Eaton Corporation (ETN) financials

NYSE · Industrials · Electrical Equipment & Parts · 97,303 employees · CEO Paulo Ruiz Sternadt

Price: $369.97 -6.03%
Market cap: $144B
Enterprise value: $165B
Last report: Q2 '26 filed 2026-07-31
Next report: 2026-11-03 EPS est. $3.54

Revenue (TTM)$30B+15.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)17.7%-1.8 pp vs a year agoOperating income $5.31B

Net income (TTM)$3.83B-2.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$4.5B+24.3% vs a year agoCapex $446M

Diluted EPS (TTM)$9.83-1.1% vs a year agoSum of the last 4 quarters

Net cash-$20.6B-87.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $144B
Revenue: $30B
Revenue growth: +20%
Profit margin: 12.8%
P/E: 37.5×
P/S: 4.8×
EV / EBITDA: 25.5×
Free cash flow: $4.5B
Net income: $3.83B
Revenue estimate: $33B
Earnings: 2026-11-03
Dividend: $4.34

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-07-31): revenue beat by 4.6%, EPS beat by 2.6%Revenue $8.53B vs $8.16B expected (+4.6%); EPS $3.15 vs $3.07 (+2.6%).
Revenue growth accelerating: 21.4% year on yearQ2 '26 revenue $8.53B, against an average of 12.7% over the four quarters before.
Operating margin 17.7% (TTM), -1.8 pp on a year agoOperating income grew 5.1% while revenue grew 15.5%.
Capex 1.5% of revenue (a year ago 1.7%)$446M invested in the last 4 quarters (+1.8% on a year earlier). Free cash flow $4.5B = 117.6% of net income.
Returned $389M to shareholders = 8.6% of free cash flowBuybacks -$1.28B (a year earlier $3.06B), dividends $1.67B, stock-based pay -$50M (TTM).
Diluted share count down 0.8% in a year390M diluted shares in Q2 '26, 393M a year earlier.
Net debt $20.6BCash + short-term investments $695M, debt incl. leases $21.3B; a year ago net debt $11B.
Electrical Global Segment: revenue +43.6%, margin 19.8% (was 20.1%)Fastest-growing reported segment in Q2 '26: operating income $499M on revenue $2.52B (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$8.53B	$7.03B	+21.4%
Gross margin	33.5%	37.0%	-3.5 pp
Operating income	$1.39B	$1.26B	+10.8%
Operating margin	16.3%	17.9%	-1.6 pp
Net income	$821M	$982M	-16.4%
Diluted EPS	$2.11	$2.51	-15.9%
Operating cash flow	$1.13B	$918M	+22.8%
Capex	$253M	-$147M	+272.1%
Free cash flow	$874M	$1.07B	-17.9%
R&D	$227M	$192M	+18.2%
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-07-31

	Actual	Consensus	vs consensus
Revenue	$8.53B	$8.16B	+4.6%
EPS (as estimated)	$3.15	$3.07	+2.6%

From the report of 2026-07-31 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Electrical Americas Segment	$3.95B	+17.9%	46.3%	$14.5B	+18.3%
Electrical Global Segment	$2.52B	+43.6%	29.5%	$7.91B	+21.7%
Aerospace	$1.22B	+13.1%	14.3%	$4.55B	+14.4%
Mobility Segment	$841M	–	9.9%	–	–
Vehicle	–	–	–	–	–
eMobility Segment	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Electrical Americas Segment	$3.95B	+17.9%	$1.09B	+10.2%	27.5%	29.5%	$4.09B
Electrical Global Segment	$2.52B	+43.6%	$499M	+41.4%	19.8%	20.1%	$1.54B
Aerospace Segment	$1.22B	+13.1%	$278M	+15.8%	22.7%	22.2%	$1.13B
Mobility Segment	$841M	-0.5%	$109M	+6.9%	13.0%	12.1%	–
Vehicle Segment	–	–	–	–	–	17.0%	–
E Mobility Segment	–	–	–	–	–	-5.5%	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.95B
Capex: -$446M
Buybacks: $1.28B
Dividends: -$1.67B
Acquisitions: -$11.1B
Net debt issued: $9.36B
Stock-based compensation: -$50M
Free cash flow: $4.5B
Returned to shareholders / FCF: 8.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	37.5×	30.5×	25.4× – 34.8×
EV / EBITDA	25.5×	21.1×	18.1× – 25.1×
EV / Sales	5.5×	4.5×	3.4× – 5.7×
Price / FCF	31.9×	36.3×	32.3× – 43.4×
Price / Book	7.1×	5.3×	3.7× – 7.1×
FCF yield	3.1%	2.8%	2.3% – 3.1%
Return on invested capital	9.1%	10.7%	7.4% – 13.1%
Return on equity	19.6%	17.2%	13.1% – 21.1%

