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.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 30.03B | 27.45B | 24.88B | 23.20B | 20.75B | 19.63B |
| Cost of Revenue | 19.21B | 17.08B | 15.38B | 14.76B | 13.87B | 13.29B |
| Gross Profit | 10.82B | 10.37B | 9.50B | 8.43B | 6.89B | 6.33B |
| Selling, General & Admin | 4.52B | 4.27B | 4.04B | 3.75B | 3.19B | 3.21B |
| Research & Development | 844.00M | 797.00M | 794.00M | 754.00M | 665.00M | 616.00M |
| Operating Expenses | 5.36B | 5.06B | 4.83B | 4.50B | 3.86B | 3.83B |
| Operating Income | 5.46B | 5.30B | 4.67B | 3.93B | 3.03B | 2.51B |
| Interest Expense | -466.00M | -256.00M | -130.00M | -151.00M | -88.00M | -144.00M |
| Currency Exchange Gain (Loss) | 21.00M | 15.00M | -56.00M | |||
| Other Non Operating Income (Expenses) | -83.00M | -86.00M | -45.00M | -28.00M | -44.00M | -84.00M |
| EBT Excluding Unusual Items | 4.93B | 4.98B | 4.50B | 3.75B | 2.84B | 2.28B |
| Merger & Restructuring Charges | -153.00M | -92.00M | -29.00M | |||
| Gain (Loss) on Sale of Investments | 8.00M | 8.00M | 12.00M | 20.00M | -5.00M | |
| Gain (Loss) on Sale of Assets | 38.00M | 38.00M | 56.00M | 53.00M | 105.00M | 617.00M |
| Pretax Income | 4.82B | 4.93B | 4.57B | 3.83B | 2.91B | 2.90B |
| Income Tax Expense | 987.00M | 841.00M | 768.00M | 604.00M | 445.00M | 750.00M |
| Earnings From Continuing Operations | 3.83B | 4.09B | 3.80B | 3.22B | 2.47B | 2.15B |
| Minority Interest in Earnings | -4.00M | -3.00M | -4.00M | -5.00M | -4.00M | -2.00M |
| Net Income | 3.83B | 4.09B | 3.79B | 3.22B | 2.46B | 2.14B |
| Net Income to Common | 3.83B | 4.09B | 3.79B | 3.22B | 2.46B | 2.14B |
| Shares Outstanding (Basic) | 388.50M | 389.90M | 397.60M | 399.10M | 398.70M | 398.70M |
| Shares Outstanding (Diluted) | 389.65M | 391.20M | 399.40M | 401.10M | 400.80M | 401.60M |
| EPS (Basic) | 9.86 | 10.48 | 9.54 | 8.06 | 6.18 | 5.38 |
| EPS (Diluted) | 9.82 | 10.45 | 9.50 | 8.02 | 6.14 | 5.34 |
| Free Cash Flow | 3.93B | 3.55B | 3.52B | 2.87B | 1.94B | 1.59B |
| Free Cash Flow Per Share | 10.10 | 9.08 | 8.81 | 7.15 | 4.83 | 3.95 |
| Dividend Per Share | 4.28 | 4.16 | 3.76 | 3.44 | 3.24 | 3.04 |
| Gross Margin | 36.02% | 37.77% | 38.20% | 36.36% | 33.19% | 32.27% |
| Operating Margin | 18.17% | 19.32% | 18.78% | 16.96% | 14.59% | 12.77% |
| Profit Margin | 12.75% | 14.89% | 15.25% | 13.87% | 11.86% | 10.92% |
| Free Cash Flow Margin | 13.10% | 12.94% | 14.14% | 12.36% | 9.32% | 8.09% |
| EBITDA | 6.64B | 6.31B | 5.59B | 4.86B | 3.98B | 3.43B |
| EBITDA Margin | 22.11% | 22.99% | 22.49% | 20.95% | 19.19% | 17.47% |
| D&A For EBITDA | 1.18B | 1.01B | 921.00M | 926.00M | 954.00M | 922.00M |
| EBIT | 5.46B | 5.30B | 4.67B | 3.93B | 3.03B | 2.51B |
| EBIT Margin | 18.17% | 19.32% | 18.78% | 16.96% | 14.59% | 12.77% |
