Revenue growth remains volatile, ranging from a 2.4% contraction in 2025Q1 to 11.9% growth in 2025Q4, while operating margins recently compressed to 17.4% in 2026Q1 from a 22.7% peak in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 6B | 5.84B | 5.63B | 5.37B | 4.95B | 4.19B | 3.68B | 3.95B | 4.48B | 3.67B | 3.51B | 3.39B | 3.36B | 3.18B | 3.04B | 2.87B | 2.54B | 2.36B | 2.7B | 2.53B | 2.41B | 2.1B | 1.99B | 1.77B | 1.59B | 1.31B | 1.42B | 1.45B | 1.42B | 1.38B | 1.3B |
| Revenue Growth % | 7.18% | 3.84% | 4.76% | 8.59% | 17.97% | 13.89% | -6.69% | -11.94% | 22.16% | 4.67% | 3.39% | 0.92% | 5.51% | 4.58% | 6.02% | 13% | 7.88% | -12.9% | 6.73% | 4.95% | 14.7% | 5.61% | 12.55% | 11.52% | 21% | -7.86% | -1.91% | 1.91% | 3.32% | 6.27% | 13.5% |
| Cost of Goods Sold | 3.87B | 3.77B | 3.72B | 3.48B | 3.48B | 3.04B | 2.6B | 2.77B | 3.18B | 2.51B | 2.4B | 2.3B | 2.25B | 2.11B | 2.03B | 1.95B | 1.71B | 1.63B | 1.9B | 1.8B | 1.76B | 1.51B | 1.43B | 1.29B | 1.18B | 998.2M | 1B | 990M | 938.3M | 905.2M | 865.7M |
| COGS % of Revenue | - | 64.54% | 66.17% | 64.86% | 70.26% | 72.54% | 70.51% | 70.31% | 70.98% | 68.52% | 68.47% | 67.8% | 66.99% | 66.38% | 66.75% | 67.83% | 67.39% | 69.18% | 70.29% | 70.96% | 72.8% | 71.73% | 71.81% | 72.81% | 74.23% | 76.07% | 70.23% | 68.19% | 65.86% | 65.65% | 66.73% |
| Gross Profit | 2.13B | 2.07B | 1.9B | 1.89B | 1.47B | 1.15B | 1.09B | 1.17B | 1.3B | 1.16B | 1.11B | 1.09B | 1.11B | 1.07B | 1.01B | 923.7M | 828.7M | 725.9M | 803.4M | 735.8M | 656.8M | 595M | 561.9M | 481.5M | 409.1M | 314M | 424M | 461.8M | 486.3M | 473.6M | 431.7M |
| Gross Margin % | 35.52% | 35.46% | 33.83% | 35.14% | 29.74% | 27.46% | 29.49% | 29.69% | 29.02% | 31.48% | 31.53% | 32.2% | 33.01% | 33.62% | 33.25% | 32.17% | 32.61% | 30.82% | 29.71% | 29.04% | 27.2% | 28.27% | 28.19% | 27.19% | 25.77% | 23.93% | 29.77% | 31.81% | 34.14% | 34.35% | 33.27% |
| Gross Profit Growth % | - | 8.85% | 0.85% | 28.3% | 27.8% | 6.05% | -7.32% | -9.9% | 12.58% | 4.52% | 1.22% | -1.55% | 3.6% | 5.76% | 9.58% | 11.46% | 14.16% | -9.65% | 9.19% | 12.03% | 10.39% | 5.89% | 16.7% | 17.7% | 30.29% | -25.94% | -8.19% | -5.04% | 2.68% | 9.71% | 14.78% |
| Operating Expenses | 884M | 855.3M | 812.5M | 849.6M | 762.5M | 619.2M | 591.3M | 644.9M | 743.5M | 636.3M | 615.3M | 617.2M | 591.6M | 562.9M | 540.4M | 499.9M | 460.9M | 431.2M | 457.4M | 436.4M | 422.9M | 368.2M | 349.3M | 309.6M | 270.6M | 257.5M | 275.8M | 276.2M | 260.2M | 250M | 234.1M |
| OpEx % of Revenue | - | 14.63% | 14.44% | 15.81% | 15.41% | 14.76% | 16.06% | 16.34% | 16.59% | 17.34% | 17.55% | 18.2% | 17.61% | 17.68% | 17.75% | 17.41% | 18.14% | 18.31% | 16.91% | 17.22% | 17.52% | 17.49% | 17.53% | 17.48% | 17.04% | 19.62% | 19.37% | 19.02% | 18.26% | 18.13% | 18.04% |
