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On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Power Act ("IEEPA") exceeded presidential authority and were therefore invalid. The IEEPA tariffs were immediately replaced with tariffs under alternative statutory authority, although the scope and duration of future tariffs remain uncertain.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026, 10-Q of May 1, 2026
On February 20, 2026, the U.S. Supreme Court issued a ruling in Learning Resources, Inc. v. Trump invalidating certain tariffs previously imposed under the IEEPA. On April 20, 2026, the U.S. Customs and Border Protection (CBP) launched a system to process IEEPA tariff refund claims and the Company submitted claims for IEEPA tariffs that have been previously paid. Based on these actions, the Company may be eligible for refunds of certain tariffs paid during 2025 and the first quarter of 2026.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
We cannot predict what changes to trade policy will be made, or the economic impact that changes to trade policy will have, including significant increases in tariffs on goods imported into the United States, particularly tariffs on products manufactured in Canada, Mexico and China, and the length of time such tariffs may remain in place, or whether the entry into new bilateral or multilateral trade agreements will occur. The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries could adversely impact our business, financial condition and results of operations.
Read in the filing ↗ Also in 10-Q of Jul 30, 2025, 10-K of Feb 12, 2026
On April 20, 2026, the U.S. Customs and Border Protection (CBP) launched a system to process IEEPA tariff refund claims and the Company submitted claims for IEEPA tariffs that have been previously paid. The Company has elected to use a gain contingency model to account for recoveries of previously paid IEEPA tariffs, in accordance with ASC 450-30 "Gain Contingencies". Under this model, a gain contingency is not recognized in the financial statements until the gain is realized or realizable. During the three months ended September 30, 2026, the Company received refunds for IEEPA tariffs previously paid totaling approximately $31 million, which was recognized as a reduction to cost of goods sold during the three months ended September 30, 2026.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026
In recent years, various countries, and regions, including, without limitation, China, Mexico, Canada and Europe, have announced plans or intentions to impose or have imposed tariffs on a wide range of U.S. products in retaliation for new U.S. tariffs. These actions could, in turn, result in additional tariffs being adopted by the U.S. These conditions and future actions could have a significant adverse effect on world trade and the world economy. To the extent that trade tariffs and other restrictions imposed by the United States increase the price of, or limit the amount of, raw materials and finished goods imported into the United States, the costs of our raw materials may be adversely affected and the demand from our customers for products and services may be diminished, which could adversely affect our revenues and profitability.
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… Although a portion of these new tariffs have been temporarily suspended, other parts of these new tariffs are now in effect, and it is unclear for how long and to what extent such suspensions will remain in effect. The U.S. has also announced new tariffs on foreign steel and aluminum, with such tariffs taking effect in early March. The …
Read in the filing ↗ Also in 10-Q of Jul 30, 2025, 10-K of Feb 12, 2026
The Company has elected to use a gain contingency model to account for recoveries of previously paid IEEPA tariffs, in accordance with ASC 450-30 "Gain Contingencies". Under this model, a gain contingency is not recognized in the financial statements until the gain is realized or realizable. Tariff recoveries are reflected as a reduction of cost of goods sold for inventory that has already been sold. Subsequent to June 30, 2026, the Company received refunds for IEEPA tariffs previously paid totaling approximately $ 30 million, including an immaterial amount of interest. As of June 30, 2026 these amounts were not deemed to be realized or realizable and, accordingly, these amounts were not recognized in the condensed consolidated financial statements for the period ending June 30, 2026.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
Recently, various countries, and regions, including, without limitation, Canada, China, Mexico, and Europe, have announced plans or intentions to impose or have imposed tariffs on a wide range of U.S. products in retaliation for the new U.S. tariffs. These actions could, in turn, result in additional tariffs being adopted by the U.S. These conditions and future actions could have a significant adverse effect on world trade and the world economy. To the extent that trade tariffs and other restrictions imposed by the United States increase the price of, or limit the amount of, raw materials and finished goods imported into the United States, the costs of our raw materials may be adversely affected and the demand from our customers for products and services may be diminished, which could adversely affect our revenues and profitability. Accordingly, the recent trade actions by the U.S. and the widespread uncertainty and international tensions resulting therefrom, including, without limitation, the effect on the value of the U.S. dollar relative to other currencies, may adversely affect demand for our products, disrupt our supply chains, increase manufacturing costs and adversely affect our revenues, costs of sales and production volumes, any of which could materially and adversely harm our business, financial condition and results of operations.
