Hubbell (HUBB)

Electrical & grid infrastructure products — utility/grid + data-center electrical

AI exposure 15% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Grid Infrastructure Equipment · figures rebased to Q2 2026, reported 2026-07-28

Grid infrastructure + grid automation (T&D components, smart meters) for utilities is 55% of revenue and the largest business on the map, which is what Grid Infrastructure Equipment holds. The rest is tagged separately: Power & Electrical Equipment at 45%.

Also tagged: secondary in Physical Infrastructure → Power & Electrical Equipment.

Reported segments

• Utility Solutions — 59.9% of revenue
• Electrical Solutions — 40.1% of revenue

Hubbell ($1.712B Q2 2026). Utility Solutions 59.9% ($1,025.8M, +10% — grid infrastructure about +12%, grid automation about +1%) = primary B2 Grid Infrastructure Equipment; Electrical Solutions 40.1% ($686.0M, +25%) = B2 Power & Electrical Equipment secondary, and the faster leg on data-centre demand. Electrical Solutions has closed the gap from 45/55 to 40/60 in the wrong direction for the ratio but the right one for growth — it grew two and a half times faster than Utility.

How the 15% is built

• Utility Solutions — 59.9% of revenue × 12% AI-driven (disclosed). Grid transmission and distribution components serve utility build-out broadly, of which data-centre-driven load growth is one driver
• Electrical Solutions — 40.1% of revenue × 19% AI-driven (disclosed). Explicitly includes data-centre electrical products and grew 25%, the faster of the two segments

Investment read

Moat. Electrical + utility-grid product breadth with brand/spec lock-in; grid + data-center electrification tailwind.

Bottleneck / pricing power. Moderate-to-strong pricing power — spec-driven products, long qualification cycles, and Utility Solutions book-to-bill at 1.2x with orders outrunning record shipments. Currently constrained on the cost side rather than demand: Electrical Solutions' adjusted margin fell 130bps YoY to 21.2% on tariffs and raw-material inflation, so price/cost must catch up in H2 to deliver the guided 40-70bps of full-year expansion.

Role in the AI stack. The grid/electrical-products layer feeding data centers + utilities.

Connected companies

• Equinix (EQIX) — HUBB supplies: electrical grid components
• Freeport-McMoRan (FCX) — HUBB is supplied by: copper feedstock
• Eaton Corporation (ETN) — HUBB competes with: Electrical equipment / grid components overlap
• Schneider Electric (SU) — HUBB competes with: Partial overlap in electrical/grid products — Hubbell utility/grid-weighted vs Schneider distribution/automation-weighted
• Powell Industries (POWL) — HUBB competes with: Thin overlap — Powell custom switchgear/bus duct vs Hubbell connectors/grid components; limited product substitution
• nVent Electric (NVT) — HUBB competes with: Partial overlap in electrical connection/grounding and enclosure products
• Digital Realty Trust (DLR) — HUBB supplies: electrical products for Digital Realty
• Siemens (SIEGY) — HUBB competes with: grid equipment — Hubbell vs Siemens
• Microsoft (MSFT) — HUBB supplies: electrical/grounding/wiring infrastructure sold into hyperscale data-center builds (Microsoft not publicly named)
• Meta Platforms (META) — HUBB supplies: electrical/grid for META AI data centers
• Alphabet (GOOGL) — HUBB supplies: electrical connectors/grid components sold into hyperscaler builds; Google not named
• Amazon (AMZN) — HUBB supplies: electrical/grid for AMZN AI data centers
• Oracle (ORCL) — HUBB supplies: electrical/grid for ORCL AI data centers
• CoreWeave (CRWV) — HUBB supplies: electrical/grid for CRWV AI data centers

Others in Grid Infrastructure Equipment

• Hitachi (HTHIY)

All 174 companies · What moved this quarter · How the map is built