| Selling, General & Admin | 884.6M | 855.3M | 812.5M | 849.6M | 762.5M | 619.2M | 591.3M | 644.9M | 743.5M | 636.3M | 615.3M | 617.2M | 591.6M | 562.9M | 540.4M | 499.9M | 460.9M | 431.2M | 457.4M | 436.4M | 415.6M | 357.9M | 333.9M | 303.9M | 265.3M | 222.2M | 220.9M | 223.4M | 212.1M | 206.8M | 194.8M |
| SG&A % of Revenue | - | 14.63% | 14.44% | 15.81% | 15.41% | 14.76% | 16.06% | 16.34% | 16.59% | 17.34% | 17.55% | 18.2% | 17.61% | 17.68% | 17.75% | 17.41% | 18.14% | 18.31% | 16.91% | 17.22% | 17.21% | 17% | 16.75% | 17.16% | 16.71% | 16.93% | 15.51% | 15.39% | 14.89% | 15% | 15.01% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.3M | 10.3M | 15.4M | 5.7M | 5.3M | 35.3M | 54.9M | 52.8M | 48.1M | 43.2M | 39.3M |
| Operating Income | 1.25B | 1.22B | 1.09B | 1.04B | 709.1M | 532.3M | 494.5M | 526.7M | 556.9M | 518.8M | 489.8M | 474.6M | 517.4M | 507.6M | 471.8M | 423.8M | 367.8M | 294.7M | 346M | 299.4M | 233.9M | 226.8M | 212.6M | 171.9M | 138.5M | 56.5M | 148.2M | 185.6M | 226.1M | 223.6M | 197.6M |
| Operating Margin % | 20.77% | 20.83% | 19.39% | 19.33% | 14.33% | 12.69% | 13.43% | 13.35% | 12.43% | 14.14% | 13.97% | 14% | 15.4% | 15.94% | 15.5% | 14.76% | 14.47% | 12.51% | 12.79% | 11.82% | 9.69% | 10.77% | 10.67% | 9.71% | 8.72% | 4.31% | 10.41% | 12.78% | 15.87% | 16.22% | 15.23% |
| Operating Income Growth % | - | 11.52% | 5.11% | 46.45% | 33.21% | 7.64% | -6.11% | -5.42% | 7.34% | 5.92% | 3.2% | -8.27% | 1.93% | 7.59% | 11.33% | 15.23% | 24.8% | -14.83% | 15.56% | 28% | 3.13% | 6.68% | 23.68% | 24.12% | 145.13% | -61.88% | -20.15% | -17.91% | 1.12% | 13.16% | 19.83% |
| EBITDA | 1.47B | 1.36B | 1.3B | 1.19B | 857.6M | 681.4M | 639M | 664.6M | 705.3M | 617M | 580.7M | 559.8M | 596.6M | 578.2M | 538.6M | 492M | 440.3M | 365.3M | 409.1M | 359.6M | 289.3M | 277.2M | 261.5M | 224.5M | 188.3M | 109.5M | 203.1M | 238.4M | 274.2M | 266.8M | 236.9M |
| EBITDA Margin % | 24.44% | 23.3% | 23.16% | 22.11% | 17.33% | 16.25% | 17.35% | 16.84% | 15.74% | 16.82% | 16.57% | 16.51% | 17.76% | 18.16% | 17.69% | 17.13% | 17.33% | 15.51% | 15.13% | 14.19% | 11.98% | 13.17% | 13.12% | 12.68% | 11.86% | 8.34% | 14.26% | 16.42% | 19.25% | 19.35% | 18.26% |
| EBITDA Growth % | 11.42% | 4.47% | 9.72% | 38.55% | 25.86% | 6.64% | -3.85% | -5.77% | 14.31% | 6.25% | 3.73% | -6.17% | 3.18% | 7.35% | 9.47% | 11.74% | 20.53% | -10.71% | 13.77% | 24.3% | 4.37% | 6% | 16.48% | 19.22% | 71.96% | -46.09% | -14.81% | -13.06% | 2.77% | 12.62% | 17.8% |
| D&A (Non-Cash Add-back) | 219.6M | 144.6M | 212.1M | 149.7M | 148.5M | 149.1M | 144.5M | 137.9M | 148.4M | 98.2M | 90.9M | 85.2M | 79.2M | 70.6M | 66.8M | 68.2M | 72.5M | 70.6M | 63.1M | 60.2M | 55.4M | 50.4M | 48.9M | 52.6M | 49.8M | 53M | 54.9M | 52.8M | 48.1M | 43.2M | 39.3M |
