Eaton Corp plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Eaton Corp plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19,747	20,404	21,609	21,390	17,858	19,628	20,752	23,196	24,878	27,448
Cost of revenue	13,396	13,756	14,511	14,338	12,408	13,293	13,865	14,762	15,375	17,131
Gross profit	6,351	6,648	7,098	7,052	5,450	6,335	6,887	8,434	9,503	10,317
Research and development	587	584	584	606	551	616	665	754	794	797
Selling, general and administrative	3,464	3,526	3,548	3,583	3,075	3,256	3,227	3,795	4,077	4,311
Operating income	2,958	3,214	3,630	3,675
Interest expense				199	149	144		151	130	241
Other non-operating income	51	-1	-9	-73	-150	-40	36	93	64	-37
Pre-tax income	2,118	3,368	2,424	2,591	1,746	2,896	2,911	3,827	4,566	4,932
Income tax	199	382	278	378	331	750	445	604	768	841
Net income to minority interests	3	1	1	2	5	2	4	5	4	3
Net income	1,916	2,985	2,145	2,211	1,410	2,144	2,462	3,218	3,794	4,087
EBITDA	3,887	4,128	4,533	4,559
EPS, basic	4.21	6.71	4.93	5.28	3.51	5.38	6.17	8.06	9.54	10.48
EPS, diluted	4.20	6.68	4.91	5.25	3.49	5.34	6.14	8.02	9.50	10.45
Shares, basic (weighted)	455	445	434	419	402	399	399	399	398	390
Shares, diluted (weighted)	457	447	437	421	404	402	401	401	399	391
Dividend per share	2.28	2.40	2.64	2.84	2.92	3.04	3.24	3.44	3.76	4.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	543	561	283	370	438	297	294	488	555	622
Short-term investments	203	534	157	221	664	271	261	2,121	1,525	181
Receivables	3,560	3,943	3,858	3,437	2,904	3,297	4,076	4,475	4,619	5,387
Inventory	2,346	2,620	2,785	2,805	2,109	2,969	3,430	3,739	4,227	4,721
Other current assets	381	679	507	518	576	677	685	851	874	1,444
Total current assets	7,033	8,337	7,590	8,728	9,178	7,511	8,746	11,675	11,801	12,355
Property, plant and equipment	3,443	3,502	3,467	3,496	2,964	3,064	3,146	3,530	3,729	4,316
Lease right-of-use assets			0	436	428	442	570	648	806	768
Goodwill	13,201	13,568	13,328	13,456	12,903	14,751	14,796	14,977	14,713	15,769
Intangible assets	5,514	5,265	4,846	4,638	4,175	5,855	5,485	5,091	4,658	5,054
Other non-current assets	960	1,698	1,568	1,679	1,750	2,012	1,940	2,052	2,066	2,281
Total assets	30,476	32,623	31,092	32,805	31,824	34,027	35,014	38,432	38,381	41,251
Accounts payable	1,718	2,166	2,130	2,114	1,987	2,797	3,072	3,365	3,678	4,168
Accrued liabilities	379	453	457	449	351	501	467	676	670	644
Deferred revenue					230	395	489	610	602	899
Short-term debt	1,552	578	339	248	1,047	1,735	10	1,017	674	1,136
Total current liabilities	5,485	5,075	5,154	5,132	5,881	7,212	6,360	7,747	7,857	9,370
Long-term debt	6,711	7,167	6,768	7,819	7,010	6,831	8,321	8,244	8,478	8,758
Lease liabilities			0	331	326	337	459	533	669	637
Other non-current liabilities	934	965	1,054	1,204	1,439	1,502	1,444	1,489	1,667	1,889
Total liabilities	15,478	15,333	14,950	16,672	16,851	17,576	17,939	19,363	19,850	21,782
Total debt	8,263	7,745	7,107	8,067	8,057	8,566	8,331	9,261	9,152	9,894
Paid-in capital	11,845	11,987	12,090	12,200	12,329	12,449	12,512	12,634	12,731	12,837
Retained earnings	7,555	8,669	8,161	8,170	6,794	7,594	8,468	10,305	10,096	10,702
Other comprehensive income	-4,448	-3,404	-4,145	-4,290	-4,195	-3,633	-3,946	-3,906	-4,342	-4,118
Shareholders' equity	14,954	17,253	16,107	16,082	14,930	16,413	17,038	19,036	18,488	19,425
Minority interests	44	37	35	51	43	38	38	33	43	44
Total equity	14,998	17,290	16,142	16,133	14,973	16,451	17,075	19,069	18,531	19,469
Total liabilities and equity	30,476	32,623	31,092	32,805	31,824	34,027	35,014	38,432	38,381	41,251
Shares outstanding	449	440	424	413	398	399	398	399	393	388

