Eaton Corp New (ETN)

Eaton Accelerates Sustainability Impact with 40% Emissions Reduction and $2.1B in R&D InvestmentJuly 2, 2026 6:45 AM
Business Wire Reduced operational GHG emissions 40% since 2018 86% of sites now zero waste to landfill, with continued progress in water stewardship 96% of new products achieve ‘Performer’ rating—Eaton’s standard for improved sustainability product performance Invested $2.1B in research and development Intelligent power management company Eaton (NYSE:ETN) today announced its 2025 Sustainability Report, highlighting measurable progress and a sharper focus on driving impact at scale. As global power management demands become more complex, Eaton is advancing solutions that help customers operate more efficiently, strengthen resilience and reduce their environmental impact—while continuing to enhance transparency and accountability across its operations. Highlights from Eaton’s sustainability report include: Reduced Scope 1 and Scope 2 GHG emissions by 40% since 2018, up from 35% in 2024, with continued progress across the value chain 86% of sites certified as zero waste to landfill, with water mitigation measures implemented at water-stressed sites 96% of new products achieved a ‘Performer’ rating—Eaton’s standard for improved sustainability product performance Invested $2.1B in research and development of products and solutions that can enhance energy efficiency, improve safety, asset productivity and cost of ownership, among other customer requirements, since 2020, up from $1.7B in 2024, and progressing toward its goal to invest $3B by 2030. The report also outlines updated sustainability goals reflecting areas where the company can accelerate change at scale, while reaffirming existing commitments such as its Science Based Target initiative (SBTi)-validated net-zero emissions target for 2050. “This report reflects the real, consistent progress we’re making—and how that progress is translating into practical solutions for our customers,” said Harold Jones, chief of staff and chief sustainability officer, Eaton. “As global demand for power accelerates, we’re focused on where we can have the greatest impact—helping customers use power more efficiently, strengthen resilience and reduce their environmental footprint, while continuing to reduce our own impact and hold ourselves accountable.” Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come. 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. For more information, visit www.eaton.com. Follow us on LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20260702042433/en/ Jennifer Tolhurst
+1 (440) 523-4006
Media@Eaton.com Original: Eaton Accelerates Sustainability Impact with 40% Emissions Reduction and $2.1B in R&D Investment

Eaton Advances 2030 Growth Strategy with Announcement to Combine Mobility Group with Dana IncorporatedJune 11, 2026 6:30 AM
Business Wire Enhances Eaton’s focus on higher growth, higher margin Electrical and Aerospace businesses directly aligned to secular megatrends Immediately accretive to Eaton’s organic growth rate and operating margins upon closing, expected in the first quarter of 2027 Reverse Morris Trust transaction values combined company at over $10 billion in enterprise value and Eaton’s Mobility Group at approximately $5.1 billion Eaton to receive an approximately $1.1 billion cash distribution; Eaton shareholders to own at least 50.1% of the combined company Combined company shareholders to benefit from $250 million of run-rate synergies Intelligent power management company Eaton (NYSE: ETN) today announced the next step in Eaton’s ongoing portfolio transformation. Eaton entered into a definitive agreement with Dana Incorporated (NYSE: DAN) under which Eaton will separate and combine its Mobility Group with Dana in a Reverse Morris Trust (RMT) transaction creating a combined company valued at over $10 billion. The separation of the Mobility Group marks the next step in Eaton’s ongoing portfolio transformation and positions Eaton to execute on the Company’s 2030 growth strategy. Upon closing of the transaction, Eaton will operate a more focused portfolio concentrated on its Electrical and Aerospace businesses, which are directly aligned to secular growth themes in electrification, digitalization, AI-driven data center buildout, infrastructure modernization, aerospace aftermarket, and defense spending. The recent acquisitions of Ultra PCS and Boyd Thermal further strengthen the Company’s strategic positioning, extending Eaton’s capabilities in aerospace electronic controls and liquid cooling for data centers. The separation is expected to be immediately accretive to Eaton’s organic growth rate and operating margins upon closing. Eaton expects to deploy the approximately $1.1 billion cash distribution from the transaction consistent with its existing capital allocation framework and priorities, including repayment of outstanding indebtedness. Paulo Ruiz, Eaton chief executive officer, said, “We are pleased to have reached this