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Eaton (ETN) Financials

Eaton logo
$407.26 +5.73 (+1.43%)
Closing price 05/13/2026 03:59 PM Eastern
Extended Trading
$408.54 +1.28 (+0.31%)
As of 08:56 AM Eastern
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Annual Income Statements for Eaton

Annual Income Statements for Eaton

This table shows Eaton's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,972 1,916 2,985 2,145 2,211 1,410 2,144 2,462 3,218 3,794 4,087
Consolidated Net Income / (Loss)		 1,974 1,919 2,986 2,146 2,213 1,415 2,146 2,465 3,223 3,798 4,090
Net Income / (Loss) Continuing Operations		 1,974 1,919 2,986 2,146 2,213 1,415 2,146 2,466 3,223 3,798 4,091
Total Pre-Tax Income 		2,133 2,118 3,368 2,424 2,591 1,746 2,896 2,911 3,827 4,566 4,932
Total Operating Income		 2,330 2,300 2,538 2,691 2,863 1,824 2,463 2,995 3,885 4,632 5,209
Total Gross Profit		 6,551 6,351 6,648 7,098 7,052 5,450 6,335 6,887 8,434 9,503 10,317
Total Revenue		 20,855 19,747 20,404 21,609 21,390 17,858 19,628 20,752 23,196 24,878 27,448
Operating Revenue		 20,855 19,747 20,404 21,609 21,390 17,858 19,628 20,752 23,196 24,878 27,448
Total Cost of Revenue		 14,304 13,396 13,756 14,511 14,338 12,408 13,293 13,865 14,762 15,375 17,131
Operating Cost of Revenue		 14,304 13,396 13,756 14,511 14,338 12,408 13,293 13,865 14,762 15,375 17,131
Total Operating Expenses		 4,221 4,051 4,110 4,407 4,189 3,626 3,872 3,892 4,549 4,871 5,108
Selling, General & Admin Expense		 3,596 3,464 3,526 3,548 3,583 3,075 3,256 3,227 3,795 4,077 4,311
Research & Development Expense		 625 587 584 584 606 551 616 665 754 794 797
Total Other Income / (Expense), net		 -197 -182 830 -267 -272 -78 433 -84 -58 -66 -278
Interest Expense		 232 233 246 258 199 149 144 144 151 130 241
Other Income / (Expense), net		 35 51 1,076 -9.00 -73 71 577 60 93 64 -37
Income Tax Expense		 159 199 382 278 378 331 750 445 604 768 841
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.00 3.00 1.00 1.00 2.00 5.00 2.00 4.00 5.00 4.00 3.00
Basic Earnings per Share		 $4.23 $4.21 $6.71 $4.93 $5.28 $3.51 $5.38 $6.17 $8.06 $9.54 $10.48
Weighted Average Basic Shares Outstanding		 465.50M 455M 444.50M 434.30M 419M 402.20M 398.70M 398.70M 399.10M 397.60M 389.90M
Diluted Earnings per Share		 $4.22 $4.20 $6.68 $4.91 $5.25 $3.49 $5.34 $6.14 $8.02 $9.50 $10.45
Weighted Average Diluted Shares Outstanding		 467.10M 456.50M 447M 436.90M 420.80M 404M 401.60M 400.80M 401.10M 399.40M 391.20M
Weighted Average Basic & Diluted Shares Outstanding		 465.60M 454M 448.20M 423.60M 413.40M 398.10M 398.80M 398M 399.50M 392M 387.90M
Cash Dividends to Common per Share		 $2.20 $2.28 $2.40 $2.64 $2.84 $2.92 $3.04 $3.24 $3.44 $3.76 $4.16

Quarterly Income Statements for Eaton

This table shows Eaton's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 891 945 821 993 1,009 971 964 982 1,010 1,131 866
Consolidated Net Income / (Loss)		 892 947 822 994 1,011 971 965 982 1,010 1,133 868
Net Income / (Loss) Continuing Operations		 892 947 822 994 1,011 971 965 983 1,011 1,132 867
Total Pre-Tax Income 		1,079 1,088 1,001 1,195 1,204 1,166 1,177 1,186 1,275 1,294 1,107
Total Operating Income		 1,060 1,078 1,004 1,193 1,211 1,224 1,201 1,256 1,367 1,385 1,172
Total Gross Profit		 2,196 2,235 2,218 2,410 2,446 2,429 2,447 2,597 2,675 2,598 2,652
Total Revenue		 5,880 5,967 5,943 6,350 6,345 6,240 6,377 7,028 6,988 7,055 7,451
Operating Revenue		 5,880 5,967 5,943 6,350 6,345 6,240 6,377 7,028 6,988 7,055 7,451
Total Cost of Revenue		 3,684 3,732 3,725 3,940 3,899 3,811 3,930 4,431 4,313 4,457 4,799
Operating Cost of Revenue		 3,684 3,732 3,725 3,940 3,899 3,811 3,930 4,431 4,313 4,457 4,799
Total Operating Expenses		 1,136 1,157 1,214 1,217 1,235 1,205 1,246 1,341 1,308 1,213 1,480
Selling, General & Admin Expense		 949 956 1,025 1,021 1,028 1,003 1,048 1,149 1,105 1,009 1,269
Research & Development Expense		 187 201 189 196 207 202 198 192 203 204 211
Total Other Income / (Expense), net		 19 11 -4.00 3.00 -7.00 -58 -24 -70 -92 -92 -65
Interest Expense		 33 26 30 29 29 42 33 71 67 70 106
Other Income / (Expense), net		 52 37 26 32 22 -16 9.00 1.00 -25 -22 41
Income Tax Expense		 187 141 179 201 193 195 212 203 264 162 240
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.00 2.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 - 2.00
Basic Earnings per Share		 $2.23 $2.37 $2.05 $2.49 $2.54 $2.46 $2.46 $2.52 $2.60 $2.90 $2.23
Weighted Average Basic Shares Outstanding		 399.40M 399.10M 399.90M 399.20M 397.10M 397.60M 392.20M 390.30M 388.80M 389.90M 388.20M
Diluted Earnings per Share		 $2.22 $2.35 $2.04 $2.48 $2.53 $2.45 $2.45 $2.51 $2.59 $2.90 $2.22
Weighted Average Diluted Shares Outstanding		 401.60M 401.10M 401.90M 401M 398.90M 399.40M 393.60M 391.40M 390.10M 391.20M 389.20M
Weighted Average Basic & Diluted Shares Outstanding		 399.30M 399.50M 399.80M 398.10M 395.20M 392M 391.30M 389.30M 388.40M 387.90M 388.30M
Cash Dividends to Common per Share		 $0.86 $0.86 $0.94 $0.94 $0.94 $0.94 $1.04 $1.04 $1.04 $1.04 $1.10

