Eaton Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Eaton's revenue grew 7.3% year-over-year to $24.9B, a solid pace of expansion. This earns a growth score of 49/100.
Eaton carries a low D/E ratio of 0.49, meaning only $0.49 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
Eaton's current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Eaton converts 14.1% of revenue into free cash flow ($3.5B). This strong cash generation earns a score of 71/100.
Eaton earns a strong 20.5% return on equity (ROE), meaning it generates $21 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 82/100. This is up from 16.9% the prior year.
Eaton passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Eaton generates $1.14 in operating cash flow ($4.3B OCF vs $3.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Eaton (ETN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Key Financial Metrics
Eaton generated $24.9B in revenue in fiscal year 2024. This represents an increase of 7.3% from the prior year.
Eaton generated $3.5B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 22.7% from the prior year.
Eaton reported $3.8B in net income in fiscal year 2024. This represents an increase of 17.9% from the prior year.
Eaton earned $9.50 per diluted share (EPS) in fiscal year 2024. This represents an increase of 18.5% from the prior year.
Eaton held $555.0M in cash against $9.2B in long-term debt as of fiscal year 2024.
Eaton paid $3.76 per share in dividends in fiscal year 2024. This represents an increase of 9.3% from the prior year.
Eaton had 392M shares outstanding in fiscal year 2024. This represents a decrease of 1.9% from the prior year.
Eaton's gross margin was 38.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Eaton's net profit margin was 15.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.4 percentage points from the prior year.
Eaton's ROE was 20.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.6 percentage points from the prior year.
Eaton invested $794.0M in research and development in fiscal year 2024. This represents an increase of 5.3% from the prior year.
Eaton spent $2.5B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
Eaton invested $808.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 6.7% from the prior year.
ETN Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.0B-0.6% | $7.0B+10.2% | $6.4B+2.2% | $6.2B-1.7% | $6.3B+6.8% | $5.9B-0.4% | $6.0B+1.5% | $5.9B |
| Cost of Revenue | $4.3B-2.7% | $4.4B+12.7% | $3.9B+3.1% | $3.8B-3.3% | $3.9B+5.8% | $3.7B-0.2% | $3.7B+1.3% | $3.7B |
| Gross Profit | $2.7B+3.0% | $2.6B+6.1% | $2.4B+0.7% | $2.4B+0.8% | $2.4B+8.7% | $2.2B-0.8% | $2.2B+1.8% | $2.2B |
| R&D Expenses | $203.0M+5.7% | $192.0M-3.0% | $198.0M-2.0% | $202.0M+3.1% | $196.0M+3.7% | $189.0M-6.0% | $201.0M+7.5% | $187.0M |
| SG&A Expenses | $1.1B-3.8% | $1.1B+9.6% | $1.0B+4.5% | $1.0B-1.8% | $1.0B-0.4% | $1.0B+7.2% | $956.0M+0.7% | $949.0M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $67.0M-5.6% | $71.0M+115.2% | $33.0M-21.4% | $42.0M+44.8% | $29.0M-3.3% | $30.0M-85.7% | $210.0M+536.4% | $33.0M |
| Income Tax | $264.0M+30.0% | $203.0M-4.2% | $212.0M+8.7% | $195.0M-3.0% | $201.0M+12.3% | $179.0M+27.0% | $141.0M-24.6% | $187.0M |
| Net Income | $1.0B+2.9% | $982.0M+1.9% | $964.0M-0.7% | $971.0M-2.2% | $993.0M+21.0% | $821.0M-13.1% | $945.0M+6.1% | $891.0M |
| EPS (Diluted) | $2.59+3.2% | $2.51+2.4% | $2.450.0% | $2.45-1.2% | $2.48+21.6% | $2.04-13.2% | $2.35+5.9% | $2.22 |
ETN Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $40.6B+0.4% | $40.5B+3.3% | $39.2B+2.1% | $38.4B-2.5% | $39.4B+2.2% | $38.5B+0.3% | $38.4B+3.1% | $37.3B |
| Current Assets | $12.1B+2.0% | $11.9B-4.3% | $12.4B+5.4% | $11.8B-6.7% | $12.7B+6.7% | $11.9B+1.5% | $11.7B+6.3% | $11.0B |
| Cash & Equivalents | $328.0M-17.6% | $398.0M-77.6% | $1.8B+220.2% | $555.0M+2.8% | $540.0M+14.2% | $473.0M-3.1% | $488.0M+40.2% | $348.0M |
| Inventory | $4.6B+0.7% | $4.6B+4.3% | $4.4B+3.9% | $4.2B+6.7% | $4.0B+2.5% | $3.9B+3.5% | $3.7B+0.7% | $3.7B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $15.8B+0.1% | $15.8B+6.3% | $14.9B+0.9% | $14.7B-0.9% | $14.8B-0.2% | $14.9B-0.7% | $15.0B+1.3% | $14.8B |
| Total Liabilities | $21.8B-0.4% | $21.9B+5.8% | $20.7B+4.1% | $19.9B-1.3% | $20.2B+4.8% | $19.2B-0.8% | $19.4B+2.6% | $18.9B |
| Current Liabilities | $9.5B-1.3% | $9.6B+0.8% | $9.5B+21.2% | $7.9B-3.2% | $8.1B+6.7% | $7.6B-1.7% | $7.7B+2.4% | $7.6B |
| Long-Term Debt | $9.9B+0.1% | $9.9B+6.6% | $9.3B+1.3% | $9.2B-6.9% | $9.8B+7.0% | $9.2B-0.8% | $9.3B+1.5% | $9.1B |
| Total Equity | $18.8B+1.3% | $18.6B+0.5% | $18.5B+0.1% | $18.5B-3.8% | $19.2B-0.4% | $19.3B+1.3% | $19.0B+3.6% | $18.4B |
