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ETN 10-Q filed 2026-05-05 | Key takeaways
ETN filed its 10-Q; the most relevant disclosure change is added Segment reorganization: During Q1 2026, Eaton re-segmented its business creating a new Mobility segment that combines the legacy Vehicle and eMobility segments. Historical segment information has been recast to reflect this change. Goodwill from legacy Vehicle ($291M) and eMobility (. Customer concentration: Six large customers (electrical products and systems) represented 22% of net_sales; Three large OEMs (aerospace) represented 20% of net_sales.
Eaton Reports Record Q1 2026 Results, Raises Full-Year Organic Growth Guidance to 10% Midpoint from 8%
Eaton reported Q1 2026 adjusted EPS of $2.81, beating expectations. Total sales of $7.5 billion were up 17% year-over-year with organic growth of 10%, above the high end of the prior 5-7% guidance range. The company raised its full-year 2026 organic growth guidance to 9-11% (midpoint 10%) from the prior 5-7% range midpoint of 8%, and narrowed segment margin guidance to 24.1-24.5%. GAAP EPS was $2.22 and free cash flow was $314 million, up 245% year-over-year.
Eaton Corporation and its subsidiary Eaton Capital Unlimited Company closed a $9.0 billion notes offering comprising six U.S. dollar-denominated senior unsecured tranches totaling $8.5 billion (3.850% 2028, 3.950% 2029, 4.200% 2031, 4.500% 2033, 4.800% 2036, and 5.450% 2056) and two euro-denominated tranches totaling €1.2 billion (3.550% 2034 and 4.000% 2038), with aggregate net proceeds of approximately $8.4 billion and €1.2 billion, respectively. The company stated it intends to use the net proceeds for genera...
Eaton Establishes 2026 Executive Incentive Compensation Criteria and Target Opportunities
Eaton Corporation plc's Compensation and Organization Committee established corporate performance criteria for the 2026 Executive Incentive Compensation Program, selecting Adjusted Earnings Before Interest, Taxes, Amortization, and Depreciation (Adjusted EBITDA), Adjusted Operating Cash Flow, and Organic Growth as the performance metrics. The 2026 Program covers executive officers and approximately 3,500 other salaried employees, with target incentive opportunities set at 150% of base pay for Chief Executive Off...
Eaton appoints David B. Foster as Executive Vice President and Chief Financial Officer
Eaton Corporation plc announced the appointment of David B. Foster as Executive Vice President and Chief Financial Officer, effective March 2, 2026. Foster succeeds Olivier Leonetti, who informed the company of his intention to leave on April 1, 2026 but will cease serving as CFO on the Effective Date and depart on March 13, 2026. Foster's compensation includes an annual base salary of $815,000, a target short-term incentive opportunity equal to 100% of base salary, and equity grants totaling $3.5 million (compr...
ETN filed its 10-K; the most relevant disclosure change is expanded Leadership transitions: Paulo Ruiz became CEO on June 1, 2025, succeeding Craig Arnold. New executives joined including CFO Olivier Leonetti (February 2024), CHRO Kaled Awada (October 2025), and CLO Lucy Clark Dougherty (April 2025). Customer concentration: Six large customers (electrical) represented 22% of net_sales; Eight large customers (electrical) represented 26% of net_sales.
Eaton enters $8B Term Credit Agreement and increases Revolving Credit Facility to $4B for Boyd Thermal acquisition
Eaton Corporation entered into an $8 billion senior unsecured delayed draw term loan facility and increased its revolving credit facility from $3 billion to $4 billion, both dated February 6, 2026. The term credit agreement will fund the previously announced acquisition of the Boyd Thermal business from Boyd Corporation. The revolving credit facility increase was executed under Section 2.21 of the existing agreement, with the aggregate commitments expanded by $1 billion. Both facilities are administered by Citib...
Eaton announces planned CFO transition; Leonetti to depart April 1, 2026
Eaton Corporation plc announced that Executive Vice President and Chief Financial Officer Olivier Leonetti will leave the company on April 1, 2026, as part of a planned transition. Leonetti joined Eaton in January 2024, having previously served nearly five years as a member of the company's board. The company stated it is conducting a thorough internal and external search with a third-party executive search firm to identify a successor, and re-affirmed that full-year 2025 guidance remains unchanged from the Q3 e...
