NYSE : ETN

Eaton Corporation plc — Financial statements

Industrials · Specialty Industrial Machinery · Ireland

Last price 369.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 143.70B

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Financial statements

Eaton Corporation plc (ETN) reported revenue of 30.03B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue30.03B27.45B24.88B23.20B20.75B19.63B
Cost of Revenue19.21B17.08B15.38B14.76B13.87B13.29B
Gross Profit10.82B10.37B9.50B8.43B6.89B6.33B
Selling, General & Admin4.52B4.27B4.04B3.75B3.19B3.21B
Research & Development844.00M797.00M794.00M754.00M665.00M616.00M
Operating Expenses5.36B5.06B4.83B4.50B3.86B3.83B
Operating Income5.46B5.30B4.67B3.93B3.03B2.51B
Interest Expense-466.00M-256.00M-130.00M-151.00M-88.00M-144.00M
Currency Exchange Gain (Loss)21.00M15.00M-56.00M
Other Non Operating Income (Expenses)-83.00M-86.00M-45.00M-28.00M-44.00M-84.00M
EBT Excluding Unusual Items4.93B4.98B4.50B3.75B2.84B2.28B
Merger & Restructuring Charges-153.00M-92.00M-29.00M
Gain (Loss) on Sale of Investments8.00M8.00M12.00M20.00M-5.00M
Gain (Loss) on Sale of Assets38.00M38.00M56.00M53.00M105.00M617.00M
Pretax Income4.82B4.93B4.57B3.83B2.91B2.90B
Income Tax Expense987.00M841.00M768.00M604.00M445.00M750.00M
Earnings From Continuing Operations3.83B4.09B3.80B3.22B2.47B2.15B
Minority Interest in Earnings-4.00M-3.00M-4.00M-5.00M-4.00M-2.00M
Net Income3.83B4.09B3.79B3.22B2.46B2.14B
Net Income to Common3.83B4.09B3.79B3.22B2.46B2.14B
Shares Outstanding (Basic)388.50M389.90M397.60M399.10M398.70M398.70M
Shares Outstanding (Diluted)389.65M391.20M399.40M401.10M400.80M401.60M
EPS (Basic)9.8610.489.548.066.185.38
EPS (Diluted)9.8210.459.508.026.145.34
Free Cash Flow3.93B3.55B3.52B2.87B1.94B1.59B
Free Cash Flow Per Share10.109.088.817.154.833.95
Dividend Per Share4.284.163.763.443.243.04
Gross Margin36.02%37.77%38.20%36.36%33.19%32.27%
Operating Margin18.17%19.32%18.78%16.96%14.59%12.77%
Profit Margin12.75%14.89%15.25%13.87%11.86%10.92%
Free Cash Flow Margin13.10%12.94%14.14%12.36%9.32%8.09%
EBITDA6.64B6.31B5.59B4.86B3.98B3.43B
EBITDA Margin22.11%22.99%22.49%20.95%19.19%17.47%
D&A For EBITDA1.18B1.01B921.00M926.00M954.00M922.00M
EBIT5.46B5.30B4.67B3.93B3.03B2.51B
EBIT Margin18.17%19.32%18.78%16.96%14.59%12.77%
Effective Tax Rate20.48%17.05%16.82%15.78%15.29%25.90%