Annual Cash Flow Statements for Eaton

This table details how cash moves in and out of Eaton's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -513 275 -600 -278 87 68 -141 -3.00 194 67 67
Net Cash From Operating Activities		 2,409 2,570 2,666 2,658 3,451 2,944 2,163 2,533 3,624 4,327 4,472
Net Cash From Continuing Operating Activities		 2,409 2,570 2,649 2,658 3,451 2,944 2,163 2,533 3,624 4,327 4,472
Net Income / (Loss) Continuing Operations		 1,974 1,919 2,986 2,146 2,213 1,415 2,146 2,465 3,223 3,798 4,090
Consolidated Net Income / (Loss)		 1,974 1,919 2,986 2,146 2,213 1,415 2,146 2,465 3,223 3,798 4,090
Depreciation Expense		 925 929 914 903 884 811 922 954 926 921 1,006
Non-Cash Adjustments To Reconcile Net Income		 -31 -30 -863 134 208 96 -164 6.00 -59 -46 -330
Changes in Operating Assets and Liabilities, net		 -459 -248 -388 -525 146 622 -741 -892 -466 -346 -294
Net Cash From Investing Activities		 -575 -529 -217 -398 -1,866 397 -1,764 -1,200 -2,575 -271 -1,101
Net Cash From Continuing Investing Activities		 -575 -529 -824 -398 -1,866 397 -1,764 -1,201 -2,574 -270 -1,101
Purchase of Property, Plant & Equipment		 -506 -497 -520 -565 -587 -389 -575 -598 -757 -808 -919
Acquisitions		 -72 - 0.00 0.00 -1,180 -200 -4,500 -610 0.00 -50 -1,490
Purchase of Investments		 - 0.00 -298 -110 43 75 -151 -89 24 -73 -13
Sale of Property, Plant & Equipment		 - - - - - 12 44 163 76 85 80
Sale and/or Maturity of Investments		 37 -40 - 355 -70 -441 379 -18 -1,852 608 1,339
Other Investing Activities, net		 -35 8.00 -6.00 -78 -36 -68 -90 -80 -65 -32 -98
Net Cash From Financing Activities		 -2,305 -1,738 -2,442 -2,581 -1,494 -3,258 -535 -1,340 -871 -3,936 -3,173
Net Cash From Continuing Financing Activities		 -2,305 -1,738 -2,442 -2,581 -1,494 -3,258 -535 -1,340 -871 -3,936 -3,173
Repayment of Debt		 -1,036 -658 -1,568 -576 -516 -509 -1,008 -1,718 -339 -1,027 -730
Repurchase of Common Equity		 -682 -730 -850 -1,271 -1,029 -1,608 -122 -286 0.00 -2,492 -1,862
Payment of Dividends		 -1,026 -1,037 -1,068 -1,149 -1,201 -1,175 -1,219 -1,299 -1,379 -1,500 -1,626
Issuance of Debt		 425 631 1,000 410 1,232 0.00 1,798 1,995 818 1,084 1,058
Other Financing Activities, net		 14 56 44 5.00 20 34 16 -32 29 -1.00 -13
Effect of Exchange Rate Changes		 -42 -28 - 43 -4.00 -15 -5.00 4.00 16 -52 -131

Quarterly Cash Flow Statements for Eaton

This table details how cash moves in and out of Eaton's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -5.00 140 -15 67 -66 81 1,221 -1,378 -70 294 -58
Net Cash From Operating Activities		 1,141 1,298 475 946 1,309 1,597 238 918 1,351 1,965 507
Net Cash From Continuing Operating Activities		 1,141 1,298 475 946 1,309 1,597 238 918 1,351 1,965 507
Net Income / (Loss) Continuing Operations		 893 946 822 994 1,011 971 965 982 1,011 1,132 868
Consolidated Net Income / (Loss)		 893 946 822 994 1,011 971 965 982 1,011 1,132 868
Depreciation Expense		 229 231 225 227 235 234 232 261 258 255 272
Non-Cash Adjustments To Reconcile Net Income		 -1.00 -3.00 0.00 3.00 2.00 1.00 5.00 6.00 7.00 -348 7.00
Changes in Operating Assets and Liabilities, net		 20 124 -572 -278 61 391 -964 -331 75 926 -640
Net Cash From Investing Activities		 -752 -793 33 -544 511 -271 1,233 -1,723 -293 -318 -11,375
Net Cash From Continuing Investing Activities		 -761 -783 33 -544 511 -270 1,233 -1,722 -294 -318 -11,374
Purchase of Property, Plant & Equipment		 -228 -243 -183 -187 -183 -255 -147 -202 -178 -392 -193
Acquisitions		 - - - - 1.00 - 0.00 - -54 14 -11,079
Purchase of Investments		 61 31 11 -344 112 584 0.00 -24 8.00 16 -102
Sale of Property, Plant & Equipment		 54 22 58 19 7.00 1.00 49 4.00 - 27 38
Sale and/or Maturity of Investments		 -636 -548 150 23 594 -595 1,366 -23 -56 52 -13
Other Investing Activities, net		 -12 -43 -3.00 -4.00 -20 -5.00 -35 -27 -14 -35 -25
Net Cash From Financing Activities		 -394 -364 -536 -303 -1,853 -1,244 -244 -453 -1,115 -1,361 10,796
Net Cash From Continuing Financing Activities		 -396 -363 -536 -302 -1,854 -1,244 -244 -453 -1,115 -1,361 10,796
Repayment of Debt		 -78 -24 -8.00 -396 -607 -9.00 802 390 -353 -764 -1,133
Repurchase of Common Equity		 - - -138 -600 -877 -877 -615 -692 -362 -193 0.00
Payment of Dividends		 -343 -344 -368 -388 -374 -370 -397 -421 -404 -404 -415
Issuance of Debt		 - - -7.00 1,084 - - 0.00 253 - - 12,378
Other Financing Activities, net		 25 5.00 -15 -2.00 4.00 12 -34 17 4.00 - -34
Other Net Changes in Cash		 - - 13 - - - - - - - 14

Annual Balance Sheets for Eaton

This table presents Eaton's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 30,996 30,476 32,623 31,092 32,805 31,824 34,027 35,014 38,432 38,381 41,251
Total Current Assets		 6,616 7,033 8,337 7,590 8,728 9,178 7,511 8,746 11,675 11,801 12,355
Cash & Equivalents		 268 543 561 283 370 438 297 294 488 555 622
Short-Term Investments		 177 203 534 157 221 664 271 261 2,121 1,525 181
Accounts Receivable		 3,479 3,560 3,943 3,858 3,437 2,904 3,297 4,076 4,475 4,619 5,387
Inventories, net		 2,323 2,346 2,620 2,785 2,805 2,109 2,969 3,430 3,739 4,227 4,721
Prepaid Expenses		 369 381 679 507 518 576 677 685 851 874 1,444
Plant, Property, & Equipment, net		 3,565 3,443 3,502 3,467 3,496 2,964 3,064 3,146 3,530 3,729 4,316
Plant, Property & Equipment, gross		 7,884 8,039 8,505 8,572 8,706 7,588 7,818 8,013 8,738 9,062 10,028
Accumulated Depreciation		 4,319 4,596 5,003 5,105 5,210 4,624 4,754 4,867 5,208 5,333 5,712
Total Noncurrent Assets		 20,815 20,000 20,784 20,035 20,581 19,682 23,452 23,121 23,226 22,852 24,579
Goodwill		 13,479 13,201 13,568 13,328 13,456 12,903 14,751 14,796 14,977 14,713 15,769
Intangible Assets		 6,014 5,514 5,265 4,846 4,638 4,175 5,855 5,485 5,091 4,658 5,054
Noncurrent Deferred & Refundable Income Taxes		 362 325 253 293 372 426 392 330 458 609 707
Other Noncurrent Operating Assets		 960 960 1,698 1,568 2,115 2,178 2,454 2,510 2,700 2,872 3,049
Total Liabilities & Shareholders' Equity		 30,996 30,476 32,623 31,092 32,805 31,824 34,027 35,014 38,432 38,381 41,251
Total Liabilities		 15,765 15,478 15,333 14,950 16,672 16,851 17,576 17,940 19,363 19,851 21,782
Total Current Liabilities		 4,625 5,485 5,075 5,154 5,132 5,881 7,212 6,360 7,747 7,857 9,370
Short-Term Debt		 668 1,566 584 753 503 1,048 1,748 334 1,025 674 1,137
Accounts Payable		 1,758 1,718 2,166 2,130 2,114 1,987 2,797 3,072 3,365 3,678 4,168
Current Employee Benefit Liabilities		 366 379 453 457 449 351 501 467 676 670 644
Other Current Liabilities		 1,833 1,822 1,872 1,814 1,741 2,027 2,166 2,488 2,680 2,835 3,421
Total Noncurrent Liabilities		 11,140 9,993 10,258 9,796 11,540 10,970 10,364 11,580 11,616 11,994 12,412
Long-Term Debt		 7,746 6,711 7,167 6,768 7,819 7,010 6,831 8,321 8,244 8,478 8,758
Noncurrent Deferred & Payable Income Tax Liabilities		 390 321 538 349 396 277 559 530 402 275 265
Noncurrent Employee Benefit Liabilities		 2,026 2,027 1,588 1,625 1,790 1,918 1,135 826 948 905 863
Other Noncurrent Operating Liabilities		 978 934 965 1,054 1,204 1,439 1,502 1,903 2,022 2,336 2,526
Total Equity & Noncontrolling Interests		 15,231 14,998 17,290 16,142 16,133 14,973 16,451 17,075 19,069 18,531 19,469
Total Preferred & Common Equity		 15,186 14,954 17,253 16,107 16,082 14,930 16,413 17,038 19,036 18,488 19,425
Total Common Equity		 15,186 14,954 17,253 16,107 16,082 14,930 16,413 17,037 19,036 18,488 19,425
Common Stock		 11,706 11,850 11,991 12,094 12,204 12,333 12,453 12,516 12,638 12,735 12,841
Retained Earnings		 7,346 7,555 8,669 8,161 8,170 6,794 7,594 8,468 10,305 10,096 10,702
Accumulated Other Comprehensive Income / (Loss)		 -3,863 -4,448 -3,404 -4,145 -4,290 -4,195 -3,633 -3,946 -3,906 -4,342 -4,118
Other Equity Adjustments		 -3.00 -3.00 -3.00 -3.00 -2.00 -2.00 -1.00 -1.00 -1.00 -1.00 0.00
Noncontrolling Interest		 45 44 37 35 51 43 38 38 33 43 44