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Various countries, and regions, including, without limitation, Canada, China, Mexico, 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 the recent U.S. tariffs. These actions could, in turn, result in additional tariffs being adopted by the U.S. These conditions and future actions could have a significant adverse effect on world trade and the world economy. To the extent that trade tariffs and other restrictions imposed by the United States increase the price of, or limit the amount of, raw materials and finished goods imported into the United States, the costs of our raw materials may be adversely affected and the demand from our customers for products and services may be diminished, which could adversely affect our revenues and profitability. Accordingly, the recent trade actions by the U.S. and the widespread uncertainty and international tensions resulting therefrom, including, without limitation, the effect on the value of the U.S. dollar relative to other currencies, may adversely affect demand for our products, disrupt our supply chains, increase manufacturing costs and adversely affect our revenues, costs of sales and production volumes, any of which could materially and adversely harm our business, financial condition and results of operations.
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• Impact of and substantial uncertainty regarding the duration of existing and newly announced trade tariffs, import quotas or other trade actions, restrictions or measures taken by the United States, China, Mexico, the United Kingdom, member states of the European Union, and other countries, including the recent and ongoing potential changes in U.S. trade policies, that may be made by the current or a future presidential administration and changes in trade policies in other countries made in response to changes in the U.S. trade policies, as well as eligibility for and the timing of anticipated IEEPA tariff refunds.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026, 10-Q of May 1, 2026
• Impacts of increased trade tariffs, import quotas or other trade restrictions or measures taken by the United States, United Kingdom and other countries, including the recent and potential changes in U.S. trade policies that may be made by the new presidential administration.
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• Impact of trade tariffs, import quotas or other trade actions, restrictions or measures taken by the United States, China, Mexico, the United Kingdom, member states of the European Union, and other countries, including the recent and ongoing potential changes in U.S. trade policies, that may be made by the current or a future presidential administration and changes in trade policies in other countries made in response to changes in the U.S. trade policies.
Read in the filing ↗ Also in 10-Q of Oct 29, 2025, 10-K of Feb 12, 2026
As a percentage of net sales, cost of goods sold decreased by 140 basis points to 64.7% and gross profit margin expanded to 35.3% in 2025. The increase in gross profit margin includes approximately four percentage points of margin expansion driven by favorable price realization, improved operational productivity, and lower acquisition-related intangible amortization expense, which was partially offset by three points of margin contraction due to material and other cost inflation, including tariff expense.
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We rely on materials, components and finished goods, such as steel and aluminum, that are sourced from or manufactured in foreign countries, including China, Mexico and those in Europe. Import tariffs and potential additional import tariffs have resulted or may result in increased prices for these imported goods and materials and, in some cases, may result or have resulted in price increases for domestically sourced goods and materials. Changes in U.S. trade policy have resulted and could result in additional reactions from U.S. trading partners, including adopting responsive trade policies making it more difficult or costly for us to export our products or import goods and materials from those countries. 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 and materials that cause us to adjust our worldwide supply chain. Either of these could require us to increase prices to our customers which may reduce demand, or, if we are unable to increase prices, result in lowering our margin on products sold.
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Our goal is to have pricing and productivity programs that offset the impact of cost increases as well as pay for investments in key growth areas. Our cost structure may be subject to material and production cost increases from inflationary periods within the U.S. and global economies, and from trade and other tensions. In particular, we have been subject to recent periods of inflationary pressure in the global economy and also subject to cost increases as a result of tariff and other material cost increases from trade actions by the U.S. and other countries. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our pricing and productivity programs are intended to mitigate the risk to our operating margins related to these inflationary pressures and cost increases as a result of tariffs. Refer to our risk factor; Changes in U.S. and international trade policies may adversely impact our business and operating results; changes in U.S. trade policies could have a material adverse effect on us for additional information.
