Eaton Corporation plc (ETN) Income Statement
ETN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsETN revenue and net income
Where ETN's revenue goes
2025Each bar shows an amount and its share of revenue. ETN kept 14.9% of revenue as net income.
ETN profit margins
ETN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.3% | +9.8% | +9.0% | +2.8% |
| Gross profit | +8.6% | +14.3% | +13.6% | +4.7% |
| Operating income | +7.5% | +17.3% | +17.6% | +7.6% |
| Net income | +7.8% | +18.4% | +23.7% | +7.5% |
| EPS (diluted) | +11.8% | +16.8% | +23.2% | +10.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ETN quarterly EPS vs estimates
Eaton beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $3.53).
ETN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.45B | $24.88B | $23.20B | $20.75B | $19.63B | $17.86B | $21.39B | $21.61B | $20.40B | $19.75B |
| Cost of revenue | $17.13B | $15.38B | $14.58B | $13.85B | $13.31B | $12.41B | $14.34B | $14.49B | $13.74B | $13.40B |
| Gross profit | $10.32B | $9.50B | $23.20B | $6.91B | $6.32B | $5.45B | $7.05B | $7.11B | $6.67B | $6.35B |
| Research & development | $796.0M | $794.0M | $754.0M | $665.0M | $616.0M | $551.0M | $606.0M | $584.0M | $584.0M | $589.0M |
| Sales, general & admin | $4.31B | $4.08B | $3.63B | $3.23B | $3.26B | $3.08B | $3.58B | $3.55B | $3.56B | $3.50B |
| Total operating expenses | $5.08B | $4.63B | $4.55B | $3.67B | $3.44B | $3.12B | $3.99B | $4.13B | $3.99B | $3.88B |
| Operating income | $5.23B | $4.87B | $3.82B | $3.24B | $2.87B | $2.32B | $3.06B | $2.98B | $2.67B | $2.47B |
| Interest income | $241.0M | $130.0M | $151.0M | $144.0M | $144.0M | $149.0M | $236.0M | $270.0M | $244.0M | $226.0M |
| Interest expense | $264.0M | $144.0M | $151.0M | $88.0M | $144.0M | $221.0M | $236.0M | $271.0M | $246.0M | $233.0M |
| Income before taxes | $4.93B | $4.57B | $3.83B | $2.91B | $2.90B | $1.75B | $2.59B | $2.42B | $3.37B | $2.13B |
| Income taxes | $840.0M | $768.0M | $604.0M | $445.0M | $750.0M | $331.0M | $378.0M | $278.0M | $382.0M | $202.0M |
| Net income | $4.09B | $3.79B | $3.22B | $2.46B | $2.14B | $1.41B | $2.21B | $2.15B | $2.98B | $1.92B |
| EBITDA | $6.20B | $5.63B | $3.82B | $3.95B | $3.96B | $2.78B | $3.71B | $3.60B | $4.53B | $3.28B |
| EPS (diluted) | $12.07 | $10.80 | $9.11 | $7.57 | $6.63 | $4.25 | $5.68 | $5.38 | $4.65 | $4.22 |
| Gross margin | 37.6% | 38.2% | 100.0% | 33.3% | 32.2% | 30.5% | 33.0% | 32.9% | 32.7% | 32.1% |
| Operating margin | 19.1% | 19.6% | 16.5% | 15.6% | 14.6% | 13.0% | 14.3% | 13.8% | 13.1% | 12.5% |
| Net margin | 14.9% | 15.3% | 13.9% | 11.9% | 10.9% | 7.9% | 10.3% | 9.9% | 14.6% | 9.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.53B | $7.45B | $7.05B | $6.99B | $7.03B | $6.38B | $6.24B | $6.34B | $6.35B | $5.94B | $5.97B | $5.88B |
| Cost of revenue | $5.68B | $4.80B | $4.46B | $4.31B | $4.43B | $3.93B | $3.81B | $3.90B | $3.94B | $3.73B | $3.73B | $3.68B |
| Gross profit | $2.85B | $2.65B | $2.60B | $2.67B | $2.60B | $2.45B | $2.43B | $2.44B | $2.41B | $2.22B | $2.23B | $2.20B |
| Research & development | $227.0M | $211.0M | $203.0M | $203.0M | $192.0M | $198.0M | $201.0M | $207.0M | $196.0M | $189.0M | $201.0M | $187.0M |
