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Eaton Corporation (ETN) stock

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NYSE: ETN NYSE Electrical Components & Equipment Next results ~November 3, 2026

B+ Fundamentals grade

Eaton Corporation is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$280

Cash-flow model

Base case. Range ~$200–$380 across our lower- and higher-growth cases (8.2%–18.2% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 31% above our base value.

Price used: $366.07, November 2, 2026

Eaton Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Eaton files

Where Eaton stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $30.0bn, up 15.5% on a year earlier, faster than 12.7% a quarter earlier. Free-cash-flow margin held at 13.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $261 a share, against a share price of $383. At that price, our model says the market is pricing in about 19.3% a year of cash-flow growth for five years, faster than the 8.9% a year revenue growth it has delivered.

Source: 10-Q filed July 31, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Eaton Corporation's trailing-twelve-month revenue grew 15.5% year on year, with a free-cash-flow margin of 13.1%. Where it stands out: change in share count of -1.3% ranks 4 of 46 electrical components & equipment companies we cover. Where it lags: long-term debt as % of assets of 33.0% ranks 33 of 40 electrical components & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$280 per share in the base case (~$200–$380 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 20.1% while net income fell 2.5%: a 23pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.5% over the last 12 months, against a median of 10.6% for electrical components & equipment companies we cover.
  • Shrinking share count. Diluted shares fell 1.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $366.07 is 24% above our value per share of $280.
  • Volatile shares. Over the past year the shares showed annualised volatility of 41% and a beta of 1.9 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.3 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 33.0% ranks 33 of 40 electrical components & equipment companies we cover (median 17.8%).

Latest results: FY2026 Q2

Filed July 31, 2026
Earnings per share
$3.15 against an average estimate of $3.08: beat by 2.4%
Revenue
$8.53bn, up 21.4% on a year earlier
Share reaction
+13.3% in the first session after the results on July 31, 2026, against +2.2% for the S&P 500
Guidance given
organic growth growth 11% to 13% (full year 2026); segment margins 24.1% to 24.5% (full year 2026)
Next report
November 3, 2026; average EPS estimate $3.55

Eaton's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.1%
  • 1 week-1.6%
  • 1 month-16.1%
  • This year+15.9%
  • 1 year-3.0%
  • 5 years+133.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$30B
Net margin
12.8%
EPS (TTM, diluted)
$9.83

Growth

Revenue growth
+15.5%
Change in growth rate
+2.8 pts
Share count change
−1.3%

Cash

Free cash flow (TTM)
$3.9B
FCF margin
13.1%

Earnings

Last results
November 3, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement

    Eaton files annual report with SEC

    Eaton Corporation filed its annual report with the US Securities and Exchange Commission on 16 October 2026. The submission includes financial data for the year ended 31 December 2025. The company also listed its outstanding senior notes due between 2028 and 2056.

    SEC 8-KRead source ↗
  3. Leadership

    Eaton names Andrea Trabacchin as new controller

    Eaton Corporation said Andrea Trabacchin was appointed Senior Vice President and Controller, effective 5 October 2026. He succeeds Adam Wadecki, who moved to a non-executive role. Trabacchin will receive a base salary of $485,000 and a target incentive of 60%.

    SEC 8-KRead source ↗
  4. Insider trade
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Eaton Corporation valuation models and calculator

What the price is pricing in

The share price implies about 18.8% a year of cash-flow growth for five years.That is faster than the 8.9% a year revenue growth Eaton has delivered.

  • Priced in18.8%
  • Last 12 months15.5%
  • 3 years a year10.8%
  • 5 years a year8.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($391.82, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$280
Price used
$391.82close November 3, 2026
Implied change
▼ 29%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Eaton Corporation's free cash flow after stock-based pay with after-tax interest added back ($4.1B, FY2026 Q2 TTM), growing 15.4% and 12.8% in the next two years (forecasts, guidance and its record), then back to 13.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$200–~$380 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Eaton Corporation's free cash flow after stock-based pay ( $4.1B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Eaton Corporation as an operating company, with every model that fits that kind of business. Cost of equity 11.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.42 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$280 ~$200–$380 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$290 ~$230–$410 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$90 ~$70–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$95 ~$84–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$210 ~$90–$290 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Eaton Corporation with Electrical Components & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +4%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $98$152$224$318$441$600
8.5% $63$102$153$221$309$422
10% $41$72$111$163$230$315