| EBIT | 1.22B | 1.2B | 1.08B | 1.02B | 706.6M | 514M | 484.6M | 537.8M | 539.4M | 488M | 473.8M | 449.6M | 516.7M | 504.6M | 472.6M | 420.7M | 351.5M | 292.5M | 345.8M | 299.4M | 233.9M | 226.8M | 212.6M | 171.9M | 138.5M | 56.5M | 148.2M | 185.6M | 226.1M | 223.6M | 197.6M |
| Net Interest Income | -72.3M | -64.1M | -73.8M | -36.7M | -49.6M | -54.7M | -60.1M | -68.6M | -72.4M | -44.9M | -43.4M | -31M | -31.2M | -30.8M | -30.8M | -30.9M | -31.1M | -30.9M | -27.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 72.3M | 64.1M | 73.8M | 36.7M | 49.6M | 54.7M | 60.1M | 68.6M | 72.4M | 44.9M | 43.4M | 31M | 31.2M | 30.8M | 30.8M | 30.9M | 31.1M | 30.9M | 27.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -101.4M | -98.3M | -86.3M | -55.2M | -52.1M | -73M | -70M | -57.5M | -89.9M | -75.7M | -59.4M | -56M | -31.9M | -33.8M | -30M | -34M | -47.4M | -33.1M | -27.6M | -15.2M | -12.4M | -11.1M | -15.3M | -16.4M | -11.5M | -700K | 36.1M | 11.4M | 4.4M | -43.4M | 1.7M |
| Pretax Income | 1.14B | 1.12B | 1.01B | 983.3M | 657M | 459.3M | 424.5M | 469.2M | 467M | 443.1M | 430.4M | 418.6M | 485.5M | 473.8M | 441.8M | 389.8M | 320.4M | 261.6M | 318.4M | 284.2M | 221.5M | 215.7M | 197.3M | 155.5M | 127M | 55.8M | 184.3M | 197M | 230.5M | 180.2M | 199.3M |
| Pretax Margin % | 19.08% | 19.15% | 17.86% | 18.3% | 13.28% | 10.95% | 11.53% | 11.89% | 10.42% | 12.08% | 12.28% | 12.35% | 14.45% | 14.88% | 14.51% | 13.57% | 12.61% | 11.11% | 11.77% | 11.22% | 9.17% | 10.25% | 9.9% | 8.78% | 8% | 4.25% | 12.94% | 13.57% | 16.18% | 13.07% | 15.36% |
| Income Tax | 233.8M | 227.2M | 221.8M | 217.3M | 140.2M | 88.2M | 89.8M | 101.2M | 100.9M | 193.2M | 132.6M | 136.5M | 158.3M | 144M | 139.7M | 119.6M | 101.6M | 80.3M | 95.2M | 75.9M | 63.4M | 50.6M | 42.6M | 40.4M | 18.4M | 7.5M | 46.1M | 51.2M | 61.1M | 49.9M | 57.8M |
| Effective Tax Rate % | 20.43% | 20.3% | 22.06% | 22.1% | 21.34% | 19.2% | 21.15% | 21.57% | 21.61% | 43.6% | 30.81% | 32.61% | 32.61% | 30.39% | 31.62% | 30.68% | 31.71% | 30.7% | 29.9% | 26.71% | 28.62% | 23.46% | 21.59% | 25.98% | 14.49% | 13.44% | 25.01% | 25.99% | 26.51% | 27.69% | 29% |
| Net Income | 905.7M | 887.1M | 777.8M | 759.8M | 545.9M | 399.5M | 351.2M | 361.5M | 360.2M | 243.1M | 293M | 277.3M | 325.3M | 326.5M | 299.7M | 267.9M | 217.2M | 180.1M | 222.7M | 208.3M | 158.1M | 165.1M | 154.7M | 115.1M | 83.2M | 48.3M | 138.2M | 145.8M | 169.4M | 130.3M | 141.5M |
| Net Margin % | 15.1% | 15.18% | 13.82% | 14.14% | 11.03% | 9.53% | 9.54% | 9.16% | 8.04% | 6.63% | 8.36% | 8.18% | 9.68% | 10.25% | 9.84% | 9.33% | 8.55% | 7.65% | 8.23% | 8.22% | 6.55% | 7.84% | 7.76% | 6.5% | 5.24% | 3.68% | 9.7% | 10.04% | 11.89% | 9.45% | 10.91% |
