Revenue growth accelerated to 53.5% in 2026Q1, though gross margins contracted to 35.9% compared to the 39.8% levels maintained throughout 2024.
| Sales/Revenue | 4.33B | 3.89B | 3.01B | 2.67B | 2.3B | 2.46B | 2B | 2.2B | 2.21B | 2.1B | 2.12B | 1.81B |
| Revenue Growth % | 40.3% | 29.51% | 12.63% | 16.29% | -6.78% | 23.19% | -9.32% | -0.43% | 5.51% | -0.86% | 16.95% | - |
| Cost of Goods Sold | 2.72B | 2.42B | 1.8B | 1.59B | 1.47B | 1.52B | 1.25B | 1.34B | 1.34B | 1.26B | 1.28B | 1.14B |
| COGS % of Revenue | - | 62.26% | 59.78% | 59.71% | 64.15% | 61.74% | 62.5% | 60.72% | 60.42% | 59.87% | 60.5% | 62.96% |
| Gross Profit | 1.6B | 1.47B | 1.21B | 1.08B | 822.9M | 941.9M | 749.4M | 865.8M | 876.1M | 841.9M | 835.8M | 670.1M |
| Gross Margin % | 37.01% | 37.74% | 40.22% | 40.29% | 35.85% | 38.26% | 37.5% | 39.28% | 39.58% | 40.13% | 39.5% | 37.04% |
| Gross Profit Growth % | - | 21.5% | 12.45% | 30.66% | -12.63% | 25.69% | -13.44% | -1.18% | 4.06% | 0.73% | 24.73% | - |
| Operating Expenses | 918.5M | 852.3M | 682M | 612.5M | 513.9M | 586.5M | 711M | 532.7M | 565.3M | 525.8M | 503M | 403.1M |
| OpEx % of Revenue | - | 21.89% | 22.69% | 22.95% | 22.39% | 23.82% | 35.57% | 24.17% | 25.54% | 25.06% | 23.77% | 22.28% |
| Selling, General & Admin | 834.8M | 773.8M | 615.9M | 557.3M | 468.3M | 537.9M | 447M | 484.5M | 519.7M | 483.3M | 462.4M | 373.8M |
| SG&A % of Revenue | - | 19.88% | 20.49% | 20.88% | 20.4% | 21.85% | 22.37% | 21.98% | 23.48% | 23.04% | 21.85% | 20.66% |
| Research & Development | 83.7M | 78.5M | 66.1M | 55.2M | 45.6M | 48.6M | 43.5M | 48.2M | 45.6M | 42.5M | 40.6M | 29.3M |
| R&D % of Revenue | - | 2.02% | 2.2% | 2.07% | 1.99% | 1.97% | 2.18% | 2.19% | 2.06% | 2.03% | 1.92% | 1.62% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 220.5M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 682.5M | 616.8M | 527.1M | 462.7M | 309M | 355.4M | 38.4M | 333.1M | 310.8M | 316.1M | 332.8M | 267M |
| Operating Margin % | 15.78% | 15.84% | 17.53% | 17.34% | 13.46% | 14.44% | 1.92% | 15.11% | 14.04% | 15.07% | 15.73% | 14.76% |
| Operating Income Growth % | - | 17.02% | 13.92% | 49.74% | -13.06% | 825.52% | -88.47% | 7.17% | -1.68% | -5.02% | 24.64% | - |
| EBITDA | 848.3M | 824.6M | 673.1M | 575.9M | 395.4M | 463.8M | 141M | 429.9M | 407.9M | 414M | 428M | 329.9M |
| EBITDA Margin % | 19.61% | 21.18% | 22.39% | 21.58% | 17.23% | 18.84% | 7.05% | 19.51% | 18.43% | 19.73% | 20.23% | 18.23% |
| EBITDA Growth % | 24.68% | 22.51% | 16.88% | 45.65% | -14.75% | 228.94% | -67.2% | 5.39% | -1.47% | -3.27% | 29.74% | - |
| D&A (Non-Cash Add-back) | 165.8M | 207.8M | 146M | 113.2M | 86.4M | 108.4M | 102.6M | 96.8M | 97.1M | 97.9M | 95.2M | 62.9M |
| EBIT | 496.1M | 625M | 535.2M | 454.7M | 367.5M | 353M | 26.9M | 302.1M | 299.9M | 313.5M | 316.4M | 267M |
| Net Interest Income | -57.6M | -75M | -106M | -79.4M | -31.2M | -32.3M | -36.4M | -44.7M | -31.2M | -200K | -1.4M | -1.1M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 75.1M | 75M | 106M | 79.4M | 31.2M | 32.3M | 36.4M | 44.7M | 31.2M | 200K | 1.4M | 1.1M |
| Other Income/Expense | -67.1M | -66.8M | -97.9M | -87.4M | 27.3M | -34.7M | -47.9M | -75.7M | -42.1M | -2.8M | -17.8M | -1.1M |
| Pretax Income | 615.4M | 550M | 429.2M | 375.3M | 336.3M | 320.7M | -9.5M | 257.4M | 268.7M | 313.3M | 315M | 265.9M |
| Pretax Margin % | 14.23% | 14.13% | 14.28% | 14.06% | 14.65% | 13.03% | -0.48% | 11.68% | 12.14% | 14.93% | 14.89% | 14.7% |
| Income Tax | 133.5M | 121.5M | 188.4M | -84.4M | 43.2M | 47.8M | 37.7M | 34.7M | 37.9M | -48.4M | 55.9M | 55.8M |
| Effective Tax Rate % | 21.69% | 22.09% | 43.9% | -22.49% | 12.85% | 14.9% | -396.84% | 13.48% | 14.1% | -15.45% | 17.75% | 20.99% |
| Net Income | 491.9M | 710.2M | 331.8M | 567.1M | 399.8M | 272.9M | -47.2M | 222.7M | 230.8M | 361.7M | 259.1M | 210.1M |
| Net Margin % | 11.37% | 18.24% | 11.04% | 21.25% | 17.42% | 11.08% | -2.36% | 10.1% | 10.43% | 17.24% | 12.24% | 11.61% |
| Net Income Growth % | -16.26% | 114.04% | -41.49% | 41.85% | 46.5% | 678.18% | -121.19% | -3.51% | -36.19% | 39.6% | 23.32% | - |
| Net Income (Continuing) | 483.9M | 428.5M | 240.8M | 459.7M | 293.1M | 272.9M | -47.2M | 222.7M | 230.8M | 361.7M | 259.1M | 210.1M |
