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Eaton (ETN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Eaton (ETN) Q3 2026 earnings results →

Q3 2026 Revenue up 28% year over year to $8.9B · 12¢ of every $1 of revenue kept as net profit · operating margin 15.3%

Eaton made $8.9B in Q3 2026 (+28% Y/Y): Electrical Americas $4.2B, Electrical Global $2.7B, Aerospace $1.2B. Operating margin 15.3%, net earnings $1.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$8.9B
Year over year+28%
Operating margin15.3%
Net earnings$1.1B
Operating cash flow$1.3B

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Eaton Q3 2026 revenue breakdown: Sankey diagram of revenue (Electrical Americas, Electrical Global, Aerospace, Mobility), costs, profit and cash flow
Eaton Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $8.9B in Q3 2026, up 28% year over year and up 5% from the previous quarter. Electrical Americas was the largest line at 47% of revenue. Electrical Global added $1.0B year over year (up 58%), 51% of the total change.

Operating profit was $1.4B, a 15.3% margin (down 2.9 points year over year). Of the extra revenue versus Q3 2025, 5% reached operating profit, below the 18% margin then. Total costs grew 33% against revenue growth of 28%. The fastest-growing cost line was Other operating costs (+138%). Net earnings were $1.1B, up 7% year over year. The effective tax rate was 21.2%.

Operating cash flow was $1.3B (down 3% year over year), 121% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization. Working capital and other items used $0.23B. After capital expenditures for property, plant and equipment ($0.28B), free cash flow as the company reports it was $1.0B.

Quarterly history

Eaton revenue by quarterEaton revenue by quarter$6.4BQ1 2025$7.0BQ2 2025$7.0BQ3 2025$7.1BQ4 2025$7.5BQ1 2026$8.5BQ2 2026$8.9BQ3 2026
Eaton net earnings by quarterEaton net earnings by quarter$965MQ1 2025$982MQ2 2025$1.0BQ3 2025$1.1BQ4 2025$868MQ1 2026$823MQ2 2026$1.1BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$8.9B+28%15.3%$1.1B$1.3B
Q2 202610-QJul 31, 2026$8.5B+21%13.4%$823M$1.1B
Q1 202610-QMay 5, 2026$7.5B+17%14.9%$868M$507M
Q4 202510-KFeb 26, 2026$7.1B+13%18.4%$1.1B$2.0B
Q3 202510-QNov 4, 2025$7.0B+10%18.2%$1.0B$1.4B
Q2 202510-QAug 5, 2025$7.0B+11%16.9%$982M$918M
Q1 202510-QMay 2, 2025$6.4B+7%18.5%$965M$238M

Charts

Eaton: revenue growth, year over year and quarter over quarterEaton: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q1 2025+11%+10%Q2 2025+10%-1%Q3 2025+13%+1%Q4 2025+17%+6%Q1 2026+21%+14%Q2 2026+28%+5%Q3 2026
Latest (Q3 2026): Y/Y +28%, Q/Q +5%.
Eaton: where the cash came from (+) and went (−), TTM to Q3 2026Eaton: where the cash came from (+) and went (−), TTM to Q3 2026Acquisitions−$11.1BNet borrowing (+) / repaid (−)$9.6BOperating cash flow$4.9BDividends−$1.7BCapital spending−$1.1BOther investing−$223MCash drawn (+) / kept (−)−$200MBuybacks−$193MAsset & business sales$76.0MOther financing−$71.0MTaxes on employees’ shares−$58.0MShares issued$46.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Eaton: profit against cash, quarter by quarterEaton: profit against cash, quarter by quarterNet incomeOperating cash flow$971M$1.6BQ4 2024$965M$238MQ1 2025$982M$918MQ2 2025$1.0B$1.4BQ3 2025$1.1B$2.0BQ4 2025$868M$507MQ1 2026$823M$1.1BQ2 2026$1.1B$1.3BQ3 2026
Latest (Q3 2026): Net income $1.1B, Operating cash flow $1.3B.
Eaton: diluted shares by fiscal yearEaton: diluted shares by fiscal year404MFY2020402MFY2021401MFY2022401MFY2023399MFY2024391MFY2025
-3.2% since FY2020: buybacks shrank the count.
Eaton: long-term debt falling due (FY2025)Eaton: long-term debt falling due (FY2025)$1.1B2026$706M2027$504M2028$203M2029$1.2B2030
Cash $622M, short-term investments $181M, long-term debt $9.9B at 2025-12-31.
Eaton in its industry: growth against margin (8 companies, SIC 3590)Eaton in its industry: growth against margin (8 companies, SIC 3590)revenue growth, year over year →↑ operating marginmedian +15%median 15%MOG-ACWEPACLIQTQINDNGTFVHUBETN (+28%, 15%)
Misc Industrial & Commercial Machinery & Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Power & coolingPower grid & electrification money flowPower grid & electrification · Grid equipment

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About Eaton

Eaton Corporation plc (Eaton or the Company) is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are capitalizing on the megatrends of the electrification, digitalization, and the reindustrialization of and growth of megaprojects in North America and increased global infrastructure spending, all of which are expanding our end markets and positioning Eaton for growth for years to come. We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets.

In its own words, from its 10-K, filed Feb 26, 2026.

Eaton against its Misc Industrial & Commercial Machinery & Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +15%. Operating margin: 15.3% against the peers' median 15.3%.

CompanyQuarterRevenueY/YOp. margin
ETN EatonQ3 2026$8.9B+28%15.3%
MOG-A MoogQ3 FY26$1.1B+15%15.8%
CW Curtiss WrightQ3 2026$953M+10%19.7%
EPAC Enerpac Tool GroupQ4 FY26$186M+11%18.5%
LIQT Liqtech InternationalQ2 2026$4.4M-12%-53.4%
QIND Quality IndustrialQ2 2026$3.5M-12%3.7%
NGTF NightFood HoldingsQ4 FY26$2.4M+409%n/m
VHUB VenHub GlobalQ2 2026$87K+536%n/m

Source: Eaton 10-Q on SEC EDGAR · CIK 1551182 · Misc Industrial & Commercial Machinery & Equipment

Guidance and outlook

Eaton: what its forward-looking statements are about (10-Q filed 2026-11-03)Eaton: what its forward-looking statements are about (10-Q filed 2026-11-03)Other3Buybacks & dividends2The economy1Capital spending1
7 statements; tone +0.57 (−1 all cautious, +1 all confident); 0 hedged.
Eaton: outlook statements against the filing beforeEaton: outlook statements against the filing beforeNew1Updated1Confident4

More on ETN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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