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$41.06$54.95$66.79$59.05$84.30$109.49$160.62$149.09$232.91$324.93$315.87$366.07
Market value$19.2bn$25.1bn$29.9bn$25.8bn$35.5bn$44.2bn$64.5bn$59.8bn$93.4bn$129.8bn$123.6bn$142.6bn
+ Net debt (− = net cash)$8.1bn$7.7bn$7.2bn$7.2bn$8.0bn$7.6bn$8.3bn$8.4bn$8.8bn$8.6bn$9.3bn$20.1bn
Enterprise value$27.3bn$32.8bn$37.0bn$33.0bn$43.4bn$51.9bn$72.8bn$68.1bn$102.2bn$138.4bn$132.8bn$162.8bn
Multiples
Price / sales 0.9x1.3x1.5x1.2x1.7x2.5x3.3x2.9x4.0x5.2x4.5x4.8x
Price / earnings 9.7x13.1x10.0x12.0x16.0x31.4x30.1x24.3x29.0x34.2x30.2x37.2x
Price / free cash flow 10.1x12.1x13.9x12.3x12.4x17.3x40.6x30.9x32.6x36.9x34.8x36.3x
EV / EBITDA 6.7x8.4x9.0x7.3x9.5x———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

65 /100

Moderate moat

How hard Eaton's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.7% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 32.9%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Net margin has been a median 12.0%; its worst year was 8.0%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 12.3% of revenue.

  • Discipline 13 / 20

    The diluted share count fell 3.0% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $8.5bn and EPS of $3.55 (range $3.50 to $3.59) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.60 +13% $32.9bn +20%
Next $16.30 +20% $36.9bn +12%

Next year's EPS estimate has moved +3.3% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.9% on 90 days ago. In the last 30 days, 8 analysts raised Eaton Corporation's forecast and 0 cut it.

Consensus EPS forecast Eaton Corporation, last 90 days
$13.00 $14.00 $15.00 $16.00 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.35 Current fiscal year, 60 days ago: $13.55 Current fiscal year, 30 days ago: $13.56 Current fiscal year, 7 days ago: $13.60 Current fiscal year, Now: $13.60 $13.60 Next fiscal year, 90 days ago: $15.78 Next fiscal year, 60 days ago: $16.07 Next fiscal year, 30 days ago: $16.12 Next fiscal year, 7 days ago: $16.30 Next fiscal year, Now: $16.30 $16.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.35$15.78
60 days ago $13.55$16.07
30 days ago $13.56$16.12
7 days ago $13.60$16.30
Now $13.60$16.30

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.08 $3.15 +2.4%
Mar 2026 $2.73 $2.81 +2.9%
Dec 2025 $3.32 $3.33 +0.3%
Sept 2025 $3.05 $3.07 +0.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 31, 2026
  • Earnings per share full year 2026 $10.36 to $10.56
    “Guidance for full year 2026 earnings per share expected to be between $10.36 and $10.56, up 0.1% at the midpoint over 2025, and raised adjusted earnings per share expected to be between $13.40 and $13.60, up 12% at the midpoint over 2025” source
  • Adjusted earnings per share full year 2026 $13.40 to $13.60 Non-GAAP Raised
    “Guidance for full year 2026 earnings per share expected to be between $10.36 and $10.56, up 0.1% at the midpoint over 2025, and raised adjusted earnings per share expected to be between $13.40 and $13.60, up 12% at the midpoint over 2025” source
  • Earnings per share third quarter of 2026 $2.77 to $2.87
    “Earnings per share between $2.77 and $2.87” source
  • Adjusted earnings per share third quarter of 2026 $3.46 to $3.56 Non-GAAP
    “Adjusted earnings per share between $3.46 and $3.56” source
  • Segment margins full year 2026 24.1% to 24.5%
    “Segment margins of 24.1-24.5%” source
  • Segment margins third quarter of 2026 24.6% to 25%
    “Segment margins of 24.6-25.0%” source
Show 2 more items
  • Organic growth full year 2026 11% growth to 13% growth
    “Organic growth of 11-13%” source
  • Organic growth third quarter of 2026 13.5% growth to 15.5% growth
    “Organic growth of 13.5-15.5%” source