Quarterly Balance Sheets for Eaton

This table presents Eaton's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 36,772 37,289 38,432 38,535 39,381 39,236 38,381 39,206 40,507 40,650 55,085
Total Current Assets		 10,303 10,983 11,675 11,853 12,652 12,152 11,801 12,434 11,897 12,131 14,005
Cash & Equivalents		 353 348 488 473 540 473 555 1,777 398 328 565
Short-Term Investments		 977 1,558 2,121 1,969 2,241 1,521 1,525 162 186 237 186
Accounts Receivable		 4,399 4,460 4,475 4,674 4,861 4,886 4,619 5,094 5,486 5,556 6,366
Inventories, net		 3,670 3,713 3,739 3,868 3,963 4,178 4,227 4,392 4,581 4,613 5,146
Prepaid Expenses		 904 904 851 870 1,046 1,094 874 1,009 1,246 1,397 1,743
Plant, Property, & Equipment, net		 3,267 3,341 3,530 3,558 3,604 3,711 3,729 3,765 4,032 4,068 4,574
Plant, Property & Equipment, gross		 8,337 8,403 8,738 8,792 8,852 9,106 9,062 9,158 9,627 9,723 10,317
Accumulated Depreciation		 5,071 5,062 5,208 5,234 5,248 5,395 5,333 5,394 5,595 5,655 5,743
Total Noncurrent Assets		 23,203 22,964 23,226 23,125 23,126 23,373 22,852 23,007 24,577 24,451 36,507
Goodwill		 14,914 14,781 14,977 14,877 14,849 15,044 14,713 14,851 15,790 15,806 21,402
Intangible Assets		 5,285 5,158 5,091 4,975 4,883 4,809 4,658 4,586 5,227 5,136 11,259
Noncurrent Deferred & Refundable Income Taxes		 354 349 458 481 499 549 609 609 621 568 585
Other Noncurrent Operating Assets		 2,650 2,676 2,700 2,792 2,895 2,971 2,872 2,961 2,939 2,941 3,261
Total Liabilities & Shareholders' Equity		 36,772 37,289 38,432 38,535 39,381 39,236 38,381 39,206 40,507 40,650 55,085
Total Liabilities		 18,785 18,869 19,363 19,210 20,128 20,073 19,851 20,658 21,859 21,765 35,320
Total Current Liabilities		 6,725 7,563 7,747 7,613 8,120 7,941 7,857 9,522 9,594 9,474 11,741
Short-Term Debt		 496 999 1,025 995 1,282 717 674 2,471 2,245 1,897 2,594
Accounts Payable		 3,192 3,255 3,365 3,400 3,497 3,609 3,678 3,654 3,762 3,826 4,910
Current Employee Benefit Liabilities		 465 592 676 492 529 687 670 489 529 680 573
Other Current Liabilities		 2,571 2,716 2,680 2,726 2,812 2,928 2,835 2,908 3,058 3,071 3,665
Total Noncurrent Liabilities		 12,060 11,306 11,616 11,597 12,008 12,132 11,994 11,136 12,265 12,291 23,579
Long-Term Debt		 8,804 8,150 8,244 8,192 8,555 8,678 8,478 7,609 8,751 8,756 18,535
Noncurrent Deferred & Payable Income Tax Liabilities		 531 460 402 419 429 387 275 267 280 289 1,605
Noncurrent Employee Benefit Liabilities		 815 781 948 907 884 883 905 895 919 903 830
Other Noncurrent Operating Liabilities		 1,910 1,915 2,022 2,079 2,140 2,184 2,336 2,365 2,315 2,343 2,609
Total Equity & Noncontrolling Interests		 17,988 18,420 19,069 19,326 19,254 19,162 18,531 18,547 18,647 18,885 19,765
Total Preferred & Common Equity		 17,953 18,383 19,036 19,292 19,219 19,117 18,488 18,506 18,606 18,843 19,721
Total Common Equity		 17,953 18,383 19,036 19,292 19,218 19,116 18,488 18,505 18,606 18,843 19,722
Common Stock		 12,558 12,608 12,638 12,634 12,666 12,698 12,735 12,715 12,784 12,817 12,821
Retained Earnings		 9,156 9,703 10,305 10,605 10,622 10,366 10,096 10,041 9,917 10,168 11,137
Accumulated Other Comprehensive Income / (Loss)		 -3,760 -3,927 -3,906 -3,946 -4,069 -3,947 -4,342 -4,250 -4,095 -4,142 -4,235
Other Equity Adjustments		 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 0.00 0.00 -1.00
Noncontrolling Interest		 36 36 33 34 35 45 43 41 41 42 44

