Eaton Corporation plc
ETNFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$7.5B
Q1 2026 · +17% YoY
TTM ROIC
25%
FY2025 · NOPAT / Invested Capital · WACC ~8% · Moat spread +17pp
Financial Snapshot
ticker: ETN step: 04 generated: 2026-05-12 source: quick-research
Eaton Corporation plc (ETN) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $23.2B | $24.9B | $26.8B | +8% |
| Organic Revenue Growth | +9% | +8% | +9% | |
| Operating Margin | 19% | 22% | 23% | +1pp |
| Adj. EPS | $8.30 | $10.80 | $12.07 | +12% |
| Free Cash Flow | $3.0B | $3.4B | $4.0B | +18% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Revenue | $7.45B | +17% (record) |
| Electrical Americas Sales | strong record | |
| Electrical Americas Op Margin | record | |
| Electrical Global Sales | $1.95B | +21% |
| Electrical Global Margin | 19.2% | +60bps |
| Aerospace Sales | $1.14B | +16% |
| Aerospace Margin | 26.7% | +360bps |
| Data Center Orders | +240% YoY |
Segment Performance (FY2025)
| Segment | Revenue | Operating Margin |
|---|---|---|
| Electrical Americas | ~$13B | 29.8% (Q4) / 30.0% (Q1) |
| Electrical Global | ~$6.5B | 19.2%+ |
| Aerospace | ~$4B | 26.7% |
| Vehicle | ~$2.8B | ~13% |
| eMobility | ~$0.5B | improving |
Data Center / AI Metrics
| Metric | Value |
|---|---|
| Data Center Order Growth (Q1 26) | +240% YoY |
| Data Center Revenue (Q4 25) | +40% YoY |
| Total Data Center Backlog | 228 GW = 12 years of 2025 build rate |
| Electrical Americas Backlog | $13.2B (+31%) |
| Total Backlog | $19.6B |
| Boyd Thermal Acquisition (pending) | $9.5B; $1.7B incremental revenue 2026 |
2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Adj EPS | $11.57-12.07 (+13% midpoint) |
| Electrical Americas organic growth | 12-14% |
| Electrical Americas margin | 28.8-29.2% |
| Electrical Global organic | 6.5-8.5% |
| Aerospace organic | 7.5-9.5% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$5.0B |
| Capital Expenditures | ~$1.0B |
| Free Cash Flow | $4.0B (15% margin) |
| Cash & Investments | ~$3B |
| Total Debt | ~$10B (pre-Boyd) |
| Net Debt/EBITDA | ~1.4x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~30x | EV/EBITDA: ~20x | Dividend Yield: ~1.2%
- ROIC: ~25%
- FCF Yield: ~3%
Forward Estimates
- FY2026E Revenue: ~$30B+ (mgmt; +12%+ incl. Boyd partial year)
- FY2026E Adj EPS: $11.57-12.07 (mgmt)
- FY2027E EPS: ~$13.50 (+12%)
- FY2028E EPS: ~$15+ (continued data center growth)
Capital Return
- Dividend $4.32 annual = ~$1.7B paid
- 16+ consecutive years of dividend growth
- Buybacks: ~$1-2B annual (moderated for Boyd Thermal close)
- Total return: ~1% dividend + 13% EPS growth + buyback
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $ETN.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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