ETNEaton Corporation

Industrials · Industrial Machinery · NYSE

Eaton Corporation plc (Eaton or the Company) is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. 10-K, Item 1

Headquarters: Dublin, L2
Next results: around Feb 2, 2027

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ETN and 9 peers, year by year

The 9 Industrials companies closest to ETN in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ETN Eaton Corporation	FY2025	$27.4B	+10.3%	-	-	14.9%	12.9%	21.0%	0.51
FERG Ferguson Enterprises	FY2025	$30.8B	+3.8%	30.7%	8.5%	6.0%	5.2%	31.8%	0.72
LUV Southwest Airlines	FY2025	$28.1B	+2.1%	-	1.5%	1.6%	−3.0%	5.5%	0.62
PCAR Paccar	FY2025	$28.4B	−15.5%	-	-	8.4%	12.9%	12.3%	-
CMI Cummins	FY2025	$33.7B	−1.3%	25.3%	12.0%	8.4%	7.1%	23.0%	0.59
PWR Quanta Services	FY2025	$28.5B	+20.3%	15.0%	5.7%	3.6%	5.7%	11.5%	0.67
UNP Union Pacific Corporation	FY2025	$24.5B	+1.1%	-	40.2%	29.1%	22.4%	38.7%	1.72
HON Honeywell Technologies	FY2025	$37.4B	+7.8%	-	21.7%	12.6%	14.5%	34.0%	2.49
WM Waste Management	FY2025	$25.2B	+14.2%	-	17.1%	10.7%	11.2%	27.1%	2.29
MMM 3M	FY2025	$24.9B	+1.5%	-	18.6%	13.0%	5.6%	69.1%	2.68

