Revenue growth accelerated to 52.8% YoY in 2026Q2, with operating margin expanding to 20.4% from 16.3% a year ago, though gross margin dipped to 37.9% from 38.6%.
nVent Electric plc (NVT) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 4.83B | 3.89B | 3.01B | 2.67B | 2.3B | 2.46B | 2B | 2.2B | 2.21B | 2.1B | 2.12B | 1.81B |
| Revenue Growth % | 46.19% | 29.51% | 12.63% | 16.29% | -6.78% | 23.19% | -9.32% | -0.43% | 5.51% | -0.86% | 16.95% | - |
| Cost of Goods Sold | 3.05B | 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 | 1.79B | 1.47B | 1.21B | 1.08B | 822.9M | 941.9M | 749.4M | 865.8M | 876.1M | 841.9M | 835.8M | 670.1M |
| Gross Margin % | 36.97% | 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 | 954.7M | 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 | 865.6M | 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 | 89.1M | 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 | 832.5M | 616.8M | 527.1M | 462.7M | 309M | 355.4M | 38.4M | 333.1M | 310.8M | 316.1M | 332.8M | 267M |
| Operating Margin % | 17.22% | 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 | 1B | 824.6M | 673.1M | 575.9M | 395.4M | 463.8M | 141M | 429.9M | 407.9M | 414M | 428M | 329.9M |
| EBITDA Margin % | 20.78% | 21.18% | 22.39% | 21.58% | 17.23% | 18.84% | 7.05% | 19.51% | 18.43% | 19.73% | 20.23% | 18.23% |
| EBITDA Growth % | 41.37% | 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) | 173.4M | 207.8M | 146M | 113.2M | 86.4M | 108.4M | 102.6M | 96.8M | 97.1M | 97.9M | 95.2M | 62.9M |
| EBIT | 834.3M | 625M | 535.2M | 454.7M | 367.5M | 353M | 26.9M | 302.1M | 299.9M | 313.5M | 316.4M | 267M |
| Net Interest Income | -74.9M | -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 | 74.9M | 75M | 106M | 79.4M | 31.2M | 32.3M | 36.4M | 44.7M | 31.2M | 200K | 1.4M | 1.1M |
| Other Income/Expense | -73.1M | -66.8M | -97.9M | -87.4M | 27.3M | -34.7M | -47.9M | -75.7M | -42.1M | -2.8M | -17.8M | -1.1M |
| Pretax Income | 759.4M | 550M | 429.2M | 375.3M | 336.3M | 320.7M | -9.5M | 257.4M | 268.7M | 313.3M | 315M | 265.9M |
| Pretax Margin % | 15.71% | 14.13% | 14.28% | 14.06% | 14.65% | 13.03% | -0.48% | 11.68% | 12.14% | 14.93% | 14.89% | 14.7% |
| Income Tax | 168.4M | 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 % | 22.18% | 22.09% | 43.9% | -22.49% | 12.85% | 14.9% | -396.84% | 13.48% | 14.1% | -15.45% | 17.75% | 20.99% |
| Net Income | 596.6M | 710.2M | 331.8M | 567.1M | 399.8M | 272.9M | -47.2M | 222.7M | 230.8M | 361.7M | 259.1M | 210.1M |
| Net Margin % | 12.34% | 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 % | 1.83% | 114.04% | -41.49% | 41.85% | 46.5% | 678.18% | -121.19% | -3.51% | -36.19% | 39.6% | 23.32% | - |
| Net Income (Continuing) | 591M | 428.5M | 240.8M | 459.7M | 293.1M | 272.9M | -47.2M | 222.7M | 230.8M | 361.7M | 259.1M | 210.1M |
| Discontinued Operations | 2.4M | 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) | 3.64 | 4.31 | 1.97 | 3.37 | 2.38 | 1.61 | -0.28 | 1.29 | 1.28 | 2.03 | 1.45 | 1.18 |
| EPS Growth % | 3.87% | 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 | 164.1M | 164.6M | 168.2M | 168.2M | 168.3M | 169.7M | 169.6M | 173M | 180.8M | 178.3M | 178.3M | 178.3M |
| Basic Shares Outstanding | 161.8M | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
Tariff exposure and competition
Metrics are mathematically derived from official filings.
