What is Eaton's earnings per share (EPS)?

Eaton (ETN) reported diluted earnings per share of $10.45 for fiscal year 2025. This represents a 10.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Eaton Financials

ETN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Eaton (ETN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 56/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Eaton's revenue grew 10.3% year-over-year to $27.4B, a solid pace of expansion. This earns a growth score of 51/100.

Leverage

Eaton carries a low D/E ratio of 0.51, meaning only $0.51 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Eaton's current ratio of 1.32 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

Eaton has a free cash flow margin of 12.9%, earning a moderate score of 57/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Eaton's ROE of 21.0% shows moderate profitability relative to equity, earning a score of 58/100. This is up from 20.5% the prior year.

Piotroski F-Score Neutral

6/9

Eaton passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.09x

For every $1 of reported earnings, Eaton generates $1.09 in operating cash flow ($4.5B OCF vs $4.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$27.4B

YoY+10.3%

5Y CAGR+9.0%

10Y CAGR+2.8%

Eaton generated $27.4B in revenue in fiscal year 2025. This represents an increase of 10.3% from the prior year.

EBITDA

N/A

Net Income

$4.1B

YoY+7.7%

5Y CAGR+23.7%

10Y CAGR+7.5%

Eaton reported $4.1B in net income in fiscal year 2025. This represents an increase of 7.7% from the prior year.

EPS (Diluted)

$10.45

YoY+10.0%

5Y CAGR+24.5%

10Y CAGR+9.5%

Eaton earned $10.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 10.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$3.6B

YoY+1.0%

5Y CAGR+6.8%

10Y CAGR+6.4%

Eaton generated $3.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 1.0% from the prior year.

Cash & Debt

$622.0M

YoY+12.1%

5Y CAGR+7.3%

10Y CAGR+8.8%

Eaton held $622.0M in cash against $9.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

$4.16

YoY+10.6%

5Y CAGR+7.3%

10Y CAGR+6.6%

Eaton paid $4.16 per share in dividends in fiscal year 2025. This represents an increase of 10.6% from the prior year.

Shares Outstanding

388M

YoY-1.0%

5Y CAGR-0.5%

10Y CAGR-1.7%

Eaton had 388M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

Margins & Returns

Gross Margin

37.6%

YoY-0.6pp

5Y CAGR+7.1pp

10Y CAGR+6.2pp

Eaton's gross margin was 37.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.

Operating Margin

N/A

Net Margin

14.9%

YoY-0.4pp

5Y CAGR+7.0pp

10Y CAGR+5.4pp

Eaton's net profit margin was 14.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity

21.0%

YoY+0.5pp

5Y CAGR+11.6pp

10Y CAGR+8.0pp

Eaton's ROE was 21.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$797.0M

YoY+0.4%

5Y CAGR+7.7%

10Y CAGR+2.5%

Eaton invested $797.0M in research and development in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Share Buybacks

$1.9B

YoY-25.3%

5Y CAGR+3.0%

10Y CAGR+10.6%

Eaton spent $1.9B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 25.3% from the prior year.

Capital Expenditures

$919.0M

YoY+13.7%

5Y CAGR+18.8%

10Y CAGR+6.1%

Eaton invested $919.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.7% from the prior year.

ETN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$27.4B+10.3%	$24.9B+7.3%	$23.2B+11.8%	$20.8B+5.7%	$19.6B+9.9%	$17.9B
Cost of Revenue	$17.1B+11.4%	$15.4B+4.2%	$14.8B+6.5%	$13.9B+4.3%	$13.3B+7.1%	$12.4B
Gross Profit	$10.3B+8.6%	$9.5B+12.7%	$8.4B+22.5%	$6.9B+8.7%	$6.3B+16.2%	$5.5B
R&D Expenses	$797.0M+0.4%	$794.0M+5.3%	$754.0M+13.4%	$665.0M+8.0%	$616.0M+11.8%	$551.0M
SG&A Expenses	$4.3B+5.7%	$4.1B+7.4%	$3.8B+17.6%	$3.2B-0.9%	$3.3B+5.9%	$3.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$241.0M+85.4%	$130.0M-13.9%	$151.0M+4.9%	$144.0M0.0%	$144.0M-3.4%	$149.0M
Income Tax	$841.0M+9.5%	$768.0M+27.2%	$604.0M+35.7%	$445.0M-40.7%	$750.0M+126.6%	$331.0M
Net Income	$4.1B+7.7%	$3.8B+17.9%	$3.2B+30.7%	$2.5B+14.8%	$2.1B+52.1%	$1.4B
EPS (Diluted)	$10.45+10.0%	$9.50+18.5%	$8.02+30.6%	$6.14+15.0%	$5.34+53.0%	$3.49

