Hubbell (HUBB) FY2025 results: revenue $5.8 billion, up 3.8% on the year

Hubbell was founded as a proprietorship in 1888 and incorporated in Connecticut in 1905, and makes electrical and utility products under more than 75 brands. It frames its markets around the meter: In Front of the Meter is where utilities transmit and distribute energy to their customers, The Edge connects utilities with owners and operators so energy and data pass back and forth, and Behind the Meter is where owners and operators of buildings and other critical infrastructure consume energy. Products are sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the U.K., Brazil, Australia, Spain, Ireland and the Philippines, with joint ventures in Hong Kong and the Philippines and offices in eight other countries and the Middle East. There are two reporting segments, Utility Solutions and Electrical Solutions.

Utility Solutions

The segment was 63% of consolidated revenues in 2025 and 64% in 2024, and holds what the company calls leading positions In Front of the Meter and on The Edge. Its businesses supply the components that let the grid transmit and distribute energy, including transmission and distribution parts such as arresters, insulators, connectors, anchors, bushings, enclosures, cutouts and switches. It also supplies the communications and control technologies that make the grid smarter and more flexible, including smart meters, communications systems and protection and control devices. The markets served are electrical distribution, substations, transmission, gas distribution, telecommunications, utility meters and metering infrastructure, and grid protection and controls, reached mainly through distributors or sold directly to utilities. Brands include Aclara, Chance, Anderson, Fargo, Hubbell, Quazite, Trinetics, PCORE, Ohio Brass, Beckwith Electric, Systems Control and DMC Power. The filing states that sales here are not materially dependent on any customer or group of customers, but that substantial variability in purchases by electrical utilities would affect the segment.

Electrical Solutions

The segment was 37% of consolidated revenues in 2025 and 36% in 2024, and sits Behind the Meter, supplying the components that let operators of buildings, factories and other industrial infrastructure connect, protect, wire and manage power. It sells stock and custom products, including standard and special application wiring devices, rough-in electrical products, connectors and grounding products, into non-residential, light and heavy industrial, data centre, transmission and distribution and renewables markets. Certain businesses design and make industrial controls and communication systems, many built for harsh and hazardous locations where flammable gases and vapours create a fire and explosion risk, mainly in oil and gas and mining. Products go mostly through electrical and industrial distributors, home centres, retail and hardware outlets and product-oriented internet sites, with special application products sold through wholesale distributors to contractors, industrial customers and equipment manufacturers, and typical users are electrical contractors, maintenance staff, electricians, utilities and telecommunications companies. Brands include Burndy, Kellems, Bryant, Raco, Bell, TayMac, Wiegmann, Killark, Hipotronics, ACME Electric, GAI-Tronics, Chalmit and Ventev. The company sold its residential lighting business, which made indoor and outdoor lighting, in a transaction agreed in December 2023 and closed in the first quarter of 2024 at a pre-tax loss.

Customers, inputs and patents

The customer base covers distributors, wholesalers, electric utilities, original equipment manufacturers, electrical contractors, telecommunications companies and retail and hardware outlets; no single customer is critical, though the top ten together are approximately 42% of net sales. Raw materials are mainly steel, aluminium, brass, copper, bronze, zinc, nickel, plastics, elastomers and petrochemicals, alongside bought-in components such as solenoids, printed circuit boards, integrated circuit chips and cord sets, with no material dependence on any one supplier. It holds approximately 3,250 active United States and foreign patents covering part of its product range, deems them valuable but does not consider the business dependent on patent protection, and both takes licences from others and grants them under its own.

Backlog and competition

Substantially all of the backlog at 31 December 2025 in both segments is expected to ship during 2026, alongside multi-year contract backlog in Utility Solutions, mostly long-term contracts to deliver and install meters and grid monitoring sensor technology. Firm orders were higher at the end of 2025 than a year earlier, though most of what the company sells comes from inventoried products or products with short manufacturing periods. Competition is substantial in every category but comes from different companies in different product lines, with their number and size varying by line and some of them larger companies with substantial resources. The company treats product performance, reliability, quality and technological innovation as important across the business, and notes that price, service levels and other factors also affect its ability to compete. At 31 December 2025 it had approximately 18,000 salaried and hourly employees, approximately 10,900 of them in the United States, where approximately 2,425 are represented by eight labour unions.

From Hubbell's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.