Data Center Demand Accelerates Growth
Revenue surged 52.8% year-over-year in 2026Q2, reaching $1.5B, driven by data center and liquid cooling demand, as reported in the latest quarterly filing.
The 52.8% growth in 2026Q2 marks a significant acceleration from the 30.2% in 2025Q2 and 41.8% in 2025Q4, indicating that the data center tailwind is intensifying. This growth appears to be organic, as new products contributed over 30 points to sales growth, suggesting that NVT is gaining market share in high-growth verticals. The sustainability of this trajectory depends on continued AI infrastructure spending, which appears robust but could face cyclicality.
Gross Margin Resilience Amid Mix Shift
Gross margin dipped to 37.9% in 2026Q2 from 38.6% a year earlier, reflecting a mix shift toward lower-margin enclosures, yet remains above the 37.6% peer average.
The slight gross margin contraction suggests that the rapid revenue growth is partly driven by volume in the Enclosures segment, which carries lower margins than Thermal Management. However, NVT's gross margin remains competitive with Eaton's 37.6% and significantly above Atkore's 22.2%, indicating pricing power. Investors should monitor whether the mix shift toward data center solutions, which may have different margin profiles, will stabilize or improve margins over time.
Operating Leverage Drives Margin Expansion
Operating margin expanded to 20.4% in 2026Q2 from 16.3% a year ago, as SG&A grew only 18.8% while revenue grew 52.8%, per the income statement.
The 410 basis point year-over-year operating margin expansion demonstrates significant operating leverage, as SG&A costs did not scale proportionally with revenue. This suggests that NVT is efficiently managing its overhead while benefiting from volume growth. The trend is consistent with the 'nVent Management System' focus on lean operations, and if sustained, could drive further margin upside.
Non-Operating Items Distort Net Income
Net margin of 14.7% in 2026Q2 is below the 44.6% reported in 2025Q1, which included a one-time gain, highlighting the need to adjust for non-operating items.
The 2025Q1 net margin of 44.6% was clearly anomalous, likely due to a divestiture gain or tax benefit, as operating margin was only 16.1%. In contrast, 2026Q2's net margin of 14.7% is more sustainable, though it remains above the operating margin of 20.4% due to lower taxes or other non-operating income. Stock-based compensation is modest at $6.7M, representing less than 1% of revenue, which supports earnings quality.
SG&A Efficiency Offsets R&D Investment
SG&A as a percentage of revenue fell to 15.5% in 2026Q2 from 20.4% a year earlier, while R&D spending increased 28.3% year-over-year, per the latest financials.
The decline in SG&A intensity indicates disciplined cost control, even as the company invests in R&D to support new product development. R&D grew to $24.5M, up from $19.1M in 2025Q2, reflecting a commitment to innovation in liquid cooling and thermal management. This balance between cost efficiency and investment suggests management is prioritizing long-term growth while protecting margins.
2025Q1 Marks Turning Point
The 2025Q1 quarter saw a 10.5% revenue growth inflection, reversing prior declines, and net income spiked to $360.7M due to a one-time gain, as per the income statement.
The inflection point appears to be 2025Q1, when revenue growth turned positive after a period of contraction (2024Q4 saw -12.7% growth). This quarter also included a significant non-operating gain that inflated net income, but the underlying operational improvement is evident in the subsequent quarters' consistent revenue acceleration. The lasting impact is that NVT has successfully pivoted toward data center and electrification trends, positioning itself for sustained growth.
Margin Compression Risks Loom
Despite strong growth, gross margin has declined from 41.6% in 2024Q2 to 37.9% in 2026Q2, raising concerns about pricing power and input cost pressures.
The 370 basis point decline in gross margin over eight quarters suggests that NVT may be facing competitive pressures or a less favorable product mix. Tariff exposure and rising commodity costs could further erode margins, as the company's ability to pass through prices may be limited. Short-sellers might argue that the current growth is unsustainable and that margin compression will eventually weigh on profitability, especially as competition in data center cooling intensifies.