Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth,
Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth, Accelerating Record Orders and Backlog; Raises Organic Growth Guidance
Third quarter sales increased 28%, with organic sales growth of 19%, above the high end of guidance
Twelve-month rolling average organic orders increased 39% in Electrical Americas, 51% in Electrical Global and 20% in Aerospace, with order dollars reaching record levels in all three segments, driven by broad end-market strength
Strong year-over-year total backlog growth of 46% in Electrical and 33% in Aerospace
Record segment margins of 25.3%, above the high end of guidance, with Electrical Americas margins improving 230 basis points sequentially
Announced agreement to acquire COL Group, expanding manufacturing capacity and power distribution capabilities for data center and utility markets in Europe
November 3, 2026 — Intelligent power management company Eaton Corporation plc (NYSE:ETN) today reported strong third quarter 2026 results, including earnings per share of $2.77. Adjusted earnings per share were a record of $3.68, excluding charges of $0.62 per share related to intangible amortization, $0.30 per share related to acquisitions and divestitures, and income of $0.01 per share related to a multi-year restructuring program.
Sales in the quarter were a record $8.9 billion, up 28% from the third quarter of 2025. The sales increase consisted of 19% growth in organic sales, 8% growth from acquisitions, and 1% growth from foreign exchange.
Segment margins were a record 25.3%, 30 basis points above both the high end of the guidance range and the third quarter of 2025, driven by higher sales and improved performance amid continued capacity investments to support growth.
The Company continued to generate solid cash flow, supporting investment in growth initiatives while maintaining financial flexibility. Operating cash flow was $1.31 billion, and free cash flow was $1.03 billion.
Paulo Ruiz, Eaton chief executive officer, said, “Our strong third quarter performance reflects the focus and discipline our teams have demonstrated all year as we expand capacity, strengthen execution and position the business to meet accelerating customer demand. We delivered organic growth and segment margins above the high end of our guidance, driven by strong demand across our markets and continued momentum across our Electrical businesses. Record orders grew sequentially, backlog continued to expand, and we remain well-positioned to help customers deliver on their critical power infrastructure investments. These results reinforce our confidence in the remainder of the year.”
In the quarter, the company also announced an agreement to acquire COL Group, a leader in medium-voltage electrical distribution solutions, expanding the company’s European power distribution capabilities and manufacturing footprint and enhancing its ability to support growing customer demand across data center and utility markets.
Demand remained robust across key end markets, as sales for the Electrical Americas segment were a record $4.2 billion, up 22% organically from the third quarter of 2025. Operating profits were a record $1.2 billion, up 20% over the third quarter of 2025, and operating margins in the quarter were 29.8%, up 230 basis points sequentially.
The twelve-month rolling average of orders in the third quarter was up 39% organically. Total backlog at the end of September remained strong and was up 33% over September 2025.
Sales for the Electrical Global segment were a record $2.7 billion, up 58% from the third quarter of 2025. The sales increase consisted of 27% growth in organic sales and 31% contribution from Boyd Thermal in its second full quarter post- acquisition. Operating profits were a record $576 million, up 75% over the third quarter of 2025. Operating margins in the quarter were 21.1%, up 200 basis points over the third quarter of 2025.
The twelve-month rolling average of orders in the third quarter was up 51% organically. Total backlog at the end of September was up 121% over September 2025.
On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained strong at 1.2.
Aerospace segment sales were a third quarter record $1.2 billion, up 11% from the third quarter of 2025. The sales increase consisted of 6% growth in organic sales and 5% growth from the Ultra PCS acquisition. Operating profits were a third quarter record $298 million, up 6% over the third quarter of 2025. Operating margins of 24.9% were down 100 basis points over the third quarter of 2025.
The twelve-month rolling average of orders in the third quarter was up 20% organically. Total backlog at the end of September was up 33% over September 2025. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.2.
Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.
Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of $27.4 billion in 2025, the company serves customers in 180 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.
Notice of conference call: Eaton’s conference call to discuss its third quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time at Eaton.com/investor under “Presentations.” This news release can also be accessed on that page. Also available on the website before the call will be a presentation on third quarter results, which will be covered during the call.
This news release contains forward-looking statements concerning fourth quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment margins; impact of acquisitions and portfolio changes on near- and long-term financial results; anticipated multi-year restructuring program charges and savings; the anticipated separation and divestiture of the Mobility business; and the anticipated acquisition of COL Group. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the impact of acquisitions, joint ventures, and investments and the integration of acquired entities; disruptions by natural disasters, labor strikes, wars, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns that impact our production facilities; significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers; reliance on suppliers to provide raw materials, components and services; the development and use of artificial intelligence in our business operations, including potential impacts on compliance with law and our reputation; service interruptions, data corruption, loss or impairment, network security and related operational impacts due to cybersecurity attacks; weather disruptions and regulatory, market and social reactions to such disruptions; our ability to identify, attract, develop, engage and retain qualified employees; our ability to complete the anticipated separation of our Mobility business through a Reverse Morris Trust transaction or within the anticipated timeframe or at all; stock price and end market impacts due to technology disruptions; volatility of end markets; continued successful research, development and marketing of new or improved products; geopolitical, economic or other risks arising from worldwide or regional economic conditions; the global nature of Eaton’s business and exposure to economic and political instability, including war or armed conflict, changes in governmental laws, regulations and policies; changes in countries’ trade policies, including the imposition of sanctions or tariffs; changes in our tax rates or tax laws and regulations applicable to our business; rules, regulations, audits and investigations and related compliance risks associated with being a governmental contractor; our ability to protect our intellectual property; litigation and environmental regulations impacting our business; and the other risk factors discussed in Part I, Item 1A of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by the company with the SEC. The company disclaims any obligation to update publicly any forward- looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
The company’s comparative financial results for the three months ended September 30, 2026, are available on the company’s website, http://www.eaton.com.
