Eaton Corporation plc Earnings Recaps
Q2 2026
Aug 3, 2026
Eaton’s Q2 results beat expectations, driven by robust organic growth, margin expansion, and strong demand in Electrical Americas and data centers, sending the stock up 7.3%.
Key takeaways
- Total revenue rose 21% to $8.5 billion, with 14% organic growth; acquisitions contributed 7 points.
- Adjusted EPS of $3.15 topped guidance by $0.10 at the midpoint, marking a Q2 record.
- Electrical Americas drove 18% organic growth and expanded margins by 190 basis points quarter-over-quarter.
- The book-to-bill ratio remained strong at 1.2 company-wide, with 1.3 in Americas and 1.2 in Aerospace, supported by robust data center demand (+65%).
- Operating cash flow grew 23% year-over-year, with a $0.25 segment profit beat partially offset by a $0.15 drag from higher tax rates.
Q1 2026
May 7, 2026
Eaton’s stock edged down 0.2% following its Q1 report, reflecting a largely in-line quarter with robust demand but no clear upside surprise to move the market materially.
Key takeaways
- Reported record revenue of $7.5 billion and segment profit of $1.7 billion, with margins at 22.7%.
- Rolling 12-month orders rose sharply: Electrical Americas up 42%, Electrical Global and Aerospace both up 13%.
- Backlog hit record highs in Electrical and Aerospace, with combined book-to-bill at 1.2x on a rolling 12-month basis.
- Elevated CapEx of over $1 billion underway to accelerate production ramp, notably in Americas.
- Raised organic growth outlook by 200 basis points to a 10% midpoint and increased adjusted EPS midpoint to $13.28 for 2026, incorporating earnings dilution from Boyd Thermal acquisition.
Q3 2025
Nov 5, 2025
Eaton reported a strong third quarter of 2025, with robust demand across its Electrical Americas and Aerospace segments, leading to record backlog levels and an 8% year-over-year increase in adjusted earnings per share.
Key takeaways
- Electrical Americas orders grew 7% year-over-year, with backlog up 20%, reaching an all-time high.
- Aerospace segment saw 11% order growth with a backlog increase of 15%.
- Adjusted earnings per share rose 8%, and segment margins improved to a quarterly record of 25%.
- The company announced the acquisition of Boyd's thermal business, a key move to enhance its liquid cooling solutions for data centers.
- Reaffirmation of 2025 guidance underlines the firm’s commitment to sustained growth and value creation.