Eaton Q3 2026 earnings review

Q3 adjusted EPS beat consensus by 4.0%, and the 2026 adjusted EPS guide midpoint rose $0.25.

Eaton · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Eaton Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Eaton (ETN) Q3 2026 earnings review

Q3 adjusted EPS beat consensus by 4.0%, and the 2026 adjusted EPS guide midpoint rose $0.25

  1. 1.Adjusted EPS of $3.68 beat the $3.54 consensus; net sales of $8.95B beat $8.53B
  2. 2.Organic sales grew 19.0%, above the 15.5% top end of the July guidance range
  3. 3.Electrical Global sales rose 58.2%, helped by the Boyd Thermal acquisition
  4. 4.2026 adjusted EPS guidance rose to $13.70–$13.80, above the $13.60 consensus
  5. 5.Shares closed up 7.0% at $391.70 on Nov 3 after the EPS beat and guidance raise
  6. 6.Free cash flow fell 11.8% to $1,034M as capex rose 54.5% to $275M

Note: Adjusted EPS excludes after-tax acquisition and divestiture charges, restructuring and intangible amortization. Consensus is FactSet for Q3 and Investing.com for 2026, before the release.Source: Eaton earnings release, Nov 3, 2026; FactSet via MarketScreener; Investing.com, Nov 3, 2026; CNBC quote, Nov 3, 2026; analysis of company data

2

2 · Executive summary

Net sales beat the FactSet consensus by 4.9% and adjusted EPS by 4.0%, while Aerospace sales missed Zacks by 3.5%

Q3 2026 results vs. consensus

MetricActualConsensusVarianceResult
Net sales (FactSet)$8.95B$8.53B+$0.42B / +4.9%Beat
Adjusted EPS (FactSet)$3.68$3.54+$0.14 / +4.0%Beat
Electrical Americas sales (Zacks)$4.17B$4.00B+$0.17B / +4.3%Beat
Electrical Global sales (Zacks)$2.73B$2.40B+$0.33B / +13.6%Beat
Aerospace sales (Zacks)$1.20B$1.24B-$0.04B / -3.5%Miss
Electrical Global profit (Zacks)$576M$487M+$89M / +18.2%Beat

Share price reaction, Nov 3, 2026

MeasureNov 2 closeNov 3 closeChange
Eaton (NYSE)$366.07$391.70+7.0%

Note: Variance is actual less consensus. FactSet is as of Nov 3 and Zacks as of Oct 29, both before the release; Zacks put Q3 net sales at $8.48B. Prices are CNBC closes, matched by Nasdaq; Investing.com tied the rise to the beat, record backlog and raised guidance.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; FactSet via MarketScreener, Nov 3, 2026; Zacks via Yahoo Finance, Oct 29, 2026; CNBC and Nasdaq quotes, Investing.com, Nov 3, 2026

3

3 · Q3 results vs. consensus

Eaton raised its 2026 adjusted EPS guide midpoint to $13.75, 1.1% above consensus

Guidance vs. consensus

MetricGuidanceConsensusVariancevs. consensus
Q4 2026 adjusted EPS (midpoint)$4.10$4.09+$0.01 / +0.2%In line
2026 adjusted EPS (midpoint)$13.75$13.60+$0.15 / +1.1%Above

Full-year 2026 guidance, Jul 31 vs. Nov 3

MetricJul 31 guidanceNov 3 guidanceMidpoint change
Organic growth11%–13%13%–15%+200 bps
Segment margin24.1%–24.5%24.1%–24.5%Unchanged
Diluted EPS$10.36–$10.56$10.39–$10.49-$0.02
Adjusted EPS$13.40–$13.60$13.70–$13.80+$0.25

Note: Variance is guidance midpoint less consensus. Consensus is Public.com (Q4) and Investing.com (2026), before the release; Benzinga cited Q4 at $4.07.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; Eaton Form 8-K, Jul 31, 2026; Public.com, Investing.com, Benzinga, Nov 3, 2026; analysis of company data

4

4 · Guidance vs. consensus

Net sales rose 28.0% and adjusted EPS rose 19.9%, while net income rose 6.7%

  1. Organic growth ledOrganic sales grew 19.0%; acquisitions added 8% and currency 1%.
  2. Record segment marginSegment margin rose to 25.3% from 25.0% a year earlier.
  3. Deal costs weighed on GAAP profitIntangible amortization rose to $314M from $130M.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Net sales$6,988M$8,947M28.0%
Net income to Eaton$1,010M$1,078M6.7%
Diluted EPS ($)$2.59$2.776.9%
Adjusted EPS ($)$3.07$3.6819.9%
Free cash flow$1,172M$1,034M(11.8%)

