Item 1. Financial Statements

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Item 1. Financial Statements

Condensed Consolidated Statements of Income (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Net sales	$	1,502.4	$	1,442.6	$	4,351.9	$	4,294.2
Cost of goods sold	958.1		936.6		2,812.9		2,840.8
Gross profit	544.3		506.0		1,539.0		1,453.4
Selling & administrative expenses	213.7		193.3		641.7		620.0
Operating income	330.6		312.7		897.3		833.4
Interest expense, net	(13.6)		(18.7)		(41.9)		(59.6)
Loss on disposition of business	—		—		(0.4)		(5.3)


Other expense, net	(5.9)		(5.6)		(17.4)		(7.5)
Total other expense	(19.5)		(24.3)		(59.7)		(72.4)
Income before income taxes	311.1		288.4		837.6		761.0
Provision for income taxes	54.4		60.6		170.9		175.7
Net income	256.7		227.8		666.7		585.3
Less: Net income attributable to noncontrolling interest	(1.2)		(1.6)		(3.8)		(4.5)
Net income attributable to Hubbell Incorporated	$	255.5	$	226.2	$	662.9	$	580.8

Earnings per share:
Basic earnings per share	$	4.80	$	4.21	$	12.42	$	10.80
Diluted earnings per share	$	4.77	$	4.18	$	12.35	$	10.73

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 3

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Condensed Consolidated Statements of Comprehensive Income (unaudited)


	Three Months Ended September 30,
(in millions)	2025		2024
Net income	$	256.7	$	227.8
Other comprehensive income (loss):

Foreign currency translation adjustments	1.0		17.7

Defined benefit pension and post-retirement plans, net of taxes of $(0.6) and $(0.6)	2.2		1.9
Unrealized gain on investments, net of taxes of $(0.1) and $(0.2)	0.3		0.8
Unrealized gain (loss) on cash flow hedges, net of taxes of $(0.1) and $0.1	0.5		(0.4)
Other comprehensive income (loss)	4.0		20.0
Comprehensive income	260.7		247.8
Less: Comprehensive income attributable to noncontrolling interest	1.2		1.6
Comprehensive income attributable to Hubbell Incorporated	$	259.5	$	246.2

See notes to unaudited Condensed Consolidated Financial Statements.


	Nine Months Ended September 30,
(in millions)	2025		2024
Net income	$	666.7	$	585.3
Other comprehensive income (loss):

Foreign currency translation adjustments	49.3		(13.2)

Defined benefit pension and post-retirement plans, net of taxes of $(1.9) and $(1.8)	6.7		6.1
Unrealized gain on investments, net of taxes of $(0.3) and $(0.1)	0.8		0.4
Unrealized (loss) gain on cash flow hedges, net of taxes of $0.4 and $(0.1)	(1.0)		0.1
Other comprehensive income (loss)	55.8		(6.6)
Comprehensive income	722.5		578.7
Less: Comprehensive income attributable to noncontrolling interest	3.8		4.5
Comprehensive income attributable to Hubbell Incorporated	$	718.7	$	574.2

*See notes to unaudited Condensed Consolidated Financial Statements.*See notes to unaudited Condensed Consolidated Financial Statements.s to unaudited Condensed Consolidated Financial Statements.

See notes to unaudited Condensed Consolidated Financial

HUBBELL INCORPORATED-Form 10-Q 4

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Condensed Consolidated Balance Sheets (unaudited)


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	666.8	$	329.1
Short-term investments	14.1		15.9
Accounts receivable (net of allowances of $13.4 and $11.3)	909.9		756.0
Inventories, net	1,053.7		1,010.4
Other current assets	145.5		146.5

Total Current Assets	2,790.0		2,257.9
Property, Plant, and Equipment, net	766.1		726.6
Other Assets
Investments	99.8		84.9
Goodwill	2,588.8		2,500.8
Other intangible assets, net	1,059.9		1,080.0
Other long-term assets	222.3		197.5

TOTAL ASSETS	$	7,526.9	$	6,847.7
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt and current portion of long-term debt	$	951.5	$	125.4
Accounts payable	536.6		541.7
Accrued salaries, wages and employee benefits	110.9		145.7
Accrued insurance	80.2		89.0
Other accrued liabilities	375.1		372.4

Total Current Liabilities	2,054.3		1,274.2
Long-Term Debt	1,044.8		1,442.7
Other Non-Current Liabilities	734.8		720.2

TOTAL LIABILITIES	3,833.9		3,437.1





Commitments and contingencies (Note 15)
Hubbell Incorporated Shareholders’ Equity	3,681.3		3,396.2
Noncontrolling interest	11.7		14.4
TOTAL EQUITY	3,693.0		3,410.6
TOTAL LIABILITIES AND EQUITY	$	7,526.9	$	6,847.7

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 5

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Condensed Consolidated Statements of Cash Flows (unaudited)


	Nine Months Ended September 30,
(in millions)	2025		2024
Cash Flows from Operating Activities
Net income	$	666.7	$	585.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	144.6		158.8
Deferred income taxes	(8.2)		4.1
Stock-based compensation	27.0		24.2
Loss on disposition of business	0.4		5.3


Loss on sale of assets	0.9		0.7
Changes in assets and liabilities, excluding effects of acquisitions:
Increase in accounts receivable, net	(147.7)		(116.6)
Increase in inventories, net	(37.9)		(30.7)
Decrease in accounts payable	(10.9)		(14.0)
Decrease in current liabilities	(38.8)		(66.2)
Changes in other assets and liabilities, net	11.2		17.2
Contribution to qualified defined benefit pension plans	(21.4)		(1.3)
Other, net	(3.6)		(8.0)
Net cash provided by operating activities	582.3		558.8
Cash Flows from Investing Activities
Capital expenditures	(96.4)		(112.4)
Acquisitions, net of cash acquired	(129.1)		5.9
Proceeds from disposal of business, net of cash	2.6		122.9
Purchases of available-for-sale investments	(17.6)		(11.7)
Proceeds from available-for-sale investments	12.7		14.5
Other, net	12.4		0.8
Net cash (used in) provided by investing activities	(215.4)		20.0
Cash Flows from Financing Activities

Payment of long-term debt	—		(386.3)

Borrowing of short-term debt, net	426.3		173.6
Payment of dividends	(211.1)		(196.5)


Acquisition of common shares	(225.0)		(30.0)
Other, net	(32.8)		(37.2)
Net cash used in financing activities	(42.6)		(476.4)
Effect of exchange rate changes on cash and cash equivalents	13.0		(3.2)
Increase in cash and cash equivalents	337.3		99.2
Cash and cash equivalents, beginning of year	329.1		336.1

Restricted cash, included in other assets, beginning of year	2.5		3.2
Less: Restricted cash, included in Other Assets	2.1		2.8

Cash and cash equivalents, end of period	$	666.8	$	435.7

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 6

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Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE 1 Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Hubbell Incorporated (“Hubbell”, the “Company”, “registrant”, “we”, “our” or “us”, which references include its divisions and subsidiaries) have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States of America (“U.S.”) GAAP for audited financial statements. In the opinion of management, all adjustments consisting only of normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Hubbell Incorporated Annual Report on Form 10-K for the year ended December 31, 2024.