Annual Metrics And Ratios for Eaton

This table displays calculated financial ratios and metrics derived from Eaton's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.52% -5.31% 3.33% 5.91% -1.01% -16.51% 9.91% 5.73% 11.78% 7.25% 10.33%
EBITDA Growth		 10.74% -0.30% 38.05% -20.83% 2.48% -26.35% 46.42% 1.19% 22.32% 14.54% 9.99%
EBIT Growth		 18.96% -0.59% 53.72% -25.79% 4.03% -32.08% 60.42% 0.49% 30.21% 18.05% 10.14%
NOPAT Growth		 16.68% -3.36% 7.98% 5.88% 2.64% -39.55% 23.47% 39.01% 28.96% 17.76% 12.14%
Net Income Growth		 9.48% -2.79% 55.60% -28.13% 3.12% -36.06% 51.66% 14.86% 30.75% 17.84% 7.69%
EPS Growth		 12.23% -0.47% 59.05% -26.50% 6.92% -33.52% 53.01% 14.98% 30.62% 18.45% 10.00%
Operating Cash Flow Growth		 28.27% 6.68% 3.74% -0.30% 29.83% -14.69% -26.53% 17.11% 43.07% 19.40% 3.35%
Free Cash Flow Firm Growth		 3.67% -1.73% -69.76% 272.73% -18.68% 73.65% -162.43% 179.05% 25.49% 46.51% -65.75%
Invested Capital Growth		 -2.71% -2.89% 6.29% -3.02% -0.34% -12.56% 22.55% 1.50% 2.21% -0.49% 11.55%
Revenue Q/Q Growth		 -2.38% -0.95% 1.73% 1.15% -1.02% -2.99% 0.57% 2.91% 2.58% 1.11% 3.06%
EBITDA Q/Q Growth		 -2.08% 0.18% 34.72% -21.88% -5.46% 0.26% 2.54% 6.34% 4.52% 1.74% 2.93%
EBIT Q/Q Growth		 -2.59% 0.43% 47.69% -27.12% -6.84% 0.80% 2.29% 8.49% 5.83% 2.02% 3.09%
NOPAT Q/Q Growth		 -2.73% -1.83% 5.73% -0.21% -4.52% -2.35% 3.35% 6.87% 6.37% 2.14% 4.63%
Net Income Q/Q Growth		 -2.85% -1.29% 4.63% -0.09% -7.48% 1.65% 3.62% 7.50% 7.47% 0.64% 4.12%
EPS Q/Q Growth		 -2.09% -0.71% 5.20% 0.82% -6.91% 2.95% 3.69% 7.34% 7.51% 1.06% 4.50%
Operating Cash Flow Q/Q Growth		 -6.37% -5.24% 9.94% -2.17% 3.51% 0.20% -6.40% 18.25% 3.19% 7.42% 8.97%
Free Cash Flow Firm Q/Q Growth		 -16.44% 11.60% -45.37% 17.97% -5.28% -11.51% -2.54% 23.58% 10.67% 38.57% -20.80%
Invested Capital Q/Q Growth		 -1.35% -2.77% 0.72% -1.30% -1.20% 1.27% 1.56% 0.52% 0.25% -3.62% -1.43%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 31.41% 32.16% 32.58% 32.85% 32.97% 30.52% 32.28% 33.19% 36.36% 38.20% 37.59%
EBITDA Margin		 15.78% 16.61% 22.19% 16.59% 17.18% 15.15% 20.19% 19.32% 21.14% 22.58% 22.51%
Operating Margin		 11.17% 11.65% 12.44% 12.45% 13.38% 10.21% 12.55% 14.43% 16.75% 18.62% 18.98%
EBIT Margin		 11.34% 11.91% 17.71% 12.41% 13.04% 10.61% 15.49% 14.72% 17.15% 18.88% 18.84%
Profit (Net Income) Margin		 9.47% 9.72% 14.63% 9.93% 10.35% 7.92% 10.93% 11.88% 13.89% 15.27% 14.90%
Tax Burden Percent		 92.55% 90.60% 88.66% 88.53% 85.41% 81.04% 74.10% 84.68% 84.22% 83.18% 82.93%
Interest Burden Percent		 90.19% 90.09% 93.19% 90.38% 92.87% 92.14% 95.26% 95.29% 96.20% 97.23% 95.36%
Effective Tax Rate		 7.45% 9.40% 11.34% 11.47% 14.59% 18.96% 25.90% 15.29% 15.78% 16.82% 17.05%
Return on Invested Capital (ROIC)		 9.17% 9.11% 9.68% 10.10% 10.55% 6.82% 8.11% 10.15% 12.86% 15.01% 15.96%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.88% 6.99% 20.06% 6.66% 7.25% 5.79% 12.82% 9.28% 12.19% 14.21% 13.10%
Return on Net Nonoperating Assets (RNNOA)		 3.54% 3.58% 8.81% 2.74% 3.17% 2.28% 5.55% 4.55% 4.98% 5.19% 5.57%
Return on Equity (ROE)		 12.71% 12.70% 18.50% 12.84% 13.71% 9.10% 13.66% 14.71% 17.83% 20.20% 21.53%
Cash Return on Invested Capital (CROIC)		 11.92% 12.05% 3.59% 13.17% 10.89% 20.22% -12.16% 8.66% 10.67% 15.50% 5.03%
Operating Return on Assets (OROA)		 7.33% 7.65% 11.46% 8.42% 8.73% 5.86% 9.23% 8.85% 10.83% 12.23% 12.99%
Return on Assets (ROA)		 6.12% 6.24% 9.46% 6.74% 6.93% 4.38% 6.52% 7.14% 8.78% 9.89% 10.27%
Return on Common Equity (ROCE)		 12.67% 12.66% 18.45% 12.81% 13.68% 9.07% 13.62% 14.67% 17.80% 20.16% 21.48%
Return on Equity Simple (ROE_SIMPLE)		 13.00% 12.83% 17.31% 13.32% 13.76% 9.48% 13.08% 14.47% 16.93% 20.54% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,156 2,084 2,250 2,382 2,445 1,478 1,825 2,537 3,272 3,853 4,321
NOPAT Margin		 10.34% 10.55% 11.03% 11.02% 11.43% 8.28% 9.30% 12.23% 14.11% 15.49% 15.74%
Net Nonoperating Expense Percent (NNEP)		 2.28% 2.13% -10.37% 3.44% 3.30% 1.03% -4.71% 0.88% 0.66% 0.80% 2.86%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 9.86% 11.55% 13.92% 14.71%
Cost of Revenue to Revenue		 68.59% 67.84% 67.42% 67.15% 67.03% 69.48% 67.72% 66.81% 63.64% 61.80% 62.41%
SG&A Expenses to Revenue		 17.24% 17.54% 17.28% 16.42% 16.75% 17.22% 16.59% 15.55% 16.36% 16.39% 15.71%
R&D to Revenue		 3.00% 2.97% 2.86% 2.70% 2.83% 3.09% 3.14% 3.20% 3.25% 3.19% 2.90%
Operating Expenses to Revenue		 20.24% 20.51% 20.14% 20.39% 19.58% 20.30% 19.73% 18.75% 19.61% 19.58% 18.61%
Earnings before Interest and Taxes (EBIT)		 2,365 2,351 3,614 2,682 2,790 1,895 3,040 3,055 3,978 4,696 5,172
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,290 3,280 4,528 3,585 3,674 2,706 3,962 4,009 4,904 5,617 6,178
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.24 1.64 1.69 1.60 2.18 2.99 4.00 3.55 4.99 7.09 6.37
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.90 1.24 1.43 1.19 1.64 2.50 3.34 2.92 4.09 5.27 4.51
Price to Earnings (P/E)		 9.53 12.81 9.75 12.01 15.86 31.70 30.59 24.60 29.52 34.57 30.27
Dividend Yield		 5.42% 4.19% 3.63% 4.44% 3.35% 3.25% 1.85% 2.13% 1.45% 1.13% 1.31%
Earnings Yield		 10.49% 7.80% 10.26% 8.33% 6.30% 3.15% 3.27% 4.07% 3.39% 2.89% 3.30%
Enterprise Value to Invested Capital (EV/IC)		 1.16 1.43 1.50 1.42 1.87 2.57 2.98 2.73 3.95 5.40 4.65
Enterprise Value to Revenue (EV/Rev)		 1.29 1.63 1.75 1.52 2.02 2.91 3.77 3.31 4.38 5.56 4.84
Enterprise Value to EBITDA (EV/EBITDA)		 8.15 9.79 7.91 9.17 11.75 19.23 18.67 17.14 20.73 24.62 21.50
Enterprise Value to EBIT (EV/EBIT)		 11.34 13.67 9.91 12.26 15.48 27.45 24.33 22.49 25.56 29.44 25.69
Enterprise Value to NOPAT (EV/NOPAT)		 12.43 15.42 15.91 13.80 17.66 35.19 40.52 27.08 31.08 35.89 30.75
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.13 12.50 13.43 12.37 12.51 17.67 34.19 27.12 28.06 31.96 29.71
Enterprise Value to Free Cash Flow (EV/FCFF)		 9.56 11.66 42.97 10.59 17.10 11.86 0.00 31.74 37.44 34.75 97.48
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.55 0.55 0.45 0.47 0.54 0.56 0.54 0.51 0.49 0.49 0.51
Long-Term Debt to Equity		 0.51 0.45 0.41 0.42 0.51 0.49 0.44 0.49 0.43 0.46 0.45
Financial Leverage		 0.51 0.51 0.44 0.41 0.44 0.39 0.43 0.49 0.41 0.37 0.43
Leverage Ratio		 2.08 2.03 1.95 1.91 1.98 2.08 2.10 2.06 2.03 2.04 2.10
Compound Leverage Factor		 1.87 1.83 1.82 1.72 1.84 1.91 2.00 1.96 1.95 1.99 2.00
Debt to Total Capital		 35.58% 35.56% 30.95% 31.78% 34.91% 35.90% 35.15% 33.64% 32.71% 33.06% 33.70%