Read in the filing ↗ Also in 10-Q of May 1, 2026, 10-Q of Jul 29, 2026, 10-Q of Oct 28, 2026
As a percentage of Net sales, cost of goods sold decreased by 110 basis points to 63.8% in the third quarter of 2025, resulting in gross profit margin expanding to 36.2%. Approximately five percentage points of gross profit margin expansion was driven by favorable price realization, improved operational productivity, and lower acquisition-related intangible asset amortization, partially offset by approximately four percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
As a percentage of Net sales, cost of goods sold decreased by 90 basis points to 66.7% in the first quarter of 2026, resulting in gross profit margin expanding to 33.3%. Approximately seven percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity and higher volume, partially offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.
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We cannot predict future trade policy or the terms of any renegotiated trade agreements and their impacts on our business. The adoption and expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to new tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. economy, which in turn could adversely impact our business, financial condition and results of operations.
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As a percentage of Net sales, cost of goods sold decreased by 180 basis points to 62.8% in the second quarter of 2025, resulting in gross profit margin expanding to 37.2%. Approximately four percentage points of gross profit margin expansion was driven by favorable price, improved operational productivity, lower acquisition-related intangible asset amortization, and improved business mix, partially offset by two percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense.
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We cannot predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. The adoption and expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to new tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs, our customers, our suppliers, and the U.S. economy, which in turn could adversely impact our business, financial condition and results of operations.
Read in the filing ↗ Also in 10-K of Feb 12, 2026
Operating margin in the third quarter of 2025 expanded by 30 basis points to 22.0%. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 23.9% and increased by 10 basis points. Margin expansion in the quarter was primarily driven by benefits from operational productivity and favorable price realization, partially offset by margin contraction driven by continued material and other cost inflation, including tariff expense. See further discussion within Segment Results below.
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As a percentage of Net sales, cost of goods sold decreased by 170 basis points to 65.1% in the first six months of 2025, resulting in gross profit margin expanding to 34.9%. Approximately four percentage points of gross profit margin expansion was driven by improved operational productivity, favorable price and lower acquisition-related intangible asset amortization, partially offset by two percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and lower volume.
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As a percentage of Net sales, cost of goods sold decreased by 160 basis points to 64.6% in the first nine months of 2025, resulting in gross profit margin expanding to 35.4%. Approximately five percentage points of gross profit margin expansion was driven by improved operational productivity, favorable price and lower acquisition-related intangible asset amortization, partially offset by three percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and lower volume.
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We utilize materials (such as steel, aluminum and copper), components and finished goods that are sourced from or manufactured in foreign countries, including Canada, China, Mexico and countries in Europe. Import tariffs and potential additional import tariffs have resulted or may result in increased prices for these imported goods and materials and, in some cases, may result or have resulted in price increases for domestically sourced goods and materials. Changes in U.S. trade policy have resulted in trade policy responses from other countries (and may result in additional ones in the future), including the adoption of trade policies that could make it more difficult or costly for us to export our products or import goods and materials from those countries. These measures could also result in increased costs for goods imported into the U.S. or may lead to disruptions in the supply of goods and materials that could cause us to adjust our worldwide supply chain. This could require us to increase prices to our customers which may reduce demand, or, if we are unable to increase prices, result in lowering our margin on products sold.
Read in the filing ↗ Also in 10-K of Feb 12, 2026
Operating margin in the second quarter of 2025 expanded by 160 basis points to 22.7%. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 24.4% and increased by 120 basis points. That result includes margin expansion in the quarter primarily driven by benefits from operational productivity and favorable price realization, partially offset by margin contraction driven by continued material and other cost inflation, including tariff expense. See further discussion within Segment Results below.