Inventories, net

In the second quarter of 2025, the Company elected to change its method of accounting for certain inventory in the U.S. from last in, first out ("LIFO") to first in, first out ("FIFO"). The change to FIFO is preferable because it provides a better matching of costs and revenues, conforms the Company's inventory to a single method of accounting and improves comparability with the Company's peers. The Company retrospectively applied this change in accounting principle to all prior periods resulting in a cumulative effect adjustment at January 1, 2024 to increase inventory by $167.1 million, to increase deferred income tax liabilities by $40.4 million and to increase retained earnings by $126.7 million (net of tax). The table below illustrates the impacts for the three and nine months ended September 30, 2025, had the Company continued to report under the LIFO basis of accounting (in millions, except per share data):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	As Computed Under LIFO		Impact of Change		As Reported		As Computed Under LIFO		Impact of Change		As Reported
Condensed Statements of Income
Net sales	$	1,502.4	$	—	$	1,502.4	$	4,351.9	$	—	$	4,351.9
Cost of goods sold	982.9		(24.8)		958.1		2,857.9		(45.0)		2,812.9
Operating Income	305.8		24.8		330.6		852.3		45.0		897.3
Income before income taxes	286.3		24.8		311.1		792.6		45.0		837.6
Provision for income taxes	48.1		6.3		54.4		160.2		10.7		170.9
Net Income	238.2		18.5		256.7		632.4		34.3		666.7
Less: Net income attributable to noncontrolling interest	(1.2)		—		(1.2)		(3.8)		—		(3.8)


Net income attributable to Hubbell Incorporated	$	237.0	$	18.5	$	255.5	$	628.6	$	34.3	$	662.9

Earnings per share


Basic earnings per share	$	4.46	$	0.34	$	4.80	$	11.78	$	0.64	$	12.42



Diluted earnings per share	$	4.43	$	0.34	$	4.77	$	11.71	$	0.64	$	12.35

HUBBELL INCORPORATED-Form 10-Q 7

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	September 30, 2025
	As Computed Under LIFO		Impact of Change to FIFO		As Reported
Condensed Balance Sheet
Inventories, net	$	840.0	$	213.7	$	1,053.7
Total Current Assets	2,576.3		213.7		2,790.0
Total Assets	7,313.2		213.7		7,526.9

Other Accrued Liabilities	351.1		24.0		375.1
Total Current Liabilities	2,030.3		24.0		2,054.3
Other Non-Current Liabilities	707.3		27.5		734.8
Total Liabilities	3,782.4		51.5		3,833.9
Hubbell Incorporated Shareholders' Equity	3,519.1		162.2		3,681.3
Total Equity	3,530.8		162.2		3,693.0
Total Liabilities and Equity	$	7,313.2	$	213.7	$	7,526.9

The Consolidated Statement of Income for the three and nine months ended September 30, 2024, Consolidated Statement of Cash Flows for the nine months ended September 30, 2024, and the Consolidated Balance Sheet at December 31, 2024 have been retrospectively adjusted to reflect the change in accounting principle (in millions, except per share data):


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	As Reported Under LIFO		Impact of Change FIFO		As Adjusted		As Reported Under LIFO		Impact of Change FIFO		As Adjusted
Condensed Statements of Income
Net sales	$	1,442.6	$	—	$	1,442.6	$	4,294.2	$	—	$	4,294.2
Cost of goods sold	945.5		(8.9)		936.6		2,840.7		0.1		2,840.8
Operating Income	303.8		8.9		312.7		833.5		(0.1)		833.4
Income before income taxes	279.5		8.9		288.4		761.1		(0.1)		761.0
Provision for income taxes	58.5		2.1		60.6		175.8		(0.1)		175.7
Net Income	221.0		6.8		227.8		585.3		—		585.3
Less: Net income attributable to noncontrolling interest	(1.6)		—		(1.6)		(4.5)		—		(4.5)


Net income attributable to Hubbell Incorporated	$	219.4	$	6.8	$	226.2	$	580.8	$	—	$	580.8

Earnings per share


Basic earnings per share	$	4.08	$	0.13	$	4.21	$	10.80	$	—	$	10.80



Diluted earnings per share	$	4.05	$	0.13	$	4.18	$	10.73	$	—	$	10.73


	Nine Months Ended September 30, 2024
	As Reported Under LIFO		Impact of Change FIFO		As Adjusted
Condensed Statement of Cash Flows
Net income	$	585.3	$	—	$	585.3
Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income taxes	4.2		(0.1)		4.1
Changes in assets and liabilities, excluding effects of acquisitions:
(Increase) Decrease in inventories, net	(30.8)		0.1		(30.7)
Net cash provided by operating activities	$	558.8	$	—	$	558.8

HUBBELL INCORPORATED-Form 10-Q 8

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	December 31, 2024
	As Reported Under LIFO		Impact of Change FIFO		As Adjusted
Condensed Balance Sheet
Inventories, net	$	841.8	$	168.6	$	1,010.4
Total Current Assets	2,089.3		168.6		2,257.9
Total Assets	6,679.1		168.6		6,847.7



Other Non-Current Liabilities	679.5		40.7		720.2
Total Liabilities	3,396.4		40.7		3,437.1
Hubbell Incorporated Shareholders' Equity	3,268.3		127.9		3,396.2
Total Equity	3,282.7		127.9		3,410.6
Total Liabilities and Equity	$	6,679.1	$	168.6	$	6,847.7

Supplier Finance Program Obligations

Payment Services Arrangements

The Company has ongoing agreements with financial institutions to facilitate the processing of vendor payables. Under these agreements, the Company pays the financial institution the stated amount of confirmed invoices from participating suppliers on their original maturity date. The terms of the vendor payables are not affected by vendors participating in these agreements. As a result, the amounts owed are presented as accounts payable in the Company’s Condensed Consolidated Balance Sheets, of which $105.1 million and $101.9 million was outstanding at September 30, 2025 and December 31, 2024, respectively. Either party may terminate the agreements with 30 days written notice. Cash flows under the program are reported in operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Commercial Card Program

In 2021, the Company entered into an agreement with a financial institution that allows participating suppliers to receive payment for outstanding invoices through a commercial purchasing card sponsored by a financial institution. The Company is required to settle such outstanding invoices through a consolidated payment to the financial institution 15 days after the commercial card billing cycle. The Company receives the benefit of extended payment terms and a rebate from the financial institution. Either party may terminate the agreement with 60 days written notice. The amount outstanding to the financial institution is presented as short-term debt in the Company’s Condensed Consolidated Balance Sheets, of which, $1.8 million and $2.4 million was outstanding at September 30, 2025 and December 31, 2024, respectively. Cash flows under the program are reported in financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Taxes

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted. The OBBBA includes changes to U.S. tax law that became applicable to the Company starting in the third quarter of 2025. These changes include provisions allowing the immediate expensing of domestic research and development costs, the reinstatement of 100% bonus deprecation for qualified property and the permanent extension of certain projections of the Tax Cuts and Jobs Act. The OBBBA did not have a significant impact to our income tax expense or effective tax rate for the three and nine months ended September 30, 2025.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes: Improvements to Income Tax Disclosures”, which enhances the disaggregation of income tax disclosures. The ASU requires public entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold equal to or greater than 5%. Public entities are required to provide an explanation of certain rate reconciling items if not otherwise evident, such as the nature, causes and judgement used to categorize the item. The ASU also requires disclosure of income taxes paid (net of refund received) detailed by federal, state/local and foreign, and amounts paid to individual jurisdictions that are equal to or greater than 5% of total income taxes paid. The ASU is effective for public entities for fiscal years beginning after December 15, 2024 and for interim periods for fiscal years beginning after December 15, 2025. The Company is assessing the impact of adopting this standard on its financial statements and disclosures.

HUBBELL INCORPORATED-Form 10-Q 9

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In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (DISE),” which requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The requirements are required to be adopted prospectively with the option for retrospective application. The Company is assessing the impact of adopting this standard on its financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software", which modernizes the accounting for software costs. The ASU is effective for public entities for fiscal years beginning after December 15, 2027, and interim periods for fiscal years beginning after December 15, 2027. The Company is assessing the impact of adopting this standard on its financial statements and disclosures.

HUBBELL INCORPORATED-Form 10-Q 10

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NOTE 2 Business Acquisitions and Dispositions

2025 Acquisitions

In the first quarter of 2025, the Company acquired all of the issued and outstanding equity of Alliance USAcqCo 2, Inc., a Delaware Corporation (“Ventev”) for approximately $73 million, net of cash acquired, subject to customary purchase price adjustments. Ventev is a leading manufacturer and provider of a complete ecosystem of solutions to power, protect, and connect wireless networks. The Ventev business has been added to the Electrical Solutions segment. We have recognized intangible assets of $34.5 million and goodwill of $40.0 million as a result of the acquisition. The $34.5 million of intangible assets consists primarily of customer relationships and trade names and will be amortized over a weighted average period of approximately 17.0 years.