EATON CORPORATION plc CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, (In millions) 2026 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash $ 528 $ 622 Short-term 290 181 investments Accounts receivable - 7,150 5,387 net Inventory 5,941 4,721 Prepaid expenses and 2,121 1,444 other current assets Total current 16,031 12,355 assets Property, plant and equipment - 4,815 4,316 net Other noncurrent assets Goodwill 20,298 15,769 Other intangible 12,264 5,054 assets Operating lease 943 768 assets Deferred income 571 707 taxes Other assets 2,530 2,281 Total assets $ 57,452 $ 41,251 Liabilities and shareholders’ equity Current liabilities Short-term debt $ 1,594 $ 1 Current portion of long-term 710 1,136 debt Accounts 5,911 4,168 payable Accrued 832 644 compensation Other current 3,944 3,421 liabilities Total current 12,991 9,370 liabilities Noncurrent liabilities Long-term debt 17,802 8,758 Pension 623 702 liabilities Other postretirement 157 161 benefits liabilities Operating lease 816 637 liabilities Deferred income 2,084 265 taxes Other noncurrent 1,958 1,889 liabilities Total noncurrent 23,440 12,412 liabilities Shareholders’ equity Eaton shareholders’ 20,976 19,425 equity Noncontrolling 47 44 interests Total equity 21,023 19,469 Total liabilities and $ 57,452 $ 41,251 equity
Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding.
This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, and free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.
The Company's fourth quarter and full year net income per ordinary share and adjusted earnings per ordinary share guidance for 2026 is as follows:
Three months ended Year ended December 31, December 31, 2026 2026 ────────────────────────────────────────────────────────────────────────────── Net income per share attributab… to $3.28 - $10.39 - Eaton $3.38 $10.49 ordinary shareholde… - diluted Excluding per share impact of acquisition 0.25 1.26 and divestiture charges, after tax Excluding per share impact of restructur… 0.07 0.19 program charges, after tax Excluding per share impact of intangible 0.45 1.86 asset amortizati… expense, after tax Adjusted earnings $4.05 - $13.70 - per $4.15 $13.80 ordinary share
A reconciliation of net income attributable to Eaton ordinary shareholders per share to adjusted earnings per ordinary share is as follows:
Year ended December 31, 2025 ──────────────────────────────────────────────────────────────────────────── Net income per share attributable to Eaton $ 10.45 ordinary shareholders - diluted Excluding per share impact of acquisition and 0.37 divestiture charges, after tax Excluding per share impact of restructuring 0.26 program charges, after tax Excluding per share impact of intangible asset 0.99 amortization expense, after tax Adjusted earnings per ordinary share $ 12.07
During the first quarter of 2026, Eaton re-segmented certain business segments due to a reorganization of the Company's businesses. The new segment is Mobility, which includes the legacy Vehicle and eMobility segments. Historical segment information has been recast to reflect this change.
The Mobility segment designs, manufactures, markets, and supplies a broad portfolio of mechanical, electrical, and electronic systems that improve emissions, fuel economy, power management, performance, and safety across on‑road and off‑road vehicles. The Mobility segment serves global OEMs and aftermarket customers with solutions spanning internal combustion, hybrid, and electrified powertrains, including transmissions and transmission components, clutches, differentials, hybrid systems, engine valves, fuel and vapor components, as well as high‑voltage inverters and converters, power electronics, circuit protection, vehicle controls, and power distribution systems. The principal markets for the Mobility segment are OEM and aftermarket customers of heavy-, medium-, and light‑duty trucks, SUVs, CUVs, passenger cars, construction, agricultural, material handling, and mining equipment.
On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $1.43 billion, net of cash acquired. Fibrebond is a U.S. based designer and builder of pre-integrated modular power enclosures for data center, industrial, utility and communications customers. Fibrebond is reported within the Electrical Americas business segment.
As part of the acquisition, Eaton assumed $240 million of employee transaction and retention awards. Awards vest in six equal annual installments starting in the second quarter of 2025, subject to continued employment with Eaton. Forfeited employee awards are paid to former Fibrebond shareholders annually. Eaton recognizes compensation expense for the awards over the requisite service period and any employee forfeitures owed to former Fibrebond shareholders are expensed immediately in Other expense - net. Expense related to the awards is reported in the Consolidated Statements of Income as follows:
On August 6, 2025, Eaton acquired Resilient Power Systems Inc. (Resilient), a leading North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. Resilient was acquired for $86 million, including $55 million of cash paid at closing and an initial estimate of $31 million for the fair value of contingent future consideration based on 2025 through 2028 revenue performance and achievement of technology-based milestones. The fair value of contingent consideration liabilities is estimated by discounting contingent payments expected to be made, and may increase or decrease based on changes in milestone achievements and discount rates, with a maximum possible undiscounted value of $45 million. As of September 30, 2026, the fair value of the contingent future payments is $32 million. Resilient is reported within the Electrical Americas business segment.
As part of the acquisition, Eaton assumed employee incentives with a maximum payout of $50 million contingent upon achievement of the same revenue performance and technology-based milestones, as well as continued employment with Eaton. The incentives will be paid over three years, starting in 2026 and concluding in 2028. As of September 30, 2026, the Company expects to pay $50 million of employee incentives based on the estimated probability of the milestones being achieved. Compensation expense is recognized over the requisite service period. During the third quarter o f 2026, the Company recognized compensation expense of $4 million which was included in Selling and administrative expense on the Consolidated Statements of Income. During the first nine months of 2026, compensation expense of $19 million and $1 million were included in Selling and administrative expense and Research and development expense, respectively. During the third quarter o f 2025, compensation expense of $4 million was included in Selling and administrative expense.
On January 15, 2026, Eaton invested $75 million in SPAN for a stake of approximately 7 percent. SPAN is a manufacturer of smart panel and power controls technology to further enable affordable home electrification at scale. Eaton accounts for this nonmarketable investment at cost, less impairment, adjusted for observable price changes. The investment is included in Other assets on the Condensed Consolidated Balance Sheets.