Short-Term Debt to Total Capital		 2.83% 6.73% 2.33% 3.18% 2.03% 4.49% 6.89% 1.30% 3.62% 2.43% 3.87%
Long-Term Debt to Total Capital		 32.76% 28.83% 28.62% 28.60% 32.88% 31.41% 28.26% 32.34% 29.09% 30.63% 29.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.19% 0.19% 0.15% 0.15% 0.21% 0.18% 0.15% 0.15% 0.12% 0.16% 0.15%
Common Equity to Total Capital		 64.23% 64.25% 68.90% 68.07% 64.88% 63.92% 64.70% 66.21% 67.17% 66.78% 66.15%
Debt to EBITDA		 2.56 2.52 1.71 2.10 2.36 3.10 2.25 2.16 1.89 1.63 1.60
Net Debt to EBITDA		 2.42 2.30 1.47 1.98 2.19 2.69 2.11 2.02 1.36 1.26 1.47
Long-Term Debt to EBITDA		 2.35 2.05 1.58 1.89 2.22 2.71 1.81 2.08 1.68 1.51 1.42
Debt to NOPAT		 3.90 3.97 3.44 3.16 3.54 5.67 4.89 3.41 2.83 2.38 2.29
Net Debt to NOPAT		 3.70 3.61 2.96 2.97 3.30 4.93 4.57 3.19 2.04 1.84 2.10
Long-Term Debt to NOPAT		 3.59 3.22 3.19 2.84 3.33 4.96 3.93 3.28 2.52 2.20 2.03
Altman Z-Score		 2.05 2.26 2.62 2.47 2.68 2.77 3.43 3.33 4.39 5.51 4.94
Noncontrolling Interest Sharing Ratio		 0.32% 0.29% 0.25% 0.22% 0.27% 0.30% 0.26% 0.23% 0.20% 0.20% 0.23%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.43 1.28 1.64 1.47 1.70 1.56 1.04 1.38 1.51 1.50 1.32
Quick Ratio		 0.85 0.79 0.99 0.83 0.78 0.68 0.54 0.73 0.91 0.85 0.66
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,803 2,755 833 3,105 2,525 4,385 -2,738 2,164 2,716 3,979 1,363
Operating Cash Flow to CapEx		 476.09% 517.10% 512.69% 470.44% 587.90% 780.90% 407.34% 582.30% 532.16% 598.48% 533.02%
Free Cash Flow to Firm to Interest Expense		 12.08 11.82 3.39 12.04 12.69 29.43 -19.01 15.03 17.99 30.61 5.65
Operating Cash Flow to Interest Expense		 10.38 11.03 10.84 10.30 17.34 19.76 15.02 17.59 24.00 33.28 18.56
Operating Cash Flow Less CapEx to Interest Expense		 8.20 8.90 8.72 8.11 14.39 17.23 11.33 14.57 19.49 27.72 15.07
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.65 0.64 0.65 0.68 0.67 0.55 0.60 0.60 0.63 0.65 0.69
Accounts Receivable Turnover		 5.84 5.61 5.44 5.54 5.86 5.63 6.33 5.63 5.43 5.47 5.49
Inventory Turnover		 6.02 5.74 5.54 5.37 5.13 5.05 5.24 4.33 4.12 3.86 3.83
Fixed Asset Turnover		 5.70 5.64 5.88 6.20 6.14 5.53 6.51 6.68 6.95 6.85 6.82
Accounts Payable Turnover		 7.74 7.71 7.08 6.76 6.76 6.05 5.56 4.72 4.59 4.37 4.37
Days Sales Outstanding (DSO)		 62.53 65.05 67.11 65.88 62.24 64.80 57.66 64.84 67.28 66.71 66.53
Days Inventory Outstanding (DIO)		 60.62 63.61 65.88 67.98 71.15 72.28 69.72 84.23 88.63 94.56 95.32
Days Payable Outstanding (DPO)		 47.18 47.36 51.53 54.03 54.02 60.32 65.68 77.25 79.58 83.60 83.59
Cash Conversion Cycle (CCC)		 75.97 81.31 81.46 79.83 79.37 76.76 61.69 71.82 76.33 77.67 78.27
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,200 22,529 23,946 23,223 23,143 20,236 24,799 25,172 25,728 25,602 28,560
Invested Capital Turnover		 0.89 0.86 0.88 0.92 0.92 0.82 0.87 0.83 0.91 0.97 1.01
Increase / (Decrease) in Invested Capital		 -647 -671 1,417 -723 -80 -2,907 4,563 373 556 -126 2,958
Enterprise Value (EV)		 26,812 32,127 35,801 32,872 43,187 52,025 73,961 68,695 101,679 138,270 132,845
Market Capitalization		 18,798 24,552 29,108 25,756 35,074 44,700 65,575 60,557 94,986 131,155 123,709
Book Value per Share		 $32.81 $33.11 $39.16 $37.16 $38.90 $37.46 $41.18 $42.84 $47.67 $46.78 $50.01
Tangible Book Value per Share		 ($9.31) ($8.33) ($3.59) ($4.77) ($4.87) ($5.39) ($10.52) ($8.16) ($2.58) ($2.23) ($3.60)
Total Capital		 23,645 23,275 25,041 23,663 24,786 23,357 25,367 25,730 28,338 27,683 29,364
Total Debt		 8,414 8,277 7,751 7,521 8,653 8,384 8,916 8,655 9,269 9,152 9,895
Total Long-Term Debt		 7,746 6,711 7,167 6,768 8,150 7,336 7,168 8,321 8,244 8,478 8,758
Net Debt		 7,969 7,531 6,656 7,081 8,062 7,282 8,348 8,100 6,660 7,072 9,092
Capital Expenditures (CapEx)		 506 497 520 565 587 377 531 435 681 723 839
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,214 2,368 2,751 2,749 3,508 3,243 1,479 2,165 2,344 2,538 3,319
Debt-free Net Working Capital (DFNWC)		 2,659 3,114 3,846 3,189 4,099 4,345 2,047 2,720 4,953 4,618 4,122
Net Working Capital (NWC)		 1,991 1,548 3,262 2,436 3,596 3,297 299 2,386 3,928 3,944 2,985
Net Nonoperating Expense (NNE)		 182 165 -736 236 232 63 -321 72 49 55 231
Net Nonoperating Obligations (NNO)		 7,969 7,531 6,656 7,081 7,010 5,263 8,348 8,097 6,659 7,071 9,091
Total Depreciation and Amortization (D&A)		 925 929 914 903 884 811 922 954 926 921 1,006
Debt-free, Cash-free Net Working Capital to Revenue		 10.62% 11.99% 13.48% 12.72% 16.40% 18.16% 7.54% 10.43% 10.11% 10.20% 12.09%
Debt-free Net Working Capital to Revenue		 12.75% 15.77% 18.85% 14.76% 19.16% 24.33% 10.43% 13.11% 21.35% 18.56% 15.02%
Net Working Capital to Revenue		 9.55% 7.84% 15.99% 11.27% 16.81% 18.46% 1.52% 11.50% 16.93% 15.85% 10.88%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.25 $4.22 $0.00 $4.93 $5.28 $3.51 $5.38 $6.17 $8.06 $9.54 $10.48
Adjusted Weighted Average Basic Shares Outstanding		 465.50M 455M 0.00 434.30M 419M 402.20M 398.70M 398.70M 399.10M 397.60M 389.90M
Adjusted Diluted Earnings per Share		 $4.23 $4.21 $0.00 $4.91 $5.25 $3.49 $5.34 $6.14 $8.02 $9.50 $10.45
Adjusted Weighted Average Diluted Shares Outstanding		 467.10M 456.50M 0.00 436.90M 420.80M 404M 401.60M 400.80M 401.10M 399.40M 391.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.17 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 458.90M 449.70M 0.00 423.60M 413.40M 398.10M 398.80M 398M 399.50M 392M 387.90M
Normalized Net Operating Profit after Tax (NOPAT)		 2,156 2,084 2,250 2,626 2,445 1,478 1,825 2,537 3,272 3,853 4,321
Normalized NOPAT Margin		 10.34% 10.55% 11.03% 12.15% 11.43% 8.28% 9.30% 12.23% 14.11% 15.49% 15.74%
Pre Tax Income Margin		 10.23% 10.73% 16.51% 11.22% 12.11% 9.78% 14.75% 14.03% 16.50% 18.35% 17.97%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 10.19 10.09 14.69 10.40 14.02 12.72 21.11 21.22 26.34 36.12 21.46
NOPAT to Interest Expense		 9.29 8.94 9.15 9.23 12.29 9.92 12.67 17.62 21.67 29.64 17.93
EBIT Less CapEx to Interest Expense		 8.01 7.96 12.58 8.21 11.07 10.19 17.42 18.19 21.83 30.56 17.98
NOPAT Less CapEx to Interest Expense		 7.11 6.81 7.03 7.04 9.34 7.39 8.99 14.60 17.16 24.08 14.45
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 51.98% 54.04% 35.77% 53.54% 54.27% 83.04% 56.80% 52.70% 42.79% 39.49% 39.76%
Augmented Payout Ratio		 86.52% 92.08% 64.23% 112.77% 100.77% 196.68% 62.49% 64.30% 42.79% 105.11% 85.28%