ETN filed its 10-Q; the most relevant disclosure change is expanded Acquisitions of businesses: Completed Fibrebond ($1.45B, April 2025) and Resilient Power Systems ($86M, August 2025); signed agreement for Boyd Thermal ($9.5B, expected Q2 2026). Resilient includes up to $45M contingent consideration and $50M employee incentives. Fibrebond measurement pe.
ETN filed its 10-Q; the most relevant disclosure change is expanded Business combinations: Fibrebond acquisition closed April 1, 2025 for $1.45 billion; preliminary purchase price allocation shows $572M goodwill and $709M intangible assets including customer relationships, backlog, trademarks and technology; $240M employee transaction and retention .
Eaton closes $500M 4.450% senior notes due 2030 and €500M 3.625% senior notes due 2035
Eaton Capital Unlimited Company, a subsidiary of Eaton Corporation plc, closed its sale of €500 million 3.625% senior notes due 2035 and $500 million 4.450% senior notes due 2030 on May 9, 2025. Net proceeds were approximately €493.6 million and $494.3 million, respectively, after deducting underwriting discounts and expenses. The notes are guaranteed by Eaton Corporation plc and certain subsidiaries and are unsecured and unsubordinated obligations ranking equally with other unsecured and unsubordinated indebted...
ETN filed its 10-Q; the most relevant disclosure change is expanded Acquisitions of Businesses: Post-quarter acquisition of Fibrebond Corporation on April 1, 2025 for $1.45 billion, net of cash acquired, funded partly through $800 million commercial paper; Fibrebond is a U.S. designer and builder of pre-integrated modular power enclosures for data center. Customer concentration: Eight large customers of electrical products and electrical systems represented 26% of net_sales; Four large original equipment manufac...
ETN Q1 2025 Adjusted EPS $2.72, Beat Guidance by +$0.02
ETN beat prior Q1 2025 Adjusted EPS guidance by +$0.02. Organic Growth was raised by +0.5 pts to 7.5-9.5% (midpoint 8.5%). GAAP EPS of $2.45 exceeded the guided midpoint of $2.35 by $0.10. Organic sales growth of 9% surpassed the high end of prior guidance of 7.5%, and segment margins of 23.9% met the guided midpoint. For the full year, the company raised organic growth guidance to 7.5-9.5% from the prior range of 7-9%, while maintaining adjusted EPS guidance of $11.80-$12.20 and GAAP EPS guidance of $10.29-$10.69.
ETN filed its 10-K; the most relevant disclosure change is reduced Customer concentration: In 2024, 28% of Vehicle segment sales were made to two large OEMs, down from 33% to three OEMs in 2023. The eMobility segment concentration increased from 14% to three OEMs in 2023 to 27% to three OEMs in 2024. Customer concentration: Eight large customers (electrical products and electrical systems) represented 26% of net_sales; Four large OEMs (aircraft) represented 23% of net_sales.
Eaton Establishes 2025 Executive Compensation Criteria and Long-Term Incentive Awards
Eaton Corporation's Compensation and Organization Committee established 2025 corporate performance criteria for its Executive Incentive Compensation Plan, using Adjusted Earnings Per Share and Adjusted Operating Cash Flow as the primary quantitative metrics. The Committee also approved performance criteria for the 2025-2027 Executive Strategic Incentive Program award period, with Named Executive Officers receiving PSU grants ranging from 2,480 to 19,375 units based on relative total shareholder return versus 16...
Eaton Reports Record Q4 and Full-Year 2024 Results; Issues FY2025 Guidance
Eaton Corporation reported Q4 2024 GAAP EPS of $2.45 (adjusted EPS of $2.83) and full-year 2024 GAAP EPS of $9.50 (adjusted EPS of $10.80), both records. Q4 segment margins of 24.7% exceeded the high end of prior guidance, and FY2025 guidance projects GAAP EPS of $10.60-$11.00 and adjusted EPS of $11.80-$12.20, representing 14% and 11% growth at the midpoint, respectively. For Q1 2025, GAAP EPS guidance is $2.30-$2.40 (midpoint $2.35).