In the third quarter of 2025, the Company acquired all of the issued and outstanding equity of Nicor, Inc., a Texas corporation ("Nicor") for approximately $56 million, net of cash acquired, subject to customary purchase price adjustments. Nicor designs and manufactures water metering endpoint solutions to integrate and optimize advanced metering infrastructure networks. Such solutions include polymer meter box lids and covers. Nicor has been added to the Utility Solutions segment. We have recognized intangible assets of $18.6 million and goodwill of $26.4 million as a result of the acquisition. The $18.6 million of intangible assets consists primarily of customer relationships and trade names and will be amortized over a weighted average period of approximately 18.2 years.

These business acquisitions have been accounted for as business combinations and have resulted in the recognition of goodwill. The goodwill relates to a number of factors implied in the purchase price, including the future earnings and cash flow potential of the business as well as the complementary strategic fit and resulting synergies that such business acquisition brings to the Company’s existing operations. The goodwill related to the Ventev and Nicor acquisitions is not deductible for tax purposes.

Preliminary Allocation of Consideration Transferred to Net Assets Acquired

The following table presents the preliminary determination of the fair values of identifiable assets acquired and liabilities assumed from the Company's 2025 acquisitions of Ventev and Nicor. The final determination of the fair value of certain assets and liabilities will be completed within the applicable one year measurement period as required by FASB ASC Topic 805, “Business Combinations.” As the Company finalizes the fair values of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company's results of operations and financial position. The finalization of the purchase accounting assessment may result in a change in the valuation of assets acquired and liabilities assumed and may have a material impact on the Company's results of operations and financial position.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition for the Company's 2025 acquisitions of Ventev and Nicor (in millions):


Tangible assets acquired	$	27.6
Intangible assets	53.1
Goodwill	66.4
Deferred tax liabilities, net	(13.8)
Other liabilities assumed	(4.2)
Total Estimate of Consideration Transferred, Net of Cash Acquired	$	129.1

The Condensed Consolidated Financial Statements include the results of operations of the acquired businesses from their respective dates of acquisition. Pro forma information related to these acquisitions has not been included because the impact of net sales and earnings related to these acquisitions for the nine months ended September 30, 2025 was not material to the Company’s condensed consolidated results of operations.

Subsequent Event - Acquisition of DMC Power

On October 1, 2025, the Company acquired all of the issued and outstanding equity of Power Rose Acquisition, Inc., a Delaware corporation ("Power Rose" and together with its subsidiaries, "DMC Power") for approximately $825 million, net of cash acquired, subject to customary purchase price adjustments. DMC Power is a provider of connectors and tooling for utility substation and transmission markets. DMC Power will be added to the Utility Solutions segment. As this acquisition closed on October 1, 2025 the results of operations, assets and liabilities of DMC Power are not included in the Company's condensed consolidated results as of September 30, 2025.

HUBBELL INCORPORATED-Form 10-Q 11

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The Company financed the acquisition of DMC Power with net proceeds from borrowings under a new unsecured term loan facility in the aggregate principal amount of $600 million and issuances of commercial paper.

The acquisition will be accounted for as a business combination under ASC 805, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair value. Due to the close proximity of the acquisition date and the Company's filing of it's quarterly report on Form 10-Q for the nine months ended September 30, 2025, the initial accounting for the business combination is incomplete, and therefore we are unable to disclose the information required by ASC 805, Business Combinations. We will include the relevant disclosures required in the fourth quarter of 2025.

Dispositions

In December 2023, the Company entered into a definitive agreement to sell its residential lighting business for a cash purchase price of $131 million, subject to customary adjustments. The Company concluded the business met the criteria for classification as held for sale in the fourth quarter of 2023. The residential lighting business was reported within the Electrical Solutions segment. The transaction closed in the first quarter of 2024 and the Company recorded a pre-tax loss on the sale of $5.3 million, which is recorded within Total other expense in the Company's Condensed Consolidated Statement of Income.

Under the terms of the transaction, Hubbell and the buyer entered into a transition services agreement (“TSA”), pursuant to which the Company agreed to provide certain administrative and operational services for a period of 12 months or less. Income from the TSA for the three and nine months ended September 30, 2025 was $0.5 million and $1.9 million, respectively, while income from the TSA for the three and nine months ended September 30, 2024 was $1.6 million and $6.1 million respectively. All income from the TSA was recorded in Other expense, net in the Condensed Consolidated Statements of Income.

In the second quarter of 2025, the Company sold a product line from the Electrical Solutions segment for $2.6 million, and recognized a $0.4 million pre-tax loss on the disposition, which is recorded within Total other expense in the Company's Condensed Consolidated Statements of Income.

HUBBELL INCORPORATED-Form 10-Q 12

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NOTE 3 Revenue

The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs, for products, upon the transfer of control in accordance with the contractual terms and conditions of the sale. The majority of the Company’s revenue associated with products is recognized at a point in time when the product is shipped to the customer, with a relatively small amount of transactions, primarily in the Utility Solutions segment, recognized upon delivery of the product at the destination.

The Company also has performance obligations, primarily within the Utility Solutions segment, that are recognized over time due to the customized nature of the product and the Company's enforceable right to receive payment for work performed to date in the event of a cancellation. The Company uses an input measure to determine the extent of progress towards completion of the performance obligation, which the Company believes best depicts the transfer of control to the customer. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete.

Revenue from service contracts and post-shipment performance obligations is approximately one percent of total annual consolidated net revenue and those service contracts and post-shipment obligations are primarily within the Utility Solutions segment. Revenue from service contracts and post-shipment performance obligations is recognized when or as those obligations are satisfied. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations and on occasion will separately offer and price extended warranties that are separate performance obligations for which the associated revenue is recognized over-time based on the extended warranty period. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue.

Certain of our businesses require a portion of the transaction price to be paid in advance of transfer of control. Advance payments are not considered a significant financing component as they are received less than one year before the related performance obligations are satisfied. In addition, in the Utility Solutions segment, certain businesses offer annual maintenance service contracts that require payment at the beginning of the contract period. These payments are treated as a contract liability and are classified in Other accrued liabilities in the Condensed Consolidated Balance Sheets. Once control transfers to the customer and the Company meets the revenue recognition criteria, the deferred revenue is recognized in the Condensed Consolidated Statements of Income. The deferred revenue relating to the annual maintenance service contracts is recognized in the Condensed Consolidated Statements of Income on a straight-line basis over the expected term of the contract.

The following table presents disaggregated revenue by business group. In July 2024 and September 2025, we internally reorganized certain businesses within our Electrical Solutions segment. Those re-organizations streamline the organization and align the organization to better serve our customers. These changes had no impact to our reportable segments. In conjunction with these changes, prior period amounts have been reclassified to conform to the current organizational structure. In addition, the residential lighting business, included in the Retail and Builder section below, was sold in the first quarter of 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
in millions	2025		2024		2025		2024
Net sales
Grid Infrastructure	$	714.8	$	654.2	$	2,031.2	$	1,921.5
Grid Automation	229.0		278.9		705.2		832.1
Total Utility Solutions	$	943.8	$	933.1	$	2,736.4	$	2,753.6
Electrical Products	$	233.6	$	205.9	$	664.7	$	635.8
Industrial	325.0		303.6		950.8		883.6
Retail and Builder	—		—		—		21.2
Total Electrical Solutions	$	558.6	$	509.5	$	1,615.5	$	1,540.6
TOTAL	$	1,502.4	$	1,442.6	$	4,351.9	$	4,294.2

HUBBELL INCORPORATED-Form 10-Q 13

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The following table presents disaggregated third-party Net sales by geographic location (the Company defines “international” as operations based outside of the United States and its possessions):


	Three Months Ended September 30,				Nine Months Ended September 30,
in millions	2025		2024		2025		2024
Net sales
United States	$	905.3	$	887.0	$	2,614.7	$	2,619.9
International	38.5		46.1		121.7		133.7
Total Utility Solutions	$	943.8	$	933.1	$	2,736.4	$	2,753.6
United States	$	484.2	$	433.5	$	1,405.5	$	1,315.6
International	74.4		76.0		210.0		225.0
Total Electrical Solutions	$	558.6	$	509.5	$	1,615.5	$	1,540.6
TOTAL	$	1,502.4	$	1,442.6	$	4,351.9	$	4,294.2

Contract Balances

Our contract liabilities consist of advance customer payments for products as well as deferred revenue on service obligations and extended warranties. Deferred revenue is included in Other accrued liabilities in the Condensed Consolidated Balance Sheets.