agreement, which delivers significant value to Eaton and its shareholders, and represents a major milestone in Eaton’s 2030 growth strategy to lead, invest, and execute for growth. Eaton shareholders will benefit from the meaningful upside created by the combined company, and the transaction will provide substantial cash value for Eaton to deploy to our highest-growth and highest-margin opportunities. Looking ahead, our portfolio will be closely aligned with the powerful megatrends driving generational growth in our Electrical and Aerospace businesses, and we look forward to continuing our momentum to drive meaningful value for our customers and shareholders." Benefits of Combining Mobility Group and Dana The combined Mobility Group and Dana will be a scaled, global engineered solutions partner, well-positioned to serve commercial vehicle and light vehicle OEMs worldwide. Together, the combined company will offer a comprehensive and complementary portfolio of drivetrain, propulsion, electrification, and power management solutions spanning internal combustion, hybrid, and fully electric platforms to commercial vehicle and automotive OEMs, supported by comprehensive technology capabilities and best in class manufacturing capabilities. The combined company expects to generate approximately $11 billion in pro forma revenue and $1.7 billion in pro forma estimated 2026 adjusted EBITDA (including run-rate synergies, which are expected to be fully realized within 24 months following closing). The combined company will benefit from increased scale, $250 million of run-rate cost synergies, and greater diversification across customers, geographies, and end markets. It will also have an expanded aftermarket presence, which is expected to deliver more resilient revenue streams across economic cycles. Mr. Ruiz continued, “Combining the Mobility Group with Dana creates a strong company that will be well-positioned to serve customers and support employees over the long term. We are proud of our mobility team and what they have built and are confident the combination of talent, capabilities, and technologies will create meaningful value for shareholders, customers, and employees alike.” R. Bruce McDonald, Dana Chairman and Chief Executive Officer, stated, “We are excited to bring together Eaton’s Mobility Group with Dana. The addition of Mobility Group’s leading positions in commercial vehicle transmissions, clutches, and power management technologies, combined with Dana’s strengths in axles, driveshafts, electrification, thermal management, and sealing products, will create a truly differentiated global platform. Together, we will be better positioned to serve our customers, invest in innovation, and drive long-term value creation for shareholders of the combined company.” Transaction Details The transaction values Eaton’s Mobility Group at approximately $5.1 billion. This represents a multiple of 8.3x 2026 estimated pro forma adjusted EBITDA, or 5.9x on a fully synergized basis, including $250 million of run-rate synergies. Eaton shareholders will receive newly issued shares of the combined company such that Eaton shareholders will own at least 50.1% of the combined company’s outstanding shares following the consummation of the transaction. The agreement follows Eaton’s previously announced intent to separate its Mobility Group into an independent, publicly traded company. The transaction is structured as a “Reverse Morris Trust” transaction, where Eaton will first separate its Mobility Group to Eaton shareholders through either an exchange offer (split-off) or a pro rata distribution (spin-off), at Eaton’s election. Immediately thereafter, Dana will merge with a subsidiary of the Mobility Group, with Dana surviving as a wholly owned subsidiary of the Mobility Group. In the event of a split-off, Eaton shareholders would have the opportunity to tender their Eaton shares in exchange for shares of the Mobility subsidiary. In the event of a spin-off, all Eaton shareholders would receive shares of the Mobility subsidiary on a pro rata basis. Eaton will also receive a cash distribution of $1.1 billion prior to completion of the transaction, subject to adjustment for cash and indebtedness, which will be funded by newly-issued debt of the Mobility Group. The transaction is intended to be tax-free for U.S. federal income tax purposes to Eaton and Eaton’s shareholders. The agreement was unanimously approved by the Eaton board of directors following a comprehensive evaluation of strategic alternatives for its Mobility Group. The agreement was also unanimously approved by the Dana board of directors. The transaction is expected to close in the first quarter of 2027, subject to receipt of Dana shareholder approval, receipt of required regulatory clearances, and customary closing conditions. Byron Foster, Dana’s incoming Chief Executive Officer, and Timothy Kraus, Dana’s current Chief Financial Officer, will lead the combined company as CEO and CFO, respectively. Erin Rowse, Eaton’s current