| Effective Tax Rate | 20.48% | 17.05% | 16.82% | 15.78% | 15.29% | 25.90% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 483.00M | 622.00M | 555.00M | 488.00M | 294.00M | 297.00M |
| Short-Term Investments | 212.00M | 181.00M | 1.52B | 2.12B | 261.00M | 271.00M |
| Trading Asset Securities | 22.00M | |||||
| Cash & Short-Term Investments | 695.00M | 803.00M | 2.08B | 2.61B | 555.00M | 590.00M |
| Receivables | 7.69B | 6.15B | 4.95B | 4.76B | 4.31B | 3.48B |
| Inventory | 5.42B | 4.72B | 4.23B | 3.74B | 3.43B | 2.97B |
| Prepaid Expenses | 972.00M | 685.00M | 544.00M | 532.00M | 383.00M | 414.00M |
| Other Current Assets | 1.00M | 31.00M | 69.00M | 54.00M | ||
| Total Current Assets | 14.77B | 12.36B | 11.80B | 11.68B | 8.75B | 7.51B |
| Property, Plant & Equipment | 5.56B | 5.08B | 4.54B | 4.18B | 3.72B | 3.51B |
| Long-Term Investments | 75.00M | 903.00M | 872.00M | 860.00M | 788.00M | 844.00M |
| Goodwill | 20.23B | 15.77B | 14.71B | 14.98B | 14.80B | 14.75B |
| Other Intangible Assets | 12.61B | 5.05B | 4.66B | 5.09B | 5.49B | 5.86B |
| Long-Term Deferred Tax Assets | 592.00M | 707.00M | 609.00M | 458.00M | 330.00M | 392.00M |
| Other Long-Term Assets | 2.34B | 1.38B | 1.19B | 1.19B | 1.15B | 1.17B |
| Total Assets | 56.18B | 41.25B | 38.38B | 38.43B | 35.01B | 34.03B |
| Accounts Payable | 5.42B | 4.17B | 3.68B | 3.37B | 3.07B | 2.80B |
| Accrued Expenses | 630.00M | 1.07B | 1.10B | 1.14B | 933.00M | 894.00M |
| Short-Term Debt | 2.09B | 1.00M | 8.00M | 324.00M | 13.00M | |
| Current Portion of Long-Term Debt | 11.00M | 1.13B | 665.00M | 1.00B | 1.72B | |
| Current Portion of Leases | 159.00M | 172.00M | 148.00M | 137.00M | 135.00M | |
| Current Unearned Revenue | 1.13B | 899.00M | 611.00M | 610.00M | 489.00M | 395.00M |
| Other Current Liabilities | 2.62B | 1.95B | 1.63B | 1.47B | 1.41B | 1.26B |
| Total Current Liabilities | 11.91B | 9.37B | 7.86B | 7.75B | 6.36B | 7.21B |
| Long-Term Debt | 18.51B | 8.74B | 8.46B | 8.22B | 8.30B | 6.89B |
| Long-Term Leases | 715.00M | 655.00M | 688.00M | 555.00M | 477.00M | 360.00M |
| Long-Term Unearned Revenue | 26.00M | 91.00M | 16.00M | 16.00M | 19.00M | 27.00M |
| Pension & Post-Retirement Benefits | 759.00M | 863.00M | 905.00M | 948.00M | 826.00M | 1.14B |
| Long-Term Deferred Tax Liabilities | 2.14B | 265.00M | 275.00M | 402.00M | 530.00M | 559.00M |
| Other Long-Term Liabilities | 1.82B | 1.80B | 1.65B | 1.47B | 1.42B | 1.40B |
| Total Liabilities | 35.88B | 21.78B | 19.85B | 19.36B | 17.94B | 17.58B |
| Common Stock | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M |
| Additional Paid-In Capital | 12.87B | 12.84B | 12.73B | 12.63B | 12.51B | 12.45B |
| Retained Earnings | 11.53B | 10.70B | 10.10B | 10.30B | 8.47B | 7.59B |
| Comprehensive Income & Other | -4.15B | -4.12B | -4.34B | -3.91B | -3.95B | -3.63B |
| Total Common Equity | 20.25B | 19.43B | 18.49B | 19.04B | 17.04B | 16.41B |