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents483.00M622.00M555.00M488.00M294.00M297.00M
Short-Term Investments212.00M181.00M1.52B2.12B261.00M271.00M
Trading Asset Securities22.00M
Cash & Short-Term Investments695.00M803.00M2.08B2.61B555.00M590.00M
Receivables7.69B6.15B4.95B4.76B4.31B3.48B
Inventory5.42B4.72B4.23B3.74B3.43B2.97B
Prepaid Expenses972.00M685.00M544.00M532.00M383.00M414.00M
Other Current Assets1.00M31.00M69.00M54.00M
Total Current Assets14.77B12.36B11.80B11.68B8.75B7.51B
Property, Plant & Equipment5.56B5.08B4.54B4.18B3.72B3.51B
Long-Term Investments75.00M903.00M872.00M860.00M788.00M844.00M
Goodwill20.23B15.77B14.71B14.98B14.80B14.75B
Other Intangible Assets12.61B5.05B4.66B5.09B5.49B5.86B
Long-Term Deferred Tax Assets592.00M707.00M609.00M458.00M330.00M392.00M
Other Long-Term Assets2.34B1.38B1.19B1.19B1.15B1.17B
Total Assets56.18B41.25B38.38B38.43B35.01B34.03B
Accounts Payable5.42B4.17B3.68B3.37B3.07B2.80B
Accrued Expenses630.00M1.07B1.10B1.14B933.00M894.00M
Short-Term Debt2.09B1.00M8.00M324.00M13.00M
Current Portion of Long-Term Debt11.00M1.13B665.00M1.00B1.72B
Current Portion of Leases159.00M172.00M148.00M137.00M135.00M
Current Unearned Revenue1.13B899.00M611.00M610.00M489.00M395.00M
Other Current Liabilities2.62B1.95B1.63B1.47B1.41B1.26B
Total Current Liabilities11.91B9.37B7.86B7.75B6.36B7.21B
Long-Term Debt18.51B8.74B8.46B8.22B8.30B6.89B
Long-Term Leases715.00M655.00M688.00M555.00M477.00M360.00M
Long-Term Unearned Revenue26.00M91.00M16.00M16.00M19.00M27.00M
Pension & Post-Retirement Benefits759.00M863.00M905.00M948.00M826.00M1.14B
Long-Term Deferred Tax Liabilities2.14B265.00M275.00M402.00M530.00M559.00M
Other Long-Term Liabilities1.82B1.80B1.65B1.47B1.42B1.40B
Total Liabilities35.88B21.78B19.85B19.36B17.94B17.58B
Common Stock4.00M4.00M4.00M4.00M4.00M4.00M
Additional Paid-In Capital12.87B12.84B12.73B12.63B12.51B12.45B
Retained Earnings11.53B10.70B10.10B10.30B8.47B7.59B
Comprehensive Income & Other-4.15B-4.12B-4.34B-3.91B-3.95B-3.63B
Total Common Equity20.25B19.43B18.49B19.04B17.04B16.41B
Minority Interest45.00M44.00M43.00M33.00M38.00M38.00M
Shareholders' Equity20.30B19.47B18.53B19.07B17.08B16.45B
Total Liabilities & Equity56.18B41.25B38.38B38.43B35.01B34.03B
Total Debt21.33B10.68B9.98B9.94B9.24B9.12B
Net Cash (Debt)-20.63B-9.88B-7.90B-7.33B-8.69B-8.53B
Net Cash Per Share-52.95-25.26-19.79-18.28-21.67-21.23
Filing Date Shares Outstanding388.40M387.90M392.00M399.50M398.00M398.80M
Total Common Shares Outstanding388.40M387.90M392.90M399.40M397.80M398.80M
Working Capital2.86B2.98B3.94B3.93B2.39B299.00M
Book Value Per Share52.1550.0847.0647.6642.8341.16
Tangible Book Value-12.59B-1.40B-883.00M-1.03B-3.24B-4.19B
Tangible Book Value Per Share-32.40-3.60-2.25-2.58-8.15-10.51
Land2.53B2.35B2.23B2.23B2.12B2.22B
Machinery8.01B7.62B6.76B6.43B5.84B5.54B
Order Backlog19.80B

