Eaton Corporation PLC

Eaton Corp plc sells equipment that helps customers manage electrical power safely and efficiently, from the utility grid to homes, commercial buildings, factories and data centers. It also makes technology for aircraft and for cars, trucks and off-road vehicles. Eaton was founded in 1911. It reported revenue of $27.4 billion for the fiscal year ended December 31, 2025, from customers in 180 countries.

Electrical products are the core of the business. The Electrical Americas segment (a reporting division) produced 48.4% of 2025 revenue and Electrical Global produced 24.8%. Both sell into data center, utility, industrial, commercial and residential markets. Aerospace, which serves commercial, military and space customers, added 15.5%. Vehicle contributed 9.1% and the smaller eMobility segment 2.2%. By region, the United States accounted for 62.4% of sales, Europe 18.5% and Asia Pacific 9.9%.

Eaton depends on some very large customers. In 2025, six customers accounted for 22% of the electrical segments' sales, and three aircraft makers accounted for 20% of aerospace sales. The company is expanding in data centers. It acquired Fibrebond and Resilient Power Systems in 2025 and agreed to acquire Boyd Thermal, which makes liquid cooling technology. On January 26, 2026, Eaton announced plans to spin off its Vehicle and eMobility segments as a separate public company. That would leave a business centered on electrical products and aerospace.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $8.53B, up 21.4% from a year earlier, and net income was $821.0M (-16.4%).
• For fiscal 2025, revenue was $27.45B (+10.3% year over year; +9.0% a year from FY2020 to FY2025) with a 14.9% net margin.

• Over FY2021–FY2025: $4.76B in buybacks and $7.02B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +7.3% a year over 5 years (FY2020–FY2025).
• Dividends took 39.8% of earnings and 45.8% of free cash flow in the latest fiscal year.
• Shares outstanding changed -2.6% from Sep 30, 2021 to Jun 30, 2026.

Rank among 1514 US companies

Market value at each year end

Eaton Corporation’s market value went from $30.30B at the end of 2016 to $142.18B on Nov 2, 2026, about 4.7 times as much; since the end of 2025 it is up 15%.

Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 4 open-market purchases ($482K) and 7 sales ($18.4M).

Large shareholders (13G filings)

ETFs with the most weight in ETN

1. Mobility spin-off could stumble. Eaton plans to split its Vehicle and eMobility businesses into a new public company. The spin-off could be delayed or not happen, cost more than expected, or fail to deliver its intended benefits.
2. Acquisitions may not pay off. Eaton acquired Fibrebond, Resilient Power Systems and Ultra PCS, and agreed to acquire Boyd Thermal. Deals can add debt, distract managers, miss expected savings, and bring hidden liabilities that surface later.
3. Data center and utility demand could cool. Eaton is benefiting from strong demand from data centers, utilities and aircraft makers. Its annual report warns that swings in these markets, or disruptive new technology, could hurt sales, profits and the share price.
4. Costly or scarce materials and parts. Eaton relies on copper, steel, aluminum, electronic components and more, some from single suppliers. Shortages or price spikes could delay deliveries or squeeze profits if higher costs can't be passed to customers.
5. Tariffs and trade restrictions. Eaton runs factories worldwide and serves customers in 180 countries. New tariffs, sanctions or trade restrictions could raise the cost of materials and parts, limit access to suppliers, or hurt results.
6. Extra rules as a government supplier. As a supplier to the U.S. government, Eaton faces special rules, audits and investigations. Failing to comply could bring penalties, lost contracts or damage to its reputation.

• Oct 16, 2026 Other company announcement
• Oct 5, 2026 Executive or board change
• Jul 31, 2026 Quarterly results released
• Jun 11, 2026 Investor presentation or announcement; Other company announcement
• May 5, 2026 Quarterly results released
• Apr 23, 2026 Shareholder vote results
• Mar 10, 2026 Major agreement ended; New debt or financial obligation
• Mar 2, 2026 Executive or board change
• Feb 6, 2026 Major agreement signed; New debt or financial obligation
• Feb 3, 2026 Quarterly results released

Eaton has raised its regular dividend at least 9 years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $2.92 in 2020 to $4.16 in 2025, about 7.3% a year. The 2025 dividend used 39.8% of earnings and 45.8% of free cash flow (cash left after operating costs and equipment spending). The yield was a modest 1.13% as of October 27, 2026. Over fiscal 2021–2025, Eaton paid $7.0 billion in dividends and spent $4.8 billion repurchasing its shares. The share count fell 2.6% between September 2021 and June 2026.

The shares have fallen hard in downturns. They dropped 68.6% in the 2008 financial crisis and took until November 2010 to recover. They fell 44.5% in the 2020 COVID crash, recovering by August 2020, and 26.3% in 2022, recovering by February 2023. A single stock carries more risk than a diversified fund that spreads money across many companies.