| Discontinued Operations | 3M | 281.7M | 91M | 107.4M | 106.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.00 | 4.31 | 1.97 | 3.37 | 2.38 | 1.61 | -0.28 | 1.29 | 1.28 | 2.03 | 1.45 | 1.18 |
| EPS Growth % | -14.38% | 118.78% | -41.54% | 41.6% | 47.83% | 675% | -121.71% | 0.78% | -36.95% | 40% | 22.88% | - |
| EPS (Basic) | - | 4.36 | 2.00 | 3.42 | 2.40 | 1.63 | -0.28 | 1.30 | 1.29 | 2.03 | 1.45 | 1.18 |
| Diluted Shares Outstanding | 164M | 164.6M | 168.2M | 168.2M | 168.3M | 169.7M | 169.6M | 173M | 180.8M | 178.3M | 178.3M | 178.3M |
| Basic Shares Outstanding | 161.7M | 162.4M | 165.5M | 165.6M | 166.3M | 167.9M | 169.6M | 171.6M | 178.6M | 178.3M | 178.3M | 178.3M |
| Dividend Payout Ratio | - | 18.36% | 38.22% | 20.6% | 29.26% | 43.13% | - | 54.2% | 27.25% | - | - | - |
Margin compression from inflation
According to recent financial disclosures, nVent Electric achieved a significant 53.5% revenue growth in 2026Q1, marking a sharp acceleration from the 41.8% reported in the prior quarter, suggesting that the company's strategic focus on data center infrastructure is successfully capturing substantial market demand for specialized thermal solutions.
The rapid top-line acceleration appears to be decoupling from broader industrial production trends, likely driven by high-density liquid cooling requirements in AI-centric data centers. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary surge in project-based revenue that may normalize in subsequent periods.
As reported in the latest income statement, nVent's gross margin contracted to 35.9% in 2026Q1, down from the 39.8% levels observed throughout 2024, indicating that rising input costs or shifts in product mix are beginning to exert pressure on the company's historical pricing power.
The decline in gross profitability suggests that the company may be struggling to pass through inflationary pressures on raw materials like steel and copper as quickly as in previous cycles. This trend warrants further investigation into whether the current product mix, while growing, carries a lower margin profile than the legacy enclosure business.
Based on the provided quarterly data, operating income scaled to $195.7M in 2026Q1, yet the operating margin of 15.8% remains below the 19.6% peak seen in 2024Q2, suggesting that SG&A and other operational expenses are rising faster than the company's ability to optimize its internal cost structure.
The failure of operating margins to expand in lockstep with the 53.5% revenue growth implies that the company is currently prioritizing market share capture over immediate bottom-line efficiency. Analysts should evaluate if this represents a permanent increase in the cost of doing business or a temporary investment phase related to recent acquisitions.
Analysis of the income statement reveals significant volatility in net income, highlighted by a $360.7M figure in 2025Q1 compared to $10.7M in 2024Q4, which suggests that non-operating items and tax anomalies are frequently obscuring the underlying operational performance of the core business.
The wide variance in net margins, which reached as high as 44.6% in 2025Q1, indicates that investors should rely more heavily on operating income metrics to gauge true performance. The presence of stock-based compensation, which reached $16.4M in 2026Q1, further complicates the assessment of true earnings quality.
Quick answers to the most common questions about buying NVT stock.
For fiscal year 2025, nVent Electric plc (NVT) reported total revenue of $3.89B. This represents a 115.2% increase compared to $1.81B in 2015.
nVent Electric plc (NVT) is profitable, generating $710.2M in net income for the fiscal year ending 2025 with a net profit margin of 18.2%.
nVent Electric plc (NVT) reported an operating income of $616.8M, resulting in an operating profit margin of 15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
nVent Electric plc (NVT) generated $1.47B in gross profit for the year, representing a gross profit margin of 37.7%. This demonstrates the company's core pricing power and production efficiency.