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income3.83B4.09B3.79B3.22B2.46B2.14B
Depreciation & Amortization1.18B1.01B921.00M926.00M954.00M922.00M
Loss (Gain) From Sale of Assets-24.00M-197.00M
Other Operating Activities91.00M97.00M-169.00M-371.00M-171.00M-397.00M
Change in Accounts Receivable-420.00M-420.00M-215.00M-341.00M-743.00M-271.00M
Change in Inventory-256.00M-256.00M-566.00M-282.00M-490.00M-629.00M
Change in Accounts Payable332.00M332.00M399.00M256.00M334.00M832.00M
Change in Unearned Revenue202.00M202.00M2.00M119.00M
Change in Income Taxes-116.00M-116.00M142.00M61.00M170.00M-317.00M
Change in Other Net Operating Assets104.00M-460.00M19.00M38.00M41.00M76.00M
Operating Cash Flow4.95B4.47B4.33B3.62B2.53B2.16B
Capital Expenditures-1.02B-919.00M-808.00M-757.00M-598.00M-575.00M
Sale of Property, Plant & Equipment66.00M80.00M85.00M76.00M163.00M44.00M
Cash Acquisitions-11.12B-1.49B-50.00M-610.00M-4.50B
Divestitures31.00M3.13B
Investment in Securities-148.00M1.32B538.00M-1.92B-60.00M255.00M
Other Investing Activities-55.00M-95.00M-36.00M26.00M-126.00M-117.00M
Investing Cash Flow-12.27B-1.10B-271.00M-2.58B-1.20B-1.76B
Short-Term Debt Issued1.00M317.00M20.00M
Long-Term Debt Issued1.06B1.08B818.00M2.00B1.80B
Total Debt Issued10.85B1.06B1.08B818.00M2.31B1.82B
Short-Term Debt Repaid-8.00M-311.00M
Long-Term Debt Repaid-717.00M-1.01B-19.00M-2.01B-1.01B
Total Debt Repaid-1.15B-717.00M-1.02B-330.00M-2.01B-1.01B
Net Debt Issued (Repaid)9.70B342.00M61.00M488.00M300.00M805.00M
Issuance of Common Stock45.00M39.00M69.00M78.00M28.00M63.00M
Repurchase of Common Stock-614.00M-1.91B-2.56B-49.00M-346.00M-169.00M
Common Dividends Paid-1.67B-1.63B-1.50B-1.38B-1.30B-1.22B
Other Financing Activities-69.00M-14.00M-4.00M-9.00M-23.00M-15.00M
Financing Cash Flow7.40B-3.17B-3.94B-871.00M-1.34B-535.00M
Foreign Exchange Rate Adjustments8.00M-131.00M-52.00M16.00M4.00M-5.00M
Miscellaneous Cash Flow Adjustments1.00M-1.00M
Net Cash Flow85.00M67.00M67.00M194.00M-3.00M-141.00M
Free Cash Flow3.93B3.55B3.52B2.87B1.94B1.59B
Free Cash Flow Margin13.10%12.94%14.14%12.36%9.32%8.09%
Free Cash Flow Per Share10.109.088.817.154.833.95
Levered Free Cash Flow3.11B2.60B2.84B2.44B1.58B3.70B
Unlevered Free Cash Flow3.40B2.76B2.92B2.54B1.63B3.79B
Cash Interest Paid352.00M352.00M330.00M320.00M252.00M209.00M
Cash Income Tax Paid909.00M909.00M752.00M727.00M393.00M753.00M
Change in Working Capital-154.00M-718.00M-219.00M-149.00M-688.00M-309.00M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization144.10B123.71B131.16B96.16B62.42B68.89B
Enterprise Value164.73B134.45B139.28B103.92B71.39B77.75B
Last Close Price369.97315.87324.95232.92149.09160.63
PE Ratio37.7730.2734.5729.8825.3532.13
Forward PE24.4523.8428.2424.5419.4623.90
PS Ratio4.794.515.274.153.013.51
PB Ratio7.096.357.085.043.654.19
P/FCF Ratio36.5334.8237.2733.5432.2643.38
P/OCF Ratio29.0327.6630.3126.5324.6431.85
PEG Ratio1.852.082.342.281.811.95
EV/Sales Ratio5.474.905.604.483.443.96
EV/EBITDA Ratio24.7521.3124.9021.3917.9322.67
EV/EBIT Ratio30.1225.3529.8126.4223.5831.01
EV/FCF Ratio41.7737.8439.5836.2536.9048.96
Debt / Equity Ratio1.050.550.540.520.540.55
Debt / EBITDA Ratio3.071.621.701.952.202.52
Debt / FCF Ratio5.423.012.843.474.785.74
Net Debt / Equity Ratio1.020.510.430.380.510.52
Net Debt / EBITDA Ratio3.111.571.411.512.182.49
Net Debt / FCF Ratio5.242.782.252.564.495.37
Asset Turnover0.620.690.650.630.600.60
Inventory Turnover3.843.823.864.124.335.24
Quick Ratio0.700.740.900.950.770.56
Current Ratio1.241.321.501.511.381.04
Return on Equity (ROE)19.68%21.53%20.20%17.83%14.71%13.66%
Return on Assets (ROA)7.05%8.33%7.61%6.69%5.48%4.76%
Return on Invested Capital (ROIC)10.61%15.77%14.71%12.70%10.11%7.83%
Return on Capital Employed (ROCE)12.30%16.60%15.30%12.80%10.60%9.30%
Earnings Yield2.65%3.30%2.89%3.35%3.94%3.11%
FCF Yield2.74%2.87%2.68%2.98%3.10%2.31%
Dividend Yield1.19%1.30%1.13%1.43%2.07%1.76%
Payout Ratio44.80%39.78%39.54%42.85%52.76%56.86%
Buyback Yield / Dilution1.33%2.05%0.42%-0.07%0.20%0.59%
Total Shareholder Return2.52%3.36%1.55%1.35%2.26%2.35%