How earlier guidance turned out

  • Earnings per share, second quarter of 2026 guided $2.29 to $2.39 Below range: $2.11

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Eaton Corporation's revenue by +15.4% next year and +12.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+16.4%, weight 70%) and the company's own record (+13.2%, weight 30%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy2382%
Hold414%
Sell14%

Monthly trend

  1. Oct 2026518428
  2. Sep 2026518428
  3. Aug 2026517427
  4. Jul 2026616427

Counts of recommendations published by analysts covering Eaton Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.9%
of tradable shares
Days to cover
3.45
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
0.1%
of shares
Employees
97,303
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.0%

$377.35 on October 31, 2025 to $366.07

ThenNowEffect
Revenue (last 12 months) $26.0bn $30.0bn +15.5%
Net margin 15.1% 12.8% −15.6%
P/E multiple 38.0x 37.2x −1.9%
Share count 395m 390m +1.4%

Biggest factor: net margin.

Last 3 years +76.2%

$207.73 on November 3, 2023 to $366.07

ThenNowEffect
Revenue (last 12 months) $22.0bn $30.0bn +36.2%
Net margin 12.3% 12.8% +3.7%
P/E multiple 30.7x 37.2x +21.3%
Share count 400m 390m +2.8%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ETN+47%−7%+56%+40%−3%+16%
Industry peers (median)−6%−34%−18%−8%+14%−36%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ETN75%25%67%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ETN−13%−27%−19%−20%−33%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from February 20, 2020 to March 23, 2020. Getting back needed a 80% gain, reached on August 28, 2020, 158 days after the low.

Price behaviour

52-week range
$313.20 – $459.96
From 52-week high
−20.4%
vs 50-day average
−10.7%
vs 200-day average
−7.5%
Volatility (1 year)
41%
Beta vs S&P 500
1.90

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 8 down
typical move ±4.6%
After a week
6 up, 5 down
typical move ±6.0%
After a month
6 up, 5 down
typical move ±7.6%
Results releasedNext dayS&P 500 next day5 days21 days
July 31, 2026 +13.3% +2.2% +16.3% +4.1%
May 5, 2026 −0.2% +2.2% −4.7% −0.6%
February 3, 2026 +1.5% −1.3% +5.0% −1.3%
November 4, 2025 0.0% −0.8% −4.6% −12.1%
August 5, 2025 −6.9% +0.3% −5.3% −9.2%
May 2, 2025 −0.7% +0.9% +3.1% +8.4%
January 31, 2025 −3.6% −1.2% −4.3% −14.6%
October 31, 2024 −2.3% −1.5% +5.5% +8.9%
August 1, 2024 −8.0% −3.3% −5.4% +1.0%
April 30, 2024 −4.4% −1.9% +0.6% +2.7%
February 1, 2024 +9.8% +2.4% +11.0% +20.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Eaton Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.23× the last 60 days’ realised volatility , richer than 60% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ETN Eaton Corporation Grade B+ $367.22

Own 100 shares, sell the $420 call expiring December 18, 2026 (46 days) for $5.20 a share — $520 per contract.

Previous session · Bid $5.20, ask $7.00, quoted Mon 2 Nov, 17:22 New York time with ETN at $367.22. Option prices move with the shares: check the live chain at your broker before trading.

  • If ETN ends below $420: you keep your shares and the $520 — 1.4% extra on the position, 11.2% a year at that pace.
  • If it ends above $420: your shares are sold at $420, a total return of 15.8% including the premium — at or above our value of ~$280.
$5.8k $0 −$7.2k Break-even $362.02 Price $367.22 ← Our value ~$280
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$520
Annualised
11.2%
Break-even
$362.02
Max gain
$5,798.5
Chance of selling
~23%

Results are expected around October 30, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $330 put and sell the $420 call, both expiring December 18, 2026 (46 days).