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As a percentage of Net sales, cost of goods sold was flat at 64.6% in the first nine months of 2026, resulting in gross profit margin remaining flat at 35.4%. Approximately six percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity, higher volume, and the impact of acquisitions, partially offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.
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As a percentage of Net sales, cost of goods sold increased by 140 basis points to 64.2% in the second quarter of 2026, resulting in gross profit margin contracting to 35.8%. Approximately five percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity, higher volume and the impact of acquisitions, more than offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.
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As a percentage of Net sales, cost of goods sold increased by 30 basis points to 65.4% in the first six months of 2026, resulting in gross profit margin contracting to 34.6%. Approximately six percentage points of gross profit margin expansion were driven by favorable price realization, improved operational productivity, higher volume, and the impact of acquisitions, partially offset by six percentage points of gross profit margin contraction due to material and other cost inflation, including tariff expense and higher intangible amortization expense.
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Operating margin in the first quarter of 2026 expanded by 50 basis points to 17.4% and includes the effect of amortization of acquisition-related intangibles and transaction, integration and separation costs. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 19.8% and expanded by 110 basis points. That result includes margin expansion in the quarter, primarily driven by favorable price realization, and benefits from operational productivity and higher unit volume, that was partially offset by margin contraction from material and other cost inflation, including tariff expense. See the further discussion within Segment Results below.
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Operating margin in the second quarter of 2026 contracted by 230 basis points to 20.4% and includes the effect of amortization of acquisition-related intangibles and transaction, integration and separation costs. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration and separation costs, was 23.9% and contracted by 50 basis points. That result includes margin expansion in the quarter, primarily driven by favorable price realization, benefits from operational productivity, and higher unit volume, and the impact of acquisitions, that was more than offset by margin contraction from material and other cost inflation, including tariff expense. See the further discussion within Segment Results below.
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Operating margin in the third quarter of 2026 contracted by 20 basis points to 21.8% and includes the effect of amortization of acquisition-related intangibles and transaction, integration & separation costs. Adjusted operating margin, which excludes amortization of acquisition-related intangibles and transaction, integration & separation costs, expanded by 160 basis points to 25.5%. That result includes margin expansion in the quarter, primarily driven by benefits from operational productivity, favorable price realization, higher unit volume, the impact of acquisitions and a net tariff benefit. The effect of those items was partially offset by margin contraction from material and other cost inflation. See the further discussion within Segment Results below.
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Operating income in the Utility Solutions segment in 2025 was $789.9 million an increase of 7.9% compared to 2024. Operating margin increased by 120 basis points to 21.5% in 2025. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin increased by 50 basis points to 24.1% as compared to the prior year. The increase in operating margin and adjusted operating margin includes approximately three percentage points of margin expansion from favorable price realization and improved operational productivity. Those factors were partially offset by approximately two percentage points of margin contraction due to material and other cost inflation, including tariff expense.
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Operating income in the Electrical Solutions segment for the second quarter of 2025 was $118.1 million and increased by 8.2% compared to the second quarter of 2024, while operating margin in the second quarter of 2025 expanded by 80 basis points to 21.5%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin expanded by 100 basis points to 22.5%. The increase in operating margin was primarily due to approximately four percentage points of margin expansion from favorable price realization and operational productivity. Those factors were partially offset by approximately three percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense.
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Operating income in the Utility Solutions segment for the first quarter of 2026 was $175.1 million, an increase of 16.1% compared to the first quarter of 2025. Operating margin increased by 90 basis points to 18.5% in the first quarter of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 190 basis points to 21.8%. That increase includes approximately six percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volumes and the impact of acquisitions. Those increases were partially offset by four percentage points of margin contraction due to material and other cost inflation, including tariff expense.
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Operating income in the Utility Solutions segment for the second quarter of 2026 was $233.9 million, an increase of 7.2% compared to the second quarter of 2025. Operating margin decreased by 50 basis points to 22.8% in the second quarter of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 10 basis points to 25.6%. That increase includes approximately four percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volumes and the impact of acquisitions. Those increases were partially offset by approximately four percentage points of margin contraction due to material and other cost inflation, including tariff expense.