| Minority Interest | 45.00M | 44.00M | 43.00M | 33.00M | 38.00M | 38.00M |
| Shareholders' Equity | 20.30B | 19.47B | 18.53B | 19.07B | 17.08B | 16.45B |
| Total Liabilities & Equity | 56.18B | 41.25B | 38.38B | 38.43B | 35.01B | 34.03B |
| Total Debt | 21.33B | 10.68B | 9.98B | 9.94B | 9.24B | 9.12B |
| 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 Outstanding | 388.40M | 387.90M | 392.00M | 399.50M | 398.00M | 398.80M |
| Total Common Shares Outstanding | 388.40M | 387.90M | 392.90M | 399.40M | 397.80M | 398.80M |
| Working Capital | 2.86B | 2.98B | 3.94B | 3.93B | 2.39B | 299.00M |
| Book Value Per Share | 52.15 | 50.08 | 47.06 | 47.66 | 42.83 | 41.16 |
| 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 |
| Land | 2.53B | 2.35B | 2.23B | 2.23B | 2.12B | 2.22B |
| Machinery | 8.01B | 7.62B | 6.76B | 6.43B | 5.84B | 5.54B |
| Order Backlog | 19.80B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.83B | 4.09B | 3.79B | 3.22B | 2.46B | 2.14B |
| Depreciation & Amortization | 1.18B | 1.01B | 921.00M | 926.00M | 954.00M | 922.00M |
| Loss (Gain) From Sale of Assets | -24.00M | -197.00M | ||||
| Other Operating Activities | 91.00M | 97.00M | -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 Payable | 332.00M | 332.00M | 399.00M | 256.00M | 334.00M | 832.00M |
| Change in Unearned Revenue | 202.00M | 202.00M | 2.00M | 119.00M | ||
| Change in Income Taxes | -116.00M | -116.00M | 142.00M | 61.00M | 170.00M | -317.00M |
| Change in Other Net Operating Assets | 104.00M | -460.00M | 19.00M | 38.00M | 41.00M | 76.00M |
| Operating Cash Flow | 4.95B | 4.47B | 4.33B | 3.62B | 2.53B | 2.16B |
| Capital Expenditures | -1.02B | -919.00M | -808.00M | -757.00M | -598.00M | -575.00M |
| Sale of Property, Plant & Equipment | 66.00M | 80.00M | 85.00M | 76.00M | 163.00M | 44.00M |
| Cash Acquisitions | -11.12B | -1.49B | -50.00M | -610.00M | -4.50B | |
| Divestitures | 31.00M | 3.13B | ||||
| Investment in Securities | -148.00M | 1.32B | 538.00M | -1.92B | -60.00M | 255.00M |
| Other Investing Activities | -55.00M | -95.00M | -36.00M | 26.00M | -126.00M | -117.00M |
| Investing Cash Flow | -12.27B | -1.10B | -271.00M | -2.58B | -1.20B | -1.76B |
| Short-Term Debt Issued | 1.00M | 317.00M | 20.00M | |||
| Long-Term Debt Issued | 1.06B | 1.08B | 818.00M | 2.00B | 1.80B | |
| Total Debt Issued | 10.85B | 1.06B | 1.08B | 818.00M | 2.31B | 1.82B |
| 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) | 9.70B | 342.00M | 61.00M | 488.00M | 300.00M | 805.00M |
| Issuance of Common Stock | 45.00M | 39.00M | 69.00M | 78.00M | 28.00M | 63.00M |
| 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 Flow | 7.40B | -3.17B | -3.94B | -871.00M | -1.34B | -535.00M |
| Foreign Exchange Rate Adjustments | 8.00M | -131.00M | -52.00M | 16.00M | 4.00M | -5.00M |