  • Net cost of $6.30 a share ($630 per contract of 100 shares).
  • Worst case at expiry: -11.9%, if the shares fall below $330 (-10.1% from today).
  • Best case at expiry: +12.7%, if the shares rise above $420 (+14.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $280: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Eaton Corporation in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Eaton Corporation
$22B $24B $26B $28B $30B $32B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $22.6B Revenue (TTM), FY23 Q4: $23.2B Revenue (TTM), FY24 Q1: $23.7B Revenue (TTM), FY24 Q2: $24.1B Revenue (TTM), FY24 Q3: $24.6B Revenue (TTM), FY24 Q4: $24.9B Revenue (TTM), FY25 Q1: $25.3B Revenue (TTM), FY25 Q2: $26B Revenue (TTM), FY25 Q3: $26.6B Revenue (TTM), FY25 Q4: $27.4B Revenue (TTM), FY26 Q1: $28.5B Revenue (TTM), FY26 Q2: $30B $30B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $22.6B
FY23 Q4 $23.2B
FY24 Q1 $23.7B
FY24 Q2 $24.1B
FY24 Q3 $24.6B
FY24 Q4 $24.9B
FY25 Q1 $25.3B
FY25 Q2 $26B
FY25 Q3 $26.6B
FY25 Q4 $27.4B
FY26 Q1 $28.5B
FY26 Q2 $30B
Revenue growth, TTM YoY Eaton Corporation
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 12.1% Revenue growth, TTM YoY, FY23 Q4: 11.8% Revenue growth, TTM YoY, FY24 Q1: 10.6% Revenue growth, TTM YoY, FY24 Q2: 9.5% Revenue growth, TTM YoY, FY24 Q3: 8.8% Revenue growth, TTM YoY, FY24 Q4: 7.3% Revenue growth, TTM YoY, FY25 Q1: 7.0% Revenue growth, TTM YoY, FY25 Q2: 7.7% Revenue growth, TTM YoY, FY25 Q3: 8.2% Revenue growth, TTM YoY, FY25 Q4: 10.3% Revenue growth, TTM YoY, FY26 Q1: 12.7% Revenue growth, TTM YoY, FY26 Q2: 15.5% 15.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 12.1%
FY23 Q4 11.8%
FY24 Q1 10.6%
FY24 Q2 9.5%
FY24 Q3 8.8%
FY24 Q4 7.3%
FY25 Q1 7.0%
FY25 Q2 7.7%
FY25 Q3 8.2%
FY25 Q4 10.3%
FY26 Q1 12.7%
FY26 Q2 15.5%
Operating margin (TTM) Eaton Corporation
13.5% 14% 14.5% FY12 Q4 FY13 Q1 FY13 Q2 FY13 Q3 FY13 Q4 Operating margin (TTM), FY12 Q4: 13.6% Operating margin (TTM), FY13 Q1: 13.6% Operating margin (TTM), FY13 Q2: 13.8% Operating margin (TTM), FY13 Q3: 14.0% Operating margin (TTM), FY13 Q4: 14.4% 14.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY12 Q4 13.6%
FY13 Q1 13.6%
FY13 Q2 13.8%
FY13 Q3 14.0%
FY13 Q4 14.4%
FCF margin (TTM) Eaton Corporation
12% 12.5% 13% 13.5% 14% 14.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 12.3% FCF margin (TTM), FY23 Q4: 12.4% FCF margin (TTM), FY24 Q1: 12.5% FCF margin (TTM), FY24 Q2: 12.5% FCF margin (TTM), FY24 Q3: 13.1% FCF margin (TTM), FY24 Q4: 14.1% FCF margin (TTM), FY25 Q1: 13.1% FCF margin (TTM), FY25 Q2: 12.6% FCF margin (TTM), FY25 Q3: 12.5% FCF margin (TTM), FY25 Q4: 12.9% FCF margin (TTM), FY26 Q1: 13.2% FCF margin (TTM), FY26 Q2: 13.1% 13.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 12.3%
FY23 Q4 12.4%
FY24 Q1 12.5%
FY24 Q2 12.5%
FY24 Q3 13.1%
FY24 Q4 14.1%
FY25 Q1 13.1%
FY25 Q2 12.6%
FY25 Q3 12.5%
FY25 Q4 12.9%
FY26 Q1 13.2%
FY26 Q2 13.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 13.7 16.0 16.3 22.0 22.6 20.9 19.7 20.4 21.6 21.4 17.9 19.6 20.8 23.2 24.9 27.4 30.0
Gross profit 4.1 4.8 4.9 6.7 6.9 6.6 6.4 6.6 7.1 7.1 5.5 6.3 6.9 8.4 9.5 10.3 10.8
EBITDA 2.3 2.8 2.8 4.2 4.3 4.1 3.9 4.1 4.5 4.6 — — — — — — —
Operating income 1.7 2.3 2.2 3.2 3.3 3.1 3.0 3.2 3.6 3.7 — — — — — — —
Net income 0.9 1.4 1.2 1.9 1.8 2.0 1.9 3.0 2.1 2.2 1.4 2.1 2.5 3.2 3.8 4.1 3.8