| Retained Earnings | $10.2B+2.5% | $9.9B-1.2% | $10.0B-0.5% | $10.1B-5.0% | $10.6B+0.2% | $10.6B+2.9% | $10.3B+6.2% | $9.7B |
ETN Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.4B+47.2% | $918.0M+285.7% | $238.0M-85.1% | $1.6B+68.8% | $946.0M+99.2% | $475.0M-63.4% | $1.3B+13.8% | $1.1B |
| Capital Expenditures | $178.0M-11.9% | $202.0M+37.4% | $147.0M-42.4% | $255.0M+36.4% | $187.0M+2.2% | $183.0M-24.7% | $243.0M+6.6% | $228.0M |
| Free Cash Flow | $1.2B+63.8% | $716.0M+686.8% | $91.0M-93.2% | $1.3B+76.8% | $759.0M+159.9% | $292.0M-72.3% | $1.1B+15.6% | $913.0M |
| Investing Cash Flow | -$293.0M+83.0% | -$1.7B-239.7% | $1.2B+555.0% | -$271.0M+50.2% | -$544.0M-1748.5% | $33.0M+104.2% | -$793.0M-5.5% | -$752.0M |
| Financing Cash Flow | -$1.1B-146.1% | -$453.0M-85.7% | -$244.0M+80.4% | -$1.2B-310.6% | -$303.0M+43.5% | -$536.0M-47.3% | -$364.0M+7.6% | -$394.0M |
| Dividends Paid | $404.0M-4.0% | $421.0M+6.0% | $397.0M+7.3% | $370.0M-4.6% | $388.0M+5.4% | $368.0M+7.0% | $344.0M+0.3% | $343.0M |
| Share Buybacks | $362.0M-47.7% | $692.0M+12.5% | $615.0M-29.9% | $877.0M+46.2% | $600.0M+334.8% | $138.0M | $0 | $0 |
ETN Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.3%+1.3pp | 37.0%-1.4pp | 38.4%-0.6pp | 38.9%+1.0pp | 38.0%+0.6pp | 37.3%-0.1pp | 37.5%+0.1pp | 37.4% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 14.4%+0.5pp | 14.0%-1.2pp | 15.1%-0.4pp | 15.6%-0.1pp | 15.6%+1.8pp | 13.8%-2.0pp | 15.8%+0.7pp | 15.2% |
| Return on Equity | 5.4%+0.1pp | 5.3%+0.1pp | 5.2%-0.0pp | 5.3%+0.1pp | 5.2%+0.9pp | 4.3%-0.7pp | 5.0%+0.1pp | 4.9% |
| Return on Assets | 2.5%+0.1pp | 2.4%-0.0pp | 2.5%-0.1pp | 2.5%0.0pp | 2.5%+0.4pp | 2.1%-0.3pp | 2.5%+0.1pp | 2.4% |
| Current Ratio | 1.28+0.0 | 1.24-0.1 | 1.31-0.2 | 1.50-0.1 | 1.560.0 | 1.56+0.0 | 1.51+0.1 | 1.45 |
| Debt-to-Equity | 0.530.0 | 0.53+0.0 | 0.500.0 | 0.49-0.0 | 0.51+0.0 | 0.48-0.0 | 0.490.0 | 0.50 |
| FCF Margin | 16.8%+6.6pp | 10.2%+8.8pp | 1.4%-20.1pp | 21.5%+9.6pp | 11.9%+7.0pp | 4.9%-12.8pp | 17.7%+2.2pp | 15.5% |
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Frequently Asked Questions
What is Eaton's annual revenue?
Eaton (ETN) reported $24.9B in total revenue for fiscal year 2024. This represents a 7.3% 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 7.3% year-over-year, from $23.2B to $24.9B in fiscal year 2024.
Is Eaton profitable?
Yes, Eaton (ETN) reported a net income of $3.8B in fiscal year 2024, with a net profit margin of 15.3%.
What is Eaton's earnings per share (EPS)?
Eaton (ETN) reported diluted earnings per share of $9.50 for fiscal year 2024. This represents a 18.5% 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.
How much debt does Eaton have?
As of fiscal year 2024, Eaton (ETN) had $555.0M in cash and equivalents against $9.2B in long-term debt.
What is Eaton's gross margin?
Eaton (ETN) had a gross margin of 38.2% in fiscal year 2024, 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 15.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Eaton pay dividends?
Yes, Eaton (ETN) paid $3.76 per share in dividends during fiscal year 2024.
What is Eaton's return on equity (ROE)?
Eaton (ETN) has a return on equity of 20.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Eaton's free cash flow?
Eaton (ETN) generated $3.5B in free cash flow during fiscal year 2024. This represents a 22.7% 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 $4.3B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Eaton's total assets?
Eaton (ETN) had $38.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Eaton's capital expenditures?
Eaton (ETN) invested $808.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Eaton spend on research and development?
Eaton (ETN) invested $794.0M in research and development during fiscal year 2024.
Does Eaton buy back shares?
Yes, Eaton (ETN) spent $2.5B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Eaton have outstanding?
Eaton (ETN) had 392M shares outstanding as of fiscal year 2024.
What is Eaton's current ratio?
Eaton (ETN) had a current ratio of 1.50 as of fiscal year 2024, which is generally considered healthy.
What is Eaton's debt-to-equity ratio?
Eaton (ETN) had a debt-to-equity ratio of 0.49 as of fiscal year 2024, 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 2024, 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 8 out of 9, indicating strong 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 1.14x, 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 67 out of 100 on our Financial Profile, indicating strong 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.