Eaton Corp (ETN) Company Report

Dividend increased 6% to $1.10 per share (from $1.04); annualized to $4.40, implying a ~1.2% yield; payable March 27, record date March 10
Market capitalization of about $143.6 billion, underscoring Eaton’s scale in industrials
Revenue of $27.45 billion with a three-year growth rate of 8.4%, gross margin ~37.59%, operating margin ~18.98%
Business mix: electrical (~70% of revenue) and industrial (~30%); Irish domicile with over half revenue generated in the U.S.

1 day ago

Morningstar

Eaton outlines data center power and cooling strategy at Barclays conference

ETN

New Projects/Investments

M&A

Eaton projects a 100 GW U.S. data center build-out by 2028, with 17 GW planned for 2026 (up from ~11 GW in 2025) and a backlog of 165–200 GW through 2030+.
The company is driving a shift to 800 V DC rack power—estimating a 5 % efficiency gain by eliminating AC–DC conversions—and is piloting medium-voltage solid-state transformers in APAC, targeting mass adoption in 2–3 years.
Backed by a decade of power-electronics R&D and the acquisition of Resilient Power, Eaton offers end-to-end DC conversion and advanced circuit protection, addressing higher rack densities and safety in DC environments.
Emphasizing a systems-level approach, Eaton integrates power and thermal solutions—bolstered by Boyd Thermal’s precision cold-plate modeling and manufacturing—to support evolving liquid-cooling needs in high-density servers.

Feb 17, 2026, 6:15 PM

Transcript

Eaton outlines data center power and cooling roadmap

ETN

M&A

Eaton forecasts 100 GW US data center build-out by 2028, with 35–40 GW installed, 17 GW planned in 2026 and a 165–200 GW backlog through 2030.
A shift to 800 V DC from utility to rack can yield a 5 % efficiency gain, unlocking 5 GW on 100 GW infrastructure and driving DC power adoption.
The company expects mass adoption of medium-voltage solid-state transformers within 2–3 years, building on a decade of power-electronics R&D and current Asia-Pacific pilots.
Acquisitions of Resilient Power and Boyd Thermal enhance Eaton’s circuit protection and liquid cooling offerings, leveraging aerospace-grade reliability and advanced modelling capabilities.

Feb 17, 2026, 6:15 PM

Transcript

Eaton outlines data center power innovations and growth outlook

ETN

New Projects/Investments

M&A

Eaton projects a 100 GW US data center build-out by 2028, with 17 GW planned for 2026 and a backlog of 165–200 GW through 2030
Strong push toward 800 V DC power distribution promises up to 5% efficiency gains by eliminating AC–DC conversions from utility feed to rack
A decade of investments in power electronics and medium-voltage solid-state transformers has led to current pilots and targets mass adoption in 2–3 years
Emphasizes an integrated systems approach—combining power conversion, circuit protection, and cooling—bolstered by the acquisition of Boyd Thermal for advanced cold-plate design and simulation capabilities

Feb 17, 2026, 6:15 PM

Transcript

Eaton announces credit facilities to fund Boyd Thermal acquisition

ETN

M&A

Debt Issuance

Eaton to acquire the Boyd Thermal business of Boyd Corporation under a merger agreement dated November 2, 2025.
Entered a $8.0 billion senior unsecured delayed-draw term loan facility via a Term Credit Agreement dated February 6, 2026 to finance the acquisition.
Increased its revolving credit commitments from $3.0 billion to $4.0 billion through a Commitment Increase Agreement to cover the acquisition consideration and related fees.
Facility is syndicated and jointly arranged by Citibank, Barclays Bank PLC, BofA Securities, JPMorgan Chase and Morgan Stanley Senior Funding.

Feb 6, 2026, 9:52 PM

8-K

Eaton reports Q4 2025 results

ETN

Earnings

Guidance Update

M&A

Record Q4 sales of $7,055 M (up 13% YoY) and adjusted EPS of $3.33 (up 18% YoY) driven by broad-based segment growth.
Electrical Americas data-center orders surged ~200% and revenue rose ~40% versus Q4 2024; combined book-to-bill was 1.1 and backlog grew 31% in Electrical Americas.
Completed 2025 acquisitions (Fibrebond, Resilient Power Systems, Ultra PCS) and announced the spin-off of the Mobility business—expected by end of Q1 2027 and tax-free to shareholders—to streamline operations and unlock value.
2026 guidance calls for adjusted EPS of $13.00–$13.50, organic growth of 7–9%, and an operating margin of 24.6–25.0%.