Read in the filing ↗ Also in 10-Q of Jul 30, 2025
Operating income in the Utility Solutions segment for the third quarter of 2026 was $241.2 million, an increase of 10.0% compared to the third quarter of 2025. Operating margin increased by 30 basis points to 23.5% in the third quarter of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 30 basis points to 26.0%. That increase includes approximately four percentage points of margin expansion due to improved operational productivity, favorable price realization, the impact of acquisitions, higher unit volumes and a net tariff benefit. Those factors were partially offset by approximately four percentage points of margin contraction due to material and other cost inflation.
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Operating income in the Utility Solutions segment for the first six months of 2026 was $409.0 million, an increase of 10.8% compared to the first six months of 2025. Operating margin increased by 10 basis points to 20.7% in the first six months of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 100 basis points to 23.8%. That increase includes approximately five percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions. Those increases were partially offset by four percentage points of margin contraction due to material and other cost inflation, including tariff expense.
Read in the filing ↗ Also in 10-Q of Jul 30, 2025
Operating income in the Utility Solutions segment for the first nine months of 2026 was $650.2 million, an increase of 10.5% compared to the first nine months of 2025. Operating margin increased by 20 basis points to 21.7% in the first nine months of 2026. Excluding amortization of acquisition-related intangible assets and transaction, integration & separation costs, the adjusted operating margin increased by 80 basis points to 24.6%. That increase includes approximately five percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions. Those increases were partially offset by four percentage points of margin contraction due to material and other cost inflation, including tariff expense.
Read in the filing ↗ Also in 10-Q of Oct 29, 2025
Operating income of the Electrical Solutions segment in 2025 was $418.9 million and increased approximately 15.9% compared to 2024, while operating margin in 2025 increased by 150 basis points to 19.3%. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin increased by 120 basis points to 20.2% in 2025. The increase in the operating margin and adjusted operating margin in 2025 was primarily due to approximately six percentage points of margin expansion from favorable price realization, improved operational productivity and higher unit volumes. Those factors were partially offset by approximately five percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and unfavorable business mix.
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Operating income in the Electrical Solutions segment for the first six months of 2025 was $197.7 million and increased by 12.5% compared to the first six months of 2024, while operating margin in the first six months of 2025 expanded by 170 basis points to 18.7%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin expanded by 140 basis points to 19.7%. The increase in operating margin was primarily due to approximately four percentage points of margin expansion from favorable price realization, operational productivity and higher volumes. Those factors were partially offset by approximately three percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026
Operating income in the Electrical Solutions segment for the first quarter of 2026 was $88.7 million and increased by 11.4% compared to the first quarter of 2025, while operating margin in the first quarter of 2026 contracted by 10 basis points to 15.6%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin contracted by 30 basis points to 16.4%. The decrease in operating margin was primarily due to approximately ten percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and higher restructuring investment. Those factors were partially offset by approximately ten percentage points of margin expansion due to higher price, improved operational productivity and favorable price realization.
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Operating income in the Electrical Solutions segment for the third quarter of 2026 was $167.5 million and increased by 50.5% compared to the third quarter of 2025, while operating margin in the third quarter of 2026 contracted by 10 basis points to 19.8%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin expanded by 400 basis points to 24.8%. The increase in operating margin was primarily due to approximately ten percentage points of margin expansion due to higher unit volume, favorable price realization, the impact of acquisitions, improved operational productivity and a net tariff benefit. Those factors were partially offset by approximately six percentage points of margin contraction due to higher material and other cost inflation.