Contract liabilities were $137.6 million as of September 30, 2025 compared to $148.0 million as of December 31, 2024. The $10.4 million decrease in our contract liabilities balance was primarily due to the recognition of $77.9 million in revenue related to amounts that were recorded in contract liabilities at January 1, 2025, partially offset by a $67.5 million net increase in current year deferrals primarily due to timing of advance payments on certain orders. The ending balance of contract assets as of September 30, 2025 and December 31, 2024, was $49.4 million and $38.0 million, respectively, with the increase being driven by revenue recognized in excess of billings. Impairment losses recognized on our receivables and contract assets were immaterial for the three and nine months ended September 30, 2025.

Unsatisfied Performance Obligations

As of September 30, 2025, the Company had approximately $30 million of unsatisfied performance obligations for contracts with an original expected length of greater than one year, primarily relating to long-term contracts within the Utility Solutions segment to deliver and install meters, metering communications and grid monitoring sensor technology. The Company expects that a majority of the unsatisfied performance obligations will be completed and recognized over the next two years.

HUBBELL INCORPORATED-Form 10-Q 14

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NOTE 4 Segment Information

The Company's results are reported in the following two business segments, Utility Solutions and Electrical Solutions. These segments reflect how the Company's businesses are managed, the type of products sold and the end markets served.

For further information regarding the Company's segment operations, see Note 21 Industry Segments and Geographic Area Information within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

In the second quarter of 2025, the Company elected to change its method of accounting for certain inventories in the U.S. from LIFO to FIFO. The Company retrospectively applied this change in accounting principle to all prior periods including the segment information presented below. Refer to Note 1 for further information.

The chief operating decision maker is the Chairman of the Board, President and Chief Executive Officer (CODM). The Company's method for measuring profitability on a reportable segment basis and used by the CODM to assess performance and allocate resources is operating income. This measure is used to monitor performance compared to prior period, forecasted results, and the annual plan.

HUBBELL INCORPORATED-Form 10-Q 15

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The following tables set forth financial information by reporting segment (in millions). When reading the data, the following items should be noted:

Segment Net sales comprise sales to unaffiliated customers - inter-segment and inter-area sales are not significant and are eliminated in consolidation.
Segment operating income consists of Net sales less operating expenses, including total corporate expenses, which are generally allocated to each segment on the basis of the segment's percentage of consolidated Net sales. Interest expense and investment income and other expense, net have not been allocated to segments as these items are centrally managed by the Company.
General corporate assets not allocated to segments are principally cash, prepaid pensions, investments and deferred taxes. These assets have not been allocated as they are centrally managed by the Company.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net Sales:
Utility Solutions	$	943.8		$	933.1		$	2,736.4		$	2,753.6
Electrical Solutions	558.6			509.5			1,615.5			1,540.6
Total Net Sales	$	1,502.4		$	1,442.6		$	4,351.9		$	4,294.2
Cost of Goods Sold:
Utility Solutions	$	602.8		$	605.0		$	1,785.8		$	1,845.3
Electrical Solutions	355.3			331.6			1,027.1			995.5
Total Cost of Goods Sold	$	958.1		$	936.6		$	2,812.9		$	2,840.8
Gross Profit:
Utility Solutions	$	341.0		$	328.1		$	950.6		$	908.3
Electrical Solutions	203.3			177.9			588.4			545.1
Total Gross Profit	$	544.3		$	506.0		$	1,539.0		$	1,453.4
Selling and Administrative Expenses:
Utility Solutions	$	121.7		$	108.9		$	362.3		$	344.2
Electrical Solutions	92.0			84.4			279.4			275.8
Total Selling and Administrative Expenses	$	213.7		$	193.3		$	641.7		$	620.0
Operating Income:
Utility Solutions	$	219.3		$	219.2		$	588.3		$	564.1
Electrical Solutions	111.3			93.5			309.0			269.3
Total Operating Income	$	330.6		$	312.7		$	897.3		$	833.4
Loss on disposition of business	—			—			(0.4)			(5.3)
Other (expense) income, net	(5.9)			(5.6)			(17.4)			(7.5)
Interest expense, net	(13.6)			(18.7)			(41.9)			(59.6)
Income Before Income Taxes	$	311.1		$	288.4		$	837.6		$	761.0
Operating Income as a % of Net Sales
Utility Solutions	23.2		%	23.5		%	21.5		%	20.5		%
Electrical Solutions	19.9		%	18.4		%	19.1		%	17.5		%
Total Operating Income as a % of Net Sales	22.0		%	21.7		%	20.6		%	19.4		%


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Capital Expenditures:
Utility Solutions	$	18.8	$	19.5	$	54.7	$	65.8
Electrical Solutions	11.7		18.7		41.7		46.6
TOTAL CAPITAL EXPENDITURES	$	30.5	$	38.2	$	96.4	$	112.4
Depreciation and Amortization:
Utility Solutions	$	35.6	$	37.4	$	103.8	$	123.4
Electrical Solutions	13.8		11.9		40.8		35.4
TOTAL DEPRECIATION AND AMORTIZATION	$	49.4	$	49.3	$	144.6	$	158.8

HUBBELL INCORPORATED-Form 10-Q 16

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	September 30, 2025		December 31, 2024
Assets:
Utility Solutions	$	4,734.6	$	4,569.1
Electrical Solutions	2,163.6		1,943.4
General Corporate	628.7		335.2
TOTAL ASSETS	$	7,526.9	$	6,847.7

NOTE 5 Inventories, net

Inventories, net consists of the following (in millions):


	September 30, 2025		December 31, 2024
Raw material	$	436.6	$	409.9
Work-in-process	222.7		218.5
Finished goods	394.4		382.0


TOTAL	$	1,053.7	$	1,010.4

See Note 1 regarding change in accounting method for inventories to FIFO from LIFO.

HUBBELL INCORPORATED-Form 10-Q 17

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NOTE 6 Goodwill and Other Intangible Assets, net

Changes in the carrying values of goodwill for the nine months ended September 30, 2025, by segment, were as follows (in millions):


	Segment
	Utility Solutions		Electrical Solutions		Total
BALANCE AT DECEMBER 31, 2024	$	1,868.4	$	632.4	$	2,500.8
Current year dispositions(1)	—		(0.3)		(0.3)
Current year acquisitions(1)	26.4		40.0		66.4
Foreign currency translation	18.0		3.9		21.9
BALANCE AT SEPTEMBER 30, 2025	$	1,912.8	$	676.0	$	2,588.8

(1) Refer to Note 2 - Business Acquisitions and Dispositions for additional information.

The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):


	September 30, 2025				December 31, 2024
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Definite-lived:
Patents, tradenames and trademarks	$	235.0	$	(101.8)	$	232.4	$	(95.2)
Customer relationships, developed technology and other	1,562.6		(669.7)		1,511.4		(602.0)
TOTAL DEFINITE-LIVED INTANGIBLES	$	1,797.6	$	(771.5)	$	1,743.8	$	(697.2)
Indefinite-lived:
Tradenames and other	33.8		—		33.4		—
TOTAL OTHER INTANGIBLE ASSETS	$	1,831.4	$	(771.5)	$	1,777.2	$	(697.2)

Amortization expense associated with definite-lived intangible assets was $24.7 million and $28.4 million during the three months ended September 30, 2025 and 2024, respectively, and $74.0 million and $85.4 million during the nine months ended September 30, 2025 and 2024, respectively. Future amortization expense associated with these intangible assets is estimated to be $24.4 million for the remainder of 2025, $93.3 million in 2026, $90.4 million in 2027, $86.4 million in 2028, $82.1 million in 2029, and $75.8 million in 2030. The Company amortizes intangible assets with definite lives using either an accelerated method that reflects the pattern in which economic benefits of the intangible assets are consumed and results in higher amortization in the earlier years of the assets' useful lives, or using a straight-line method. Approximately 85% of the gross value of definite-lived intangible assets follow an accelerated amortization method.