| Net Income Growth % | 11.76% | 14.05% | 2.37% | 39.18% | 36.65% | 13.75% | -2.85% | 0.36% | 48.17% | -17.03% | 5.66% | -14.76% | -0.37% | 8.94% | 11.87% | 23.34% | 20.6% | -19.13% | 6.91% | 31.75% | -4.24% | 6.72% | 34.4% | 38.34% | 72.26% | -65.05% | -5.21% | -13.93% | 30.01% | -7.92% | 16.08% |
| Net Income (Continuing) | 910.4M | 891.9M | 783.5M | 766M | 516.8M | 371.1M | 334.7M | 368M | 366.1M | 249.9M | 297.8M | 282.1M | 327.2M | 329.8M | 302.1M | 270.2M | 218.8M | 181.3M | 223.2M | 208.3M | 158.1M | 165.1M | 154.7M | 115.1M | 108.6M | 48.3M | 138.2M | 145.8M | 169.4M | 130.3M | 141.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 34.6M | 34.5M | 21.2M | 39.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 10.6M | 10M | 14.4M | 12.3M | 9.7M | 10.9M | 15.4M | 13.4M | 18.3M | 13.7M | 10.4M | 8.4M | 8.6M | 8.4M | 6.7M | 5.7M | 4.3M | 3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.99 | 16.54 | 14.37 | 14.04 | 9.43 | 7.28 | 6.42 | 7.30 | 6.56 | 4.39 | 5.24 | 4.77 | 5.48 | 5.47 | 5.00 | 4.42 | 3.59 | 3.15 | 3.94 | 3.50 | 2.59 | 2.67 | 2.51 | 1.91 | 1.38 | 0.82 | 2.25 | 2.21 | 2.50 | 1.89 | 2.10 |
| EPS Growth % | 13.02% | 15.1% | 2.35% | 48.89% | 29.53% | 13.4% | -12.05% | 11.28% | 49.43% | -16.22% | 9.85% | -12.96% | 0.18% | 9.4% | 13.12% | 23.12% | 13.97% | -20.05% | 12.57% | 35.14% | -3% | 6.37% | 31.41% | 38.41% | 68.29% | -63.56% | 1.81% | -11.6% | 32.28% | -10% | 14.75% |
| EPS (Basic) | - | 16.63 | 14.46 | 14.14 | 9.49 | 7.34 | 6.46 | 7.34 | 6.60 | 4.42 | 5.26 | 4.79 | 5.51 | 5.51 | 5.05 | 4.47 | 3.61 | 3.16 | 3.97 | 3.54 | 2.62 | 2.71 | 2.55 | 1.91 | 1.40 | 0.83 | 2.26 | 2.24 | 2.56 | 1.94 | 2.10 |
| Diluted Shares Outstanding | 53.31M | 53.56M | 54M | 54M | 54.1M | 54.7M | 54.5M | 54.7M | 54.9M | 55.1M | 55.7M | 58M | 59.2M | 59.6M | 59.8M | 60.4M | 60.3M | 57.2M | 56.5M | 59.5M | 61.1M | 61.8M | 61.6M | 60.1M | 59.7M | 58.9M | 61.42M | 65.97M | 67.76M | 68.94M | 67.38M |
| Basic Shares Outstanding | 53.16M | 53.23M | 54M | 53.6M | 53.7M | 54.3M | 54.2M | 54.4M | 54.6M | 54.8M | 55.5M | 57.7M | 58.8M | 59.1M | 59.1M | 59.7M | 59.9M | 57M | 56M | 58.8M | 60.4M | 61M | 60.7M | 59.56M | 59.57M | 58.19M | 61.15M | 65.09M | 66.17M | 67.16M | 67.38M |
| Dividend Payout Ratio | - | 32.31% | 34.37% | 32.31% | 42.06% | 54.29% | 57.35% | 51.62% | 47.83% | 64.83% | 49.15% | 48.21% | 37.26% | 33.54% | 40.81% | 33.63% | 39.41% | 43.81% | 34.53% | 37.64% | 50.66% | 48.82% | 51.65% | 68.11% | 93.51% | 160.25% | 58.76% | 56.38% | 47.05% | 56.56% | 46.15% |
Non-residential construction cyclicality
According to the provided financial data, Hubbell's revenue growth has fluctuated significantly over the last ten quarters, ranging from a contraction of 2.4% in 2025Q1 to a peak growth of 11.9% in 2025Q4, reflecting the inherent sensitivity of its industrial segments to broader economic cycles.
