# Eaton Corporation plc (ETN) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ETN/thesis · /stocks/ETN/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ETN/fundamental

## Navigation

- Overview: /stocks/ETN
- Financials (this page): /stocks/ETN/financials
- Thesis: /stocks/ETN/thesis
- Investment Memo: /stocks/ETN/memo
- Coverage universe: /stocks