| Miscellaneous Cash Flow Adjustments | 1.00M | -1.00M | ||||
| Net Cash Flow | 85.00M | 67.00M | 67.00M | 194.00M | -3.00M | -141.00M |
| Free Cash Flow | 3.93B | 3.55B | 3.52B | 2.87B | 1.94B | 1.59B |
| Free Cash Flow Margin | 13.10% | 12.94% | 14.14% | 12.36% | 9.32% | 8.09% |
| Free Cash Flow Per Share | 10.10 | 9.08 | 8.81 | 7.15 | 4.83 | 3.95 |
| Levered Free Cash Flow | 3.11B | 2.60B | 2.84B | 2.44B | 1.58B | 3.70B |
| Unlevered Free Cash Flow | 3.40B | 2.76B | 2.92B | 2.54B | 1.63B | 3.79B |
| Cash Interest Paid | 352.00M | 352.00M | 330.00M | 320.00M | 252.00M | 209.00M |
| Cash Income Tax Paid | 909.00M | 909.00M | 752.00M | 727.00M | 393.00M | 753.00M |
| Change in Working Capital | -154.00M | -718.00M | -219.00M | -149.00M | -688.00M | -309.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 144.10B | 123.71B | 131.16B | 96.16B | 62.42B | 68.89B |
| Enterprise Value | 164.73B | 134.45B | 139.28B | 103.92B | 71.39B | 77.75B |
| Last Close Price | 369.97 | 315.87 | 324.95 | 232.92 | 149.09 | 160.63 |
| PE Ratio | 37.77 | 30.27 | 34.57 | 29.88 | 25.35 | 32.13 |
| Forward PE | 24.45 | 23.84 | 28.24 | 24.54 | 19.46 | 23.90 |
| PS Ratio | 4.79 | 4.51 | 5.27 | 4.15 | 3.01 | 3.51 |
| PB Ratio | 7.09 | 6.35 | 7.08 | 5.04 | 3.65 | 4.19 |
| P/FCF Ratio | 36.53 | 34.82 | 37.27 | 33.54 | 32.26 | 43.38 |
| P/OCF Ratio | 29.03 | 27.66 | 30.31 | 26.53 | 24.64 | 31.85 |
| PEG Ratio | 1.85 | 2.08 | 2.34 | 2.28 | 1.81 | 1.95 |
| EV/Sales Ratio | 5.47 | 4.90 | 5.60 | 4.48 | 3.44 | 3.96 |
| EV/EBITDA Ratio | 24.75 | 21.31 | 24.90 | 21.39 | 17.93 | 22.67 |
| EV/EBIT Ratio | 30.12 | 25.35 | 29.81 | 26.42 | 23.58 | 31.01 |
| EV/FCF Ratio | 41.77 | 37.84 | 39.58 | 36.25 | 36.90 | 48.96 |
| Debt / Equity Ratio | 1.05 | 0.55 | 0.54 | 0.52 | 0.54 | 0.55 |
| Debt / EBITDA Ratio | 3.07 | 1.62 | 1.70 | 1.95 | 2.20 | 2.52 |
| Debt / FCF Ratio | 5.42 | 3.01 | 2.84 | 3.47 | 4.78 | 5.74 |
| Net Debt / Equity Ratio | 1.02 | 0.51 | 0.43 | 0.38 | 0.51 | 0.52 |
| Net Debt / EBITDA Ratio | 3.11 | 1.57 | 1.41 | 1.51 | 2.18 | 2.49 |
| Net Debt / FCF Ratio | 5.24 | 2.78 | 2.25 | 2.56 | 4.49 | 5.37 |
| Asset Turnover | 0.62 | 0.69 | 0.65 | 0.63 | 0.60 | 0.60 |
| Inventory Turnover | 3.84 | 3.82 | 3.86 | 4.12 | 4.33 | 5.24 |
| Quick Ratio | 0.70 | 0.74 | 0.90 | 0.95 | 0.77 | 0.56 |
| Current Ratio | 1.24 | 1.32 | 1.50 | 1.51 | 1.38 | 1.04 |
| 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 Yield | 2.65% | 3.30% | 2.89% | 3.35% | 3.94% | 3.11% |
| FCF Yield | 2.74% | 2.87% | 2.68% | 2.98% | 3.10% | 2.31% |
| Dividend Yield | 1.19% | 1.30% | 1.13% | 1.43% | 2.07% | 1.76% |
| Payout Ratio | 44.80% | 39.78% | 39.54% | 42.85% | 52.76% | 56.86% |
| Buyback Yield / Dilution | 1.33% | 2.05% | 0.42% | -0.07% | 0.20% | 0.59% |
| Total Shareholder Return | 2.52% | 3.36% | 1.55% | 1.35% | 2.26% | 2.35% |