The inconsistent revenue trajectory suggests that while the utility segment provides a degree of insulation, the electrical solutions business remains highly susceptible to non-residential construction trends. Investors should monitor whether the recent deceleration in growth signals a broader cooling in infrastructure demand or merely a temporary pause in project-based revenue recognition.
Based on reported figures, Hubbell has maintained a robust gross margin profile, peaking at 37.2% in 2025Q2, which suggests the company possesses significant pricing power and an effective ability to pass through raw material cost fluctuations to its fragmented customer base in the utility sector.
The ability to sustain gross margins above 33% across most periods indicates that Hubbell's value-added engineering model effectively mitigates commodity price risks. However, the compression observed in 2026Q1 warrants further investigation into whether this reflects a shift in product mix or an inability to fully offset rising input costs in the current environment.
As reported in financial statements, Hubbell has demonstrated effective operating leverage, with operating margins expanding to 22.7% in 2025Q2, indicating that management has successfully controlled fixed costs while scaling revenue during periods of peak demand across its core utility and electrical infrastructure segments.
The company's ability to translate gross profit into operating income suggests a disciplined approach to SG&A management, even as revenue growth has proven lumpy. Maintaining operating margins above 20% in most recent quarters implies that the firm is successfully leveraging its existing infrastructure to drive profitability without excessive overhead expansion.
Based on the provided income statement data, stock-based compensation remains a recurring line item, reaching $14.4 million in 2026Q1, which suggests that investors should adjust reported net income to account for the dilutive impact of equity-based incentives on long-term shareholder value.
The variability in quarterly EPS, which saw a significant dip in 2024Q1, appears partially tied to non-operating items and integration costs associated with the company's acquisition strategy. Analysts should scrutinize these adjustments to determine if the underlying earnings power is as consistent as the headline figures suggest.
As indicated by the recent contraction in operating margins to 17.4% in 2026Q1, there is a valid analytical concern that the previous margin expansion was driven by temporary price-over-cost tailwinds rather than a permanent improvement in the company's structural cost efficiency or competitive positioning.
Short-term margin volatility may suggest that the company's pricing power is more cyclical than structural, particularly if the utility segment's growth begins to normalize. Investors should be wary of assuming that the peak margins observed in 2025 are a permanent baseline, as competitive pressures and input cost inflation could lead to further compression.
Quick answers to the most common questions about buying HUBB stock.
For fiscal year 2025, Hubbell Incorporated (HUBB) reported total revenue of $5.84B. This represents a 350.5% increase compared to $1.30B in 1996.
Hubbell Incorporated (HUBB) is profitable, generating $887.1M in net income for the fiscal year ending 2025 with a net profit margin of 15.2%.
Hubbell Incorporated (HUBB) reported an operating income of $1.22B, resulting in an operating profit margin of 20.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Hubbell Incorporated (HUBB) generated $2.07B in gross profit for the year, representing a gross profit margin of 35.5%. This demonstrates the company's core pricing power and production efficiency.