Note: Segment margin is total segment operating profit divided by net sales. Adjusted EPS excludes after-tax acquisition and divestiture charges, restructuring and intangible amortization.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

5

5 · Q3 key financials

Electrical Global sales rose 58.2% with Boyd Thermal, and Electrical Americas earned a 29.8% margin

Segment sales, sales YoY, operating profit and operating margin

$M unless noted, Q3 2026 (YoY vs. Q3 2025)

SegmentRevenueRevenue YoYOperating incomeOperating margin
Electrical Americas$4,172M22.3%$1,243M29.8%
Electrical Global$2,727M58.2%$576M21.1%
Aerospace$1,196M10.8%$298M24.9%
Mobility$852M9.9%$146M17.1%
Total segments$8,947M28.0%$2,263M25.3%
Boyd Thermal added 31% to Electrical Global sales growth, and Eaton agreed to buy COL Group, an Italian maker of medium-voltage switchgear.CEO Paulo Ruiz said “record orders grew sequentially, backlog continued to expand.”

Note: Operating margin is segment operating profit divided by segment sales. Segment profit excludes corporate items such as intangible amortization and interest.Source: Eaton earnings release, Nov 3, 2026 (CEO quote); analysis of company data

6

6 · Segment results

Net sales rose $1,959M, and Electrical Global supplied 51.2% of the increase

Electrical Americas added $762M, the second-largest step

Net sales change by segment

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $6,988M$M · Electrical Americas: $762M$M · Electrical Global: $1,003M$M · Aerospace: $117M$M · Mobility: $77M$M · Q3 2026: $8,947MQ3 2025ElectricalAmericasElectricalGlobalAerospaceMobilityQ3 2026$0M$2,500M$5,000M$7,500M$10,000M$6,988M$762M$1,003M$117M$77M$8,947M

Note: Steps are YoY changes in segment sales and sum to the change in net sales. Share of the increase is the Electrical Global change divided by the total change.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

7

7 · Net sales bridge

Electrical Global organic sales grew 27.0%, the fastest of the four segments, against 19.0% for Eaton

Organic sales growth by segment

% YoY, Q3 2026

Organic sales growth · Aerospace: 6.0%Organic sales growth · Mobility: 9.0%Organic sales growth · Eaton: 19.0%Organic sales growth · Electrical Americas: 22.0%Organic sales growth · Electrical Global: 27.0%AerospaceMobilityEatonElectricalAmericasElectricalGlobal6.0%9.0%19.0%22.0%27.0%
Boyd Thermal added a further 31% to Electrical Global sales growth

Note: Organic growth excludes acquisitions and currency, as reported by Eaton.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

8

8 · Organic growth by segment

Net income rose $68M, as higher segment profit was mostly offset by amortization and interest

Net income attributable to Eaton

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,010M$M · Segment profit: $514M$M · Intangibles: -$184M$M · Interest: -$131M$M · Other items: -$131M$M · Q3 2026: $1,078MQ3 2025SegmentprofitIntangiblesInterestOther itemsQ3 2026$0M$500M$1,000M$1,500M$1,800M$1,010M$514M-$184M-$131M-$131M$1,078M
Other intangible assets rose to $12,264M at Sep 30 from $5,054M at Dec 31, 2025

Note: Steps are YoY changes. Intangibles is intangible amortization; other items are restructuring, pension, other expense and income tax.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

9

9 · Net income bridge

Segment margin rose to 25.3% from 25.0%, as Electrical Global margin rose to 21.1% from 19.1%

Operating margin by segment

% of segment sales, Q3 2025 vs. Q3 2026

Electrical Americas · Q3 2025: 30.3%Electrical Americas · Q3 2026: 29.8%Electrical Global · Q3 2025: 19.1%Electrical Global · Q3 2026: 21.1%Aerospace · Q3 2025: 25.9%Aerospace · Q3 2026: 24.9%All segments · Q3 2025: 25.0%All segments · Q3 2026: 25.3%Q3 2025Q3 20260.0%10.0%20.0%30.0%45.0%30.3%29.8%19.1%21.1%25.9%24.9%25.0%25.3%

