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Eaton Corp plc 8-K Report, Financial Results (May 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 5, 2026
Period End
May 5, 2026
Security
ETN
In the 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. Leadership change8-K · Jul ’19Jul ’19
  2. Material agreement8-K · Oct ’21Oct ’21
  3. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed May 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Eaton reported record first-quarter 2026 results, with sales of $7.45 billiona, up 17% year over year (10% organic, 4% from acquisitions, 3% from foreign exchange).

Diluted GAAP EPS was $2.22b, 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 billionc 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 milliond 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.

02—Key points

Key Highlights

  1. Record Q1 sales of $7.45B, up 17% (10% organic); organic growth beat the 5-7% guidance range.
  2. GAAP diluted EPS fell to $2.22 from $2.45, while adjusted EPS rose 3% to a Q1 record of $2.81.
  3. Electrical Americas order momentum accelerated, with rolling twelve-month orders up 42% organically and total backlog up 44% year over year, driven by data centers.
  4. Closed $11B of acquisitions, including Boyd Thermal ($9.55B) and Ultra PCS ($1.53B), which lifted goodwill to $21.4B and intangibles to $11.3B.
  5. Total long-term plus short-term debt rose to about $21B from about $9.9B at year-end 2025; interest expense more than tripled to $106M.
  6. Raised FY2026 organic growth guidance to 9-11% from 8% at the midpoint; GAAP EPS guidance is $10.88-$11.33 and adjusted EPS guidance is $13.05-$13.50.
  7. Mobility spin-off remains on track for completion by end of Q1 2027; Mobility sales fell 2% and segment margin was 11.7%.

03—Questions

Frequently Asked Questions

  1. How did Eaton perform in the first quarter of 2026?

    Sales rose 17% to a record $7.45B, with 10% organic growth. GAAP diluted EPS was $2.22, down from $2.45, while adjusted EPS was a first-quarter record of $2.81. Segment margin was 22.7%, down 120 bps year over year but above guidance.

  2. What drove the acquisitions and how do they affect the balance sheet?

    Eaton closed $11B of deals in the quarter, mainly Boyd Thermal (data center thermal management, $9.55B) and Ultra PCS (aerospace electronics, $1.53B). Goodwill rose to $21.4B from $15.8B, intangibles to $11.3B from $5.1B, and long-term debt to $18.5B from $8.8B.

  3. Is Eaton's guidance changing?

    Full-year 2026 organic growth guidance was raised to 9-11% from 8% at the midpoint. GAAP EPS is expected at $10.88-$11.33 and adjusted EPS at $13.05-$13.50. Q2 2026 adjusted EPS is guided to $3.00-$3.10, with segment margins of 22.6-23.0%.

  4. What is the status of the Mobility spin-off?

    Eaton remains on track to spin off its Mobility business into an independent public company by the end of Q1 2027, subject to board approval and effectiveness of a Form 10 registration. Mobility sales fell 2% to $766M in Q1, with 6% organic decline.

  5. What are the main risks for investors?

    Key risks include higher leverage and interest costs after the Boyd Thermal financing, integration of recently acquired businesses, the gap between GAAP and adjusted EPS from acquisition and amortization charges, working-capital build (receivables up about $1B in the quarter), and execution of the Mobility separation.

04—Continue

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