Revenuepeer median $28.4B

Sales growthpeer median +2.1%

Gross marginpeer median 25.3%

FERG 30.7%
CMI 25.3%
PWR 15.0%
ETN -
LUV -
PCAR -
UNP -
HON -
WM -
MMM -

Operating marginpeer median 14.5%

UNP 40.2%
HON 21.7%
MMM 18.6%
WM 17.1%
CMI 12.0%
FERG 8.5%
PWR 5.7%
LUV 1.5%
ETN -
PCAR -

Net marginpeer median 8.4%

FCF marginpeer median 7.1%

Return on equitypeer median 27.1%

Debt / equitypeer median 1.22

MMM 2.68
HON 2.49
WM 2.29
UNP 1.72
FERG 0.72
PWR 0.67
LUV 0.62
CMI 0.59
ETN 0.51
PCAR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	$19.7B	$20.4B	$21.6B	$21.4B	$17.9B	$19.6B	$20.8B	$23.2B	$24.9B	$27.4B
FERG Jul	-	-	-	-	-	-	$28.6B	$29.7B	$29.6B	$30.8B
LUV Dec	$20.4B	$21.2B	$22.0B	$22.4B	$9.0B	$15.8B	$23.8B	$26.1B	$27.5B	$28.1B
PCAR Dec	$17.0B	$19.5B	$23.5B	$25.6B	$18.7B	$23.5B	$28.8B	$35.1B	$33.7B	$28.4B
CMI Dec	$17.5B	$20.4B	$23.8B	$23.6B	$19.8B	$24.0B	$28.1B	$34.1B	$34.1B	$33.7B
PWR Dec	$7.7B	$9.5B	$11.2B	$12.1B	$11.2B	$13.0B	$17.1B	$20.9B	$23.7B	$28.5B
UNP Dec	$19.9B	$21.2B	$22.8B	$21.7B	$19.5B	$21.8B	$24.9B	$24.1B	$24.2B	$24.5B
HON Dec	$39.3B	$40.5B	$41.8B	$36.7B	$34.4B	-	$35.5B	$33.0B	$34.7B	$37.4B
WM Dec	$13.6B	$14.5B	$14.9B	$15.5B	$15.2B	$17.9B	$19.7B	$20.4B	$22.1B	$25.2B
MMM Dec	$30.1B	$31.7B	$32.8B	$32.1B	$32.2B	$35.4B	$26.2B	$24.6B	$24.6B	$24.9B
Peer median	$18.7B	$20.8B	$23.2B	$23.0B	$19.1B	$21.8B	$26.2B	$26.1B	$27.5B	$28.4B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	−5.3%	+3.3%	+5.9%	−1.0%	−16.5%	+9.9%	+5.7%	+11.8%	+7.3%	+10.3%
FERG Jul	-	-	-	-	-	-	-	+4.1%	−0.3%	+3.8%
LUV Dec	+3.1%	+4.2%	+3.9%	+2.1%	−59.7%	+74.5%	+50.8%	+9.6%	+5.3%	+2.1%
PCAR Dec	−10.9%	+14.2%	+20.8%	+9.0%	−26.8%	+25.6%	+22.5%	+21.9%	−4.2%	−15.5%
CMI Dec	−8.4%	+16.7%	+16.4%	−0.8%	−16.0%	+21.3%	+16.9%	+21.3%	+0.1%	−1.3%
PWR Dec	-	+23.7%	+18.0%	+8.4%	−7.5%	+15.9%	+31.5%	+22.3%	+13.4%	+20.3%
UNP Dec	−8.6%	+6.5%	+7.5%	−4.9%	−10.0%	+11.6%	+14.1%	−3.0%	+0.5%	+1.1%
HON Dec	+1.9%	+3.1%	+3.1%	−12.2%	+5.4%	-	+3.1%	+3.4%	+5.2%	+7.8%
WM Dec	+5.0%	+6.4%	+3.0%	+3.6%	−1.5%	+17.8%	+9.9%	+3.7%	+8.0%	+14.2%
MMM Dec	−0.5%	+5.1%	+3.5%	−1.9%	+0.1%	+9.9%	−3.2%	−5.9%	−0.1%	+1.5%
Peer median	−0.5%	+6.5%	+5.7%	+0.6%	−8.8%	+17.8%	+15.5%	+4.1%	+0.5%	+2.1%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	-	-	-	-	-	-	-	-	-	-
FERG Jul	-	-	-	-	-	-	30.7%	30.4%	30.5%	30.7%
LUV Dec	-	-	-	-	-	-	-	-	-	-
PCAR Dec	-	-	-	-	-	-	-	-	-	-
CMI Dec	25.5%	25.0%	24.1%	25.4%	24.7%	23.7%	23.9%	24.2%	24.7%	25.3%
PWR Dec	13.3%	13.1%	13.2%	13.2%	14.8%	15.0%	14.8%	14.1%	14.8%	15.0%
UNP Dec	-	-	-	-	-	-	-	-	-	-
HON Dec	30.9%	30.6%	30.5%	33.7%	-	-	-	-	-	-
WM Dec	-	-	-	-	-	-	-	-	-	-
MMM Dec	-	-	-	-	-	-	-	-	-	-
Peer median	25.5%	25.0%	24.1%	25.4%	-	-	23.9%	24.2%	24.7%	25.3%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	15.0%	15.8%	16.8%	17.2%	-	-	-	-	-	-
FERG Jul	-	-	-	-	-	-	9.9%	8.9%	8.9%	8.5%
LUV Dec	17.2%	16.1%	14.6%	13.2%	−42.2%	10.9%	4.3%	0.9%	1.2%	1.5%
PCAR Dec	-	-	-	-	-	-	-	-	-	-
CMI Dec	10.7%	11.4%	11.7%	11.5%	11.5%	11.3%	10.4%	5.2%	11.0%	12.0%
PWR Dec	4.2%	4.0%	4.8%	4.6%	5.5%	5.1%	5.1%	5.4%	5.7%	5.7%
UNP Dec	36.3%	38.2%	37.3%	39.4%	40.1%	42.8%	39.9%	37.7%	40.1%	40.2%
HON Dec	-	-	-	-	-	-	22.6%	22.9%	22.1%	21.7%
WM Dec	16.9%	18.2%	18.7%	17.5%	16.0%	16.5%	17.1%	17.5%	18.4%	17.1%
MMM Dec	23.3%	24.3%	22.0%	19.2%	22.3%	20.8%	16.7%	−43.4%	19.6%	18.6%
Peer median	17.1%	17.1%	16.6%	15.3%	13.7%	13.9%	13.6%	7.2%	14.7%	14.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	9.7%	14.6%	9.9%	10.3%	7.9%	10.9%	11.9%	13.9%	15.3%	14.9%
FERG Jul	-	-	-	-	-	-	7.4%	6.4%	5.9%	6.0%
