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Eaton Corp plcETN

Sector
Industrial
Industry
Misc Industrial & Commercial Machinery & Equipment
Exchange
NYSE

Stock Price $ETN

Latest filings

You are here#7 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K112

ETN filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 112 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $27.45B
YoY changeLargest recent move−16.5%in FY20Latest +10.3%

1 older move runs past ±20% (largest +35.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ETN Financial Metrics61 metrics

Income Statement16

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Eaton Corp plc Financial Overview 2021–2025

Updated Jul 10, 2026

Eaton’s decision to deploy a staggering $9.55 billiona for the Boyd Thermal acquisition in Q1 2026 cements its aggressive transformation into a pure-play intelligent power and aerospace powerhouse. By shedding its legacy vehicle divisions while doubling down on data center and utility electrification megatrends, the company is successfully rewriting its margin and growth profile.

Earnings per share nearly doubled over a five-year stretch, surging from $5.34 in FY2021 to $10.45b in FY2025. Top-line results followed suit, with total revenue scaling from $19.6 billion in FY2021 to nearly $25 billion by FY2024. Eaton extracted massive profitability from this growth, expanding its gross profit margin to a peak of 38.4% in Q1 2025 before wage and commodity inflation compressed it to 35.6% in Q1 2026. To fund its heavy M&A pipeline, the company issued over $8.5 billion in U.S. notes in early 2026, while simultaneously structuring a tax-free mobility spin-off with Dana Incorporated that will inject $1.1 billion in cash.

The market has enthusiastically rewarded this structural pivot. At the close of FY2025, Eaton traded at a steep 30.5x earnings multiple with a $123.6 billionc market capitalization, reflecting immense investor confidence in its targeted exposure to digital infrastructure and clean energy buildouts.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, net sales climbed 17% year-over-year to $7.45 billiond, supported by a 10% organic growth rate. However, net income dropped 10% to $866 million, dragging diluted earnings per share down to $2.22 from $2.45. This bottom-line decline stemmed from a 69% spike in corporate expenses to $583 million, fueled by higher interest burdens and integration costs for the $1.53 billion purchase of Ultra PCS Limited. Alongside these structural shifts, the company appointed David B. Foster as Chief Financial Officer on March 2, 2026.

Robust organic revenue expansion highlights immense demand across core electrical and aerospace end markets. Conversely, spiraling acquisition and debt costs are dampening near-term profitability, leaving the stock richly valued at 39.3x earnings as of May 5, 2026.

What to watch: margin recovery following recent acquisition integrations; strategic pivots under the new Chief Financial Officer.