The organizational change in September 2025 described in Note 3 - Revenue resulted in a change in the Company's reporting units within the Electrical Solutions segment. As a result of the change in reporting units, the Company performed an interim goodwill impairment assessment, for the updated reporting units within the Electrical Solutions segment. Because the change did not affect the Utility Solutions segment, no interim goodwill impairment assessment was required for that segment.

The Company elected to utilize the quantitative goodwill impairment testing process, as permitted in the accounting guidance, by comparing the estimated fair value of the reporting units to their carrying values. If the estimated fair value of a reporting unit exceeds its carrying value, no impairment exists. The impairment testing resulted in implied fair values for each reporting unit within the Electrical Solutions segment that significantly exceeded such reporting unit's carrying value, including goodwill. The Company did not have any reporting units within the Electrical Solutions segment with zero or negative carrying amounts.

HUBBELL INCORPORATED-Form 10-Q 18

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NOTE 7 Other Accrued Liabilities

Other accrued liabilities consists of the following (in millions):


	September 30, 2025		December 31, 2024
Customer program incentives	$	59.0	$	51.7
Accrued income taxes	22.5		21.4
Contract liabilities - deferred revenue	124.3		134.6
Customer refund liability	20.2		20.1
Accrued warranties short-term(1)	19.7		20.6
Current operating lease liabilities	36.9		34.2
Other	92.5		89.8
TOTAL	$	375.1	$	372.4

(1) Refer to Note 22 - Guarantees, in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding warranties.

NOTE 8 Other Non-Current Liabilities

Other non-current liabilities consists of the following (in millions):


	September 30, 2025		December 31, 2024
Pensions	$	145.6	$	167.1
Other post-retirement benefits	12.8		12.9
Deferred tax liabilities	304.4		277.1
Accrued warranties long-term(1)	20.1		21.1
Non-current operating lease liabilities	116.5		117.3
Other	135.4		124.7
TOTAL	$	734.8	$	720.2

HUBBELL INCORPORATED-Form 10-Q 19

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NOTE 9 Total Equity

A summary of changes in total equity for the three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024 is provided below (in millions, except per share amounts):


	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest
BALANCE AT DECEMBER 31, 2024	$	0.6	$	2.6	$	3,779.5	$	(386.5)	$	3,396.2	$	14.4
Net income	—		—		407.4		—		407.4		2.6
Other comprehensive (loss) income	—		—		—		51.8		51.8		—
Stock-based compensation	—		20.7		—		—		20.7		—
Acquisition/surrender of common shares(1)	—		(22.0)		(223.9)		—		(245.9)		—
Cash dividends declared ($2.64 per share)	—		—		(141.2)		—		(141.2)		—
Dividends to noncontrolling interest	—		—		—		—		—		(5.9)
Directors deferred compensation	—		(1.3)		—		—		(1.3)		—
BALANCE AT JUNE 30, 2025	$	0.6	$	—	$	3,821.8	$	(334.7)	$	3,487.7	$	11.1
Net income	—		—		255.5		—		255.5		1.2
Other comprehensive (loss) income	—		—		—		4.0		4.0		—
Stock-based compensation	—		6.3		—		—		6.3		—
Acquisition/surrender of common shares(1)	—		(2.1)		—		—		(2.1)		—
Cash dividends declared ($1.32 per share)	—		—		(70.3)		—		(70.3)		—
Dividends to noncontrolling interest	—		—		—		—		—		(0.6)
Directors deferred compensation	—		0.2		—		—		0.2		—
BALANCE AT SEPTEMBER 30, 2025	$	0.6	$	4.4	$	4,007.0	$	(330.7)	$	3,681.3	$	11.7

HUBBELL INCORPORATED-Form 10-Q 20

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	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest
BALANCE AT DECEMBER 31, 2023	$	0.6	$	6.1	$	3,309.4	$	(312.4)	$	3,003.7	$	12.3
Net income	—		—		354.6		—		354.6		2.9
Other comprehensive (loss) income	—		—		—		(26.6)		(26.6)		—
Stock-based compensation	—		18.9		—		—		18.9		—
Acquisition/surrender of common shares(1)	—		(23.1)		(23.9)		—		(47.0)		—
Cash dividends declared ($2.44 per share)	—		—		(131.3)		—		(131.3)		—
Dividends to noncontrolling interest	—		—		—		—		—		(1.5)
Directors deferred compensation	—		0.2		—		—		0.2		—
BALANCE AT JUNE 30, 2024	$	0.6	$	2.1	$	3,508.8	$	(339.0)	$	3,172.5	$	13.7
Net income	—		—		226.2		—		226.2		1.6
Other comprehensive (loss) income	—		—		—		20.0		20.0		—
Stock-based compensation	—		5.3		—		—		5.3		—
Acquisition/surrender of common shares(1)	—		(6.4)		(10.6)		—		(17.0)		—
Cash dividends declared ($1.22 per share)	—		—		(65.5)		—		(65.5)		—
Dividends to noncontrolling interest	—		—		—		—		—		(1.5)
Directors deferred compensation	—		0.2		—		—		0.2		—
BALANCE AT SEPTEMBER 30, 2024	$	0.6	$	1.2	$	3,658.9	$	(319.0)	$	3,341.7	$	13.8

(1) For accounting purposes, the Company treats repurchased shares as constructively retired when acquired and accordingly charges the purchase price against common stock par value, Additional paid-in capital, to the extent available, and Retained earnings. The change in Retained earnings of $223.9 million and $34.5 million in the first nine months of 2025 and 2024, respectively, reflects this accounting treatment.

The detailed components of total comprehensive income are presented in the Condensed Consolidated Statements of Comprehensive Income.

HUBBELL INCORPORATED-Form 10-Q 21

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NOTE 10 Accumulated Other Comprehensive Loss

A summary of the changes in Accumulated other comprehensive loss (net of tax) for the nine months ended September 30, 2025 is provided below (in millions):


(debit) credit	Cash flow hedge gain (loss)		Unrealized gain (loss) on available-for- sale securities		Pension and post retirement benefit plan adjustment		Cumulative translation adjustment		Total
BALANCE AT DECEMBER 31, 2024	$	1.0	$	(0.3)	$	(193.4)	$	(193.8)	$	(386.5)
Other comprehensive income (loss) before reclassifications	(0.6)		0.8		—		49.3		49.5
Amounts reclassified from accumulated other comprehensive income (loss)	(0.4)		—		6.7		—		6.3
Current period other comprehensive income (loss)	(1.0)		0.8		6.7		49.3		55.8
BALANCE AT SEPTEMBER 30, 2025	$	—	$	0.5	$	(186.7)	$	(144.5)	$	(330.7)

A summary of the gain (loss) reclassifications out of Accumulated other comprehensive loss for the three and nine months ended September 30, 2025 and 2024 is provided below (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Loss Components	2025		2024		2025		2024		Location of Gain (Loss) Reclassified into Income
Cash flow hedges gain (loss):
Forward exchange contracts	$	—	$	—	$	—	$	—	Net sales
	(0.1)		0.1		0.6		0.3		Cost of goods sold
	—		—		—		—		Other expense, net
	(0.1)		0.1		0.6		0.3		Total before tax
	—		—		(0.2)		(0.1)		Tax benefit (expense)
	$	(0.1)	$	0.1	$	0.4	$	0.2	Gain (loss) net of tax
Amortization of defined benefit pension and post retirement benefit items:
Prior-service costs (a)	$	(0.1)	$	(0.1)	$	(0.3)	$	(0.3)
Actuarial gains (losses) (a)	(2.7)		(2.4)		(8.3)		(7.6)

	(2.8)		(2.5)		(8.6)		(7.9)		Total before tax
	0.6		0.6		1.9		1.8		Tax benefit (expense)
	$	(2.2)	$	(1.9)	$	(6.7)	$	(6.1)	Gain (loss) net of tax










Gains (losses) reclassified into earnings	$	(2.3)	$	(1.8)	$	(6.3)	$	(5.9)	Gain (loss) net of tax

(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 12 - Pension and Other Benefits in the Notes to Condensed Consolidated Financial Statements for additional details).

