E 
Eaton Corporation ETN · USD
Industrials · Electrical Equipment · US listing · 🇺🇸 United States
S&P 500
359.30
+5.14%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$27.45bn
FY2016FY2025
Net income
$4.09bn
FY2016FY2025
Free cash flow
$3.55bn
FY2016FY2025
Shareholders' equity
$19.43bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.45bn | $24.88bn | $23.20bn | $20.75bn | $19.63bn | $17.86bn | $21.39bn | $21.61bn | $20.40bn | $19.75bn |
| Research and development | $796.0m | $794.0m | $754.0m | $665.0m | $616.0m | $551.0m | $606.0m | $584.0m | $584.0m | $589.0m |
| Operating income | $5.23bn | $4.87bn | $3.99bn | $3.24bn | $3.01bn | $2.32bn | $3.06bn | $2.98bn | $2.92bn | $2.47bn |
| Net income | $4.09bn | $3.79bn | $3.22bn | $2.46bn | $2.14bn | $1.41bn | $2.21bn | $2.15bn | $2.98bn | $1.92bn |
| Diluted earnings per share | 10.50 | 9.58 | 8.01 | 6.15 | 5.33 | 3.51 | 5.32 | 4.96 | 6.73 | 4.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $41.25bn | $38.38bn | $38.43bn | $35.03bn | $34.03bn | $31.82bn | $32.80bn | $31.09bn | $32.60bn | $30.42bn |
| Cash and short-term investments | $803.0m | $2.08bn | $2.61bn | $555.0m | $568.0m | $1.10bn | $591.0m | $440.0m | $1.09bn | $746.0m |
| Total liabilities | $21.78bn | $19.85bn | $19.36bn | $17.95bn | $17.58bn | $16.85bn | $16.67bn | $14.95bn | $15.31bn | $15.48bn |
| Debt | $9.89bn | $9.15bn | $9.27bn | $8.65bn | $8.58bn | $8.06bn | $8.32bn | $7.52bn | $7.75bn | $8.28bn |
| Shareholders' equity | $19.43bn | $18.49bn | $19.04bn | $17.04bn | $16.41bn | $14.93bn | $16.08bn | $16.11bn | $17.25bn | $14.90bn |
| Shares outstanding | 390m | 396m | 402m | 400m | 402m | 401m | 416m | 432m | 443m | 452m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $4.47bn | $4.33bn | $3.62bn | $2.53bn | $2.16bn | $2.94bn | $3.45bn | $2.66bn | $2.67bn | $2.57bn |
| Capital spending | −$919.0m | −$808.0m | −$757.0m | −$598.0m | −$575.0m | −$389.0m | −$587.0m | −$565.0m | −$520.0m | −$497.0m |
| Free cash flow | $3.55bn | $3.52bn | $2.87bn | $1.94bn | $1.59bn | $2.56bn | $2.86bn | $2.09bn | $2.15bn | $2.07bn |
| Dividends paid | −$1.63bn | −$1.50bn | −$1.38bn | −$1.30bn | −$1.22bn | −$1.18bn | −$1.20bn | −$1.15bn | −$1.07bn | −$1.04bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.53bn | $7.45bn | $7.05bn | $6.99bn | $7.03bn | $6.38bn | $6.24bn | $6.34bn |
| Operating income | $1.39bn | $1.17bn | $1.38bn | $1.37bn | $1.26bn | $1.23bn | $1.31bn | $1.26bn |
| Net income | $821.0m | $866.0m | $1.13bn | $1.01bn | $982.0m | $964.0m | $971.0m | $1.01bn |
| Diluted earnings per share | 2.11 | 2.22 | 2.91 | 2.59 | 2.52 | 2.47 | 2.45 | 2.55 |
| Cash from operations | $1.13bn | $507.0m | $1.97bn | $1.35bn | $918.0m | $238.0m | $1.60bn | $1.31bn |
| Capital spending | −$253.0m | −$193.0m | −$178.0m | −$178.0m | −$147.0m | −$147.0m | −$255.0m | −$183.0m |
| Free cash flow | $874.0m | $314.0m | $1.79bn | $1.17bn | $771.0m | $91.0m | $1.34bn | $1.13bn |
| Total assets | $56.18bn | $55.09bn | $41.25bn | $40.65bn | $40.51bn | $39.21bn | $38.38bn | $39.24bn |
| Cash and short-term investments | $695.0m | $751.0m | $803.0m | $565.0m | $584.0m | $1.94bn | $2.08bn | $1.99bn |
| Debt | $20.61bn | $21.13bn | $9.89bn | $10.65bn | $11.00bn | $10.08bn | $9.15bn | $9.39bn |
| Shareholders' equity | $20.25bn | $19.77bn | $19.43bn | $18.89bn | $18.65bn | $18.51bn | $18.49bn | $19.12bn |
Financial ratios
Data as of 6 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 19.1% | 19.6% | 17.2% | 15.6% | 15.4% | 13.0% |
| Net margin | 14.9% | 15.3% | 13.9% | 11.9% | 10.9% | 7.9% |
| Return on equity | 21.1% | 20.5% | 16.9% | 14.5% | 13.1% | 9.4% |
| Return on assets | 9.9% | 9.9% | 8.4% | 7.0% | 6.3% | 4.4% |
| Free cash flow yield | 3.4% | 3.2% | 2.7% | 1.9% | 1.7% | 2.0% |
| Revenue growth | 10.3% | 7.3% | 11.8% | 5.7% | 9.9% | -16.5% |
| Earnings growth | 7.8% | 17.9% | 30.7% | 14.8% | 52.1% | -36.2% |
| Current ratio | 1.32x | 1.50x | 1.51x | 1.38x | 1.04x | 1.56x |
| Debt to equity | 0.51x | 0.50x | 0.49x | 0.51x | 0.52x | 0.54x |
| Equity ratio | 47.1% | 48.2% | 49.5% | 48.6% | 48.2% | 46.9% |
| Interest coverage | 19.81x | 33.79x | 26.42x | 36.83x | 20.93x | 10.50x |
| R&D as a share of sales | 2.9% | 3.2% | 3.3% | 3.2% | 3.1% | 3.1% |
| Buybacks as a share of market value | 1.6% | 1.4% | -0.4% | 0.4% | -0.2% | 3.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.8% | 9.0% | 2.8% |
| Operating income | 17.3% | 17.6% | 7.6% |
| Net income | 18.4% | 23.7% | 7.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 19.3% | 18.0% | 16.9% | 15.4% |
| Net margin | 15.1% | 14.1% | 12.8% | 11.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.4 | 34.6 | 30.1 | 25.5 | 32.4 | 34.2 | 17.8 | 13.8 | 11.7 | 15.8 |
| Price to sales | 4.5 | 5.3 | 4.2 | 3.0 | 3.5 | 2.7 | 1.8 | 1.4 | 1.7 | 1.5 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$29.08bn$160.03bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -6% | 41% | 54% | -6% | 40% | 24% | 41% | -13% | 13% | 31% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 7 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.30 | 4.16 | 3.76 | 3.44 | 3.24 | 3.04 | 2.92 | 2.84 |
- 2-for-1 split · 1 Mar 2011
- 2-for-1 split · 24 Feb 2004
- 2-for-1 split · 29 Jun 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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