On January 23, 2026, Eaton acquired Ultra PCS Limited (Ultra PCS) for $1.53 billion, net of cash acquired. Ultra PCS is headquartered in the U.K. with operations in the U.K. and the U.S. Ultra PCS produces electronic controls, sensing, stores ejection and data processing solutions, enabling mission success for global aerospace customers in the air and on the ground. Ultra PCS is reported within the Aerospace business segment.
The Company incurred $17 million of acquisition related transaction costs d uring the first nine months of 2026 for Ultra PCS that were included in Selling and administrative expense on the Consolidated Statements of Income.
On March 12, 2026, Eaton acquired Boyd Thermal for $9.55 billion, net of cash acquired. Boyd Thermal is a U.S. based global leader in thermal components, systems, and ruggedized solutions for data center, aerospace and other end- markets. Boyd Thermal employs more than 6,000 people with manufacturing sites across North America, Asia, and Europe. Boyd Thermal is reported within the Electrical Global business segment.
The Company incurred $36 million of acquisition related transaction costs d uring the first nine months of 2026 for Boyd Thermal that were included in Selling and administrative expense on the Consolidated Statements of Income.
On September 25, 2026, Eaton signed an agreement to acquire COL Group, a leader in medium-voltage electrical distribution solutions, including SF₆-free switchgear, grid automation technologies and modular power systems. COL Group has approximately 400 employees and facilities in Turin, Milan, Bergamo, and Catania, Italy. Under the terms of the agreement, Eaton will pay €810 million ($921 million, translated at the September 30, 2026 exchange rate) for COL Group. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027. COL Group will be reported within the Electrical Global business segment.
On January 26, 2026, Eaton announced its intention to separate its Mobility business segment from the rest of Eaton via a spin-off. On June 10, 2026, Eaton entered into definitive agreements with Dana Incorporated (Dana), and on October 16, 2026, entered into a supplemental letter agreement, whereby Eaton will separate the Mobility business and combine it with Dana in a Reverse Morris Trust (RMT) transaction (collectively referred to as the Transaction). As part of the Transaction, Eaton will distribute the Mobility business (other than certain assets and liabilities that will be sold directly to Dana in a concurrent asset sale) to Eaton shareholders through an exchange offer (split- off), in which Eaton shareholders will have the opportunity to tender their Eaton shares in exchange for shares of Mobility (USA) Corporation, a wholly owned subsidiary of Eaton (SpinCo), followed, if necessary, by a clean-up pro rata distribution. Immediately thereafter, a two-step merger will take place. In the first merger step, a direct, wholly owned corporation subsidiary of SpinCo will merge with and into Dana, with Dana surviving such first merger as a direct, wholly owned subsidiary of SpinCo. Then immediately following the first merger, Dana will merge with and into a direct, wholly owned limited liability company subsidiary of SpinCo (the Second Merger Sub), with the Second Merger Sub surviving as a direct, wholly owned subsidiary of SpinCo. Following completion of the Transaction, Eaton shareholders are expected to own 50.1% of the combined company's outstanding shares. Certain of Eaton's subsidiaries will also receive a cash distribution of approximately $1.1 billion prior to completion of the Transaction, subject to a customary cash and indebtedness adjustment and tax payments to various global jurisdictions and transaction related adjustments. Eaton expects to use the cash distribution consistent with its capital allocation framework, including repayment of outstanding indebtedness.
The RMT transaction is intended to be tax-free for U.S. federal income tax purposes to Eaton and Eaton’s shareholders and is expected to close in the first four months of 2027, subject to Dana stockholder approval, regulatory approvals, and customary closing conditions. Until the Transaction closes, the Mobility business segment will continue to operate as a business segment of Eaton and its financial results reported in Eaton’s continuing operations. In the event the Transaction is not consummated, Eaton intends to separate its Mobility business segment in a spin-off.
Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:
Acquisition integration, divestiture charges and transaction costs in 2026 and 2025 are primarily related to the following:
• The acquisitions of Fibrebond Corporation, Resilient Power Systems Inc., Ultra PCS Limited, Boyd Thermal, and Exertherm, the anticipated separation of the Mobility business, transactions completed prior to 2023, and other charges to acquire and exit businesses.
• Employee transaction and retention award compensation expense related to the acquisition of Fibrebond of $12 million and $52 million in the third quarter and the first nine months of 2026, respectively, and $16 million and $64 million in the third quarter and the first nine months of 2025, respectively.
• Employee incentive compensation expense related to the acquisition of Resilient of $4 million and $20 million in the third quarter and first nine months of 2026, respectively, and $4 million in the third quarter of 2025.
Charges in 2026 and 2025 were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense - net. In Business Segment Information, the charges were included in Other expense - net.
Additionally, during the second quarter of 2026, Eaton incurred $52 million of withholding taxes related to funding the acquisition of Boyd Thermal, which are included in Income tax expense (benefit) in the table above for the nine months ended September 30, 2026.
During the first quarter of 2024, Eaton implemented a multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Since the inception of the program, the Company has incurred charges of $394 million. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $20 million and plant closing and other costs of $16 million, resulting in total estimated charges of $430 million for the entire program. The Company expects mature year benefits of $415 million when the multi-year program is fully implemented.
1 The restructuring program liability was adjusted by $3 million and $9 million in the third quarter of 2026 primarily related to true-ups for completed workforce reductions in the Electrical Americas and Electrical Global business segments, respectively.
These restructuring program charges (income) were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items.
