nVent Electric (NVT) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 sales of $3.9 billion, up 30% year-over-year, with adjusted EPS up 35% to $3.35 and free cash flow up 31% to $561 million.

• Q4 2025 sales reached $1.1 billion, up 42% year-over-year, with adjusted EPS up 53%.

• Infrastructure now represents 45% of revenue, with data center sales of ~$1 billion, growing over 50% year-over-year.

• Portfolio transformation included divesting Thermal Management and acquiring EPG, increasing infrastructure exposure.

• Orders and backlog grew significantly, with year-end backlog at $2.3 billion, triple the prior year.

Financial highlights

• Q4 organic sales grew 24%, with acquisitions contributing 17 points to growth; adjusted operating income up 33% to $210 million.

• Full-year adjusted operating income was $786 million, up 21%, with adjusted return on sales at 20.2%.

• Q4 free cash flow was $189 million, up 26%; full-year free cash flow was $561 million, up 31%.

• Q4 gross margin was 36.5%; full-year gross margin at 37.7%.

• Full-year effective tax rate was 22.1%; net interest expense of ~$75 million.

Outlook and guidance

• 2026 sales expected to grow 15%-18% (10%-13% organic), with adjusted EPS guidance of $4.00-$4.15, up 20%-24%.

• Q1 2026 sales projected to rise 34%-36% (17%-19% organic), with adjusted EPS of $0.90-$0.93.

• Free cash flow conversion expected at 90%-102% of adjusted net income.

• Secular trends in electrification, sustainability, and digitalization expected to drive demand.

• 2026 full-year GAAP EPS guidance is $3.27–$3.42.