC Power resulted in significant transaction and integration costs, and the acquisitions and disposition completed by the Company in the fourth quarter of 2023 has resulted in a significant increase in these transaction, integration and separation costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The increase includes 7.2% growth in organic net sales was sales, driven by a mid single digit percentage increase in price realization and a low single digit percentage increase in unit volumes and a low single digit percentage increase in price realization. volumes.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Volume growth was driven primarily by strength in renewables markets the datacenter and datacenter balance-of-system products, while light industrial markets were solid markets, partially offset by softness in the non-residential and non residential markets were soft. heavy industrial markets.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The interest rate applicable to borrowings under the 2021 Revolving Credit Facility Agreement is either (i) the alternate base rate (as defined in the 2021 Revolving Credit Facility) Agreement) or (ii) the adjusted term SOFR rate (as defined in the Revolving Credit Agreement) plus an applicable margin (determined by a ratings based grid). on the Company's credit ratings.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
For the Year Ended December 31, Utility Solutions 2024 2025 Inc/(Dec) % 2023 2024 Inc/(Dec) % Net sales growth (GAAP measure) $ 71.6 2.0 $ 339.0 10.4 $ 390.6 13.6 Impact of acquisitions 35.4 1.0 421.0 12.9 52.7 1.8 Impact of divestitures — — — — Foreign currency exchange (2.9) (0.1) (3.7) (0.1) 1.6 0.1 Organic Net sales growth (decline) growth (non-GAAP measure) $ 39.1 1.1 $ (78.3) (2.4) $ 336.3 11.7
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The unfavorable favorable impact of foreign currency exchange rates on cash was $13.9 million in 2025 as compared to an unfavorable effect of $16.4 million in 2024 as compared to a favorable effect of $6.9 million in 2023. 2024.
Read it in 10-K 2026-02-12 at sec.gov ↗