Full text with the tables
Exhibit 99
Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth,
Accelerating Record Orders and Backlog; Raises Organic Growth Guidance
•
Third quarter sales increased 28%, with organic sales growth of 19%, above the
high end of guidance
•
Twelve-month rolling average organic orders increased 39% in Electrical
Americas, 51% in Electrical Global and 20% in Aerospace, with order dollars
reaching record levels in all three segments, driven by broad end-market
strength
•
Strong year-over-year total backlog growth of 46% in Electrical and 33% in
Aerospace
•
Record segment margins of 25.3%, above the high end of guidance, with Electrical
Americas margins improving 230 basis points sequentially
•
Announced agreement to acquire COL Group, expanding manufacturing capacity and
power distribution capabilities for data center and utility markets in Europe
•
Full year 2026 earnings per share expected to be between $10.39 and $10.49;
adjusted earnings per share expected to be between $13.70 and $13.80
DUBLIN —
November 3, 2026 — Intelligent power management company Eaton Corporation plc
(NYSE:ETN) today reported strong third quarter 2026 results, including earnings
per share of $2.77. Adjusted earnings per share were a record of $3.68,
excluding charges of $0.62 per share related to intangible amortization, $0.30
per share related to acquisitions and divestitures, and income of $0.01 per
share related to a multi-year restructuring program.
Sales in the quarter were a record $8.9 billion, up 28% from the third quarter
of 2025. The sales increase consisted of 19% growth in organic sales, 8% growth
from acquisitions, and 1% growth from foreign exchange.
Segment margins were a record 25.3%, 30 basis points above both the high end of
the guidance range and the third quarter of 2025, driven by higher sales and
improved performance amid continued capacity investments to support growth.
The Company continued to generate solid cash flow, supporting investment in
growth initiatives while maintaining financial flexibility. Operating cash flow
was $1.31 billion, and free cash flow was $1.03 billion.
Paulo Ruiz, Eaton chief executive officer, said, “Our strong third quarter
performance reflects the focus and discipline our teams have demonstrated all
year as we expand capacity, strengthen execution and position the business to
meet accelerating customer demand. We delivered organic growth and segment
margins above the high end of our guidance, driven by strong demand across our
markets and continued momentum across our Electrical businesses. Record orders
grew sequentially, backlog continued to expand, and we remain well-positioned to
help customers deliver on their critical power infrastructure investments. These
results reinforce our confidence in the remainder of the year.”
In the quarter, the company also announced an agreement to acquire COL Group, a
leader in medium-voltage electrical distribution solutions, expanding the
company’s European power distribution capabilities and manufacturing footprint
and enhancing its ability to support growing customer demand across data center
and utility markets.
Guidance
For the full year 2026, the company anticipates:
• Organic growth of 13-15%
• Segment margins of 24.1-24.5%
• Earnings per share between $10.39 and $10.49
• Adjusted earnings per share between $13.70 and $13.80
For the fourth quarter of 2026, the company anticipates:
• Organic growth of 13-15%
• Segment margins of 25.4-25.8%
• Earnings per share between $3.28 and $3.38
• Adjusted earnings per share between $4.05 and $4.15
Business Segment Results
Demand remained robust across key end markets, as sales for the Electrical
Americas segment were a record $4.2 billion, up 22% organically from the third
quarter of 2025. Operating profits were a record $1.2 billion, up 20% over the
third quarter of 2025, and operating margins in the quarter were 29.8%, up 230
basis points sequentially.
The twelve-month rolling average of orders in the third quarter was up 39%
organically. Total backlog at the end of September remained strong and was up
33% over September 2025.
Sales for the Electrical Global segment were a record $2.7 billion, up 58% from
the third quarter of 2025. The sales increase consisted of 27% growth in organic
sales and 31% contribution from Boyd Thermal in its second full quarter post-
acquisition. Operating profits were a record $576 million, up 75% over the third
quarter of 2025. Operating margins in the quarter were 21.1%, up 200 basis
points over the third quarter of 2025.
The twelve-month rolling average of orders in the third quarter was up 51%
organically. Total backlog at the end of September was up 121% over September
2025.
On a rolling twelve-month basis, the book-to-bill ratio for the Electrical
businesses remained strong at 1.2.
Aerospace segment sales were a third quarter record $1.2 billion, up 11% from
the third quarter of 2025. The sales increase consisted of 6% growth in organic
sales and 5% growth from the Ultra PCS acquisition. Operating profits were a
third quarter record $298 million, up 6% over the third quarter of 2025.
Operating margins of 24.9% were down 100 basis points over the third quarter of
2025.
The twelve-month rolling average of orders in the third quarter was up 20%
organically. Total backlog at the end of September was up 33% over September
2025. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace
segment remained strong at 1.2.
The Mobility segment posted sales of $852 million. Organic sales increased 9%.
Operating profits were $146 million, up 39% from the third quarter of 2025.
Operating margins in the quarter of 17.2% were up 370 basis points from the
third quarter of 2025.
Eaton is an intelligent power management company dedicated to protecting the
environment and improving the quality of life for people everywhere. We make
products for the data center, utility, industrial, commercial and institutional,
machine building, residential, aerospace and mobility markets. We are guided by
our commitment to do business right, to operate sustainably and to help our
customers manage power ─ today and well into the future. By capitalizing on the
global growth trends of electrification and digitalization, we’re helping to
solve the world’s most urgent power management challenges and building a more
sustainable society for people today and generations to come.
Founded in 1911, Eaton has continuously evolved to meet the changing and
expanding needs of our stakeholders. With revenues of $27.4 billion in 2025, the
company serves customers in 180 countries. For more information, visit
www.eaton.com. Follow us on LinkedIn.
Notice of conference call: Eaton’s conference call to discuss its third quarter
results is available to all interested parties today as a live audio webcast at
11 a.m. United States Eastern time at Eaton.com/investor under “Presentations.”
This news release can also be accessed on that page. Also available on the
website before the call will be a presentation on third quarter results, which
will be covered during the call.
