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ETNEaton Corporation

Industrials · Industrial Machinery · NYSE

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FY2025 at a glance

Sales up 10.3%, free cash flow up to $3.6B

XBRL, from each 10-K

RevenueStatements ↓

$27.4B

from $24.9B in FY2024

FY2016FY2025

Net incomeStatements ↓

$4.1B

from $3.8B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$3.6B

from $3.5B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$10.45

from $9.50 in FY2024

FY2016FY2025

Total debtStatements ↓

$9.9B

from $9.2B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	10.01	Sales (ttm)	32.0B	Net income (ttm)	3.9B	Sales growth	+10.3%	EPS growth	+10.0%	Sales Q/Q	+28.0%
Free cash flow	3.8B	Gross margin	35.0%	Oper. margin	-	Net margin	12.2%	FCF margin	11.9%	ROE	18.6%
ROA	6.8%	R&D / sales	2.9%	Dividend	4.16	Debt/Eq	0.96	Curr. ratio	1.23	Cash	528.0M
Op. cash flow (ttm)	4.9B	Net debt	19.6B	Quick ratio	0.87	Payout ratio	39.8%	Tax rate	17.1%	Shares out.	388.5M
Shares Y/Y	-2.1%	Book / share	53.99	Cash / share	1.36	Sales / share	82.33	Asset turnover	0.56	Inventory turns	3.63
Days sales out.	72	Sales 3Y CAGR	+9.8%	Sales 5Y CAGR	+9.0%	EPS 3Y CAGR	+19.4%	EPS 5Y CAGR	+24.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

ETN against Industrials peers

Ten years, side by side → · All 83 →

ETNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+10.3%15th of 82 · median +4.8%

Net margin

12.2%43rd of 82 · median 13.0%

Return on equity

18.6%45th of 77 · median 24.9%

Free cash flow margin

11.9%44th of 79 · median 13.0%

Debt / equity (less is better)

0.9645th of 72 · median 0.72

ETN and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
ETN Eaton Corporation	$32.0B	+10.3%	35.0%	12.2%	18.6%	11.9%	0.96
PWR Quanta Services	$37.3B	+20.3%	15.8%	4.5%	16.0%	8.5%	0.66
CMI Cummins	$35.8B	-1.3%	25.9%	9.3%	24.9%	9.7%	0.54
FERG Ferguson Enterprises	$32.2B	+3.8%	30.6%	6.0%	28.8%	3.4%	0.93
LUV Southwest Airlines	$31.5B	+2.1%	-	3.3%	14.4%	-1.4%	0.80
PCAR Paccar	$29.1B	-15.5%	20.1%	9.5%	13.2%	10.5%	-

Where each dollar goes

FY2021FY2022FY2023FY2024FY2025

From $19.6B of sales to $2.1B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $20.8B of sales to $2.5B of profit

FY2022, from the 10-K income statement

Swipe sideways for the whole flow →

From $23.2B of sales to $3.2B of profit

FY2023, from the 10-K income statement

Swipe sideways for the whole flow →

From $24.9B of sales to $3.8B of profit

FY2024, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $27.4B of sales to $4.1B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$68$21$11

FY2022

$67$21$12

FY2023

$64$22$14

FY2024

$62$23$15

FY2025

$62$23$15

Cost of revenue
Costs, tax, other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3

!
Net margin below the peer median12.2% vs 13.0%
✓
Return on equity above 15%18.6%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 9.7% → 14.9%

Balance sheet

2 of 3

✓
Debt smaller than equityDebt / equity 0.96 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.23
!
Net debt over 3 years of free cash flow$19.4B net debt, 5.1 years

Debt / equity at each year end, FY2016 to FY2025: 0.55 → 0.51

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$3.6B last year
✓
Share count down over 5 years−3.2%
✓
Dividend per share up over 5 years$2.92 → $4.16
✓
Cash from operations above net income$4.5B vs $4.1B

Free cash flow, FY2016 to FY2025: 2.1B → 3.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$3.8B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 27.4B Net income 4.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ETN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue27.4B

Net income4.1B

Free cash flow3.6B

EPS (diluted)10.45

Dividend per share4.16

Diluted shares391.2M

The segments changed

10-K filed 2026-02-26

The Company expects to provide financial information for this new reportable segment in the Quarterly Report on Form 10-Q for the period ended March 31, 2026. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Electrical Americas	13.3B	48.4%	+16.1%
Electrical Global	6.8B	24.8%	+9.1%
Aerospace Segment	4.2B	15.5%	+13.5%
Vehicle	2.5B	9.1%	-10.2%
eMobility	604.0M	2.2%	-8.8%

10-K 0001551182-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	17.1B	62.4%	+13.0%
Europe	5.1B	18.5%	+12.1%
Asia Pacific	2.7B	9.9%	+10.0%
Latin America	1.5B	5.3%	-13.0%
Canada	1.1B	3.9%	+2.4%

