nVent Electric (NVT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 sales of $1.5 billion, up 53% year-over-year, with organic growth of 47%, driven by strong performance in infrastructure, especially data centers and power utilities.

• Adjusted EPS rose 69% to $1.45, while reported EPS increased 103% to $1.32; net income from continuing operations more than doubled to $215.8 million.

• Robust order growth and a healthy backlog of $2.5 billion provide visibility through 2027.

• Portfolio transformation and data center expansion are accelerating growth, with expected data center sales exceeding $2 billion in 2026.

• Sale of the Thermal Management business in January 2025 provided $1.6 billion in net cash proceeds, reported as discontinued operations.

Financial highlights

• Q2 2026 sales reached $1,471 million, up 53% year-over-year; organic sales grew 47%.

• Adjusted operating income rose 61% to $323 million; reported operating income was $301 million, up 92% year-over-year.

• Free cash flow for Q2 was $167 million, up 125% year-over-year; first half free cash flow was $221.1 million.

• Gross margin was 37.9% in Q2 2026; SG&A as a percentage of sales decreased to 15.8%.

• Adjusted return on sales improved to 21.9%, up 110 basis points year-over-year.

Outlook and guidance

• Full-year 2026 reported sales growth guidance raised to 37–39% (prior: 26–28%), organic growth to 32–34%.

• Full-year adjusted EPS guidance increased to $5.00–$5.10, up from $4.45–$4.55; GAAP EPS guidance is $4.29–$4.39.

• Q3 2026 outlook: reported and organic sales growth of 32–35%; adjusted EPS expected between $1.35 and $1.38.

• Free cash flow conversion expected at 90–95% of adjusted net income.

• Management expects continued sales growth driven by electrification, sustainability, and digitalization megatrends.