Quarterly Metrics And Ratios for Eaton

This table displays calculated financial ratios and metrics derived from Eaton's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 388,300,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 388,300,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.67% 10.83% 8.39% 8.25% 7.91% 4.58% 7.30% 10.68% 10.13% 13.06% 16.84%
EBITDA Growth		 35.05% 18.69% 19.52% 24.42% 9.47% 7.13% 14.90% 4.55% 8.99% 12.21% 2.98%
EBIT Growth		 47.09% 24.44% 26.85% 30.46% 10.88% 8.34% 17.48% 2.61% 8.84% 12.83% 0.25%
NOPAT Growth		 31.36% 26.19% 22.74% 26.44% 16.04% 8.63% 19.43% 4.91% 6.60% 18.87% -6.78%
Net Income Growth		 46.71% 30.98% 28.64% 33.42% 13.34% 2.53% 17.40% -1.21% -0.10% 16.68% -10.05%
EPS Growth		 46.05% 31.28% 28.30% 33.33% 13.96% 4.26% 20.10% 1.21% 2.37% 18.37% -9.39%
Operating Cash Flow Growth		 18.24% 9.44% 41.79% 11.29% 14.72% 23.04% -49.89% -2.96% 3.21% 23.04% 113.03%
Free Cash Flow Firm Growth		 476.48% 3.17% -49.64% -8.74% -54.43% 199.58% -27.97% -366.06% -1,243.49% -252.48% -3,509.81%
Invested Capital Growth		 2.48% 2.21% 1.22% 1.35% 3.51% -0.49% 2.37% 10.45% 9.07% 11.55% 50.41%
Revenue Q/Q Growth		 0.24% 1.48% -0.40% 6.85% -0.08% -1.65% 2.20% 10.21% -0.57% 0.96% 5.61%
EBITDA Q/Q Growth		 14.91% 0.37% -6.76% 15.70% 1.10% -1.77% 0.00% 5.27% 5.40% 1.13% -8.22%
EBIT Q/Q Growth		 18.42% 0.27% -7.62% 18.93% 0.65% -2.03% 0.17% 3.88% 6.76% 1.56% -11.01%
NOPAT Q/Q Growth		 11.66% 7.08% -12.13% 20.36% 2.47% 0.24% -3.40% 5.72% 4.12% 11.78% -24.24%
Net Income Q/Q Growth		 19.73% 6.17% -13.20% 20.92% 1.71% -3.96% -0.62% 1.76% 2.85% 12.18% -23.39%
EPS Q/Q Growth		 19.35% 5.86% -13.19% 21.57% 2.02% -3.16% 0.00% 2.45% 3.19% 11.97% -23.45%
Operating Cash Flow Q/Q Growth		 34.24% 13.76% -63.41% 99.16% 38.37% 22.00% -85.10% 285.71% 47.17% 45.45% -74.20%
Free Cash Flow Firm Q/Q Growth		 -63.87% 50.34% 33.53% 25.83% -81.96% 888.37% -67.90% -564.80% 22.47% -31.80% -617.89%
Invested Capital Q/Q Growth		 -1.14% 0.25% 1.34% 0.91% 0.97% -3.62% 4.25% 8.88% -0.30% -1.43% 40.56%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 37.35% 37.46% 37.32% 37.95% 38.55% 38.93% 38.37% 36.95% 38.28% 36.82% 35.59%
EBITDA Margin		 22.81% 22.56% 21.12% 22.87% 23.14% 23.11% 22.61% 21.60% 22.90% 22.93% 19.93%
Operating Margin		 18.03% 18.07% 16.89% 18.79% 19.09% 19.62% 18.83% 17.87% 19.56% 19.63% 15.73%
EBIT Margin		 18.91% 18.69% 17.33% 19.29% 19.43% 19.36% 18.97% 17.89% 19.20% 19.32% 16.28%
Profit (Net Income) Margin		 15.17% 15.87% 13.83% 15.65% 15.93% 15.56% 15.13% 13.97% 14.45% 16.06% 11.65%
Tax Burden Percent		 82.67% 87.04% 82.12% 83.18% 83.97% 83.28% 81.99% 82.80% 79.22% 87.56% 78.41%
Interest Burden Percent		 97.03% 97.58% 97.18% 97.55% 97.65% 96.52% 97.27% 94.35% 95.01% 94.94% 91.26%
Effective Tax Rate		 17.33% 12.96% 17.88% 16.82% 16.03% 16.72% 18.01% 17.12% 20.71% 12.52% 21.68%
Return on Invested Capital (ROIC)		 13.29% 14.33% 12.66% 14.44% 15.10% 15.83% 14.82% 13.91% 14.88% 17.41% 10.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.49% 14.45% 12.63% 14.46% 15.02% 15.13% 14.55% 13.23% 14.03% 16.43% 10.16%
Return on Net Nonoperating Assets (RNNOA)		 6.32% 5.90% 5.15% 5.83% 5.85% 5.53% 5.72% 6.10% 6.45% 6.99% 7.57%
Return on Equity (ROE)		 19.61% 20.23% 17.82% 20.27% 20.95% 21.36% 20.54% 20.00% 21.33% 24.40% 18.08%
Cash Return on Invested Capital (CROIC)		 9.68% 10.67% 12.00% 12.56% 11.00% 15.50% 12.87% 4.74% 6.20% 5.03% -27.53%
Operating Return on Assets (OROA)		 11.94% 11.80% 11.07% 12.23% 12.50% 12.54% 12.36% 11.64% 12.81% 13.32% 9.85%
Return on Assets (ROA)		 9.58% 10.02% 8.84% 9.92% 10.25% 10.08% 9.85% 9.09% 9.64% 11.07% 7.05%
Return on Common Equity (ROCE)		 19.57% 20.19% 17.78% 20.23% 20.91% 21.32% 20.49% 19.96% 21.28% 24.34% 18.04%
Return on Equity Simple (ROE_SIMPLE)		 16.31% 0.00% 17.66% 19.02% 19.74% 0.00% 21.30% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 876 938 824 992 1,017 1,019 985 1,041 1,084 1,212 918
NOPAT Margin		 14.90% 15.72% 13.87% 15.63% 16.03% 16.33% 15.44% 14.81% 15.51% 17.17% 12.32%
Net Nonoperating Expense Percent (NNEP)		 -0.19% -0.12% 0.03% -0.02% 0.08% 0.70% 0.26% 0.68% 0.85% 0.97% 0.35%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.31% - - - 3.68% 3.44% 3.51% 3.67% 4.13% 2.24%
Cost of Revenue to Revenue		 62.65% 62.54% 62.68% 62.05% 61.45% 61.07% 61.63% 63.05% 61.72% 63.18% 64.41%
SG&A Expenses to Revenue		 16.14% 16.02% 17.25% 16.08% 16.20% 16.07% 16.43% 16.35% 15.81% 14.30% 17.03%
R&D to Revenue		 3.18% 3.37% 3.18% 3.09% 3.26% 3.24% 3.10% 2.73% 2.91% 2.89% 2.83%
Operating Expenses to Revenue		 19.32% 19.39% 20.43% 19.17% 19.46% 19.31% 19.54% 19.08% 18.72% 17.19% 19.86%
Earnings before Interest and Taxes (EBIT)		 1,112 1,115 1,030 1,225 1,233 1,208 1,210 1,257 1,342 1,363 1,213
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,341 1,346 1,255 1,452 1,468 1,442 1,442 1,518 1,600 1,618 1,485
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.57 4.99 6.43 6.50 6.90 7.09 5.76 7.51 7.73 6.37 7.03
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 3.71 4.09 5.25 5.18 5.36 5.27 4.21 5.37 5.47 4.51 4.86
Price to Earnings (P/E)		 28.03 29.52 36.50 34.23 35.02 34.57 27.07 35.58 37.10 30.27 34.78
Dividend Yield		 1.61% 1.45% 1.13% 1.15% 1.11% 1.13% 1.42% 1.11% 1.08% 1.31% 1.18%
Earnings Yield		 3.57% 3.39% 2.74% 2.92% 2.86% 2.89% 3.69% 2.81% 2.70% 3.30% 2.88%
Enterprise Value to Invested Capital (EV/IC)		 3.56 3.95 5.02 5.02 5.25 5.40 4.30 5.17 5.38 4.65 3.96
Enterprise Value to Revenue (EV/Rev)		 4.03 4.38 5.53 5.47 5.67 5.56 4.53 5.78 5.85 4.84 5.58
Enterprise Value to EBITDA (EV/EBITDA)		 19.45 20.73 25.62 24.48 25.25 24.62 19.77 25.58 25.96 21.50 25.58
Enterprise Value to EBIT (EV/EBIT)		 24.27 25.56 31.20 29.46 30.28 29.44 23.53 30.59 31.06 25.69 30.76
Enterprise Value to NOPAT (EV/NOPAT)		 29.66 31.08 38.23 36.36 36.95 35.89 28.59 36.96 37.73 30.75 37.41
Enterprise Value to Operating Cash Flow (EV/OCF)		 25.98 28.06 34.78 34.20 34.61 31.96 28.05 36.96 37.97 29.71 33.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 37.18 37.44 42.09 40.23 48.55 34.75 33.78 114.44 90.56 97.48 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.50 0.49 0.48 0.51 0.49 0.49 0.54 0.59 0.56 0.51 1.07
Long-Term Debt to Equity		 0.44 0.43 0.42 0.44 0.45 0.46 0.41 0.47 0.46 0.45 0.94
Financial Leverage		 0.47 0.41 0.41 0.40 0.39 0.37 0.39 0.46 0.46 0.43 0.74
Leverage Ratio		 2.08 2.03 2.01 2.04 2.04 2.04 2.05 2.11 2.10 2.10 2.46
Compound Leverage Factor		 2.01 1.98 1.96 1.99 1.99 1.97 2.00 1.99 1.99 1.99 2.25
Debt to Total Capital		 33.19% 32.71% 32.22% 33.81% 32.90% 33.06% 35.21% 37.09% 36.07% 33.70% 51.67%