03—Filings

Recent SEC Filings

  1. 8-KEaton Corp plc 8-K Report, Corporate Update (Oct 16, 2026)Eaton Corporation plc (ETN) has filed a Current Report on Form 8-K to recast certain segment financial information previously disclosed in its 2025 Annual Report on Form 10-K. This filing is not an amendment or restatement of prior financial statements but rather an update to reflect a change in segment reporting implemented in the first quarter of 2026. The primary change involves the creation of a new 'Mobility' segment, which combines the legacy 'Vehicle' and 'eMobility' segments. Historical segment data has been retrospectively adjusted to align with this new reporting structure. This recasting is a procedural requirement triggered by the SEC's rules when a registrant makes accounting changes that impact previously reported financial statements that are incorporated by reference into subsequent filings. Investors should note that this 8-K filing does not introduce new financial results or events occurring after the 2025 10-K filing date, other than the segment reporting change itself. For a comprehensive understanding of Eaton's financial performance and strategic developments, it is essential to consult the 2025 Form 10-K and subsequent 2026 Form 10-Q filings.
  2. 8-KEaton Corp plc 8-K Report, Executive Changes (Oct 5, 2026)Eaton Corp plc (ETN) has announced a significant change in its principal accounting officer. Adam Wadecki, previously Senior Vice President and Controller, will transition to a non-executive officer role as Senior Vice President, Finance, Electrical, effective October 5, 2026. This move marks a shift in leadership for a key financial reporting role within the company. Concurrently, Andrea Trabacchin has been appointed as the new Senior Vice President and Controller and will assume the responsibilities of the principal accounting officer, also effective October 5, 2026. Mr. Trabacchin brings a robust financial background with prior experience at Eaton and CNH Industrial N.V. His compensation package includes a base salary of $485,000 and a target short-term incentive of 60% of his base salary, prorated for 2026. The company has also entered into a standard indemnification agreement with Mr. Trabacchin, ensuring alignment with executive protections.
  3. 8-KEaton Corp plc 8-K Report, Financial Results (Jul 31, 2026)Eaton reported record second-quarter 2026 results, with sales of $8.5 billion, up 21% year over year, including 14% organic growth and 7% from acquisitions. GAAP diluted EPS was $2.11, down from $2.51 a year earlier, while adjusted EPS was $3.15, a second-quarter record and up about 7% from $2.95. Segment margins were 23.1%, 80 basis points below the prior-year quarter but 10 basis points above the top of guidance. Operating cash flow was $1.1 billion and free cash flow was $874 million, up 22%. Order momentum was strong, with twelve-month rolling average orders up 41% in Electrical Americas, 33% in Electrical Global, and 17% in Aerospace. Electrical backlog rose 43% year over year and Aerospace backlog rose 28%. Eaton raised its full-year organic growth guidance to 11-13% and expects adjusted EPS of $13.40-$13.60, but GAAP EPS guidance of $10.36-$10.56 is roughly flat with 2025. The gap between GAAP and adjusted EPS is driven by intangible amortization, acquisition and divestiture charges, and restructuring costs. Interest expense rose sharply to $201 million from $71 million, reflecting acquisition financing. Long-term debt climbed to $18.5 billion from $8.8 billion at year-end 2025, after the Boyd Thermal acquisition for $9.55 billion and the Ultra PCS acquisition for $1.53 billion. Goodwill and intangibles also increased substantially. Eaton also agreed to separate its Mobility business through a Reverse Morris Trust transaction with Dana Incorporated. Eaton shareholders are expected to own at least 50.1% of the combined company, and Eaton expects about $1.1 billion in cash before closing, which it plans to use largely to repay debt. The transaction is expected to close in the first quarter of 2027, subject to Dana stockholder approval and regulatory clearances. Until then, Mobility remains in continuing operations. Investors should weigh the strong top-line and order trends against the higher leverage, the dilution from acquisition-related amortization, and the execution risk of the pending separation.
  4. 8-KEaton Corp plc 8-K Report, Regulation FD Disclosure (Jun 11, 2026)Eaton Corporation plc (ETN) has entered into definitive agreements with Dana Incorporated (DAN) to separate its Mobility segment and combine it with Dana in a Reverse Morris Trust (RMT) transaction, per an 8-K filed June 11, 2026. Eaton will receive an approximately $1.1 billion cash distribution, funded by new debt issued by the Mobility entity, which the company expects to use consistent with its capital allocation framework, including debt repayment. Eaton shareholders will own at least 50.1% of the combined company, which will operate as Dana Incorporated under the ticker DAN. The transaction values Eaton's Mobility Group at about $5.1 billion, or 8.3x 2026 estimated pro forma adjusted EBITDA (5.9x including $250 million of run-rate synergies), and the combined company is valued at over $10 billion in enterprise value. Management frames the deal as a step in its 2030 growth strategy, concentrating the portfolio on higher-growth, higher-margin Electrical and Aerospace businesses tied to electrification, data center buildout, and aerospace and defense demand. Eaton states the separation is expected to be immediately accretive to organic growth and operating margins at closing, anticipated in the first quarter of 2027. The transaction is intended to be tax-free for U.S. federal income tax purposes and was unanimously approved by both boards. Closing is subject to Dana shareholder approval, regulatory clearances, and customary conditions. The filing also highlights execution risks, including integration of Dana and the Mobility business, achieving the $250 million synergy target (expected to be fully realized within 24 months), stockholder litigation, financing conditions, and the possibility that the transaction costs more than anticipated. Eaton's pro forma projections have not been prepared under Regulation S-X, so investors should treat the combined-company figures as management estimates pending formal filings such as Form 10 or Form S-4.
  5. 8-KEaton Corp plc 8-K Report, Financial Results (May 5, 2026)Eaton reported record first-quarter 2026 results, with sales of $7.45 billion, up 17% year over year (10% organic, 4% from acquisitions, 3% from foreign exchange). Diluted GAAP EPS was $2.22, down from $2.45, while adjusted EPS rose to a first-quarter record of $2.81 from $2.72. Segment margin of 22.7% was above guidance but down 120 bps year over year. Electrical Americas and Aerospace drove the quarter, with rolling twelve-month order growth of 42% and 13% respectively, and total backlog up 44% and 28% year over year. Electrical Global backlog rose 73%, and the Electrical book-to-bill ratio reached 1.2. The quarter was dominated by $11 billion of acquisitions, including Boyd Thermal ($9.55 billion, closed March 12) and Ultra PCS ($1.53 billion, closed January 23). These deals drove a sharp rise in leverage: long-term debt nearly doubled to $18.5 billion, short-term debt reached $2.5 billion, and goodwill and intangibles increased by roughly $12 billion. Interest expense rose to $106 million from $33 million. Free cash flow was $314 million, up 245%, though working capital (receivables and inventory) absorbed cash. Management raised full-year 2026 organic growth guidance to 9-11% (about 10% at the midpoint, from 8%) and reaffirmed the planned Q1 2027 spin-off of the Mobility segment, which posted a 2% sales decline and 11.7% margin. For investors, the key questions are whether the acquired businesses sustain the strong demand and backlog growth in data center and aerospace markets, how quickly leverage declines, and whether the margin dilution from acquisitions and higher interest costs weighs on GAAP earnings. Full-year GAAP EPS guidance of $10.88-$11.33 versus adjusted EPS of $13.05-$13.50 highlights the gap from acquisition-related and amortization charges.
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04—See also

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