Analysts

Consensus target $502.38 (+35.8%)
range $480.00 – $520.00 · rating Buy

Strong buy0

Buy28

Hold12

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$33B	+20.2%	$13.60	+30.0%	27.2×	16
FY2027	$36.8B	+11.4%	$16.28	+19.7%	22.7×	15
FY2028	$40.4B	+9.9%	$19.04	+17.0%	19.4×	7
FY2029	$44.2B	+9.5%	$22.37	+17.5%	16.5×	2
FY2030	$47.1B	+6.4%	$24.06	+7.5%	15.4×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 253 figures Eaton Corporation plc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$5.42B	$3.76B	+44.1%	$4.17B	$3.68B	+13.3%
Accounts Receivable, Allowance for Credit Loss	$60M	$56M	+7.1%	$57M	$55M	+3.6%
Accrual for Environmental Loss Contingencies	$69M2025-12-31	$70M	-1.4%	$69M	$70M	-1.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$5.83B	$5.6B	+4.3%	$5.71B	$5.33B	+7.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$4.15B	-$4.1B	-1.2%	-$4.12B	-$4.34B	+5.2%
Additional Paid in Capital, Common Stock	$12.9B	$12.8B	+0.7%	$12.8B	$12.7B	+0.8%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	100K2022-12-31	–	–
Assets	$56.2B	$40.5B	+38.7%	$41.3B	$38.4B	+7.5%
Assets, Current	$14.8B	$11.9B	+24.2%	$12.4B	$11.8B	+4.7%
Business Combination, Contingent Consideration, Liability	$32M	–	–	$31M	$6M	+416.7%
Cash	$483M	$398M	+21.4%	$622M	$555M	+12.1%
Cash and Cash Equivalents, at Carrying Value	$483M	$398M	+21.4%	$622M	$555M	+12.1%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	-$3M2025-09-30	$2M	-250.0%	$3M2024-12-31	$9M	-66.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$483M	$398M	+21.4%	$622M	$555M	+12.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$81M	-$1.38B	+94.1%	$67M	$67M	0.0%
Common Stock, Dividends, Per Share, Declared	$1.10	$1.04	+5.8%	$4.16	$3.76	+10.6%
Common Stock, Par or Stated Value Per Share	$0.012025-12-31	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	750M2025-12-31	750M	0.0%	750M	750M	0.0%
Common Stock, Shares, Issued	388M2025-12-31	393M	-1.3%	388M	393M	-1.3%
Common Stock, Shares, Outstanding	388M	389M	-0.2%	388M	393M	-1.3%
Common Stock, Value, Outstanding	$4M	$4M	0.0%	$4M	$4M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$911M	$1.14B	-19.9%	$4.31B	$3.36B	+28.4%
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net	$1M	-$1M	+200.0%	$8M2024-12-31	-$1M	+900.0%
Contract with Customer, Liability	$1.16B	$746M	+55.4%	$923M	$618M	+49.4%
Contract with Customer, Liability, Current	$1.13B	$725M	+56.3%	$899M	$602M	+49.3%
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination	$0	–	–	$73M	–	–
Contract with Customer, Liability, Revenue Recognized	-$1.09B	-$1.05B	-3.4%	-$3.85B	-$2.71B	-42.1%
Cost of Revenue	$5.68B	$4.43B	+28.1%	$17.1B	$15.4B	+11.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$711M	$794M	-10.5%
Current Income Tax Expense (Benefit)	–	–	–	$796M	$922M	-13.7%
Debt Instrument, Fair Value Disclosure	$18B	$9.52B	+89.3%	$9.59B	$8.65B	+10.8%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$13M2025-12-31	$7M	+85.7%	$13M	$7M	+85.7%
Debt Issuance Costs, Net	$47M2025-12-31	$45M	+4.4%	$47M	$45M	+4.4%
Deferred Compensation Equity	$0	$0	–	$0	$1M	-100.0%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$48M	-$138M	+134.8%
Deferred Income Tax Assets, Net	$592M	$621M	-4.7%	$707M	$609M	+16.1%
Deferred Income Tax Expense (Benefit)	–	–	–	$45M	-$154M	+129.2%
Deferred Income Tax Liabilities, Net	$2.14B	$280M	+663.9%	$265M	$275M	-3.6%
Deferred Tax Liabilities, Undistributed Foreign Earnings	$02025-12-31	$0	–	$0	$0	–
Defined Benefit Plan, Plan Assets, Amount	$4.19B2025-12-31	$3.99B	+5.0%	$4.19B	$3.99B	+5.0%
Defined Benefit Plan, Plan Assets, Period Increase (Decrease)	–	–	–	-$67M	-$85M	+21.2%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	4.0%2025-12-31	3.0%	+33.3%	4.0%	3.0%	+33.3%
Depreciation	$134M	$121M	+10.7%	$477M	$446M	+7.0%
Depreciation, Depletion and Amortization	$399M	$261M	+52.9%	$1.01B	$921M	+9.2%
Derivative Asset	$17M	–	–	$26M	$28M	-7.1%
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$02025-09-30	-$3M	+100.0%	-$14M2024-12-31	$57M	-124.6%
Derivative Liability	$51M	–	–	$64M	$44M	+45.5%
Derivative, Fair Value, Net	-$41M2025-09-30	-$14M	-192.9%	-$16M2024-12-31	$11M	-245.5%
Dividends, Common Stock, Cash	$428M	$407M	+5.2%	$1.63B	$1.5B	+8.4%
Earnings Per Share, Basic	$2.11	$2.52	-16.3%	$10.48	$9.54	+9.9%
Earnings Per Share, Diluted	$2.11	$2.51	-15.9%	$10.45	$9.50	+10.0%
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	-$1M	-$119M	+99.2%	-$131M	-$52M	-151.9%
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	–	–	–	$1.23B	–	–
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	25.0%	25.0%	0.0%
Effective Income Tax Rate Reconciliation, Percent	28.1%	17.2%	+63.4%	17.1%	16.8%	+1.8%
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount	–	–	–	-$123M	–	–
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent	–	–	–	-2.5%	–	–
Employee-related Liabilities, Current	$630M	$529M	+19.1%	$644M	$670M	-3.9%
Equity Method Investments	$903M2025-12-31	$872M	+3.6%	$903M	$872M	+3.6%
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$158M2025-12-31	$128M	+23.4%	$158M	$128M	+23.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01