LUV Dec	10.7%	15.9%	11.2%	10.3%	−34.0%	6.2%	2.3%	1.8%	1.7%	1.6%
PCAR Dec	3.1%	8.6%	9.3%	9.3%	6.9%	7.9%	10.4%	13.1%	12.4%	8.4%
CMI Dec	8.0%	4.9%	9.0%	9.6%	9.0%	8.9%	7.7%	2.2%	11.6%	8.4%
PWR Dec	2.6%	3.3%	2.6%	3.3%	4.0%	3.7%	2.9%	3.6%	3.8%	3.6%
UNP Dec	21.2%	50.4%	26.1%	27.3%	27.4%	29.9%	28.1%	26.4%	27.8%	29.1%
HON Dec	12.2%	3.8%	16.2%	16.7%	16.1%	-	14.0%	17.1%	16.4%	12.6%
WM Dec	8.7%	13.5%	12.9%	10.8%	9.8%	10.1%	11.4%	11.3%	12.4%	10.7%
MMM Dec	16.8%	15.3%	16.3%	14.1%	16.9%	16.7%	22.1%	−28.4%	17.0%	13.0%
Peer median	9.7%	11.0%	12.1%	10.5%	9.4%	8.9%	10.4%	6.4%	12.4%	8.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	$2.1B	$2.1B	$2.1B	$2.9B	$2.6B	$1.6B	$1.9B	$2.9B	$3.5B	$3.6B
FERG Jul	-	-	-	-	-	-	$859.0M	$2.3B	$1.5B	$1.6B
LUV Dec	$2.3B	$1.8B	$3.0B	$3.0B	−$1.6B	$1.8B	−$134.0M	−$356.0M	−$1.6B	−$831.0M
PCAR Dec	$1.9B	$2.3B	$2.5B	$2.3B	$2.4B	$1.6B	$2.5B	$3.5B	$3.8B	$3.7B
CMI Dec	$1.4B	$1.8B	$1.7B	$2.5B	$2.2B	$1.5B	$1.0B	$2.8B	$279.0M	$2.4B
PWR Dec	$178.2M	$127.2M	$65.2M	$264.8M	$855.9M	$196.5M	$702.7M	$1.1B	$1.5B	$1.6B
UNP Dec	$4.0B	$4.0B	$5.2B	$5.2B	$5.6B	$6.1B	$5.7B	$4.8B	$5.9B	$5.5B
HON Dec	$4.4B	$4.9B	$5.6B	$6.1B	$5.1B	-	$4.5B	$4.6B	$5.2B	$5.4B
WM Dec	$1.7B	$1.6B	$1.9B	$2.1B	$1.8B	$2.3B	$1.7B	$1.8B	$2.2B	$2.8B
MMM Dec	$5.2B	$4.9B	$4.9B	$5.4B	$6.6B	$5.9B	$3.8B	$5.1B	$638.0M	$1.4B
Peer median	$2.1B	$2.0B	$2.8B	$2.7B	$2.3B	$1.8B	$1.7B	$2.8B	$1.5B	$2.4B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	10.5%	10.5%	9.7%	13.4%	14.3%	8.1%	9.3%	12.4%	14.1%	12.9%
FERG Jul	-	-	-	-	-	-	3.0%	7.7%	5.1%	5.2%
LUV Dec	11.0%	8.5%	13.5%	13.2%	−18.1%	11.5%	−0.6%	−1.4%	−5.8%	−3.0%
PCAR Dec	11.3%	11.8%	10.8%	8.9%	13.0%	6.9%	8.7%	9.9%	11.3%	12.9%
CMI Dec	8.0%	8.7%	7.0%	10.5%	11.1%	6.3%	3.7%	8.1%	0.8%	7.1%
PWR Dec	2.3%	1.3%	0.6%	2.2%	7.6%	1.5%	4.1%	5.5%	6.2%	5.7%
UNP Dec	20.2%	18.8%	23.0%	23.8%	28.7%	28.0%	23.1%	19.8%	24.3%	22.4%
HON Dec	11.2%	12.2%	13.4%	16.5%	15.0%	-	12.7%	13.9%	15.1%	14.5%
WM Dec	12.2%	11.1%	12.7%	13.3%	11.9%	12.8%	8.8%	8.9%	9.8%	11.2%
MMM Dec	17.4%	15.4%	14.8%	16.7%	20.5%	16.5%	14.7%	20.6%	2.6%	5.6%
Peer median	11.3%	11.5%	13.1%	13.3%	12.5%	11.5%	8.7%	8.9%	6.2%	7.1%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	12.8%	17.3%	13.3%	13.7%	9.4%	13.1%	14.5%	16.9%	20.5%	21.0%
FERG Jul	-	-	-	-	-	-	45.5%	37.5%	30.9%	31.8%
LUV Dec	28.0%	34.8%	25.0%	23.4%	−34.6%	9.4%	5.0%	4.4%	4.5%	5.5%
PCAR Dec	7.7%	20.8%	25.5%	24.6%	12.4%	16.1%	22.9%	29.0%	23.8%	12.3%
CMI Dec	20.3%	13.8%	29.1%	30.1%	22.2%	26.2%	24.0%	8.3%	38.4%	23.0%
PWR Dec	5.9%	8.3%	8.1%	9.9%	10.3%	9.5%	9.1%	11.9%	12.4%	11.5%
UNP Dec	21.2%	43.1%	29.2%	32.7%	31.5%	46.1%	57.5%	43.1%	39.9%	38.7%
HON Dec	24.8%	9.4%	37.2%	33.2%	29.8%	-	29.7%	35.7%	30.6%	34.0%
WM Dec	22.3%	32.4%	30.7%	23.6%	20.1%	25.5%	32.7%	33.4%	33.3%	27.1%
MMM Dec	49.0%	42.0%	54.6%	44.9%	42.3%	39.4%	39.2%	−145.5%	108.6%	69.1%
Peer median	21.8%	26.6%	29.2%	27.4%	21.1%	25.5%	29.7%	29.0%	30.9%	27.1%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	0.55	0.45	0.47	0.52	0.54	0.52	0.51	0.49	0.50	0.51
FERG Jul	-	-	-	-	-	-	-	0.75	0.70	0.72
LUV Dec	0.44	0.38	0.34	0.27	1.16	1.03	0.76	0.76	0.65	0.62
PCAR Dec	-	-	-	-	-	-	-	-	-	-
CMI Dec	0.26	0.27	0.33	0.30	0.50	0.49	0.85	0.72	0.65	0.59
PWR Dec	0.11	0.18	0.31	0.34	0.27	0.73	0.69	0.67	0.57	0.67
UNP Dec	0.75	0.68	1.11	1.40	1.58	2.13	2.76	2.20	1.85	1.72
HON Dec	0.81	1.08	0.89	0.87	1.06	-	1.17	1.29	1.67	2.49
WM Dec	1.76	1.58	1.60	1.91	1.85	1.88	2.19	2.35	2.90	2.29
MMM Dec	1.21	1.30	1.57	2.20	1.46	1.15	1.08	3.34	3.40	2.68
Peer median	0.75	0.68	0.89	0.87	1.16	1.09	1.08	1.03	1.19	1.22

