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Eaton cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.0B in Q3 2026 · $3.8B over twelve months

Operating cash flow$1.3B
Capital spending−$275M
Free cash flow+$1.0B
Cash / net income1.2×
Cash conversion cycle71 days

Analysis

In Q3 2026, Eaton generated $1.3B of operating cash flow and spent $275M on capital projects, leaving free cash flow of $1.0B. That is $139M less than in Q3 2025 ($1.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.9B; the largest uses were acquisitions ($11.1B), dividends ($1.7B), capital spending ($1.1B); besides operations, cash came from net borrowing (+) / repaid (−) ($9.6B), asset & business sales ($76.0M); the cash balance rose by $200M.

Operating cash flow was $1.3B against net income of $1.1B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$464M, other operating capital −$217M.

Its cash conversion cycle was 71 days (receivables 71 + inventory 89 − payables 89).

Free cash flow

Eaton: free cash flow by quarterEaton: free cash flow by quarter$1.3BQ4 2024$91.0MQ1 2025$716MQ2 2025$1.2BQ3 2025$1.6BQ4 2025$314MQ1 2026$874MQ2 2026$1.0BQ3 2026
Operating cash flow less capital spending.
Eaton: operating cash flow against capital spendingEaton: operating cash flow against capital spendingOperating cash flowCapital spending$1.6B$255MQ4 2024$238M$147MQ1 2025$918M$202MQ2 2025$1.4B$178MQ3 2025$2.0B$392MQ4 2025$507M$193MQ1 2026$1.1B$253MQ2 2026$1.3B$275MQ3 2026
Latest (Q3 2026): Operating cash flow $1.3B, Capital spending $275M.

Capital allocation, year by year

Eaton: where the cash came from (up) and went (down), by fiscal yearEaton: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $805MFY2021: Shares issued $63.0MFY2021: Asset sales $3.2BFY2021: Capital spending −$575MFY2021: Acquisitions −$4.5BFY2021: Buybacks −$122MFY2021: Dividends −$1.2B$6.2BFY2021FY2022: Operating cash flow $2.5BFY2022: Net borrowing $300MFY2022: Shares issued $28.0MFY2022: Asset sales $194MFY2022: Capital spending −$598MFY2022: Acquisitions −$610MFY2022: Buybacks −$286MFY2022: Dividends −$1.3B$3.1BFY2022FY2023: Operating cash flow $3.6BFY2023: Net borrowing $488MFY2023: Shares issued $78.0MFY2023: Asset sales $76.0MFY2023: Capital spending −$757MFY2023: Dividends −$1.4B$4.3BFY2023FY2024: Operating cash flow $4.3BFY2024: Net borrowing −$8.0MFY2024: Shares issued $69.0MFY2024: Asset sales $85.0MFY2024: Capital spending −$808MFY2024: Acquisitions −$50.0MFY2024: Buybacks −$2.5BFY2024: Dividends −$1.5B$4.5BFY2024FY2025: Operating cash flow $4.5BFY2025: Net borrowing $341MFY2025: Shares issued $39.0MFY2025: Asset sales $80.0MFY2025: Capital spending −$919MFY2025: Acquisitions −$1.5BFY2025: Buybacks −$1.9BFY2025: Dividends −$1.6B$4.9BFY2025
Over these 5 years operating cash flow totalled $17.1B; the largest uses were dividends ($7.0B) and acquisitions ($6.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$818M
Debt$20.1B
Net debt$19.3B
Due within a year$1.1B

Eaton funds itself: free cash flow was $3.8B over the last twelve months, and $818M of cash and investments stands against $20.1B of debt ($1.1B due within a year, 0.7× covered by cash).

Eaton: debt maturities by year (FY2025)Eaton: debt maturities by year (FY2025)$1.1BYear 1$706MYear 2$504MYear 3$203MYear 4$1.2BYear 5
Principal due in each year as disclosed in the annual report, against $818M of cash and investments now.

Where the cash came from and went

Eaton: sources (+) and uses (−) of cash, Q3 2026Eaton: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.3BNet borrowing (+) / repaid (−)−$498MDividends−$427MCapital spending−$275MOther investing−$81.0MCash drawn (+) / kept (−)−$45.0MAsset & business sales$10.0MShares issued$9.0MExchange rates$6.0MOther financing−$4.0MTaxes on employees’ shares−$3.0MNot reconciled−$1.0M
Eaton: sources (+) and uses (−) of cash, TTM to Q3 2026Eaton: sources (+) and uses (−) of cash, 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 profit to cash

Eaton: net income to operating cash flow, Q3 2026Eaton: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$464MOther operating capital−$217MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202671898971
Q2 202670858371
Q1 202671938578
Q4 202571968385
Q3 202573988190
Q2 202568927684
Q1 202569998483
Q4 2024701018884

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.3B−$275M——−$427M−$498M$9.0M−$45.0M$1.0B
Q2 2026$1.1B−$253M——−$443M−$493M$25.0M$81.0M$874M
Q1 2026$507M−$193M−$11.1B—−$415M$11.3B$10.0M$58.0M$314M
Q4 2025$2.0B−$392M$14.0M−$193M−$404M−$763M$2.0M−$294M$1.6B
Q3 2025$1.4B−$178M−$54.0M−$362M−$404M−$351M$8.0M$70.0M$1.2B
Q2 2025$918M−$202M−$1.4B−$692M−$421M$654M$22.0M$1.4B$716M
Q1 2025$238M−$147M—−$615M−$397M$802M$7.0M−$1.2B$91.0M
Q4 2024$1.6B−$255M—−$877M−$370M−$6.0M$15.0M−$81.0M$1.3B

Eaton: income statement and cash flow

Eaton, Q3 2026: revenue $8.9B (+28% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

Eaton: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.