Diluted EPS $2.73 $3.93 $3.46 $3.90 $3.76 $4.22 $4.20 $6.68 $4.91 $5.25 $3.49 $5.34 $6.14 $8.02 $9.50 $10.45 $9.83
Growth (year on year)
Revenue — +17.0% +1.6% +35.2% +2.3% −7.5% −5.3% +3.3% +5.9% −1.0% −16.5% +9.9% +5.7% +11.8% +7.3% +10.3% +15.5%
EBITDA — +25.1% −0.1% +48.4% +2.9% −5.5% −4.2% +6.2% +9.8% +0.6% — — — — — — —
Operating income — +32.9% −1.9% +43.4% +4.2% −5.4% −5.6% +8.7% +12.9% +1.2% — — — — — — —
Net income — +45.3% −9.9% +52.9% −3.7% +10.0% −2.8% +55.8% −28.1% +3.1% −36.2% +52.1% +14.8% +30.7% +17.9% +7.7% −2.5%
Diluted EPS — +44.0% −12.0% +12.7% −3.6% +12.2% −0.5% +59.0% −26.5% +6.9% −33.5% +53.0% +15.0% +30.6% +18.5% +10.0% −1.1%
Margins
Gross margin 29.8% 29.8% 29.8% 30.3% 30.6% 31.4% 32.2% 32.6% 32.8% 33.0% 30.5% 32.3% 33.2% 36.4% 38.2% 37.6% 35.9%
EBITDA margin 16.4% 17.5% 17.3% 18.9% 19.0% 19.5% 19.7% 20.2% 21.0% 21.3% — — — — — — —
Operating margin 12.4% 14.1% 13.6% 14.4% 14.7% 15.0% 15.0% 15.8% 16.8% 17.2% — — — — — — —
Net margin 6.8% 8.4% 7.5% 8.4% 8.0% 9.5% 9.7% 14.6% 9.9% 10.3% 7.9% 10.9% 11.9% 13.9% 15.3% 14.9% 12.8%
Free-cash-flow margin 6.5% 4.2% 6.6% 7.6% 5.5% 9.1% 10.5% 10.5% 9.7% 13.4% 14.3% 8.1% 9.3% 12.4% 14.1% 12.9% 13.1%
Cash flow
Cash from operations 1.3 1.2 1.7 2.3 1.9 2.4 2.6 2.7 2.7 3.5 2.9 2.2 2.5 3.6 4.3 4.5 5.0
Capital spending 0.4 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.6 0.6 0.4 0.6 0.6 0.8 0.8 0.9 1.0
Free cash flow 0.9 0.7 1.1 1.7 1.2 1.9 2.1 2.1 2.1 2.9 2.6 1.6 1.9 2.9 3.5 3.6 3.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — — — — — — —
Free cash flow after stock pay 0.9 0.7 1.1 1.7 1.2 1.9 2.1 2.1 2.1 2.9 — — — — — — —
Balance sheet
Cash 0.3 0.4 0.6 0.9 0.8 0.3 0.5 0.6 0.3 0.4 0.4 0.3 0.3 0.5 0.6 0.6 0.5
Total debt 0.0 3.8 10.8 9.5 9.0 8.4 8.3 7.8 7.5 8.3 8.1 8.6 8.7 9.3 9.2 9.9 20.6
Net debt (negative = net cash) −0.3 3.4 10.3 8.6 8.3 8.1 7.7 7.2 7.2 8.0 7.6 8.3 8.4 8.8 8.6 9.3 20.1
Diluted shares 340m 343m 351m 477m 477m 467m 457m 447m 437m 421m 404m 402m 401m 401m 399m 391m 390m
Returned to shareholders
Dividends 0.4 0.5 0.5 0.8 0.9 1.0 1.0 1.1 1.1 1.2 1.2 1.2 1.3 1.4 1.5 1.6 1.7
Buybacks 0.0 0.3 −0.2 0.0 0.7 0.7 0.7 0.9 1.3 1.0 1.6 0.1 0.3 0.0 2.5 1.9 0.6
Total returned 0.4 0.8 0.4 0.8 1.6 1.7 1.8 1.9 2.4 2.2 2.8 1.3 1.6 1.4 4.0 3.5 2.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $56.2bn
Short-term assets $14.8bnLonger-term assets $41.4bn
What it owes, and who funded it · $32.2bn
Short-term liabilities $11.9bnShareholders' equity $20.3bn
  • Short-term assets cover short-term liabilities $14.8bn of assets due within a year against $11.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $483m of cash against $20.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 102% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 52% to 102% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.0bn of operating cash flow against $20.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Eaton Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$555M
Dividends (TTM)
$1.7B
Returned to shareholders
56%
of free cash flow
Buybacks, last 3 fiscal years
$4.4B
Diluted share count
−1.3%
year over year
Total shareholder yield
1.6%
dividends 1.2% + buybacks 0.4% of market value
Dividend payout ratio
44%
of net income paid out
R&D spending
2.8%
of revenue
Sales & admin spending
15.4%
of revenue