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,919	2,986	2,146	2,213	1,415	2,146	2,465	3,223	3,798	4,090
Depreciation and amortization	929	914	903	884	811	922	954	926	921	1,006
Stock-based compensation	14	11	11	9
Deferred income tax	-105	24	-139	-58	-125	-30	-128	-182	-154	45
Change in receivables	-170	-231	-152	172	219	-271	-743	-341	-215	-420
Change in inventory	34	-202	-242	-60	371	-629	-490	-282	-566	-256
Change in payables	0	388	23	147	76	832	334	256	399	332
Cash from operations	2,570	2,666	2,658	3,451	2,944	2,163	2,533	3,624	4,327	4,472
Capital expenditures	-497	-520	-565	-587	-389	-575	-598	-757	-808	-919
Acquisitions	1	0	0	-1,180	-200	-4,500	-610	0	-50	-1,490
Purchases of investments	0	0	0	-11	-19	-124	-42	-68	-70	-16
Cash from investing	-529	-217	-398	-1,866	397	-1,764	-1,200	-2,575	-271	-1,101
Debt issued	631	1,000	410	1,232	0	1,798	1,995	818	1,084	1,058
Debt repaid	-653	-1,554	-574	-348	-249	-1,013	-2,012	-19	-1,015	-717
Stock issued	74	66	29	66	71	63	28	78	69	39
Share buybacks	-730	-850	-1,271	-1,029	-1,608	-122	-286	0	-2,492	-1,862
Dividends paid	-1,037	-1,068	-1,149	-1,201	-1,175	-1,219	-1,299	-1,379	-1,500	-1,626
Cash from financing	-1,738	-2,442	-2,581	-1,494	-3,258	-535	-1,340	-871	-3,936	-3,173
Exchange rate effect	-28	11	43	-4	-15	-5	4	16	-52	-131
Net change in cash	275	18	-278	87	68	-141	-3	194	67	67
Free cash flow	2,073	2,146	2,093	2,864	2,555	1,588	1,935	2,867	3,519	3,553
Interest paid	266	293	313	279	216	207	250	319	329	351
Income taxes paid	272	288	379	425	391	753	393	727	752	909

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $439.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.9%	Gross profit / revenue.
Pre-tax margin	16.1%	Pre-tax income / revenue.
Net margin	12.7%	Net income / revenue.
FCF margin	13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.5%	Cash from operations / revenue.
Effective tax rate	20.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.8%	Net income / average total assets.
R&D / revenue	2.8%	Research and development expense / revenue.
SG&A / revenue	15.4%	Selling, general and administrative expense / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	18.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	19.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	24.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	1.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.91x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.0%	Total debt / total assets.
Liabilities / assets	63.9%	Total liabilities / total assets.
Net debt	$17.83B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$2.86B	Current assets - current liabilities.
Goodwill and intangibles / assets	58.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$12.59B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	6.39x	Revenue / average property, plant and equipment.
Inventory turnover	3.55x	Cost of revenue / average inventory.
Days inventory	103 days	365 x average inventory / cost of revenue.
Receivables turnover	4.50x	Revenue / average receivables.
Days sales outstanding	81 days	365 x average receivables / revenue.
Days payables	103 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	81 days	Days inventory + days sales outstanding - days payables.
FCF conversion	102.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$77.09	Revenue / diluted weighted shares.
FCF per share	$10.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.71	Cash from operations / diluted weighted shares.
Book value per share	$52.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$32.40	Tangible book value / shares outstanding.
Cash per share	$1.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	43.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	42.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	14.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$170.89B	Share price x shares outstanding.
Enterprise value	$188.71B	Market cap + total debt - cash - short-term investments.
P/E	44.6x	Market cap / net income. Only when net income is positive.
P/S	5.69x	Market cap / revenue.
P/B	8.44x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	43.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	34.5x	Market cap / cash from operations, when positive.
EV/Sales	6.29x	Enterprise value / revenue.
EV/FCF	48.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.30x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Eaton Corp plc's revenue in fiscal 2025?

Eaton Corp plc reported revenue of $27.45B for fiscal 2025, 10.3% higher than the year before.

Was Eaton Corp plc profitable in fiscal 2025?

Yes. Net income was $4.09B, a net margin of 14.9%.

How much free cash flow did Eaton Corp plc generate in fiscal 2025?

Cash from operations of $4.47B minus capital expenditures of $919.0M left free cash flow of $3.55B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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