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Earnings

Hammond Power Solutions Reports Fourth Quarter 2025 Financial Results

By The Northwire Desk — AI Analysis Mar 19, 2026 · 17:15 HPS · 173.84
HPS · Price

Executive Summary

  • Hammond Power Solutions reported record annual sales of $898.3 M, up 13.9% YoY, and a record adjusted EBITDA of $133.3 M (14.8% of sales).
  • Q4 2025 revenue reached $254.1 M; backlog grew 122% year‑over‑year, providing strong visibility into 2026 demand.
  • The Board declared a quarterly cash dividend of $0.275 per share (Class A & B) payable December 11 2025.

Key Details

  • Revenue
  • Q4 2025: $254,092 k (↑ 21.9% YoY)
  • FY 2025: $898,255 k (↑ 13.9% YoY)
  • Adjusted EBITDA
  • Q4 2025: $38,727 k (13.5% of sales)
  • FY 2025: $133,330 k (14.8% of sales)
  • Adjusted EPS
  • Q4 2025: $1.98 (vs. $1.90 YoY)
  • FY 2025: $6.81 (vs. $7.10 YoY) – adjusted EPS down 4.1% YoY but up 0.8% QoQ.
  • Backlog
  • End‑Dec 2025 backlog $122 % higher than Dec 2024 and 74 % higher than Q3 2025.
  • Geographic Mix (Q4 2025)
  • U.S. & Mexico: $175,419 k (+24.5% YoY)
  • Canada: $72,374 k (+24.1% YoY)
  • India: $6,299 k (‑32.0% YoY)
  • Margins
  • Gross margin FY 2025: 30.3% (down from 32.8% in 2024).
  • Q4 2025 gross margin: 29.2%.
  • Operating Expenses
  • Selling & distribution expense FY 2025: $100,537 k (↑ 20.5% YoY; 11.2% of sales).
  • General & administrative expense FY 2025: $67,763 k (↓ 11.0% YoY; 7.5% of sales).
  • Capital Spending
  • FY 2025 capital spending: $35.6 M (below projected range), enabling capacity expansions for Q1 2026 shipments.
  • Cash & Working Capital
  • Net cash position improved in Q4 2025; working‑capital efficiency noted by CFO.
  • Dividend
  • Quarterly cash dividend declared: $0.275 per Class A Subordinate Voting Share and $0.275 per Class B Common Share, paid Dec 11 2025.
  • YTD dividend paid: $1.10 per share (both classes).

Notable Quotes

  • “HPS delivered a strong finish to 2025… Growth was driven by continued strength in the U.S., particularly in private label and custom‑engineered solutions supporting data centre expansion, infrastructure investment and industrial electrification.” – Adrian Thomas, CEO
  • “EBITDA margins recovered in the quarter versus the third quarter primarily due to the record revenue recorded… Capital spending during the year was $35 M, at the low end of our projected range, and we completed key capacity initiatives for Q1 2026 shipments.” – Richard Vollering, CFO
Read the original news release →

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