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Eaton
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Latest analysis
Updated Jul 31, 2026
Eaton's $9.55B Boyd Thermal acquisition anchors a thermal management pivot as data center organic growth hits 18% and Electrical Americas backlog surges 33% YoY.
Eaton's Q2 2026 10-Q is defined by the $9.55 billion acquisition of Boyd Thermal, the largest deal in company history, which positions Eaton as a vertically integrated thermal and power management supplier for data centers and aerospace. Electrical Americas delivered 18% organic growth in Q2 driven entirely by data center and machine OEM strength, while the segment's backlog rose 33% YoY to $15.2 billion with a book-to-bill of 1.3x — signaling multi-year demand visibility. Gross margin compression of 350 basis points YoY, driven by a 470-basis-point commodity inflation headwind, is the principal financial risk as revenue mix shifts toward higher-cost acquired businesses.
Tone: bullishRevenue
$27.4B
ETN 10-K · FY 2025
Employees
97,000
Revenue FY2024
$24.9B
Founded
1911
Profile
ETN 10-K Item 1 · Feb 26, 2026Eaton Corporation plc is an intelligent power management company serving the data center, utility, industrial, commercial, aerospace, and mobility markets across 180 countries. The company participates across the full electrical power value chain, with particular momentum in data center and utility end markets and a growth cycle in commercial aerospace and defense. Founded in 1911, Eaton reported revenues of $27.4 billion in 2025.
Read filing description ↓ Collapse description ↑
Eaton Corporation plc 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. We are guided by our commitment to operate sustainably and with the highest ethical standards. Our work is helping to solve the world's most urgent power management challenges and building a more sustainable society for people today and for future generations. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of $27.4 billion in 2025, the Company serves customers in 180 countries.
Primary products
- electrical power management products and systems
- modular solutions for multi-tenant and hyperscale data center customers
- power distribution offerings
- solid-state transformer technology
- liquid cooling technology
- aerospace technologies
Business segments
End markets
Geographies
“Eaton has a strong competitive position in these segments and, with respect to many products, is considered among the market leaders.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net sales increased from $24,878 million in 2024 to $27,448 million in 2025, driven by growth across Electrical Americas, Electrical Global, and Aerospace segments, partially offset by declines in Vehicle and eMobility.
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