Forward-Looking Statements
This news release contains forward-looking statements concerning fourth quarter
and full year 2026 earnings per share, adjusted earnings per share, organic
growth and segment margins; impact of acquisitions and portfolio changes on
near- and long-term financial results; anticipated multi-year restructuring
program charges and savings; the anticipated separation and divestiture of the
Mobility business; and the anticipated acquisition of COL Group. These
statements should be used with caution and are subject to various risks and
uncertainties, many of which are outside the company’s control. The following
factors could cause actual results to differ materially from those in the
forward-looking statements: the impact of acquisitions, joint ventures, and
investments and the integration of acquired entities; disruptions by natural
disasters, labor strikes, wars, geopolitical instability and/or conflict,
political unrest, terrorist activity, economic upheaval, or public health
concerns that impact our production facilities; significant inflation or
shortages of raw materials, energy, components, and/or labor, or similar
challenges for our customers; reliance on suppliers to provide raw materials,
components and services; the development and use of artificial intelligence in
our business operations, including potential impacts on compliance with law and
our reputation; service interruptions, data corruption, loss or impairment,
network security and related operational impacts due to cybersecurity attacks;
weather disruptions and regulatory, market and social reactions to such
disruptions; our ability to identify, attract, develop, engage and retain
qualified employees; our ability to complete the anticipated separation of our
Mobility business through a Reverse Morris Trust transaction or within the
anticipated timeframe or at all; stock price and end market impacts due to
technology disruptions; volatility of end markets; continued successful
research, development and marketing of new or improved products; geopolitical,
economic or other risks arising from worldwide or regional economic conditions;
the global nature of Eaton’s business and exposure to economic and political
instability, including war or armed conflict, changes in governmental laws,
regulations and policies; changes in countries’ trade policies, including the
imposition of sanctions or tariffs; changes in our tax rates or tax laws and
regulations applicable to our business; rules, regulations, audits and
investigations and related compliance risks associated with being a governmental
contractor; our ability to protect our intellectual property; litigation and
environmental regulations impacting our business; and the other risk factors
discussed in Part I, Item 1A of the company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2025 and other reports filed by the company with
the SEC. The company disclaims any obligation to update publicly any forward-
looking statements, whether in response to new information, future events or
otherwise, except as required by applicable law.
Financial Results
The company’s comparative financial results for the three months ended September
30, 2026, are available on the company’s website, http://www.eaton.com.
EATON
CORPOR…
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attrib…
to
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ordina… 8,947 6,988 24,929 20,393
shareh… 5,842 4,313 16,318 12,674
Net 1,278 1,105 3,784 3,302
income 238 203 676 594
per 198 67 505 171
share Three 20 25 Nine 26 15
attrib… months 1,370 1,275 months 3,620 3,637
to ended 291 264 ended 852 680
Eaton Septem… 1,079 1,010 Septemb… 2,769 2,958
ordina… 30 (1) (1) 30 (4) (3)
shareh… 2026 1,078 2025 1,010 2026 2,765 2025 2,955
──────────────────────────────────────────────────────────────────────────────
Diluted $ 2.77 $ 2.59 $ 7.10 $ 7.54
Basic 2.77 2.60 7.12 7.57
Weight…
number
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ordina…
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outsta…
Diluted 389.6 390.1 389.4 391.7
Basic 388.6 388.8 388.5 390.4
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income
attrib…
to
Eaton
ordina…
shareh…
to
adjust…
earnin…
Net
income
attrib…
to $ 1,078 $ 1,010 $ 2,765 $ 2,955
Eaton
ordina…
shareh…
Exclud…
acquis…
and 116 44 394 105
divest…
charge…
after-…
Exclud…
restru…
program -2 43 46 75
charges
(incom…
after-…
Exclud…
intang…
asset 242 102 550 287
amorti…
expens…
after-…
Adjust… $ 1,433 $ 1,199 $ 3,755 $ 3,423
earnin…
Net
income
per
share
attrib…
to $ 2.77 $ 2.59 $ 7.10 $ 7.54
Eaton
ordina…
shareh…
-
diluted
Exclud…
per
share
impact
of 0.30 0.11 1.01 0.27
acquis…
and
divest…
charge…
after-…
Exclud…
per
share
impact
of -0.01 0.11 0.12 0.19
restru…
program
charges
(incom…
after-…
Exclud…
per
share
impact
of 0.62 0.26 1.41 0.74
intang…
asset
amorti…
expens…
after-…
Adjust…
earnin…
per $ 3.68 $ 3.07 $ 9.64 $ 8.74
ordina…
share
See accompanying notes.
EATON
CORPOR…
plc
BUSINE…
SEGMENT Three Nine
INFORM… months months
(In ended ended
millio… Septem… Septemb…
Net 30 30
sales 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Electr… $ 4,172 $ 3,410 $ 11,723 $ 9,770
Americ…
Electr… 2,727 1,724 7,189 5,086
Global
Aerosp… 1,196 1,079 3,558 3,138
Mobili… 852 775 2,460 2,399
Total
net $ 8,947 $ 6,988 $ 24,929 $ 20,393
sales
Segment
operat…
profit
Electr… $ 1,243 $ 1,034 $ 3,253 $ 2,926
Americ…
Electr… 576 330 1,449 983
Global
Aerosp… 298 280 881 746
Mobili… 146 105 345 299
Total
segment 2,263 1,749 5,927 4,953
operat…
profit
Corpor…
Intang…
asset -314 -130 -709 -365
amorti…
expense
Intere…
expense -198 -67 -505 -171
- net
Pension
and
other
postre… -4 4 2 15
benefi…
income
(expen…
Restru…
program 3 -55 -59 -97
income
(charg…
Other
expense -380 -226 -1,035 -698
- net
Income
before 1,370 1,275 3,620 3,637
income
taxes
Income
tax 291 264 852 680
expense
Net 1,079 1,010 2,769 2,958
income
Less
net
income -1 -1 -4 -3
for
noncon…
intere…
Net
income
attrib…
to $ 1,078 $ 1,010 $ 2,765 $ 2,955
Eaton
ordina…
shareh…
See accompanying notes.