Short-Term Debt to Total Capital		 3.62% 3.62% 3.49% 4.41% 2.51% 2.43% 8.63% 7.57% 6.42% 3.87% 6.34%
Long-Term Debt to Total Capital		 29.56% 29.09% 28.73% 29.41% 30.39% 30.63% 26.58% 29.52% 29.64% 29.83% 45.32%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.13% 0.12% 0.12% 0.12% 0.16% 0.16% 0.14% 0.14% 0.14% 0.15% 0.11%
Common Equity to Total Capital		 66.68% 67.17% 67.66% 66.06% 66.94% 66.78% 64.64% 62.77% 63.79% 66.15% 48.23%
Debt to EBITDA		 1.95 1.89 1.80 1.82 1.70 1.63 1.74 1.87 1.77 1.60 3.40
Net Debt to EBITDA		 1.54 1.36 1.32 1.31 1.34 1.26 1.40 1.77 1.68 1.47 3.28
Long-Term Debt to EBITDA		 1.74 1.68 1.60 1.59 1.57 1.51 1.31 1.49 1.46 1.42 2.98
Debt to NOPAT		 2.97 2.83 2.68 2.71 2.49 2.38 2.51 2.71 2.58 2.29 4.97
Net Debt to NOPAT		 2.35 2.04 1.97 1.94 1.96 1.84 2.03 2.56 2.44 2.10 4.79
Long-Term Debt to NOPAT		 2.65 2.52 2.39 2.36 2.30 2.20 1.90 2.15 2.12 2.03 4.36
Altman Z-Score		 3.85 4.14 5.10 4.96 5.17 5.21 4.29 4.99 5.21 4.63 3.28
Noncontrolling Interest Sharing Ratio		 0.21% 0.20% 0.19% 0.19% 0.22% 0.20% 0.20% 0.20% 0.23% 0.23% 0.22%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.45 1.51 1.56 1.56 1.53 1.50 1.31 1.24 1.28 1.32 1.19
Quick Ratio		 0.84 0.91 0.93 0.94 0.87 0.85 0.74 0.63 0.65 0.66 0.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 254 382 510 642 116 1,145 368 -1,709 -1,325 -1,746 -12,537
Operating Cash Flow to CapEx		 655.75% 587.33% 380.00% 563.10% 743.75% 628.74% 242.86% 463.64% 758.99% 538.36% 327.10%
Free Cash Flow to Firm to Interest Expense		 7.71 14.70 17.02 22.15 4.00 27.27 11.14 -24.07 -19.78 -24.95 -118.27
Operating Cash Flow to Interest Expense		 34.58 49.92 15.83 32.62 45.14 38.02 7.21 12.93 20.16 28.07 4.78
Operating Cash Flow Less CapEx to Interest Expense		 29.30 41.42 11.67 26.83 39.07 31.98 4.24 10.14 17.51 22.86 3.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.63 0.63 0.64 0.63 0.64 0.65 0.65 0.65 0.67 0.69 0.61
Accounts Receivable Turnover		 5.46 5.43 5.31 5.21 5.27 5.47 5.18 5.02 5.10 5.49 4.98
Inventory Turnover		 4.08 4.12 3.99 3.95 3.88 3.86 3.77 3.76 3.75 3.83 3.77
Fixed Asset Turnover		 7.17 6.95 6.99 7.03 6.98 6.85 6.91 6.81 6.85 6.82 6.84
Accounts Payable Turnover		 4.71 4.59 4.57 4.51 4.46 4.37 4.42 4.43 4.43 4.37 4.20
Days Sales Outstanding (DSO)		 66.79 67.28 68.76 70.01 69.32 66.71 70.43 72.66 71.55 66.53 73.33
Days Inventory Outstanding (DIO)		 89.41 88.63 91.59 92.37 94.15 94.56 96.76 97.02 97.32 95.32 96.70
Days Payable Outstanding (DPO)		 77.53 79.58 79.90 80.95 81.90 83.60 82.63 82.43 82.31 83.59 86.83
Cash Conversion Cycle (CCC)		 78.67 76.33 80.46 81.43 81.57 77.67 84.55 87.25 86.56 78.27 83.20
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 25,663 25,728 26,072 26,309 26,564 25,602 26,689 29,059 28,973 28,560 40,144
Invested Capital Turnover		 0.89 0.91 0.91 0.92 0.94 0.97 0.96 0.94 0.96 1.01 0.85
Increase / (Decrease) in Invested Capital		 622 556 314 350 901 -126 617 2,750 2,409 2,958 13,455
Enterprise Value (EV)		 91,240 101,679 130,904 132,028 139,392 138,270 114,739 150,143 155,826 132,845 159,162
Market Capitalization		 83,961 94,986 124,125 124,937 131,946 131,155 106,557 139,690 145,696 123,709 138,740
Book Value per Share		 $46.07 $47.67 $48.29 $48.07 $48.02 $46.78 $47.21 $47.55 $48.40 $50.01 $50.84
Tangible Book Value per Share		 ($3.90) ($2.58) ($1.40) ($1.29) ($1.85) ($2.23) ($2.38) ($6.16) ($5.39) ($3.60) ($33.36)
Total Capital		 27,569 28,338 28,513 29,091 28,557 27,683 28,627 29,643 29,538 29,364 40,894
Total Debt		 9,149 9,269 9,187 9,837 9,395 9,152 10,080 10,996 10,653 9,895 21,129
Total Long-Term Debt		 8,150 8,244 8,192 8,555 8,678 8,478 7,609 8,751 8,756 8,758 18,535
Net Debt		 7,243 6,660 6,745 7,056 7,401 7,072 8,141 10,412 10,088 9,092 20,378
Capital Expenditures (CapEx)		 174 221 125 168 176 254 98 198 178 365 155
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,513 2,344 2,793 3,033 2,934 2,538 3,444 3,964 3,989 3,319 4,107
Debt-free Net Working Capital (DFNWC)		 4,419 4,953 5,235 5,814 4,928 4,618 5,383 4,548 4,554 4,122 4,858
Net Working Capital (NWC)		 3,420 3,928 4,240 4,532 4,211 3,944 2,912 2,303 2,657 2,985 2,264
Net Nonoperating Expense (NNE)		 -16 -8.70 2.46 -1.66 5.88 48 20 59 74 79 50
Net Nonoperating Obligations (NNO)		 7,243 6,659 6,746 7,055 7,402 7,071 8,142 10,412 10,088 9,091 20,379
Total Depreciation and Amortization (D&A)		 229 231 225 227 235 234 232 261 258 255 272
Debt-free, Cash-free Net Working Capital to Revenue		 11.11% 10.11% 11.81% 12.56% 11.92% 10.20% 13.61% 15.25% 14.98% 12.09% 14.40%
Debt-free Net Working Capital to Revenue		 19.54% 21.35% 22.13% 24.08% 20.03% 18.56% 21.27% 17.50% 17.10% 15.02% 17.03%
Net Working Capital to Revenue		 15.12% 16.93% 17.92% 18.77% 17.11% 15.85% 11.50% 8.86% 9.98% 10.88% 7.94%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.23 $2.37 $2.05 $2.49 $2.54 $2.46 $2.46 $2.52 $2.60 $2.90 $2.23
Adjusted Weighted Average Basic Shares Outstanding		 399.40M 399.10M 399.90M 399.20M 397.10M 397.60M 392.20M 390.30M 388.80M 389.90M 388.20M
Adjusted Diluted Earnings per Share		 $2.22 $2.35 $2.04 $2.48 $2.53 $2.45 $2.45 $2.51 $2.59 $2.90 $2.22
Adjusted Weighted Average Diluted Shares Outstanding		 401.60M 401.10M 401.90M 401M 398.90M 399.40M 393.60M 391.40M 390.10M 391.20M 389.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 399.30M 399.50M 399.80M 398.10M 395.20M 392M 391.30M 389.30M 388.40M 387.90M 388.30M
Normalized Net Operating Profit after Tax (NOPAT)		 876 938 824 992 1,017 1,019 985 1,041 1,084 1,212 918
Normalized NOPAT Margin		 14.90% 15.72% 13.87% 15.63% 16.03% 16.33% 15.44% 14.81% 15.51% 17.17% 12.32%
Pre Tax Income Margin		 18.35% 18.23% 16.84% 18.82% 18.98% 18.69% 18.46% 16.88% 18.25% 18.34% 14.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 33.70 42.88 34.33 42.24 42.52 28.76 36.67 17.70 20.03 19.47 11.44
NOPAT to Interest Expense		 26.55 36.09 27.48 34.22 35.06 24.27 29.84 14.66 16.18 17.31 8.66
EBIT Less CapEx to Interest Expense		 28.42 34.38 30.17 36.45 36.45 22.71 33.70 14.92 17.37 14.26 9.98
NOPAT Less CapEx to Interest Expense		 21.28 27.59 23.32 28.43 29.00 18.22 26.87 11.87 13.52 12.09 7.20
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 45.25% 42.79% 41.49% 39.48% 39.06% 39.49% 38.80% 39.76% 40.53% 39.76% 41.17%
Augmented Payout Ratio		 45.25% 42.79% 45.54% 59.67% 81.85% 105.11% 114.13% 117.66% 105.35% 85.28% 72.40%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of Eaton (ETN) using the latest four years of quarterly statements. The focus is on revenue, profitability, cash flow, and balance-sheet trends that matter to retail investors.