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$7.1B+1.0%	$7.0B-0.6%	$7.0B+10.2%	$6.4B+2.2%	$6.2B-1.7%	$6.3B-0.1%	$6.3B+6.8%	$5.9B
Cost of Revenue	$4.5B+3.3%	$4.3B-2.7%	$4.4B+12.7%	$3.9B+3.1%	$3.8B-2.3%	$3.9B-1.0%	$3.9B+5.8%	$3.7B
Gross Profit	$2.6B-2.9%	$2.7B+3.0%	$2.6B+6.1%	$2.4B+0.7%	$2.4B-0.7%	$2.4B+1.5%	$2.4B+8.7%	$2.2B
R&D Expenses	$204.0M+0.5%	$203.0M+5.7%	$192.0M-3.0%	$198.0M-2.0%	$202.0M-2.4%	$207.0M+5.6%	$196.0M+3.7%	$189.0M
SG&A Expenses	$1.0B-8.7%	$1.1B-3.8%	$1.1B+9.6%	$1.0B+4.5%	$1.0B-2.4%	$1.0B+0.7%	$1.0B-0.4%	$1.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$70.0M+4.5%	$67.0M-5.6%	$71.0M+115.2%	$33.0M-21.4%	$42.0M+44.8%	$29.0M0.0%	$29.0M-3.3%	$30.0M
Income Tax	$162.0M-38.6%	$264.0M+30.0%	$203.0M-4.2%	$212.0M+8.7%	$195.0M+1.0%	$193.0M-4.0%	$201.0M+12.3%	$179.0M
Net Income	$1.1B+12.0%	$1.0B+2.9%	$982.0M+1.9%	$964.0M-0.7%	$971.0M-3.8%	$1.0B+1.6%	$993.0M+21.0%	$821.0M
EPS (Diluted)	N/A	$2.59+3.2%	$2.51+2.4%	$2.45	N/A	$2.53+2.0%	$2.48+21.6%	$2.04

ETN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$41.3B+7.5%	$38.4B-0.1%	$38.4B+9.8%	$35.0B+2.9%	$34.0B+6.9%	$31.8B
Current Assets	$12.4B+4.7%	$11.8B+1.1%	$11.7B+33.5%	$8.7B+16.4%	$7.5B-18.2%	$9.2B
Cash & Equivalents	$622.0M+12.1%	$555.0M+13.7%	$488.0M+66.0%	$294.0M-1.0%	$297.0M-32.2%	$438.0M
Inventory	$4.7B+11.7%	$4.2B+13.1%	$3.7B+9.0%	$3.4B+15.5%	$3.0B+40.8%	$2.1B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$15.8B+7.2%	$14.7B-1.8%	$15.0B+1.2%	$14.8B+0.3%	$14.8B+14.3%	$12.9B
Total Liabilities	$21.8B+9.7%	$19.9B+2.6%	$19.4B+7.9%	$18.0B+2.1%	$17.6B+4.3%	$16.9B
Current Liabilities	$9.4B+19.3%	$7.9B+1.4%	$7.7B+21.8%	$6.4B-11.8%	$7.2B+22.6%	$5.9B
Long-Term Debt	$9.9B+8.1%	$9.2B-1.2%	$9.3B+11.2%	$8.3B-2.7%	$8.6B+6.3%	$8.1B
Total Equity	$19.4B+5.1%	$18.5B-2.9%	$19.0B+11.7%	$17.0B+3.8%	$16.4B+9.9%	$14.9B
Retained Earnings	$10.7B+6.0%	$10.1B-2.0%	$10.3B+21.7%	$8.5B+11.5%	$7.6B+11.8%	$6.8B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$41.3B+1.5%	$40.6B+0.4%	$40.5B+3.3%	$39.2B+2.1%	$38.4B-2.2%	$39.2B-0.4%	$39.4B+2.2%	$38.5B
Current Assets	$12.4B+1.8%	$12.1B+2.0%	$11.9B-4.3%	$12.4B+5.4%	$11.8B-2.9%	$12.2B-4.0%	$12.7B+6.7%	$11.9B
Cash & Equivalents	$622.0M+89.6%	$328.0M-17.6%	$398.0M-77.6%	$1.8B+220.2%	$555.0M+17.3%	$473.0M-12.4%	$540.0M+14.2%	$473.0M
Inventory	$4.7B+2.3%	$4.6B+0.7%	$4.6B+4.3%	$4.4B+3.9%	$4.2B+1.2%	$4.2B+5.4%	$4.0B+2.5%	$3.9B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$15.8B-0.2%	$15.8B+0.1%	$15.8B+6.3%	$14.9B+0.9%	$14.7B-2.2%	$15.0B+1.3%	$14.8B-0.2%	$14.9B
Total Liabilities	$21.8B+0.1%	$21.8B-0.4%	$21.9B+5.8%	$20.7B+4.1%	$19.9B-1.1%	$20.1B-0.2%	$20.2B+4.8%	$19.2B
Current Liabilities	$9.4B-1.1%	$9.5B-1.3%	$9.6B+0.8%	$9.5B+21.2%	$7.9B-1.1%	$7.9B-2.2%	$8.1B+6.7%	$7.6B
Long-Term Debt	$9.9B0.0%	$9.9B+0.1%	$9.9B+6.6%	$9.3B+1.3%	$9.2B-2.6%	$9.4B-4.5%	$9.8B+7.0%	$9.2B
Total Equity	$19.4B+3.1%	$18.8B+1.3%	$18.6B+0.5%	$18.5B+0.1%	$18.5B-3.3%	$19.1B-0.5%	$19.2B-0.4%	$19.3B
Retained Earnings	$10.7B+5.3%	$10.2B+2.5%	$9.9B-1.2%	$10.0B-0.5%	$10.1B-2.6%	$10.4B-2.4%	$10.6B+0.2%	$10.6B