HUBBELL INCORPORATED-Form 10-Q 22

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NOTE 11 Earnings Per Share

The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Service-based and performance-based restricted stock awards granted by the Company are considered participating securities as these awards contain a non-forfeitable right to dividends.

The following table sets forth the computation of earnings per share for the three and nine months ended September 30, 2025 and 2024 (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income attributable to Hubbell Incorporated	$	255.5	$	226.2	$	662.9	$	580.8
Less: Earnings allocated to participating securities	(0.4)		(0.4)		(1.1)		(1.1)
Net income available to common shareholders	$	255.1	$	225.8	$	661.8	$	579.7

Denominator:
Average number of common shares outstanding	53.1		53.7		53.3		53.7
Potential dilutive common shares	0.3		0.3		0.3		0.3
Average number of diluted shares outstanding	53.4		54.0		53.6		54.0

Earnings per share:
Basic earnings per share	$	4.80	$	4.21	$	12.42	$	10.80
Diluted earnings per share	$	4.77	$	4.18	$	12.35	$	10.73

The Company did not have any significant anti-dilutive securities outstanding during the three and nine months ended September 30, 2025 and 2024.

HUBBELL INCORPORATED-Form 10-Q 23

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NOTE 12 Pension and Other Benefits

The following table sets forth the components of net pension and other benefit costs for the three and nine months ended September 30, 2025 and 2024 (in millions):


	Pension Benefits				Other Benefits
	2025		2024		2025		2024
Three Months Ended September 30,
Service cost	$	0.1	$	0.1	$	—	$	—
Interest cost	8.8		8.4		0.2		0.2
Expected return on plan assets	(7.2)		(7.7)		—		—
Amortization of prior service cost	0.1		0.1		—		—
Amortization of actuarial losses (gains)	2.9		2.5		(0.2)		(0.1)

NET PERIODIC BENEFIT COST	$	4.7	$	3.4	$	—	$	0.1
Nine Months Ended September 30,
Service cost	$	0.3	$	0.4	$	—	$	—
Interest cost	26.4		25.0		0.6		0.6
Expected return on plan assets	(21.4)		(23.0)		—		—
Amortization of prior service cost	0.3		0.3		—		—
Amortization of actuarial losses (gains)	8.8		7.9		(0.5)		(0.3)

NET PERIODIC BENEFIT COST	$	14.4	$	10.6	$	0.1	$	0.3

Employer Contributions

The Company contributed $20.0 million to its U.S. qualified plans and $1.4 million to its foreign pension plans during the nine months ended September 30, 2025. Although not required by ERISA and the Internal Revenue Code, the Company may elect to make additional voluntary contributions to its qualified domestic defined benefit pension plan in 2025.

HUBBELL INCORPORATED-Form 10-Q 24

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NOTE 13 Guarantees

The Company records a liability equal to the fair value of guarantees in accordance with the accounting guidance for guarantees. When it is probable that a liability has been incurred and the amount can be reasonably estimated, the Company accrues for costs associated with guarantees. The most likely costs to be incurred are accrued based on an evaluation of currently available facts and, where no amount within a range of estimates is more likely, the minimum is accrued. As of September 30, 2025 and December 31, 2024, the fair value and maximum potential payment related to the Company’s guarantees were not material.

The Company offers product warranties that cover defects on most of its products. These warranties primarily apply to products that are properly installed, maintained and used for their intended purpose. The Company accrues estimated warranty costs at the time of sale. Estimated warranty expenses, recorded in cost of goods sold, are based upon historical information such as past experience, product failure rates, or the estimated number of units to be repaired or replaced. Adjustments are made to the product warranty accrual as claims are incurred, additional information becomes known, or as historical experience indicates.

Changes in the accrual for product warranties during the nine months ended September 30, 2025 and 2024 are set forth below (in millions):


	2025		2024
BALANCE AT JANUARY 1, (a)	$	41.7	$	39.2
Provision	9.3		7.7
Expenditures/payments/other	(11.2)		(6.8)
BALANCE AT SEPTEMBER 30, (a)	$	39.8	$	40.1

(a) Refer to Note 7 – Other Accrued Liabilities and Note 8 – Other Non-Current Liabilities for a breakout of short-term and long-term warranties.

HUBBELL INCORPORATED-Form 10-Q 25

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NOTE 14 Fair Value Measurement

Financial Instruments

Financial instruments which potentially subject the Company to significant concentrations of credit loss risk consist of trade receivables, cash equivalents and investments. The Company grants credit terms in the normal course of business to its customers. Due to the diversity of its product lines, the Company has an extensive customer base, including electrical distributors and wholesalers, electric utilities, equipment manufacturers, electrical contractors, telecommunication companies and retail and hardware outlets. As part of its ongoing procedures, the Company monitors the credit worthiness of its customers. Bad debt write-offs have historically been minimal. The Company places its cash and cash equivalents with financial institutions and limits the amount of exposure in any one institution.

At September 30, 2025, our accounts receivable balance was $909.9 million, net of allowances of $13.4 million. During the nine months ended September 30, 2025, our allowances increased by approximately $2.1 million.

Investments

At September 30, 2025 and December 31, 2024, the Company had $79.2 million and $69.6 million, respectively, of available-for-sale municipal debt securities. These investments had an amortized cost of $78.7 million and $70.1 million, respectively. No allowance for credit losses related to our available-for-sale debt securities was recorded for the nine months ended September 30, 2025 or September 30, 2024. As of September 30, 2025 and December 31, 2024, the unrealized losses attributable to our available-for-sale debt securities were $0.4 million and $0.6 million, respectively. The fair value of available-for-sale debt securities with unrealized losses was $18.3 million at September 30, 2025 and $40.5 million at December 31, 2024.

The Company also had trading securities of $31.7 million at September 30, 2025 and $28.1 million at December 31, 2024 that are carried on the balance sheets at fair value. Unrealized gains and losses associated with available-for-sale debt securities are reflected in Accumulated other comprehensive loss, net of tax, while unrealized gains and losses associated with trading securities are reflected in the Condensed Consolidated Statements of Income.

Fair value measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions.

HUBBELL INCORPORATED-Form 10-Q 26

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The following table shows, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at September 30, 2025 and December 31, 2024 (in millions):


Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total
September 30, 2025
Money market funds(a)	$	416.4	$	—	$	—	$	416.4
Time Deposits(b)	—		3.0		—		3.0
Available for sale investments	—		79.2		—		79.2
Trading securities	31.7		—		—		31.7
Deferred compensation plan liabilities	(31.7)		—		—		(31.7)
Derivatives:
Forward exchange contracts-Assets(c)	—		0.3		—		0.3
Forward exchange contracts-(Liabilities)(d)	—		(0.2)		—		(0.2)
TOTAL	$	416.4	$	82.3	$	—	$	498.7

Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total
December 31, 2024
Money market funds(a)	$	63.2	$	—	$	—	$	63.2
Time Deposits(b)	—		3.1		—		3.1
Available for sale investments	—		69.6		—		69.6
Trading securities	28.1		—		—		28.1
Deferred compensation plan liabilities	(28.1)		—		—		(28.1)
Derivatives:
Forward exchange contracts-Assets(c)	—		1.4		—		1.4

TOTAL	$	63.2	$	74.1	$	—	$	137.3

(a) Money market funds are reflected in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

*(b)*Time deposits are reflected in current and long term investments depending on their maturity date in the Condensed Consolidated Balance Sheets.

(c) Forward exchange contracts-Assets are reflected in Other current assets in the Condensed Consolidated Balance Sheets.

(d) Forward exchange contracts-(Liabilities) are reflected in Other accrued liabilities in the Condensed Consolidated Balance Sheets.

The methods and assumptions used to estimate the Level 2 fair values were as follows:

Forward exchange contracts – The fair value of forward exchange contracts was based on quoted forward foreign currency exchange prices at the reporting date.

