Hubbell (HUBB) Q2 2026 earnings summary

Executive summary

• Achieved double-digit growth in Q2 and year-to-date 2026 for net sales (+15%), adjusted operating profit (+13%), and adjusted EPS (+12%), driven by grid modernization, load growth, datacenter investment, and strategic execution.

• Raised full-year 2026 guidance for organic sales, adjusted operating profit, and adjusted EPS, reflecting robust order book, strong order momentum, and market demand.

• Closed the $3B acquisition of NSI Industries in June, enhancing the portfolio with high-growth, high-margin businesses and strengthening core market positions.

• Strong order trends and visibility for continued growth in the second half of 2026.

Financial highlights

• Q2 2026 net sales reached $1.712 billion (+15% YoY); organic growth was 10%, with Electrical Solutions +18% and Utility Solutions +6%.

• Adjusted operating profit grew 13% to $409 million; adjusted operating margin was 23.9%.

• Adjusted EPS was $5.52, up 12% year-over-year; adjusted net income for Q2 was $293.7 million (+11% YoY).

• Q2 free cash flow was $213 million, down year-over-year due to working capital and acquisition costs; first-half free cash flow up 12% to $259 million.

• Net debt to total capital was 52% at June 30, 2026.

Outlook and guidance

• Full-year 2026 sales growth outlook raised to 16%-18%, with organic growth of 9%-11%.

• Adjusted EPS guidance increased to $20.25-$20.55, representing 11%-13% growth.

• Adjusted operating margin expected at 23.1%-23.4%, up 40-70 bps year-over-year.

• Free cash flow conversion expected at ~90% of adjusted net income for 2026.

• CapEx for 2026 expected at $175-$190 million, focused on capacity expansion.