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ETN Dec	$4.20	$6.68	$4.91	$5.25	$3.49	$5.34	$6.14	$8.02	$9.50	$10.45
FERG Jul	-	-	-	-	-	-	$9.69	$9.12	$8.53	$9.32
LUV Dec	$3.45	$5.57	$4.29	$4.27	−$5.44	$1.61	$0.87	$0.76	$0.76	$0.79
PCAR Dec	$1.48	$4.75	$6.24	$6.87	$2.50	$3.57	$5.75	$8.76	$7.90	$4.51
CMI Dec	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37	$20.50
PWR Dec	$1.26	$2.00	$1.90	$2.73	$3.07	$3.34	$3.32	$5.00	$6.03	$6.80
UNP Dec	$5.07	$13.36	$7.91	$8.38	$7.88	$9.95	$11.21	$10.45	$11.09	$11.98
HON Dec	$12.42	$4.00	$17.96	$16.82	$15.82	-	$14.54	$16.94	$17.42	$14.72
WM Dec	$2.65	$4.41	$4.45	$3.91	$3.52	$4.29	$5.39	$5.66	$6.81	$6.70
MMM Dec	$8.16	$7.93	$8.89	$7.72	$9.36	$10.12	$10.18	−$12.63	$7.55	$6.00
Peer median	$4.26	$5.16	$7.08	$7.29	$5.70	$4.29	$9.69	$5.66	$7.90	$6.80

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ETN and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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