10-K 0001551182-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19.7B	20.4B	21.6B	21.4B	17.9B	19.6B	20.8B	23.2B	24.9B	27.4B
Cost of revenue	13.4B	13.8B	14.5B	14.3B	12.4B	13.3B	13.9B	14.8B	15.4B	17.1B
R&D	587.0M	584.0M	584.0M	606.0M	551.0M	616.0M	665.0M	754.0M	794.0M	797.0M
SG&A	3.5B	3.5B	3.5B	3.6B	3.1B	3.3B	3.2B	3.8B	4.1B	4.3B
Operating income	3.0B	3.2B	3.6B	3.7B	-	-	-	-	-	-
Interest expense	-	-	-	199.0M	149.0M	144.0M	-	151.0M	130.0M	241.0M
Pretax income	2.1B	3.4B	2.4B	2.6B	1.7B	2.9B	2.9B	3.8B	4.6B	4.9B
Income tax	199.0M	382.0M	278.0M	378.0M	331.0M	750.0M	445.0M	604.0M	768.0M	841.0M
Net income	1.9B	3.0B	2.1B	2.2B	1.4B	2.1B	2.5B	3.2B	3.8B	4.1B
EPS (diluted)	4.20	6.68	4.91	5.25	3.49	5.34	6.14	8.02	9.50	10.45
Diluted shares	456.5M	447.0M	436.9M	420.8M	404.0M	401.6M	400.8M	401.1M	399.4M	391.2M
Depreciation & amortization	929.0M	914.0M	903.0M	884.0M	811.0M	922.0M	954.0M	926.0M	921.0M	1.0B
EBITDA	3.9B	4.1B	4.5B	4.6B	-	-	-	-	-	-
Operating margin	15.0%	15.8%	16.8%	17.2%	-	-	-	-	-	-
Net margin	9.7%	14.6%	9.9%	10.3%	7.9%	10.9%	11.9%	13.9%	15.3%	14.9%
Revenue growth	-	+3.3%	+5.9%	-1.0%	-16.5%	+9.9%	+5.7%	+11.8%	+7.3%	+10.3%
EPS growth	-	+59.0%	-26.5%	+6.9%	-33.5%	+53.0%	+15.0%	+30.6%	+18.5%	+10.0%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	543.0M	561.0M	283.0M	370.0M	438.0M	297.0M	294.0M	488.0M	555.0M	622.0M
Short-term investments	203.0M	534.0M	157.0M	221.0M	664.0M	271.0M	261.0M	2.1B	1.5B	181.0M
Receivables	3.6B	3.9B	3.9B	3.4B	2.9B	3.3B	4.1B	4.5B	4.6B	5.4B
Inventory	2.3B	2.6B	2.8B	2.8B	2.1B	3.0B	3.4B	3.7B	4.2B	4.7B
Current assets	7.0B	8.3B	7.6B	8.7B	9.2B	7.5B	8.7B	11.7B	11.8B	12.4B
Property & equipment	3.4B	3.5B	3.5B	3.5B	3.0B	3.1B	3.1B	3.5B	3.7B	4.3B
Goodwill	13.2B	13.6B	13.3B	13.5B	12.9B	14.8B	14.8B	15.0B	14.7B	15.8B
Total assets	30.5B	32.6B	31.1B	32.8B	31.8B	34.0B	35.0B	38.4B	38.4B	41.3B
Accounts payable	1.7B	2.2B	2.1B	2.1B	2.0B	2.8B	3.1B	3.4B	3.7B	4.2B
Current liabilities	5.5B	5.1B	5.2B	5.1B	5.9B	7.2B	6.4B	7.7B	7.9B	9.4B
Total debt	8.3B	7.8B	7.5B	8.3B	8.1B	8.6B	8.7B	9.3B	9.2B	9.9B
Shareholders' equity	15.0B	17.3B	16.1B	16.1B	14.9B	16.4B	17.0B	19.0B	18.5B	19.4B
Retained earnings	7.6B	8.7B	8.2B	8.2B	6.8B	7.6B	8.5B	10.3B	10.1B	10.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.6B	2.7B	2.7B	3.5B	2.9B	2.2B	2.5B	3.6B	4.3B	4.5B
Capital spending	497.0M	520.0M	565.0M	587.0M	389.0M	575.0M	598.0M	757.0M	808.0M	919.0M
Free cash flow	2.1B	2.1B	2.1B	2.9B	2.6B	1.6B	1.9B	2.9B	3.5B	3.6B
Stock-based pay (added back)	14.0M	11.0M	11.0M	9.0M	-	-	-	-	-	-
Dividends paid	1.0B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.5B	1.6B
Buybacks	730.0M	850.0M	1.3B	1.0B	1.6B	122.0M	286.0M	0	2.5B	1.9B
Acquisitions	-1.0M	0	0	1.2B	200.0M	4.5B	610.0M	0	50.0M	1.5B
Debt raised	631.0M	1.0B	410.0M	1.2B	0	1.8B	2.0B	818.0M	1.1B	1.1B
Debt repaid	653.0M	1.6B	574.0M	348.0M	249.0M	1.0B	2.0B	19.0M	1.0B	717.0M
Investing cash flow	-529.0M	-217.0M	-398.0M	-1.9B	397.0M	-1.8B	-1.2B	-2.6B	-271.0M	-1.1B
Financing cash flow	-1.7B	-2.4B	-2.6B	-1.5B	-3.3B	-535.0M	-1.3B	-871.0M	-3.9B	-3.2B
Dividend per share	2.28	2.40	2.64	2.84	2.92	3.04	3.24	3.44	3.76	4.16

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	14.0M	11.0M	11.0M	9.0M	-	-	-	-	-	-
Stock-based pay / revenue	0.1%	0.1%	0.1%	0.0%	-	-	-	-	-	-
Operating lease cost	-	-	-	166.0M	184.0M	164.0M	179.0M	200.0M	227.0M	251.0M
Operating lease cash paid	-	-	-	168.0M	144.0M	158.0M	159.0M	180.0M	200.0M	198.0M
Finance lease principal paid	-	-	-	6.0M	8.0M	11.0M	11.0M	18.0M	14.0M	9.0M
Right-of-use assets	-	-	0	436.0M	428.0M	442.0M	570.0M	648.0M	806.0M	768.0M
Operating lease liabilities	-	-	-	452.0M	442.0M	457.0M	586.0M	668.0M	832.0M	789.0M
Finance lease liabilities	-	-	-	27.0M	38.0M	38.0M	28.0M	35.0M	28.0M	25.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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