Available-for-sale municipal bonds classified in Level 2 – The fair value of available-for-sale investments in municipal bonds is based on observable market-based inputs, other than quoted prices in active markets for identical assets.

Deferred compensation plans

The Company offers certain employees the opportunity to participate in non-qualified deferred compensation plans. A participant’s deferrals are invested in a variety of participant-directed debt and equity mutual funds that are classified as trading securities. The Company purchased $3.4 million and $4.7 million of trading securities related to these deferred compensation plans during the nine months ended September 30, 2025 and 2024, respectively. As a result of participant distributions, the Company sold $3.3 million of these trading securities during the nine months ended September 30, 2025 and $2.9 million during the nine months ended September 30, 2024. The unrealized gains and losses associated with these trading securities are directly offset by the changes in the fair value of the underlying deferred compensation plan obligation.

HUBBELL INCORPORATED-Form 10-Q 27

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Long Term Debt

As of September 30, 2025 and December 31, 2024, the carrying value of long-term debt, net of unamortized discount and debt issuance costs, including the $399.7 million and $0.0 million, respectively, current portion of the Senior notes due in 2026 (the “2026 Notes”), was $1,444.5 million and $1,442.7 million, respectively. The estimated fair value of the long-term debt as of September 30, 2025 and December 31, 2024 was $1,406.6 million and $1,367.3 million, respectively, using quoted market prices in active markets for similar liabilities (Level 2).

NOTE 15 Commitments and Contingencies

The Company is subject to various legal proceedings arising in the normal course of its business. These proceedings include claims for damages arising out of use of the Company’s products, intellectual property, workers’ compensation and environmental matters. The Company is self-insured up to specified limits for certain types of claims, including product liability and workers’ compensation, and is fully self-insured for certain other types of claims, including environmental and intellectual property matters. The Company recognizes a liability for any contingency that in management’s judgment is probable of occurrence and can be reasonably estimated. We continually reassess the likelihood of adverse judgments and outcomes in these matters, as well as estimated ranges of possible losses based upon an analysis of each matter which includes advice of outside legal counsel and, if applicable, other experts.

HUBBELL INCORPORATED-Form 10-Q 28

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NOTE 16 Restructuring Costs and Other

In the three and nine months ended September 30, 2025, we incurred costs for restructuring actions initiated in 2025 as well as costs for restructuring actions initiated in prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.

Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 are as follows (in millions):



	Three Months Ended September 30,
	2025		2024		2025		2024		2025		2024
	Cost of goods sold				Selling & administrative expense				Total
Utility Solutions	$	1.6	$	0.1	$	0.4	$	—	$	2.0	$	0.1
Electrical Solutions	2.2		1.2		1.5		—		3.7		1.2
Total Pre-Tax Restructuring Costs	$	3.8	$	1.3	$	1.9	$	—	$	5.7	$	1.3



	Nine Months Ended September 30,
	2025		2024		2025		2024		2025		2024
	Cost of goods sold				Selling & administrative expense				Total
Utility Solutions	$	5.0	$	2.7	$	0.5	$	1.6	$	5.5	$	4.3
Electrical Solutions	3.2		5.2		1.5		1.5		4.7		6.7
Total Pre-Tax Restructuring Costs	$	8.2	$	7.9	$	2.0	$	3.1	$	10.2	$	11.0

The following table summarizes the accrued liabilities for our restructuring actions (in millions):


	Beginning Accrued Restructuring Balance 1/1/25		Pre-tax Restructuring Costs		Utilization and Foreign Currency Exchange		Ending Accrued Restructuring Balance 9/30/25
2025 Restructuring Actions
Severance	$	—	$	4.6	$	(2.9)	$	1.7
Asset write-downs	—		1.5		(1.5)		—
Facility closure and other costs	—		2.3		(2.2)		0.1
Total 2025 Restructuring Actions	$	—	$	8.4	$	(6.6)	$	1.8
2024 and Prior Restructuring Actions
Severance	$	4.5	$	0.4	$	(1.1)	$	3.8
Asset write-downs	—		—		—		—
Facility closure and other costs	0.1		1.4		(1.4)		0.1
Total 2024 and Prior Restructuring Actions	$	4.6	$	1.8	$	(2.5)	$	3.9
Total Restructuring Actions	$	4.6	$	10.2	$	(9.1)	$	5.7

HUBBELL INCORPORATED-Form 10-Q 29

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The actual costs incurred and total expected cost in each of our reporting segments of our on-going restructuring actions are as follows (in millions):


	Total expected costs		Costs incurred during 2024		Costs incurred in the first nine months of 2025		Remaining costs at 9/30/2025
2025 Restructuring Actions
Utility Solutions	$	8.0	$	—	$	5.3	$	2.7
Electrical Solutions	3.4		—		3.1		0.3
Total 2025 Restructuring Actions	$	11.4	$	—	$	8.4	$	3.0
2024 and Prior Restructuring Actions
Utility Solutions	$	4.7	$	4.5	$	0.2	$	—
Electrical Solutions	13.6		8.3		1.6		3.7
Total 2024 and Prior Restructuring Actions	$	18.3	$	12.8	$	1.8	$	3.7
Total Restructuring Actions	$	29.7	$	12.8	$	10.2	$	6.7

NOTE 17 Debt and Financing Arrangements

Long-term debt consists of the following (in millions):


	Maturity	September 30, 2025		December 31, 2024
Senior notes at 3.35%(a)	2026	$	—	$	399.2
Senior notes at 3.15%	2027	299.0		298.6
Senior notes at 3.50%	2028	448.3		447.7
Senior notes at 2.300%	2031	297.5		297.2


TOTAL LONG-TERM DEBT(b)		$	1,044.8	$	1,442.7

*(a)*The Senior notes at 3.35% were reclassified to current at March 31, 2025.

(b)Long-term debt is presented net of debt issuance costs and unamortized discounts.

2025 Term Loan

On September 29, 2025, the Company entered into a Term Loan Agreement (the "Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. The Term Loan Agreement provides the Company, with the ability to borrow up to $600 million on an unsecured basis to finance the DMC Power acquisition, repay certain existing indebtedness of DMC Power and pay fees, costs and expenses in connection with the foregoing.

On October 1, 2025, the Company borrowed $600 million under the Term Loan Agreement (the "Loans") to pay a portion of the purchase price for the DMC Power acquisition. The Loans were made in a single borrowing and will be due and payable on September 29, 2028. The Loans bear interest based on the Term SOFR Rate (as defined in the Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. Hubbell also paid to the lenders certain customary fees under the Term Loan Agreement. There were no amounts outstanding under the Term Loan as of September 30, 2025.

The Term Loan Agreement contains representations and warranties and affirmative and negative covenants customary for an unsecured financing of this type, as well as a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of September 30, 2025.

2025 Credit Facility

On March 25, 2025, the Company, as borrower, and each foreign subsidiary borrower from time to time party thereto (collectively, the “Foreign Subsidiary Borrowers”) entered into a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $1.0 billion committed unsecured revolving credit facility (the “Revolving Credit Agreement”). The obligations of the Foreign Subsidiary Borrowers (if any) under the Revolving Credit Agreement are guaranteed by the Company.

HUBBELL INCORPORATED-Form 10-Q 30

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Commitments under the Revolving Credit Agreement may be conditionally increased to an aggregate amount not to exceed $1.5 billion. The Revolving Credit Agreement includes a $50.0 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credit to the Foreign Subsidiary Borrowers under the Revolving Credit Agreement may not exceed $100.0 million.

The interest rate applicable to borrowings under the Revolving Credit Agreement is either (i) the alternate base rate (as defined in the Revolving Credit Agreement) or (ii) the term SOFR rate (as defined in the Revolving Credit Agreement) plus an applicable margin based on the Company's credit ratings.

All revolving loans outstanding under the Revolving Credit Agreement will be due and payable on March 25, 2030. The Revolving Credit Agreement provides for up to two one-year maturity extensions. As of September 30, 2025, the credit facility was undrawn.

The Revolving Credit Agreement contains a sole financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of September 30, 2025.