Read in the filing ↗ Also in 10-Q of Oct 29, 2025
Operating income in the Electrical Solutions segment for the first nine months of 2026 was $370.9 million and increased by 20.0% compared to the first nine months of 2025, while operating margin in the first nine months of 2026 contracted by 140 basis points to 17.7%. Excluding amortization of acquisition-related intangibles and transaction, integration & separation costs, the adjusted operating margin expanded by 130 basis points to 21.4%. The increase in operating margin was primarily due to approximately ten percentage points of margin expansion due to favorable price realization, improved operational productivity, higher unit volume and the impact of acquisitions. Those factors were partially offset by approximately nine percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense.
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Operating income in the Electrical Solutions segment for the first nine months of 2025 was $309.0 million an increase of 14.7% compared to the first nine months of 2024, while operating margin in the first nine months of 2025 expanded by 160 basis points to 19.1%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin expanded by 140 basis points to 20.1%. The increase in operating margin was primarily due to approximately five percentage points of margin expansion from favorable price realization, operational productivity, higher unit volumes and increased savings from restructuring and related projects. Those factors were partially offset by approximately four percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense.
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Operating income in the Electrical Solutions segment for the second quarter of 2026 was $114.7 million and decreased by 2.9% compared to the second quarter of 2025, while operating margin in the second quarter of 2026 contracted by 480 basis points to 16.7%. Excluding amortization of acquisition-related intangibles and transaction, integration and separation costs, the adjusted operating margin contracted by 130 basis points to 21.2%. The decrease in operating margin was primarily due to approximately eight percentage points of margin contraction driven by higher material and other cost inflation, including tariff expense and higher restructuring investment. Those factors were partially offset by approximately seven percentage points of margin expansion due to favorable price realization, higher unit volume, improved operational productivity and the impact of acquisitions.
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In 2025, Net sales increased by 3.8% or $216 million and organic Net sales(1) increased by $186 million on favorable price realization and higher unit volumes, as further discussed in segment results below. Operating margin increased in 2025, by 130 basis points and adjusted operating margin(1) increased by 80 basis points, driven by favorable price realization and improved operational productivity. Those increases were partially offset by material and other cost inflation, including tariff expense. Net income attributable to Hubbell increased by 13.9% in 2025 compared to the prior year and diluted earnings per share increased by 14.9%. Adjusted net income attributable to Hubbell(1) increased by 8.8% in 2025 compared to the prior year and adjusted diluted earnings per share(1) increased by 9.8% in 2025.
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Electrical Solutions segment net sales in the fourth quarter of 2025 increased 14% to $557 million compared to $487 million in the fourth quarter of 2024. Organic net sales increased 13% in the quarter, while acquisitions added 1%. Segment operating income in the fourth quarter of 2025 was $110 million, or 19.7% of net sales, compared to $92 million, or 18.9% of net sales in the same period of 2024. Adjusted operating income was $114 million, or 20.5% of net sales, in the fourth quarter of 2025 as compared to $97 million, or 19.9% of net sales in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth and favorable price realization and productivity, partially offset by higher cost inflation, raw material costs and tariffs.
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Electrical Solutions segment net sales in the second quarter of 2025 increased 4% to $549 million compared to $526 million reported in the second quarter of 2024. Organic net sales increased 4% in the quarter, while an acquisition contributed 1%. Segment operating income was $118 million, or 21.5% of net sales in the second quarter of 2025, compared to $109 million, or 20.7% of net sales in the same period of 2024. Adjusted operating income was $124 million, or 22.5% of net sales, in the second quarter of 2025 as compared to $113 million, or 21.5% of net sales in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth and favorable price realization and productivity, partially offset by higher cost inflation, raw material costs and tariffs.
Read in the filing ↗ Also in 8-K of Jul 28, 2026
Electrical Solutions segment net sales in the third quarter of 2025 increased 10% to $559 million compared to $510 million reported in the third quarter of 2024. Organic net sales increased 8% in the quarter, while an acquisition contributed 1%. Segment operating income was $111 million, or 19.9% of net sales in the third quarter of 2025, compared to $94 million, or 18.4% of net sales in the same period of 2024. Adjusted operating income was $116 million, or 20.8% of net sales, in the third quarter of 2025 as compared to $99 million, or 19.4% of net sales in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth and favorable price realization and productivity, partially offset by higher cost inflation, raw material costs and tariffs.