Feb 3, 2026, 4:00 PM

Presentation

Eaton reports Q4 2025 results

ETN

Earnings

Guidance Update

M&A

$7.1 billion Q4 revenue; organic growth +9%; adjusted EPS of $3.33, up 18% y/y; segment margin at record 24.9%
Electrical Americas trailing-12-month orders +16%; backlog +31% to $13.2 billion; data center orders +200% and sales +40% y/y
2026 guidance: organic growth 7–9%; segment margins 24.6–25%; adjusted EPS $13–13.50 (+10%); cash flow $3.9–4.3 billion; Q1 organic growth 5–7%, margins 22.2–22.6%
$13 billion in 2025 strategic investments via Fibrebond, Resilient Power Systems, Ultra PCS and Boyd Thermal; announced spin-off of mobility business (~$3 billion revenue)

Feb 3, 2026, 4:00 PM

Transcript

Eaton reports Q4 2025 results

ETN

Earnings

Guidance Update

M&A

Generated $7.1 billion in Q4 revenue (organic growth of 9%), with adjusted EPS of $3.33 (+18%) and a segment margin of 24.9% (+20 bps).
Maintained robust demand: Electrical Americas backlog rose 31% yoy to $13.2 billion and total electrical backlog reached $19.6 billion (+29%).
Provided 2026 guidance for 7%–9% organic revenue growth (Electrical Americas at 10% midpoint), segment margins of 24.6%–25%, adjusted EPS of $13.00–$13.50 (up 10%), and a flat share count.
Announced $13 billion of 2025 strategic investments, including acquisitions of Fibrebond, Resilient Power Systems, Ultra PCS, Boyd Thermal, and the intent to spin off the mobility business.
Investing $1.5 billion in Electrical Americas capacity expansion; related ramp-up costs pressured margins in Q4/Q1 but remain on plan for multi-phase project completions and long-term growth.

Feb 3, 2026, 4:00 PM

Transcript

Eaton reports Q4 2025 results

ETN

Earnings

Guidance Update

M&A

Delivered $7.1 B in Q4 revenue with 9% organic growth, $3.33 adjusted EPS (+18%), and a record segment margin of 24.9%.
Electrical Americas orders up 16% on a trailing-12-month basis with backlog of $13.2 B (+31% y/y) and 29.8% operating margin; Aerospace posted 12% organic sales growth, 24.1% margin, and 16% backlog growth.
2026 guidance: 7–9% organic growth, segment margins of 24.6–25.0%, adj. EPS $13.00–13.50, free cash flow $3.9–4.3 B, and no share buybacks.
Announced $13 B of 2025 investments including Fibrebond, Resilient Power Systems, Ultra PCS, Boyd Thermal, and intent to spin off the Mobility business into a standalone public company.

Feb 3, 2026, 4:00 PM

Transcript

Eaton reports Q4 2025 results

ETN

Earnings

M&A

Guidance Update

Fourth quarter record net sales of $7.1 billion, up 13% year-over-year, and EPS of $2.91, up 19%, with adjusted EPS of $3.33, up 18%.
Q4 operating cash flow of $2.0 billion (+23% YoY) and free cash flow of $1.6 billion (+17% YoY).
Orders and backlog growth: twelve-month rolling average order acceleration of +16% in Electrical Americas and +11% in Aerospace; backlog up 29% in Electrical and 16% in Aerospace.
Corporate actions: agreed to acquire Boyd Thermal for $9.5 billion, acquired Ultra PCS for $1.55 billion, and announced a spin-off of its Mobility business by end of Q1 2027.
FY2026 guidance: EPS of $11.57–$12.07 (+13% at midpoint) and adjusted EPS of $13.00–$13.50 (+10% at midpoint).