Electrical AmericasElectrical GlobalAerospaceAll segments

Segment margin beat the 25.0% top end of the July guidance range

Note: Margin is segment operating profit divided by segment sales; all segments is total segment profit divided by net sales.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

10

10 · Segment margins

Free cash flow fell 11.8% to $1,034M as capex rose 54.5% to $275M

Operating cash flow and free cash flow

$M, Q3 2025 vs. Q3 2026

Operating cash flow · Q3 2025: $1,350MOperating cash flow · Q3 2026: $1,310MFree cash flow · Q3 2025: $1,172MFree cash flow · Q3 2026: $1,034MQ3 2025Q3 2026$0M$500M$1,000M$1,600M$1,350M$1,310M$1,172M$1,034M

Operating cash flowFree cash flow

Capital expenditures rose to $275M from $178M, and operating cash flow fell 3.0%

Note: Free cash flow is operating cash flow less capital expenditures for property, plant and equipment, as reported by Eaton.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; Eaton Form 8-K, Nov 4, 2025; analysis of company data

11

11 · Free cash flow and capex

Electrical Global backlog rose 121.0%, versus 33.0% for Electrical Americas and Aerospace

Total backlog growth by segment

% YoY, Sep 30, 2026

Total backlog growth · Aerospace: 33.0%Total backlog growth · Electrical Americas: 33.0%Total backlog growth · Electrical Global: 121.0%AerospaceElectrical AmericasElectrical Global33.0%33.0%121.0%
Electrical Global rolling orders rose 51%; Electrical book-to-bill was 1.2

Note: Backlog growth compares total backlog at Sep 30, 2026 with Sep 30, 2025. Orders are organic, rolling 12-month, YoY.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

12

12 · Orders and backlog

Net debt rose to $19,288M from $9,091M, after Eaton paid $9,550M for Boyd Thermal

Cash, debt and intangible assets

$M, Dec 31, 2025 vs. Sep 30, 2026

$MDec 31, 2025Sep 30, 2026
Cash and short-term investments$803M$818M
Total debt$9,894M$20,106M
Net debt$9,091M$19,288M
Goodwill and other intangible assets$20,823M$32,562M
Eaton expects a cash distribution of about $1,100M from the Mobility deal with Dana and plans uses that include repaying debt

Note: Net debt is total debt less cash and short-term investments. Total debt is short-term debt plus current and long-term debt.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

13

13 · Balance sheet and net debt

Estimates depend on Americas margins, Boyd Thermal growth, Aerospace sales and interest costs

Indicator
What to watch
Implication
Q3 reading
Americas margin
Margin stays below year-ago level
Q4 margin guide at risk
29.8%, down from 30.3%
Global growth
Data center demand slows
Global estimates fall
Sales up 58.2% YoY
Aerospace sales
Sales stay below estimates
Aerospace estimates fall
3.5% below Zacks
Interest cost
Net debt stays high
Interest weighs on GAAP EPS
Net interest of $198M

Note: Americas and Global are the Electrical Americas and Electrical Global segments. Watch points are analytical, not company targets.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: supporting analysis for segments

Segment margins and organic sales growth

SegmentMargin, Q3 2025Margin, Q3 2026Margin, as reportedOrganic sales YoYUltra PCS contribution
Electrical Americas30.3%29.8%n.a.22.0%n.a.
Mobility13.5%17.1%17.2%n.a.n.a.
Aerospacen.a.n.a.n.a.6.0%5%

Note: Margin is segment operating profit divided by segment sales, from rounded figures; Eaton reports Mobility margin from unrounded data. n.a. is not applicable.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

15

15 · Appendix: Segment detail

Appendix: supporting analysis for profit and cash

ClaimEvidenceCalculation
GAAP-to-non-GAAP EPS items grewItems rose to $0.91 a share from $0.48Acquisition charges, restructuring and amortization, after tax
Tax rate edged upEffective tax rate 20.7% to 21.2%Income tax expense divided by income before income taxes
Capex intensity roseCapex 2.5% to 3.1% of net salesCapital expenditures divided by net sales

Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

16

16 · Appendix: Profit and cash flow

Appendix: guidance support

ClaimEvidenceCalculation
Q3 beat the July guidanceAdjusted EPS $3.68 against a $3.46–$3.56 guide; segment margin 25.3% against 24.6%–25.0%July 31 guidance for Q3 2026
Q4 2026 outlookOrganic growth 13%–15%; segment margin 25.4%–25.8%Company outlook, Nov 3
2026 adjusted EPS growthGuide midpoint is 13.9% above 2025 adjusted EPS of $12.07Midpoint divided by 2025 adjusted EPS, less one