  • Revenue growth: Q4 2025 operating revenue was $7.055B, up from $6.24B in Q4 2024 (about +13% YoY). Similar growth is evident across other 2025 quarters.
  • Net income growth: Q4 2025 net income (continuing operations) was $1.132B, up from $0.971B in Q4 2024 (about +16% YoY).
  • Earnings per share: Basic and diluted EPS in Q4 2025 were $2.90, up from $2.46 in Q4 2024, signaling stronger profitability per share.
  • Operating cash flow: Net cash from continuing operating activities in Q4 2025 was $1.965B, up from $1.597B in Q4 2024, indicating solid cash generation.
  • Free cash flow potential: With roughly $1.965B in operating cash minus capex of about $392M in Q4 2025, free cash flow was robust (approx. $1.57B for the quarter, before other investing/outflows).
  • Shareholder returns: Cash dividends per share remained at $1.04, supporting ongoing income for investors.
  • Gross margin: Q4 2025 gross margin (~36.8%) is slightly below Q4 2024 (~39%), suggesting modest margin pressure but still a healthy level for the business.
  • Higher interest expense: Q4 2025 interest expense was about $70M, higher than the prior-year period, reflecting tighter financing costs in a rising-rate environment.
  • Investing activity cash outflow: Net cash from investing activities in Q4 2025 was negative around $318M, larger than some prior periods and reducing free cash flow availability.
  • Debt level and leverage: Long-term debt sits around $8.7B in mid-2025, and the company shows higher leverage against operating cash flow; rising rates could pressure interest expense and coverage in stressed scenarios.
05/14/26 05:57 AM ETAI Generated. May Contain Errors.

Eaton Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Eaton's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Eaton's net income appears to be on an upward trend, with a most recent value of $4.09 billion in 2025, rising from $1.97 billion in 2015. The previous period was $3.80 billion in 2024. See Eaton's forecast for analyst expectations on what's next for the company.

Eaton's total operating income in 2025 was $5.21 billion, based on the following breakdown:
  • Total Gross Profit: $10.32 billion
  • Total Operating Expenses: $5.11 billion

Over the last 10 years, Eaton's total revenue changed from $20.86 billion in 2015 to $27.45 billion in 2025, a change of 31.6%.

Eaton's total liabilities were at $21.78 billion at the end of 2025, a 9.7% increase from 2024, and a 38.2% increase since 2015.

In the past 10 years, Eaton's cash and equivalents has ranged from $268 million in 2015 to $622 million in 2025, and is currently $622 million as of their latest financial filing in 2025.

Over the last 10 years, Eaton's book value per share changed from 32.81 in 2015 to 50.01 in 2025, a change of 52.4%.


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Financial statements for NYSE:ETN last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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