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Eaton Corporation plc operates as a power management company in the United States, Canada, Latin America, Europe, and the Asia Pacific. The company operates through Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility segments. It offers electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, and power reliability equipment; and hazardous duty electrical equipment, emergency lighting, fire detection, intrinsically safe explosion-proof instrumentation, and structural support systems. It also provides pumps, motors, hydraulic power units, hoses and fittings, and electro-hydraulic pumps; valves, cylinders, electronic controls, electromechanical actuators, sensors, aircraft flap and slat systems, and nose wheel steering systems; hose, thermoplastic tubing products, fittings, adapters, couplings, and sealing and ducting products; air-to-air refueling systems, fuel pumps, fuel inerting products, sensors, and adapters and regulators; oxygen generation system, payload carriages, and thermal management products; wiring connectors and cables; hydraulic and bag filters, strainers and cartridges, and golf grips for manufacturers of commercial and military aircraft, and related after-market customers, as well as industrial applications. In addition, the company offers transmissions, clutches, hybrid power systems, superchargers, engine valves and valve actuation systems, locking and limited slip differentials, transmission controls, and fuel vapor components for the vehicle industry; voltage inverters, converters, fuses, circuit protection units, vehicle controls, power distribution systems, fuel tank isolation valves, and commercial vehicle hybrid systems. The company formerly known as Abeiron Limited. The company was founded in 1911 and is based in Dublin, Ireland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $27.4B | $6.2B | $4.1B | $3.6B | 21.0% | 10.3% | 7.7% |
| 2024 | $24.9B | $5.6B | $3.8B | $3.5B | 20.5% | 7.3% | 17.9% |
| 2023 | $23.2B | $4.9B | $3.2B | $2.9B | 16.9% | 11.8% | 30.7% |
| 2022 | $20.8B | $4.0B | $2.5B | $1.9B | 14.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 20,752 | 23,196 | 24,878 | 27,448 |
| Operating Revenue | - | 20,752 | 23,196 | 24,878 | 27,448 |
| Cost Of Revenue | - | 13,865 | 14,762 | 15,375 | 17,131 |
| Gross Profit | - | 6,887 | 8,434 | 9,503 | 10,317 |
| Operating Expense | - | 3,892 | 4,549 | 4,871 | 5,108 |
| Research And Development | - | 665 | 754 | 794 | 797 |
| Selling General And Administration | - | 3,227 | 3,795 | 4,077 | 4,311 |
| Total Expenses | - | 17,757 | 19,311 | 20,246 | 22,239 |
| Operating Income | - | 2,995 | 3,885 | 4,632 | 5,209 |
| EBITDA | - | 4,009 | 4,904 | 5,617 | 6,179 |
| Normalized EBITDA | - | 3,985 | 4,904 | 5,617 | 6,179 |
| EBIT | - | 3,055 | 3,978 | 4,696 | 5,173 |
| Interest Expense | - | 144 | 151 | 130 | 241 |
| Net Interest Income | - | -144 | -151 | -130 | -241 |
| Other Non Operating Income Expenses | - | 36 | 93 | 64 | -37 |
| Other Income Expense | - | 60 | 93 | 64 | -37 |
| Interest Expense Non Operating | - | 144 | 151 | 130 | 241 |
| Net Non Operating Interest Income Expense | - | -144 | -151 | -130 | -241 |
| Pretax Income | - | 2,911 | 3,827 | 4,566 | 4,932 |
| Tax Provision | - | 445 | 604 | 768 | 841 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 3.67 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 2,466 | 3,223 | 3,798 | 4,091 |
| Net Income From Continuing And Discontinued Operation | - | 2,462 | 3,218 | 3,794 | 4,087 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,462 | 3,218 | 3,794 | 4,087 |
| Net Income | - | 2,462 | 3,218 | 3,794 | 4,087 |
| Net Income Common Stockholders | - | 2,462 | 3,218 | 3,794 | 4,087 |
| Net Income Including Noncontrolling Interests | - | 2,465 | 3,223 | 3,798 | 4,090 |
| Normalized Income | - | 2,441.67 | 3,218 | 3,794 | 4,087 |
| Diluted NI Availto Com Stockholders | - | 2,462 | 3,218 | 3,794 | 4,087 |
| Basic Average Shares | - | 398.70 | 399.10 | 397.60 | 389.90 |
| Diluted Average Shares | - | 400.80 | 401.10 | 399.40 | 391.20 |
| Reconciled Depreciation | - | 954 | 926 | 921 | 1,006 |
| Reconciled Cost Of Revenue | - | 13,865 | 14,762 | 15,375 | 17,131 |
| Total Unusual Items | 617 | 24 | 0 | 0 | - |
| Total Unusual Items Excluding Goodwill | 617 | 24 | 0 | 0 | - |
| Minority Interests | - | -4 | -5 | -4 | -3 |
| Special Income Charges | 617 | 24 | 0 | 0 | - |
| Gain On Sale Of Business | 617 | 24 | 0 | 0 | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Eaton Corporation plcthis co. | ETN | $162.5B | 39.77↑ premium | 8.37 | 21.0% | 27.91 |
| The Boeing Company | BA | $171.4B | 90.73 | 31.43 | 34.6% | 26.69 |
| Deere & Company | DE | $159.7B | 31.78 | 6.16 | 19.4% | 18.51 |
| Union Pacific Corporation | UNP | $156.7B | 21.95 | 8.48 | 38.7% | 14.55 |
| Honeywell International Inc. | HON | $137.9B |
| - |
| - |
| - |
| - |
| - |
| 29.16 |
| 9.92 |
| 34.0% |
| 19.61 |
| Vertiv Holdings Co | VRT | $124.4B | 93.35 | 31.57 | 33.8% | 58.93 |
| Lockheed Martin Corporation | LMT | $119.7B | 23.85 | 17.81 | 74.6% | 15.73 |
| Parker-Hannifin Corporation | PH | $110.0B | 31.15 | 8.04 | 25.8% | 21.91 |
| Quanta Services, Inc. | PWR | $107.9B | 104.94 | 12.07 | 11.5% | 44.47 |
| Peer Median | - | 31.46 | 11.00 | 33.9% | 20.76 | |