EATON
CORPORATION plc
CONDENSED
CONSOLIDATED
BALANCE SHEETS September 30, December 31,
(In millions) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets
Cash $ 528 $ 622
Short-term 290 181
investments
Accounts
receivable - 7,150 5,387
net
Inventory 5,941 4,721
Prepaid
expenses and 2,121 1,444
other current
assets
Total current 16,031 12,355
assets
Property, plant
and equipment - 4,815 4,316
net
Other
noncurrent
assets
Goodwill 20,298 15,769
Other
intangible 12,264 5,054
assets
Operating lease 943 768
assets
Deferred income 571 707
taxes
Other assets 2,530 2,281
Total assets $ 57,452 $ 41,251
Liabilities and
shareholders’
equity
Current
liabilities
Short-term debt $ 1,594 $ 1
Current portion
of long-term 710 1,136
debt
Accounts 5,911 4,168
payable
Accrued 832 644
compensation
Other current 3,944 3,421
liabilities
Total current 12,991 9,370
liabilities
Noncurrent
liabilities
Long-term debt 17,802 8,758
Pension 623 702
liabilities
Other
postretirement 157 161
benefits
liabilities
Operating lease 816 637
liabilities
Deferred income 2,084 265
taxes
Other
noncurrent 1,958 1,889
liabilities
Total
noncurrent 23,440 12,412
liabilities
Shareholders’
equity
Eaton
shareholders’ 20,976 19,425
equity
Noncontrolling 47 44
interests
Total equity 21,023 19,469
Total
liabilities and $ 57,452 $ 41,251
equity
See accompanying notes.
EATON CORPORATION plc
NOTES TO THE THIRD QUARTER 2026 EARNINGS RELEASE
Amounts are in millions of dollars unless indicated otherwise (per share data
assume dilution). Columns and rows may not add and the sum of components may not
equal total amounts reported due to rounding.
Note 1. NON-GAAP FINANCIAL INFORMATION
This earnings release includes certain non-GAAP financial measures. These
financial measures include adjusted earnings, adjusted earnings per ordinary
share, and free cash flow, each of which differs from the most directly
comparable measure calculated in accordance with generally accepted accounting
principles (GAAP). A reconciliation of each of these financial measures to the
most directly comparable GAAP measure is included in this earnings release.
Management believes that these financial measures are useful to investors
because they provide additional meaningful financial information that should be
considered when assessing our business performance and trends, and they allow
investors to more easily compare Eaton Corporation plc's (Eaton or the Company)
financial performance period to period. Management uses this information in
monitoring and evaluating the on-going performance of Eaton and each business
segment.
The Company's fourth quarter and full year net income per ordinary share and
adjusted earnings per ordinary share guidance for 2026 is as follows:
Three months
ended Year ended
December 31, December 31,
2026 2026
──────────────────────────────────────────────────────────────────────────────
Net income
per share
attributab…
to $3.28 - $10.39 -
Eaton $3.38 $10.49
ordinary
shareholde…
- diluted
Excluding
per share
impact of
acquisition 0.25 1.26
and
divestiture
charges,
after tax
Excluding
per share
impact of
restructur… 0.07 0.19
program
charges,
after tax
Excluding
per share
impact of
intangible 0.45 1.86
asset
amortizati…
expense,
after tax
Adjusted
earnings $4.05 - $13.70 -
per $4.15 $13.80
ordinary
share
A reconciliation of net income attributable to Eaton ordinary shareholders per
share to adjusted earnings per ordinary share is as follows:
Year ended
December 31, 2025
────────────────────────────────────────────────────────────────────────────
Net income per share attributable to Eaton $ 10.45
ordinary shareholders - diluted
Excluding per share impact of acquisition and 0.37
divestiture charges, after tax
Excluding per share impact of restructuring 0.26
program charges, after tax
Excluding per share impact of intangible asset 0.99
amortization expense, after tax
Adjusted earnings per ordinary share $ 12.07
A reconciliation of operating cash flow to free cash flow is as follows:
Three months ended September 30,
(In millions) 2026
──────────────────────────────────────────────────────────────────────────────
Operating cash flow $ 1,310
Capital expenditures for
property, plant -275
and equipment
Free cash flow $ 1,034
Note 2.
BUSINESS SEGMENT INFORMATION
During the first quarter of 2026, Eaton re-segmented certain business segments
due to a reorganization of the Company's businesses. The new segment is
Mobility, which includes the legacy Vehicle and eMobility segments. Historical
segment information has been recast to reflect this change.
Mobility
The Mobility segment designs, manufactures, markets, and supplies a broad
portfolio of mechanical, electrical, and electronic systems that improve
emissions, fuel economy, power management, performance, and safety across
on‑road and off‑road vehicles. The Mobility segment serves global OEMs and
aftermarket customers with solutions spanning internal combustion, hybrid, and
electrified powertrains, including transmissions and transmission components,
clutches, differentials, hybrid systems, engine valves, fuel and vapor
components, as well as high‑voltage inverters and converters, power electronics,
circuit protection, vehicle controls, and power distribution systems. The
principal markets for the Mobility segment are OEM and aftermarket customers of
heavy-, medium-, and light‑duty trucks, SUVs, CUVs, passenger cars,
construction, agricultural, material handling, and mining equipment.
Note 3. ACQUISITIONS AND DIVESTITURE OF BUSINESSES
Acquisition of Fibrebond Corporation
On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $1.43
billion, net of cash acquired. Fibrebond is a U.S. based designer and builder of
pre-integrated modular power enclosures for data center, industrial, utility and
communications customers. Fibrebond is reported within the Electrical Americas
business segment.
As part of the acquisition, Eaton assumed $240 million of employee transaction
and retention awards. Awards vest in six equal annual installments starting in
the second quarter of 2025, subject to continued employment with Eaton.