| Sales, general & admin | $1.24B | $1.27B | $1.01B | $1.10B | $1.15B | $1.05B | $1.00B | $1.03B | $1.02B | $1.02B | $956.0M | $949.0M |
| Total operating expenses | $1.46B | $1.48B | $1.21B | $1.31B | $1.34B | $1.22B | $1.12B | $1.19B | $1.19B | $1.13B | $1.16B | $1.11B |
| Operating income | $1.39B | $1.17B | $1.38B | $1.37B | $1.26B | $1.23B | $1.31B | $1.26B | $1.22B | $1.08B | $1.08B | $1.08B |
| Interest income | — | — | $70.0M | $67.0M | $71.0M | $33.0M | $42.0M | $29.0M | — | — | — | $33.0M |
| Interest expense | $201.0M | $106.0M | $70.0M | $67.0M | $71.0M | $56.0M | $46.0M | $33.0M | $6.0M | $57.0M | $59.0M | $52.0M |
| Income before taxes | $1.14B | $1.11B | $1.30B | $1.27B | $1.19B | $1.18B | $1.17B | $1.20B | $1.20B | $1.00B | $1.09B | $1.08B |
| Income taxes | $321.0M | $240.0M | $170.0M | $264.0M | $203.0M | $212.0M | $195.0M | $193.0M | $201.0M | $179.0M | $141.0M | $187.0M |
| Net income | $821.0M | $866.0M | $1.13B | $1.01B | $982.0M | $964.0M | $971.0M | $1.01B | $993.0M | $821.0M | $945.0M | $891.0M |
| EBITDA | $1.74B | $1.49B | $1.63B | $1.60B | $1.52B | $1.47B | $1.45B | $1.47B | $1.43B | $1.28B | $1.38B | $1.36B |
| EPS (diluted) | $3.15 | $2.81 | $3.33 | $3.07 | $2.95 | $2.72 | $2.83 | $2.84 | $2.73 | $2.40 | $2.55 | $2.47 |
| Gross margin | 33.5% | 35.6% | 36.8% | 38.3% | 37.0% | 38.4% | 38.9% | 38.5% | 37.9% | 37.3% | 37.5% | 37.3% |
| Operating margin | 16.3% | 15.7% | 19.5% | 19.6% | 17.9% | 19.3% | 20.9% | 19.8% | 19.2% | 18.2% | 18.1% | 18.5% |
| Net margin | 9.6% | 11.6% | 16.1% | 14.5% | 14.0% | 15.1% | 15.6% | 15.9% | 15.6% | 13.8% | 15.8% | 15.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ETN's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ETN financial results
In fiscal year 2025 (ended December 31, 2025), Eaton reported revenue of $27.4 billion, up 10.3% from the year before. It had net income of $4.1 billion (up 7.8%), a net profit margin of 14.9%. Diluted earnings per share came to $12.07. Over five years revenue grew at an average rate of 9.0% a year.
See the ETN stock overview for the latest quote and news, or the ETN chart for price history and technical indicators.
ETN income statement FAQ
What is Eaton's annual revenue?
Eaton reported total revenue of $27.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.3% from $24.9 billion the previous year.
Is Eaton profitable?
Yes. Eaton reported net income of $4.1 billion in fiscal 2025, a net profit margin of 14.9%; its operating margin was 19.1%.
What is Eaton's gross margin?
Eaton's gross margin was 37.6% in fiscal 2025: for every $100 of revenue, Eaton kept $38 after the direct cost of its products and services.
How much does Eaton spend on research and development?
Eaton spent $796.0 million on research and development in fiscal 2025, 2.9% of revenue.
How fast is Eaton growing?
Revenue grew 9.0% a year on average over the last five fiscal years, from $17.9 billion to $27.4 billion.
What are Eaton's earnings per share?
Eaton earned $12.07 per diluted share in fiscal 2025, compared with $10.80 a year earlier.
When will Eaton report its next earnings?
Eaton is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Eaton's fiscal year end?
Eaton's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.