Source: Eaton Q3 2026 earnings release, Nov 3, 2026; Eaton Form 8-K, Jul 31, 2026; analysis of company data

17

17 · Appendix: Guidance detail

Appendix: balance sheet and portfolio changes

ClaimEvidenceCalculation
Working capital roseReceivables $5,387M to $7,150M; inventory $4,721M to $5,941MDec 31, 2025 to Sep 30, 2026
Ultra PCS and Boyd Thermal closedPaid $1,530M for Ultra PCS (Jan) and $9,550M for Boyd Thermal (Mar)Net of cash acquired
COL Group agreementPrice of $921M, expected to close in Q1 2027Translated at the Sep 30, 2026 rate
Mobility combines with DanaEaton shareholders expected to own 50.1% of the combined companyReverse Morris Trust; close expected in early 2027

Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

18

18 · Appendix: Net debt and M&A

Appendix: income statement and non-GAAP reconciliation

Income statement detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Cost of products sold$4,313M$5,842M35.5%
Selling and administrative expense$1,105M$1,278M15.7%
Research and development expense$203M$238M17.2%
Income before income taxes$1,275M$1,370M7.5%
Income tax expense$264M$291M10.2%

Non-GAAP reconciliation, $ per diluted share

$ per shareQ3 2025Q3 2026
Diluted EPS$2.59$2.77
Acquisition and divestiture charges$0.11$0.30
Restructuring program charges (income)$0.11($0.01)
Intangible asset amortization$0.26$0.62
Adjusted EPS$3.07$3.68

Note: Per-share items are after tax, as reported by Eaton. Red figures are income rather than charges.Source: Eaton Q3 2026 earnings release, Nov 3, 2026; analysis of company data

19

19 · Appendix: Income statement

Appendix: sources

  • Company: Eaton Q3 2026 earnings release, Nov 3, 2026 — https://www.businesswire.com/news/home/20261102754211/en/Eaton-Reports-Record-Third-Quarter-2026-Results-with-Strong-Organic-Growth-Accelerating-Record-Orders-and-Backlog-Raises-Organic-Growth-Guidance
  • Company (July guidance): Eaton Form 8-K, Jul 31, 2026 — https://www.sec.gov/Archives/edgar/data/1551182/000155118226000027/etn06302026exhibit99.htm
  • Company (Q3 2025 cash flow): Eaton Form 8-K, Nov 4, 2025 — https://www.sec.gov/Archives/edgar/data/1551182/000155118225000033/etn09302025exhibit99.htm
  • Consensus (Q3): FactSet via MarketScreener, Nov 3 — https://se.marketscreener.com/nyheter/eatons-resultat-battre-an-vantat-ce785fd9d08bf220; Zacks via Yahoo Finance, Oct 29 — https://finance.yahoo.com/markets/stocks/articles/ahead-eaton-etn-q3-earnings-121505478.html
  • Consensus (Q4 and 2026): Public.com — https://public.com/stocks/etn/earnings; Investing.com — https://www.investing.com/news/earnings/eaton-earnings-beat-by-014-revenue-topped-estimates-4994492; Benzinga — https://www.benzinga.com/news/26/11/62811419/eaton-corp-sees-q4-adj-eps-4-05-4-15-vs.-4-07-est; Tenet Investing — https://tenetinvesting.com/stock/ETN/analyst
  • Share price: CNBC quote, Nov 3 close — https://www.cnbc.com/quotes/ETN; Nasdaq historical data — https://www.nasdaq.com/market-activity/stocks/etn/historical; reason: Investing.com, Nov 3 — https://www.investing.com/news/stock-market-news/why-is-eaton-stock-surging-today-93CH-4995966

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Eaton's Q3 2026 earnings release of November 3, 2026 and earlier Form 8-K filings. Consensus estimates (FactSet, Zacks, Public.com, Investing.com, Benzinga, Tenet) and share prices (CNBC, Nasdaq) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted earnings, adjusted EPS and free cash flow follow Eaton's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. Eaton's earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Eaton Corporation plc and does not represent Eaton's views. Company and product names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 3, 2026. It will not be updated for later events, and views may change without notice.

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21

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