Eaton
ETN · NYSEMisc Industrial & Commercial Machinery & Equipment · Fiscal year ends Dec 31
Eaton reported revenue of $27.4B in the fiscal year ended Dec 2025, up 10.3% from the year before. Net income was $4.1B. Operating cash flow of $4.5B less capital expenditure of $919M left free cash flow of $3.6B. Net debt was $9.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $19.6B | $20.8B | $23.2B | $24.9B | $27.4B |
| Cost of revenue | $13.3B | $13.9B | $14.8B | $15.4B | $17.1B |
| Gross profit | $6.3B | $6.9B | $8.4B | $9.5B | $10.3B |
| Research & development | $616M | $665M | $754M | $794M | $797M |
| Selling, general & admin | $3.3B | $3.2B | $3.8B | $4.1B | $4.3B |
| Net interest incomeBanks | −$144M | −$144M | −$151M | – | – |
| Interest expense | $144M | – | $151M | $130M | $241M |
| Pre-tax income | $2.9B | $2.9B | $3.8B | $4.6B | $4.9B |
| Income tax | $750M | $445M | $604M | $768M | $841M |
| Net income | $2.1B | $2.5B | $3.2B | $3.8B | $4.1B |
| Diluted EPS | 5.34 | 6.14 | 8.02 | 9.50 | 10.45 |
| Diluted shares | 402M | 401M | 401M | 399M | 391M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $297M | $294M | $488M | $555M | $622M |
| Receivables | $3.3B | $4.1B | $4.5B | $4.6B | $5.4B |
| Inventory | $3B | $3.4B | $3.7B | $4.2B | $4.7B |
| Current assets | $7.5B | $8.7B | $11.7B | $11.8B | $12.4B |
| Net PP&E | $3.1B | $3.1B | $3.5B | $3.7B | $4.3B |
| Goodwill | $14.8B | $14.8B | $15B | $14.7B | $15.8B |
| Total assets | $34B | $35B | $38.4B | $38.4B | $41.3B |
| Payables | $2.8B | $3.1B | $3.4B | $3.7B | $4.2B |
| Deferred revenue | $395M | $489M | $610M | $602M | $899M |
| Current liabilities | $7.2B | $6.4B | $7.7B | $7.9B | $9.4B |
| Short-term debt | $13M | $324M | $8M | $0 | $1M |
| Long-term debt | $8.6B | $8.3B | $9.3B | $9.2B | $9.9B |
| Shareholders' equity | $16.4B | $17B | $19B | $18.5B | $19.4B |
| Backlog (remaining obligations) | $7.7B | $11.4B | $13B | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $2.5B | $3.6B | $4.3B | $4.5B |
| Capital expenditure | $575M | $598M | $757M | $808M | $919M |
| Free cash flow | $1.6B | $1.9B | $2.9B | $3.5B | $3.6B |
| Depreciation & amortisation | $922M | $954M | $926M | $921M | $1B |
| Acquisitions | $4.5B | $610M | $0 | $50M | $1.5B |
| Share buybacks | $122M | $286M | $0 | $2.5B | $1.9B |
| Dividends paid | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B |
| Dividend per share | 3.04 | 3.24 | 3.44 | 3.76 | 4.16 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.7% | 11.8% | 7.3% | 10.3% |
| EPS growth (YoY) | – | 15.0% | 30.6% | 18.5% | 10.0% |
| Gross margin | 32.3% | 33.2% | 36.4% | 38.2% | 37.6% |
| Net margin | 10.9% | 11.9% | 13.9% | 15.3% | 14.9% |
| Return on equityBlank when equity is negative | 13.1% | 14.5% | 16.9% | 20.5% | 21.0% |
| Free cash flow margin | 8.1% | 9.3% | 12.4% | 14.1% | 12.9% |
| Cash conversion (CFO ÷ net income) | 1.01x | 1.03x | 1.13x | 1.14x | 1.09x |
| Receivable days | 61 | 72 | 70 | 68 | 72 |
| Inventory days | 82 | 90 | 92 | 100 | 101 |
| Payable days | 77 | 81 | 83 | 87 | 89 |
| Debt ÷ equity | 0.52x | 0.51x | 0.49x | 0.50x | 0.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.3B | $8.4B | $8.8B | $8.6B | $9.3B |
| Current ratio | 1.04x | 1.38x | 1.51x | 1.50x | 1.32x |
Recent filings
More in Misc Industrial & Commercial Machinery & Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.