Read in the filing ↗ Also in 8-K of Oct 27, 2026
Operating income in the Utility Solutions segment for the third quarter of 2025 was $219.3 million, and was approximately flat compared to the third quarter of 2024. Operating margin decreased by 30 basis points to 23.2% in the third quarter of 2025, and includes the effect of changes in amortization of acquisition-related intangible assets and transaction, integration and separation costs, as shown in the table above. Excluding amortization of acquisition-related intangible assets and transaction, integration and separation costs, the adjusted operating margin decreased by 50 basis points to 25.7%. That decrease includes approximately four percentage points of margin expansion from favorable price realization and improved operational productivity. Those factors were more than offset by approximately four percentage points of margin contraction due to material and other cost inflation, including tariff expense, unfavorable business mix and higher restructuring investments.
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Electrical Solutions segment net sales in the first quarter of 2026 increased 12% to $568 million compared to $508 million reported in the first quarter of 2025. Organic net sales increased 11% in the quarter, while acquisitions added 0.3%. Segment operating income in the first quarter of 2026 was $89 million, or 15.6% of net sales, compared to $80 million, or 15.7% of net sales in the same period of 2025. Adjusted operating income was $93 million, or 16.4% of net sales, in the first quarter of 2026 as compared to $85 million, or 16.7% of net sales in the same period of the prior year. Changes in operating income and operating margin were driven primarily by volume growth and favorable price realization and productivity, partially offset by higher cost inflation, raw material costs, tariffs and restructuring investment.
Read in the filing ↗ Also in 8-K of May 1, 2025
Additionally, international tensions, such as the conflicts in the Middle East and Ukraine, as well as trade and other tensions, including those with China, Mexico and Canada may affect demand for our products, as well as our production costs. In particular, recent tariff and other trade actions by the U.S. and other countries and the widespread uncertainty and international tensions resulting therefrom, including, without limitation, the effect on the value of the U.S. dollar relative to other currencies, may adversely affect demand for our products, disrupt our supply chains, increase manufacturing costs and adversely affect our revenues, cost of sales and production volumes, any of which could materially and adversely harm our business, financial condition and results of operations. See also Item 1A Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in this Quarterly Report on Form 10-Q for further information.
Read in the filing ↗ Also in 10-Q of Oct 29, 2025
Utility Solutions segment net sales in the first quarter of 2025 decreased 4% to $857 million compared to $894 million reported in the first quarter of 2024. Organic net sales decreased approximately 4% in the quarter. Grid Infrastructure net sales increased approximately 1% and Grid Automation net sales decreased approximately 15%. Segment operating income was $160 million, or 18.7% of net sales, in the first quarter of 2025 as compared to $158 million, or 17.6% of net sales in the same period of 2024. Segment adjusted operating income was $180 million, or 21.0% of net sales, in the first quarter of 2025 as compared to $195 million, or 21.8% of net sales in the prior year period. Changes in operating income and operating margin were primarily due to lower intangible asset amortization expense, favorable price realization and productivity, partially offset by raw material cost increases and tariffs as well as volume declines.
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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.
Read in the filing ↗ Also in 8-K of Jul 29, 2025
Utility Solutions segment net sales in the third quarter of 2025 increased 1% to $944 million compared to $933 million reported in the third quarter of 2024. Organic net sales increased approximately 1% in the quarter. Grid Infrastructure net sales increased approximately 9% and Grid Automation net sales decreased approximately 18%. Segment operating income was $219 million, or 23.2% of net sales, in the third quarter of 2025 as compared to $219 million, or 23.5% of net sales in the same period of 2024. Segment adjusted operating income was $242 million, or 25.7% of net sales, in the third quarter of 2025 as compared to $245 million, or 26.2% of net sales in the prior year period. Changes in operating income and operating margin were primarily due to favorable price realization and productivity as well as strong volume growth in Grid Infrastructure, offset by volume declines in Grid Automation as well as higher cost inflation, raw material costs and tariffs.