ETN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$4.5B+3.4%	$4.3B+19.4%	$3.6B+43.1%	$2.5B+17.1%	$2.2B-26.5%	$2.9B
Capital Expenditures	$919.0M+13.7%	$808.0M+6.7%	$757.0M+26.6%	$598.0M+4.0%	$575.0M+47.8%	$389.0M
Free Cash Flow	$3.6B+1.0%	$3.5B+22.7%	$2.9B+48.2%	$1.9B+21.9%	$1.6B-37.8%	$2.6B
Investing Cash Flow	-$1.1B-306.3%	-$271.0M+89.5%	-$2.6B-114.6%	-$1.2B+32.0%	-$1.8B-544.3%	$397.0M
Financing Cash Flow	-$3.2B+19.4%	-$3.9B-351.9%	-$871.0M+35.0%	-$1.3B-150.5%	-$535.0M+83.6%	-$3.3B
Dividends Paid	$1.6B+8.4%	$1.5B+8.8%	$1.4B+6.2%	$1.3B+6.6%	$1.2B+3.7%	$1.2B
Share Buybacks	$1.9B-25.3%	$2.5B	$0-100.0%	$286.0M+134.4%	$122.0M-92.4%	$1.6B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$2.0B+45.4%	$1.4B+47.2%	$918.0M+285.7%	$238.0M-85.1%	$1.6B+22.0%	$1.3B+38.4%	$946.0M+99.2%	$475.0M
Capital Expenditures	$392.0M+120.2%	$178.0M-11.9%	$202.0M+37.4%	$147.0M-42.4%	$255.0M+39.3%	$183.0M-2.1%	$187.0M+2.2%	$183.0M
Free Cash Flow	$1.6B+34.1%	$1.2B+63.8%	$716.0M+686.8%	$91.0M-93.2%	$1.3B+19.2%	$1.1B+48.4%	$759.0M+159.9%	$292.0M
Investing Cash Flow	-$318.0M-8.5%	-$293.0M+83.0%	-$1.7B-239.7%	$1.2B+555.0%	-$271.0M-153.0%	$511.0M+193.9%	-$544.0M-1748.5%	$33.0M
Financing Cash Flow	-$1.4B-22.1%	-$1.1B-146.1%	-$453.0M-85.7%	-$244.0M+80.4%	-$1.2B+32.9%	-$1.9B-511.6%	-$303.0M+43.5%	-$536.0M
Dividends Paid	$404.0M0.0%	$404.0M-4.0%	$421.0M+6.0%	$397.0M+7.3%	$370.0M-1.1%	$374.0M-3.6%	$388.0M+5.4%	$368.0M
Share Buybacks	$193.0M-46.7%	$362.0M-47.7%	$692.0M+12.5%	$615.0M-29.9%	$877.0M0.0%	$877.0M+46.2%	$600.0M+334.8%	$138.0M