Competitors: side by side with peers

Closest by revenue in electrical components & equipment
Last 12 months unless stated ETN EMR VRT ROK AME RRX Median
Revenue, last 12 months $30.0bn $18.6bn $13.1bn $9.0bn $7.9bn $6.1bn $154m
Revenue growth, last 12 months 15.5% 4.8% 35.3% 11.3% 12.7% 3.5% 10.6%
Revenue growth, 3-year average 10.8% 7.6% 25.4% 1.3% 7.0% 2.9% 9.2%
Revenue growth, latest quarter 21.4% 7.0% 61.2% 7.9% 15.0% 4.2% 10.2%
Gross margin 35.9% 53.2% 38.1% 49.1% 36.4% 37.8% 29.3%
Operating margin 14.4% — 20.1% 22.7% 25.9% 11.7% −17.7%
Operating margin, 3-year average — — 17.9% — 25.9% 10.1% −32.6%
Net margin 12.8% 13.8% 16.0% 13.4% 20.0% 5.4% −23.4%
Cash from operations / revenue 16.5% 21.0% 27.9% 19.3% 24.9% 9.2% −6.5%
Free-cash-flow margin 13.1% 18.6% 23.9% 16.8% 23.2% 7.7% −11.0%
Free-cash-flow margin, 3-year average 12.7% 13.7% 17.4% 15.0% 23.9% 10.4% −6.8%
Stock pay / revenue — 0.7% 0.4% 1.0% 0.6% 0.5% 2.5%
Change in share count −1.3% −0.9% 0.1% −0.9% −0.6% 0.3% 10.0%

Median of all 57 companies we cover in electrical components & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 electrical components & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 15.5% 10.6% 25 of 57
Change in growth rate Growth +2.8pp +0.0pp 20 of 57
Gross margin Profitability 35.9% 29.3% 12 of 54
Net margin Profitability 12.8% -23.4% 11 of 57
Free-cash-flow margin Cash generation 13.1% -8.8% 9 of 56
Long-term debt as % of assets Balance sheet 33.0% 17.8% 33 of 40
Change in share count Balance sheet -1.3% 10.0% 4 of 46

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Electrical Americas $13.3B 48.4% ▲ 16.1%
Electrical Global $6.8B 24.8% ▲ 9.1%
Aerospace $4.2B 15.5% ▲ 13.5%
Vehicle $2.5B 9.1% ▼ 10.2%
E Mobility $604M 2.2% ▼ 8.8%
Geography
Region Revenue Share YoY
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%

From Eaton Corporation's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$140B
Institutions reporting
2,631
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
253 / 111