Forfeited employee awards are paid to former Fibrebond shareholders annually.
Eaton recognizes compensation expense for the awards over the requisite service
period and any employee forfeitures owed to former Fibrebond shareholders are
expensed immediately in Other expense - net. Expense related to the awards is
reported in the Consolidated Statements of Income as follows:
Three
months Nine months
ended ended
(In September September
millions) 2026 30 2025 2026 30 2025
──────────────────────────────────────────────────────────────────────────────
Cost of
products $ 7 $ 9 $ 27 $ 43
sold
Selling
and 1 2 8 14
administr…
expense
Other
expense - 4 5 17 7
net
Total $ 12 $ 16 $ 52 $ 64
expense
Acquisition of Resilient Power Systems Inc.
On August 6, 2025, Eaton acquired Resilient Power Systems Inc. (Resilient), a
leading North American developer and manufacturer of innovative energy
solutions, including solid-state transformer-based technology. Resilient was
acquired for $86 million, including $55 million of cash paid at closing and an
initial estimate of $31 million for the fair value of contingent future
consideration based on 2025 through 2028 revenue performance and achievement of
technology-based milestones. The fair value of contingent consideration
liabilities is estimated by discounting contingent payments expected to be made,
and may increase or decrease based on changes in milestone achievements and
discount rates, with a maximum possible undiscounted value of $45 million. As of
September 30, 2026, the fair value of the contingent future payments is $32
million. Resilient is reported within the Electrical Americas business segment.
As part of the acquisition, Eaton assumed employee incentives with a maximum
payout of $50 million contingent upon achievement of the same revenue
performance and technology-based milestones, as well as continued employment
with Eaton. The incentives will be paid over three years, starting in 2026 and
concluding in 2028. As of September 30, 2026, the Company expects to pay $50
million of employee incentives based on the estimated probability of the
milestones being achieved. Compensation expense is recognized over the requisite
service period. During the third quarter o f 2026, the Company recognized
compensation expense of $4 million which was included in Selling and
administrative expense on the Consolidated Statements of Income. During the
first nine months of 2026, compensation expense of $19 million and $1 million
were included in Selling and administrative expense and Research and development
expense, respectively. During the third quarter o f 2025, compensation expense
of $4 million was included in Selling and administrative expense.
Investment in SPAN
On January 15, 2026, Eaton invested $75 million in SPAN for a stake of
approximately 7 percent. SPAN is a manufacturer of smart panel and power
controls technology to further enable affordable home electrification at scale.
Eaton accounts for this nonmarketable investment at cost, less impairment,
adjusted for observable price changes. The investment is included in Other
assets on the Condensed Consolidated Balance Sheets.
Acquisition of Ultra PCS Limited
On January 23, 2026, Eaton acquired Ultra PCS Limited (Ultra PCS) for $1.53
billion, net of cash acquired. Ultra PCS is headquartered in the U.K. with
operations in the U.K. and the U.S. Ultra PCS produces electronic controls,
sensing, stores ejection and data processing solutions, enabling mission success
for global aerospace customers in the air and on the ground. Ultra PCS is
reported within the Aerospace business segment.
The Company incurred $17 million of acquisition related transaction costs d
uring the first nine months of 2026 for Ultra PCS that were included in Selling
and administrative expense on the Consolidated Statements of Income.
Acquisition of Boyd Thermal
On March 12, 2026, Eaton acquired Boyd Thermal for $9.55 billion, net of cash
acquired. Boyd Thermal is a U.S. based global leader in thermal components,
systems, and ruggedized solutions for data center, aerospace and other end-
markets. Boyd Thermal employs more than 6,000 people with manufacturing sites
across North America, Asia, and Europe. Boyd Thermal is reported within the
Electrical Global business segment.
The Company incurred $36 million of acquisition related transaction costs d
uring the first nine months of 2026 for Boyd Thermal that were included in
Selling and administrative expense on the Consolidated Statements of Income.
Agreement to Acquire COL Group
On September 25, 2026, Eaton signed an agreement to acquire COL Group, a leader
in medium-voltage electrical distribution solutions, including SF₆-free
switchgear, grid automation technologies and modular power systems. COL Group
has approximately 400 employees and facilities in Turin, Milan, Bergamo, and
Catania, Italy. Under the terms of the agreement, Eaton will pay €810 million
($921 million, translated at the September 30, 2026 exchange rate) for COL
Group. The transaction is subject to customary closing conditions and regulatory
approvals and is expected to close in the first quarter of 2027. COL Group will
be reported within the Electrical Global business segment.
Planned Separation of Mobility Business
On January 26, 2026, Eaton announced its intention to separate its Mobility
business segment from the rest of Eaton via a spin-off. On June 10, 2026, Eaton
entered into definitive agreements with Dana Incorporated (Dana), and on October
16, 2026, entered into a supplemental letter agreement, whereby Eaton will
separate the Mobility business and combine it with Dana in a Reverse Morris
Trust (RMT) transaction (collectively referred to as the Transaction). As part
of the Transaction, Eaton will distribute the Mobility business (other than
certain assets and liabilities that will be sold directly to Dana in a
concurrent asset sale) to Eaton shareholders through an exchange offer (split-
off), in which Eaton shareholders will have the opportunity to tender their
Eaton shares in exchange for shares of Mobility (USA) Corporation, a wholly
owned subsidiary of Eaton (SpinCo), followed, if necessary, by a clean-up pro
rata distribution. Immediately thereafter, a two-step merger will take place. In
the first merger step, a direct, wholly owned corporation subsidiary of SpinCo
will merge with and into Dana, with Dana surviving such first merger as a
direct, wholly owned subsidiary of SpinCo. Then immediately following the first
merger, Dana will merge with and into a direct, wholly owned limited liability
company subsidiary of SpinCo (the Second Merger Sub), with the Second Merger Sub
surviving as a direct, wholly owned subsidiary of SpinCo. Following completion
of the Transaction, Eaton shareholders are expected to own 50.1% of the combined
company's outstanding shares. Certain of Eaton's subsidiaries will also receive
a cash distribution of approximately $1.1 billion prior to completion of the
Transaction, subject to a customary cash and indebtedness adjustment and tax
payments to various global jurisdictions and transaction related adjustments.