2021 Credit Facility

The Company had a five-year credit agreement with a syndicate of lenders and JPMorgan Chase, N.A., as administrative agent, that provided a $750 million committed revolving credit facility, which was terminated in connection with entry into the Revolving Credit Agreement.

Short-Term Debt and Current Portion of Long-Term Debt

The Company had $951.5 million and $125.4 million of short-term debt and current portion of long-term debt outstanding at September 30, 2025 and December 31, 2024, respectively, composed of the following:

$399.7 million of the 2026 Notes are listed as current as of September 30, 2025, as the 2026 Notes are due in March 2026.
$550.0 million of commercial paper borrowings outstanding at September 30, 2025, and $123.0 million of commercial paper borrowings outstanding at December 31, 2024. The increase in commercial paper during the first nine months of 2025 was utilized to repurchase $225.0 million of treasury stock and to partially fund the acquisitions of Ventev, Nicor and DMC Power.
$1.8 million and $2.4 million of other short-term debt outstanding at September 30, 2025 and December 31, 2024, respectively, which consisted of borrowings outstanding under our commercial card program.

HUBBELL INCORPORATED-Form 10-Q 31

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Note 18 Stock-Based Compensation

As of September 30, 2025, the Company had various stock-based awards outstanding which were issued to executives and other key employees. The Company recognizes the grant-date fair value of all stock-based awards to employees over their respective requisite service periods (generally equal to an award’s vesting period), net of estimated forfeitures. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. For those awards that vest immediately upon retirement eligibility, the Company recognizes compensation cost immediately for retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period.

The Company’s long-term incentive program for awarding stock-based compensation includes a combination of restricted stock, stock appreciation rights (“SARs”), and performance shares of the Company’s common stock pursuant to the Hubbell Incorporated Incentive Award Plan as may be amended and restated from time to time (the “Award Plan”). Under the Award Plan, the Company may authorize up to 10.3 million shares of common stock to settle awards of restricted stock, performance shares, or SARs. The Company issues new shares to settle stock-based awards. During the three months ended March 31, 2025, the Company's grant of stock-based awards included restricted stock, SARs and performance shares. There were no material awards granted during the three months ended September 30, 2025 and the three months ended June 30, 2025.

Each of the compensation arrangements is discussed below.

Restricted Stock

The Company issues various types of restricted stock, of which the restricted stock awards are considered outstanding at the time of grant, as the award holders are entitled to dividends and voting rights. Unvested restricted stock awards are considered participating securities when computing earnings per share. Restricted stock unit award holders are not entitled to dividends or voting rights until settlement. Restricted stock grants are not transferable and are subject to forfeiture in the event of the recipient's termination of employment prior to vesting.

Restricted Stock Awards Issued to Employees - Service Condition

Restricted stock awards that vest based upon a service condition are expensed on a straight-line basis over the requisite service period. These awards generally vest either in three equal installments on each of the first three anniversaries of the grant date or on the third-year anniversary of the grant date. The fair value of these awards is measured by the average of the high and low trading prices of the Company’s common stock on the most recent trading day immediately preceding the grant date (“measurement date”).

In February 2025, the Company granted 35,015 restricted stock awards with a fair value per share of $393.16.

Restricted Stock Units Issued to Employees - Service Condition

Restricted stock units that vest based upon a service condition are expensed on a straight-line basis over the requisite service period. These awards generally vest in three equal installments on each of the first three anniversaries of the grant date. The fair value of these awards is measured by the average of the high and low trading prices of the Company’s common stock on the measurement date reduced by the present value of dividends expected to be paid during the requisite service period.

In February 2025, the Company granted 1,617 restricted stock units with a fair value per share of $380.99.

Stock Appreciation Rights

SARs grant the holder the right to receive, once vested, the value in shares of the Company's common stock equal to the positive difference between the grant price, as determined using the mean of the high and low trading prices of the Company’s common stock on the measurement date, and the fair market value of the Company’s common stock on the date of exercise. This amount is payable in shares of the Company’s common stock. SARs vest and become exercisable in three equal installments during the first three years following the grant date and expire ten years from the grant date.

In February 2025, the Company granted 66,369 SAR awards. The fair value of each SAR award was measured using the Black-Scholes option pricing model.

The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during February 2025:

HUBBELL INCORPORATED-Form 10-Q 32

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Grant Date			Expected Dividend Yield			Expected Volatility			Risk Free Interest Rate			Expected Term			Weighted Avg. Grant Date Fair Value of 1 SAR
February 2025			1.2%			24.2%			4.4%			4.8 years			$100.15

The expected dividend yield was calculated by dividing the Company’s expected annual dividend by the average stock price for the past three months. Expected volatilities are based on historical volatilities of the Company’s stock for a period consistent with the expected term. The expected term of SARs granted was based upon historical exercise behavior of SARs. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the award.

Performance Shares

Performance shares represent the right to receive a share of the Company’s common stock subject to the achievement of certain market or performance conditions established by the Company’s Compensation Committee and measured over a three-year period. Partial vesting in these awards may occur after separation from the Company for retirement eligible employees. Shares are not vested until approved by the Company’s Compensation Committee.

Performance Shares - Market Condition

In February 2025, the Company granted 8,542 performance shares that will vest subject to a market condition and service condition through the performance period. The market condition associated with the awards is the Company's total shareholder return (“TSR”) compared to the TSR generated by the companies that comprise the S&P Capital Goods 900 index over a three year performance period. Performance at target will result in vesting and issuance of the number of performance shares granted, equal to 100% payout. Performance below or above target can result in issuance in the range of 0%-200% of the number of shares granted. Expense is recognized irrespective of the market condition being achieved.

The fair value of the performance share awards with a market condition for the 2025 grant was determined based upon a lattice model.

The following table summarizes the related assumptions used to determine the fair values of the performance share awards with a market condition granted during February 2025:


Grant Date			Stock Price on Measurement Date			Dividend Yield			Expected Volatility			Risk Free Interest Rate			Expected Term			Weighted Avg. Grant Date Fair Value
February 2025			$393.16			1.3%			31.0%			4.3%			2.9 years			$421.00

Expected volatilities are based on historical volatilities of the Company’s and members of the peer group's stock over the expected term of the award. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the expected term of the award.

Performance Shares - Performance Condition

In February 2025, the Company granted 17,377 performance shares that will vest subject to an internal Company-based performance condition and service requirement.

Fifty percent of these performance shares granted will vest based on Hubbell’s compounded annual growth rate of Net sales as compared to that of the companies that comprise the S&P Capital Goods 900 index. Fifty percent of these performance shares granted will vest based on achieved adjusted operating profit margin performance as compared to internal targets. Each of these performance conditions is measured over the same three-year performance period. The cumulative result of these performance conditions can result in a number of shares earned in the range of 0%-200% of the target number of shares granted.

The fair value of the award is measured based upon the average of the high and low trading prices of the Company's common stock on the measurement date reduced by the present value of dividends expected to be paid during the requisite service period. The Company expenses these awards on a straight-line basis over the requisite service period and based on an assessment of the performance achieved to date. The weighted average fair value per share was $380.99 for the awards granted during February 2025.


Grant Date			Fair Value			Performance Period						Payout Range
February 2025			$380.99			Jan 2025 - Dec 2027						0%-200%

HUBBELL INCORPORATED-Form 10-Q 33

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NOTE 19 Subsequent Events

On October 1, 2025, the Company acquired all of the issued and outstanding equity of DMC Power for approximately $825 million, net of cash acquired, subject to customary purchase price adjustments. DMC Power is a provider of connectors and tooling for utility substation and transmission markets. DMC Power will be added to the Utility Solutions segment.

The Company financed the acquisition of DMC Power using a combination of commercial paper issuances in September 2025 and borrowings in the aggregate principal amounts of $600 million under the Term Loan Agreement on October 1, 2025.

Refer to Note 2 Business Acquisitions and Dispositions and Note 17 Debt and Financing Arrangements, in the Notes to the Condensed Consolidated Financial Statements for additional information.

HUBBELL INCORPORATED-Form 10-Q 34

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