Top buyers and sellers, Q2 2026: 1,355 institutions bought and 1,006 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.6M shares) and the biggest seller UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (−3.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $13.1B 30.7M 9.3% ▲ 0.4%
Vanguard Capital Management LLC $10.8B 25.4M 7.7% ▲ 0.5%
State Street Corp $7.4B 17.5M 5.3% ▲ 3.0%
Jpmorgan Chase & Co $6.9B 16.8M 4.9% ▼ 13.0%
Morgan Stanley $5.6B 13.3M 4.0% ▲ 1.1%
Bank Of America Corp $4.7B 11.1M 3.4% ▼ 8.3%
Vanguard Portfolio Management LLC $4B 9.4M 2.9% ▲ 2.4%
Geode Capital Management, LLC $3.8B 9.0M 2.7% ▲ 1.2%
FMR LLC $3.6B 8.3M 2.5% ▼ 1.3%
Wellington Management Group LLP $2.9B 6.8M 2.1% ▲ 19.6%
Raymond James Financial Inc $2.3B 5.5M 1.7% ▼ 0.2%
UBS Group AG $2.2B 5.2M 1.6% ▲ 8.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Eaton Corporation's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $550,338 5 trades by 1 insider, last 12 months Insider sales History → $22.6M 8 trades by 7 insiders · 0% under pre-set plans
Net ▼ $22M net selling
Insider Date Trade Shares Price Value
Johnson Gerald Director August 13, 2026 Buy 130 $455.90 $59,267
Johnson Gerald Director August 12, 2026 Buy 70 $469.93 $32,895
Monesmith Heath B. See Remarks below. August 11, 2026 Sell 18,036 $458.04 $8.3M
Wadecki Adam A See Remarks below. August 4, 2026 Sell 525 $440.54 $231,285
Thompson Dorothy C Director May 22, 2026 Sell 167 $385.00 $64,295
Galvao Antonio See Remarks below. May 13, 2026 Sell 494 $405.86 $200,492
Johnson Gerald Director May 11, 2026 Buy 215 $419.02 $90,089
Johnson Gerald Director May 8, 2026 Buy 746 $402.29 $300,108
Denk Peter See Remarks below. May 6, 2026 Sell 2,000 $417.94 $835,880
Monesmith Heath B. See Remarks below. May 6, 2026 Sell 18,367 $409.11 $7.5M
Yelton Michael See Remarks below. March 2, 2026 Sell 3,494 $374.14 $1.3M
Ruiz Sternadt Paulo See Remarks below. February 12, 2026 Sell 10,707 $390.26 $4.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 80 trades and filings

In the last 12 months, 5 members of Congress disclosed 5 purchases and 6 sales of Eaton Corporation shares.

  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded September 10, 2026, filed September 25, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded August 27, 2026, filed September 10, 2026
  • Lizzie Fletcher(D-TX 7):Sale (partial), $1,001 - $15,000, traded April 8, 2026, filed May 1, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • July 31, 2026
  • May 5, 2026
  • February 3, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Eaton Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Eaton Corporation in brief

What does Eaton Corporation do?
Eaton Corporation is a US-listed company in the electrical components & equipment industry. Its financial year ends in December.
What is Eaton Corporation's stock ticker?
Eaton Corporation trades under the ticker ETN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Eaton Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Eaton Corporation reported revenue of $30B, 15.5% higher than a year earlier, according to its SEC filings.
What is Eaton Corporation's free cash flow?
Eaton Corporation's free-cash-flow margin is 13.1% of revenue over the trailing twelve months, ranking 9 of the 56 electrical components & equipment companies we cover.
What is Eaton Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Eaton Corporation's free cash flow after stock-based pay gives ~$280 per share in the base case, and ~$200–$380 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Eaton Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Eaton Corporation buying back stock, and does it pay a dividend?
Eaton Corporation spent $555M on share repurchases over the trailing twelve months, and its diluted share count fell 1.3% over the year.
What is Eaton Corporation's market cap?
On November 2, 2026, Eaton Corporation's market capitalisation was about $143B, with a price-to-earnings ratio of 37.2 and net debt of $20.1B. Market figures come from third-party market data and may be delayed.
Does Eaton Corporation pay a dividend?
Yes: Eaton Corporation paid $1.7B in dividends over the trailing twelve months, a dividend yield of 1.17% and a payout ratio of 43.5%.
How much debt does Eaton Corporation have?
Eaton Corporation's debt-to-equity ratio is 101.8%, from its latest balance sheet (52.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Eaton Corporation's competitors?
In our Electrical Components & Equipment peer group, the companies closest to Eaton Corporation are Emerson Electric, Vertiv, Rockwell Automation, Ametek and Regal Rexnord Corp. The side-by-side comparison below sets their revenue, margins and growth against Eaton Corporation's.
Are insiders buying or selling Eaton Corporation stock?
Over the last 12 months, Eaton Corporation's directors and officers reported 5 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Eaton Corporation's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Eaton Corporation announces its own schedule.