Eaton Earnings Show Record Orders and a Higher Growth Forecast for 2026
Eaton earnings show third quarter 2026 sales up 28% to a record $8.9 billion, with record orders in its main businesses. Its Electrical backlog was up 46% from a year earlier, and Eaton raised its organic growth forecast for the year.
The short answer. Eaton makes the electrical gear that moves power into buildings, factories and data centers, plus parts for planes. Customers keep ordering faster than Eaton can ship, so the pile of work waiting to be done keeps growing. Below, each result sits beside the same quarter of 2025, then the new targets for the year.
Eaton third quarter 2026 results at a glance
On this page
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
Eaton earnings: record sales and profit in the third quarter
Eaton sold more than ever in a single quarter. Sales grew 28%, and most of that growth came from its existing businesses, not from companies it bought.
Sales from July to September 2026 were $8.947 billion, against $6.988 billion a year earlier. Eaton splits the 28% rise into three parts. Organic growth, meaning growth that leaves out companies bought and currency swings, was 19%. Acquisitions added 8%, and currency added 1%.
The 19% was above the top of the range Eaton had given for the quarter. Its segment margin, the operating profit of its business units as a share of their sales, was a record 25.3%. That was 0.3 points above both the top of its own range and the same quarter of 2025.
Profit per share depends on the measure. Under standard accounting rules, Eaton earned $2.77 a share, up from $2.59. Its adjusted figure, which leaves out costs tied to past acquisitions and a restructuring program, was a record $3.68 a share, up from $3.07.
The business also brought in cash. Operating cash flow was $1.31 billion, and free cash flow, the cash left after spending on plants and equipment, was $1.03 billion.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Net sales | $8,947 million | $6,988 million |
| Net income per share, diluted | $2.77 | $2.59 |
| Adjusted earnings per share | $3.68 | $3.07 |
| Segment margin | 25.3% | 30 basis points lower |
| Operating cash flow | $1,310 million | |
| Free cash flow | $1,030 million |
Source: Eaton third quarter 2026 results release, November 3, 2026. Adjusted earnings per share exclude $0.62 of intangible amortization, $0.30 of acquisition and divestiture charges and $0.01 of restructuring income.
How big is Eaton's backlog now?
The orders Eaton still has to fill grew fast. In its electrical business, that pile was 46% bigger at the end of September than a year before.
A backlog is the value of orders a company has taken but not yet delivered. Eaton gives it as a change from a year earlier, by business, and not as a dollar total in this release.
In Electrical Americas, its biggest business, the backlog was up 33%. Sales there were a record $4.2 billion, up 22% organically, and the operating margin was 29.8%.
In Electrical Global, the backlog was up 121%. This business now includes Boyd Thermal, a maker of cooling systems that Eaton bought in March 2026. Its sales rose 58% to a record $2.7 billion, with 27% from organic growth and 31% from Boyd Thermal.
Orders tell the same story. Eaton measures them as an average over the past twelve months, against a year earlier and leaving out acquisitions. That average rose 39% in Electrical Americas, 51% in Electrical Global and 20% in Aerospace. For the electrical businesses together, the ratio of orders to sales over twelve months was 1.2, so new orders ran ahead of shipments.
| Business | Q3 2026 sales | Organic sales growth | 12-month average orders, organic | Backlog vs September 2025 |
|---|---|---|---|---|
| Electrical Americas | $4.2 billion | 22% | Up 39% | Up 33% |
| Electrical Global | $2.7 billion | 27% | Up 51% | Up 121% |
| Electrical, total | Up 46% | |||
| Aerospace | $1.2 billion | 6% | Up 20% | Up 33% |
| Mobility | $852 million | 9% |
Source: Eaton third quarter 2026 results release, November 3, 2026. The book-to-bill ratio, orders against sales over twelve months, was 1.2 for both the Electrical businesses and Aerospace.
What Eaton now expects for 2026
Eaton raised its growth forecast for the year. It now expects its existing businesses to grow 13% to 15% in 2026.
The release calls this a raise of its organic growth guidance. For the fourth quarter alone, Eaton also expects organic growth of 13% to 15%, and a segment margin of 25.4% to 25.8%.
For the full year, Eaton expects adjusted earnings of $13.70 to $13.80 a share. Under standard accounting rules, it expects $10.39 to $10.49. In 2025, adjusted earnings were $12.07 a share.
Chief executive Paulo Ruiz said record orders grew from the quarter before and that the backlog "continued to expand." He added: "These results reinforce our confidence in the remainder of the year."
| Measure | Q4 2026 forecast | Full year 2026 forecast |
|---|---|---|
| Organic growth | 13% to 15% | 13% to 15% |
| Segment margin | 25.4% to 25.8% | 24.1% to 24.5% |
| Earnings per share | $3.28 to $3.38 | $10.39 to $10.49 |
| Adjusted earnings per share | $4.05 to $4.15 | $13.70 to $13.80 |
Source: Eaton third quarter 2026 results release, November 3, 2026.
Where data centers show up in the results
The release does not say how much of the record orders came from data centers. It credits broad strength across its markets, and its recent deals point at data centers.
Eaton names data centers first among the markets it sells to. In the quarter it struck a deal for COL Group, a European maker of medium voltage power distribution gear. Eaton says the deal adds factories and helps it serve data center and utility customers in Europe.
Its two biggest recent deals also sell into data centers. Boyd Thermal, bought in March 2026 for $9.55 billion net of cash acquired, makes cooling systems for data centers and planes. Fibrebond, bought in April 2025, builds ready-made power enclosures for data centers and other customers.
Eaton is also splitting off its Mobility business, which makes vehicle parts. It plans to combine it with Dana Incorporated, and Eaton shareholders are expected to own 50.1% of the combined company.
What to watch
- How much of the orders come from data centers: Eaton's conference call at 11 a.m. ET on November 3, 2026, and the slides it posts on its investor page.
- When the COL Group purchase closes: a later Eaton announcement.
- The Mobility deal with Dana: Eaton's filings on the exchange offer to shareholders.
Frequently asked questions
Did Eaton beat its own forecast in the third quarter?
Yes. Organic growth of 19% and a segment margin of 25.3% were both above the top of the ranges Eaton had given for the quarter.
How much did Eaton's backlog grow?
At the end of September 2026, the Electrical backlog was up 46% from a year earlier and the Aerospace backlog was up 33%. By business, Electrical Americas was up 33% and Electrical Global was up 121%.
What is Eaton's 2026 guidance?
Eaton expects organic growth of 13% to 15% for 2026, a segment margin of 24.1% to 24.5%, and adjusted earnings of $13.70 to $13.80 a share.
How much of Eaton's business comes from data centers?
The third quarter release does not give a data center figure. It lists data centers among Eaton's markets and ties its COL Group, Boyd Thermal and Fibrebond deals to data center customers.
What is COL Group?
COL Group makes medium voltage power distribution equipment in Europe. Eaton struck a deal for it in the third quarter of 2026 to add factories and serve data center and utility customers there.
Sources
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.