Eaton expects to use the cash distribution consistent with its capital
allocation framework, including repayment of outstanding indebtedness.
The RMT transaction is intended to be tax-free for U.S. federal income tax
purposes to Eaton and Eaton’s shareholders and is expected to close in the first
four months of 2027, subject to Dana stockholder approval, regulatory approvals,
and customary closing conditions. Until the Transaction closes, the Mobility
business segment will continue to operate as a business segment of Eaton and its
financial results reported in Eaton’s continuing operations. In the event the
Transaction is not consummated, Eaton intends to separate its Mobility business
segment in a spin-off.
Note 4. ACQUISITION AND DIVESTITURE CHARGES
Eaton incurs integration charges and transaction costs to acquire and integrate
businesses, and transaction, separation and other costs to divest and exit
businesses. Eaton also recognizes gains and losses on the sale of businesses. A
summary of these Corporate items is as follows:
(In
millions Three Nine
except months months
for per ended ended
share September September
data) 2026 30 2025 2026 30 2025
──────────────────────────────────────────────────────────────────────────────
Acquisit…
integrat…
divestit…
charges $ 128 $ 55 $ 391 $ 135
and
transact…
costs
Income
tax -12 -11 3 -30
expense
(benefit)
Total
charges
after $ 116 $ 44 $ 394 $ 105
income
taxes
Per
ordinary $ 0.30 $ 0.11 $ 1.01 $ 0.27
share -
diluted
Acquisition integration, divestiture charges and transaction costs in 2026 and
2025 are primarily related to the following:
• The acquisitions of Fibrebond Corporation, Resilient Power Systems Inc., Ultra
PCS Limited, Boyd Thermal, and Exertherm, the anticipated separation of the
Mobility business, transactions completed prior to 2023, and other charges to
acquire and exit businesses.
• Employee transaction and retention award compensation expense related to the
acquisition of Fibrebond of $12 million and $52 million in the third quarter and
the first nine months of 2026, respectively, and $16 million and $64 million in
the third quarter and the first nine months of 2025, respectively.
• Employee incentive compensation expense related to the acquisition of
Resilient of $4 million and $20 million in the third quarter and first nine
months of 2026, respectively, and $4 million in the third quarter of 2025.
Charges in 2026 and 2025 were included in Cost of products sold, Selling and
administrative expense, Research and development expense, or Other expense -
net. In Business Segment Information, the charges were included in Other expense
- net.
Additionally, during the second quarter of 2026, Eaton incurred $52 million of
withholding taxes related to funding the acquisition of Boyd Thermal, which are
included in Income tax expense (benefit) in the table above for the nine months
ended September 30, 2026.
Note 5. RESTRUCTURING CHARGES
During the first quarter of 2024, Eaton implemented a multi-year restructuring
program to accelerate opportunities to optimize its operations and global
support structure. These actions will better align the Company's functions to
support anticipated growth and drive greater effectiveness throughout the
Company. Since the inception of the program, the Company has incurred charges of
$394 million. This restructuring program is expected to be completed in 2026 and
is expected to incur additional expenses related to workforce reductions of $20
million and plant closing and other costs of $16 million, resulting in total
estimated charges of $430 million for the entire program. The Company expects
mature year benefits of $415 million when the multi-year program is fully
implemented.
A summary of restructuring program charges (income) is as follows:
(In
millions Three Nine
except months months
for per ended ended
share September September
data) 2026 30 2025 2026 30 2025
──────────────────────────────────────────────────────────────────────────────
Workforce $ -7 $ 45 $ 35 $ 65
reductio…
Plant
closing 5 10 25 33
and other
Total
before -3 55 59 97
income
taxes1
Income
tax — 12 13 22
benefit
(expense)
Total
after $ -2 $ 43 $ 46 $ 75
income
taxes
Per
ordinary $ -0.01 $ 0.11 $ 0.12 $ 0.19
share -
diluted
Restructuring program charges (income) related to the following segments:
Three
months Nine months
ended ended
(In September September
millions) 2026 30 2025 2026 30 2025
──────────────────────────────────────────────────────────────────────────────
Electrical $ -3 $ 3 $ 8 $ 12
Americas1
Electrical -6 20 34 39
Global1
Aerospace — 1 — 1
Mobility 4 27 6 33
Corporate 2 5 11 12
Total $ -3 $ 55 $ 59 $ 97
1 The restructuring program liability was adjusted by $3 million and $9 million
in the third quarter of 2026 primarily related to true-ups for completed
workforce reductions in the Electrical Americas and Electrical Global business
segments, respectively.
These restructuring program charges (income) were included in Cost of products
sold, Selling and administrative expense, Research and development expense, or
Other expense - net, as appropriate. In Business Segment Information, these
restructuring program charges are treated as Corporate items.
Note 6. INTANGIBLE ASSET AMORTIZATION EXPENSE
Intangible asset amortization expense is as follows:
(In
millions Three Nine
except months months
for per ended ended
share September September
data) 2026 30 2025 2026 30 2025
──────────────────────────────────────────────────────────────────────────────
Intangib…
asset $ 314 $ 130 $ 709 $ 365
amortiza…
expense
Income
tax 72 28 159 77
benefit
Total
after $ 242 $ 102 $ 550 $ 287
income
taxes
Per
ordinary $ 0.62 $ 0.26 $ 1.41 $ 0.74
share -
diluted
Contacts
Eaton Corporation plc
Camie Melton Hanily
Media Relations
+1 (952) 240-2270
media@eaton.com
Yan Jin
Investor Relations
+1 (440) 523-7558