ETN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	37.6%-0.6pp	38.2%+1.8pp	36.4%+3.2pp	33.2%+0.9pp	32.3%+1.8pp	30.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	14.9%-0.4pp	15.3%+1.4pp	13.9%+2.0pp	11.9%+0.9pp	10.9%+3.0pp	7.9%
Return on Equity	21.0%+0.5pp	20.5%+3.6pp	16.9%+2.5pp	14.4%+1.4pp	13.1%+3.6pp	9.4%
Return on Assets	9.9%+0.0pp	9.9%+1.5pp	8.4%+1.3pp	7.0%+0.7pp	6.3%+1.9pp	4.4%
Current Ratio	1.32-0.2	1.500.0	1.51+0.1	1.38+0.3	1.04-0.5	1.56
Debt-to-Equity	0.51+0.0	0.490.0	0.490.0	0.49-0.0	0.52-0.0	0.54
FCF Margin	12.9%-1.2pp	14.1%+1.8pp	12.4%+3.0pp	9.3%+1.2pp	8.1%-6.2pp	14.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	36.8%-1.5pp	38.3%+1.3pp	37.0%-1.4pp	38.4%-0.6pp	38.9%+0.4pp	38.6%+0.6pp	38.0%+0.6pp	37.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	16.0%+1.6pp	14.4%+0.5pp	14.0%-1.2pp	15.1%-0.4pp	15.6%-0.3pp	15.9%+0.3pp	15.6%+1.8pp	13.8%
Return on Equity	5.8%+0.5pp	5.4%+0.1pp	5.3%+0.1pp	5.2%-0.0pp	5.3%-0.0pp	5.3%+0.1pp	5.2%+0.9pp	4.3%
Return on Assets	2.7%+0.3pp	2.5%+0.1pp	2.4%-0.0pp	2.5%-0.1pp	2.5%-0.0pp	2.6%+0.1pp	2.5%+0.4pp	2.1%
Current Ratio	1.32+0.0	1.28+0.0	1.24-0.1	1.31-0.2	1.50-0.0	1.53-0.0	1.560.0	1.56
Debt-to-Equity	0.51-0.0	0.530.0	0.53+0.0	0.500.0	0.490.0	0.49-0.0	0.51+0.0	0.48
FCF Margin	22.3%+5.5pp	16.8%+6.6pp	10.2%+8.8pp	1.4%-20.1pp	21.5%+3.8pp	17.8%+5.8pp	11.9%+7.0pp	4.9%

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Frequently Asked Questions

What is Eaton's annual revenue?

Eaton (ETN) reported $27.4B in total revenue for fiscal year 2025. This represents a 10.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Eaton's revenue growing?

Eaton (ETN) revenue grew by 10.3% year-over-year, from $24.9B to $27.4B in fiscal year 2025.

Is Eaton profitable?

Yes, Eaton (ETN) reported a net income of $4.1B in fiscal year 2025, with a net profit margin of 14.9%.

How much debt does Eaton have?

As of fiscal year 2025, Eaton (ETN) had $622.0M in cash and equivalents against $9.9B in long-term debt.

What is Eaton's gross margin?

Eaton (ETN) had a gross margin of 37.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Eaton's net profit margin?

Eaton (ETN) had a net profit margin of 14.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Eaton pay dividends?

Yes, Eaton (ETN) paid $4.16 per share in dividends during fiscal year 2025.

What is Eaton's return on equity (ROE)?

Eaton (ETN) has a return on equity of 21.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Eaton's free cash flow?

Eaton (ETN) generated $3.6B in free cash flow during fiscal year 2025. This represents a 1.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Eaton's operating cash flow?

Eaton (ETN) generated $4.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Eaton's total assets?

Eaton (ETN) had $41.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Eaton's capital expenditures?

Eaton (ETN) invested $919.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Eaton spend on research and development?

Eaton (ETN) invested $797.0M in research and development during fiscal year 2025.

Does Eaton buy back shares?

Yes, Eaton (ETN) spent $1.9B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Eaton have outstanding?

Eaton (ETN) had 388M shares outstanding as of fiscal year 2025.

What is Eaton's current ratio?

Eaton (ETN) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is Eaton's debt-to-equity ratio?

Eaton (ETN) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Eaton's return on assets (ROA)?

Eaton (ETN) had a return on assets of 9.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Eaton's Piotroski F-Score?

Eaton (ETN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Eaton's earnings high quality?

Eaton (ETN) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Eaton?

Eaton (ETN) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.