Read in the filing ↗ Also in 8-K of Oct 27, 2026
Utility Solutions segment net sales in the first quarter of 2026 increased 11% to $949 million compared to $857 million reported in the first quarter of 2025. Organic net sales increased approximately 7% in the quarter compared to the first quarter 2025. Grid Infrastructure net sales increased approximately 18% and Grid Automation net sales decreased approximately 7%. Segment operating income in the first quarter of 2026 was $175 million, or 18.5% of net sales, compared to $151 million, or 17.6% of net sales in the same period of 2025. Adjusted operating income was $207 million, or 21.8% of net sales, in the first quarter of 2026 as compared to $171 million, or 19.9% of net sales in the same period of the prior year. Changes in operating income and operating margin were primarily due to volume growth in Grid Infrastructure, the impact of acquisitions and favorable price and productivity, partially offset by volume declines in Grid Automation as well as higher cost inflation, raw material costs and tariffs.
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Utility Solutions segment net sales in the fourth quarter of 2025 increased 10% to $936 million compared to $847 million reported in the fourth quarter of 2024. Organic net sales increased 7% compared to the fourth quarter of 2024, while acquisitions added 4%. Grid Infrastructure net sales increased approximately 18% and Grid Automation net sales decreased by approximately 8%. Segment operating income in the fourth quarter of 2025 was $202 million, or 21.5% of net sales, compared to $168 million, or 19.8% of net sales in the same period of 2024. Adjusted operating income was $235 million, or 25.1% of net sales, in the fourth quarter of 2025 as compared to $196 million, or 23.1% of net sales in the same period of the prior year. Changes in operating income and operating margin were primarily due to volume growth in Grid Infrastructure, the impact of acquisitions and favorable price and productivity, partially offset by volume declines in Grid Automation as well as higher cost inflation, raw material costs and tariffs.
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Mr. Bakker continued, “Electrical Solutions organic growth of 5% was driven by strength in datacenter markets, as well as continued execution on our segment unification strategy to drive outgrowth through innovation and commercial alignment. Execution on this strategy also continued to drive operating margin expansion and adjusted operating profit growth in the quarter. In Utility Solutions, transmission and substation markets remained strong as utility customers invest to interconnect new sources of load and generation. Distribution markets improved sequentially, and orders were strong across each major Grid Infrastructure end market. As anticipated, Grid Automation sales were down double digits in the first quarter on challenging prior year comparisons. Operationally, while we continued to deliver favorable price realization and productivity across both segments, recent cost increases driven by raw material inflation and tariffs resulted in a net price/cost/productivity headwind in the first quarter.” 1 Mr. Bakker concluded, “Hubbell is uniquely positioned in attractive end markets with long-term growth tailwinds from grid modernization and electrification. We are seeing healthy end customer activity across utility and electrical markets, and we are confident in our ability to mitigate recent inflationary impacts through price and productivity initiatives.”
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… the impact of trade tariffs, import quotas or other trade actions, restrictions or measures taken by the United States, China, Mexico, the United Kingdom, member states of the European Union, and other countries, including the recent and ongoing potential changes in U.S. trade policies, that may be made by the current or a future presidential administration and changes in …
Read in the filing ↗ Also in 8-K of May 4, 2026, 8-K of Jul 28, 2026, 8-K of Oct 27, 2026, 8-K of Jan 30, 2024, 8-K of Jul 30, 2024, 8-K of Apr 30, 2024, 8-K of Oct 29, 2024, 8-K of May 1, 2025, 8-K of Jul 29, 2025, 8-K of Feb 4, 2025
… the impact of and substantial uncertainty regarding the duration of existing and newly announced trade tariffs, import quotas or other trade actions, restrictions or measures taken by the United States, China, Mexico, the United Kingdom, member states of the European Union, and other countries, including the recent and ongoing potential changes in U.S. trade policies, that may be made …
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