Senior Vice President Human Resources, Industrial, will serve as the combined company’s Chief Human Resources Officer upon close. The combined company’s senior management team will include representatives from both companies and will be announced as integration planning progresses. R. Bruce McDonald, Dana’s current Chairman and Chief Executive Officer, will serve as Executive Chairman of the combined company. Dana's eight-member board of directors will be expanded to include three additional directors designated by Eaton, including one current Eaton executive and two current Eaton directors. The combined company will operate as Dana Incorporated and will continue to be listed on the NYSE under the ticker symbol DAN. In a separate press release and presentation issued today, Dana provided additional details regarding the combination. Advisors Morgan Stanley & Co. LLC is serving as Eaton’s financial advisor on the transaction and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Hogan Lovells are acting as legal counsel to Eaton. Joele Frank, Wilkinson Brimmer Katcher is serving as Eaton’s strategic communications advisor. About Eaton Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come. 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. For more information, visit www.eaton.com. Follow us on LinkedIn. Cautionary Notes on Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between Eaton Corporation plc (“Eaton”), Dana Incorporated (“Dana”) and Mobility (USA) Corporation (“SpinCo”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the expected timing and structure of the proposed transaction and financing of the transaction, the ability of the parties to complete the proposed transaction, the expected benefits of the proposed transaction, including future financial and operating results and strategic and synergistic benefits, the tax consequences of the proposed transaction, and the combined company’s plans, objectives, expectations and intentions, legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward looking statements. These forward-looking statements are based on Eaton’s and Dana’s current expectations and are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, the ability to complete the proposed transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder and/or regulatory approvals; risks related to difficulties, inabilities or delays in integrating the businesses of Dana and SpinCo; the ability to realize the anticipated benefits of the proposed transaction, including estimated combined EBITDA, estimated combined revenue and estimated run-rate cost synergies; potential impact of the announcement or consummation of the proposed transaction on Eaton’s and Dana’s stock prices; restrictions on the conduct of Eaton’s and Dana’s respective businesses prior to closing and on each of their ability to pursue alternatives to the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the ability of the combined company to implement its business strategy; the inability of the combined company to retain and hire key personnel; the occurrence of any event that could give rise to termination of the proposed transaction; the risk that stockholder litigation in connection with the proposed transaction or other litigation, settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; risks relating to the ability to obtain financing for the transaction upon acceptable terms or at all; evolving legal, regulatory and tax regimes; changes in general economic and/or industry specific conditions; global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; the risks that the anticipated tax treatment of the proposed transaction is not obtained; the risk of greater than expected difficulty in separating the business of SpinCo from the other businesses of Eaton; risks related to the disruption of management time from ongoing business operations due to the pendency of the proposed transaction, or other effects of the pendency of the proposed transaction on the relationship of any of the parties to the transaction with their employees, customers, suppliers, or other counterparties; and other risk factors detailed from time to time in Eaton’s and Dana’s reports filed with the Securities and Exchange Commission (the “SEC”), including Eaton’s and Dana’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC, including documents that will be filed with the SEC in connection with the proposed transaction. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. None of Eaton, Dana or SpinCo undertakes, and each party expressly disclaims, any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. It should also be noted that projected financial information for the combined company is based on management’s estimates, assumptions and projections and has not been prepared in conformance with the applicable accounting requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. None of this information should be considered in isolation from, or as a substitute for, the historical financial statements of Dana or SpinCo. Important Information About the Transaction and Where to Find It In connection with the proposed transaction, SpinCo may file with the SEC an information statement on Form 10 (“Form 10”) or a registration statement on Form S-1/S-4 (the “Form S-1/S-4”) that constitutes a prospectus with respect to the shares of common stock, par value $0.01 per share, of SpinCo (the “SpinCo shares”) to be issued to Eaton shareholders in the proposed exchange offer (the “prospectus/offer to exchange”). Eaton may also file with the SEC a tender offer statement (the “Schedule TO”) with respect to the offer by Eaton to exchange all SpinCo shares for ordinary shares, par value $0.01 per share, of Eaton that are validly tendered and not properly withdrawn prior to the expiration of the exchange offer (if any). In addition, SpinCo intends to file with the SEC a registration statement on Form S-4 (the “Form S-4”) that will include a proxy statement of Dana and that also constitutes a prospectus of SpinCo with respect to the SpinCo shares to be issued in the proposed merger (the “proxy statement/prospectus”). Each of Eaton, SpinCo and Dana may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Form 10, Form S-1/S-4, Schedule TO, Form S-4, prospectus/offer to exchange, proxy statement/prospectus or any other document that Eaton, SpinCo or Dana may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENTS, THE SCHEDULE TO; THE PROSPECTUS/OFFER TO EXCHANGE, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EATON, DANA, SPINCO AND THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Form 10, Form S-1/S-4, Schedule TO, Form S-4, the prospectus/offer to exchange and the proxy statement/prospectus (if and when available) and other documents containing important information about Eaton, Dana and SpinCo and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by Eaton and SpinCo will be available free of charge on Eaton’s website at https://www.eaton.com/us/en-us/company/investor-relations.html. Copies of the documents filed with, or furnished to, the SEC by Dana will be available free of charge on Dana’s website at https://danaincorporated.gcs-web.com/. The information included on, or accessible through, Eaton or Dana’s website is not incorporated by reference into this communication. Participants in the Solicitation Eaton, Dana, SpinCo and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Eaton, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Eaton’s proxy statement for its 2026 Annual General Meeting of Shareholders, which was filed with the SEC on March 13, 2026. Information about the directors and executive officers of Dana, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Dana’s proxy statement for its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 13, 2026. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Form S-4 and the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the Form 10, Form S-1/S-4, Schedule TO, Form S-4, the prospectus/offer to exchange and the proxy statement/prospectus carefully if and when available before making any voting or investment decisions. You may obtain free copies of these documents from Eaton or Dana using the sources indicated above. No Offer or Solicitation This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or in a transaction exempt from the registration requirements of the Securities Act. Note Regarding Use of Non-GAAP Financial Measures In addition to the financial measures presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), this communication includes certain non-GAAP financial measures (collectively, the “Non-GAAP Measures”), such as adjusted EBITDA. These Non-GAAP Measures should not be used in isolation or as a substitute or alternative to results determined in accordance with U.S. GAAP. In addition, Dana’s and Eaton’s definitions of these Non-GAAP Measures may not be comparable to similarly titled non-GAAP financial measures reported by other companies. A reconciliation of these Non-GAAP Measures to the most directly comparable financial measures calculated and reported in accordance with U.S. GAAP can be found in Dana’s filings with the SEC except for financial guidance and other forward-looking information since such a reconciliation is not practicable without unreasonable effort as Dana is unable to reasonably forecast certain amounts that are necessary for such reconciliation. View source version on businesswire.com: https://www.businesswire.com/news/home/20260611592639/en/ Jennifer Tolhurst
(440) 523-4006
jennifertolhurst@eaton.com Original: Eaton Advances 2030 Growth Strategy with Announcement to Combine Mobility Group with Dana Incorporated

Dana Incorporated Announces Agreement to Combine with Eaton's Mobility Business, Strengthens Dana's Position as a Leading Global Powertrain Systems ProviderJune 11, 2026 6:30 AM
PR Newswire (US) Creates a premier, global powertrain leader focused on commercial and light vehicles with approximately $11 billion in sales and approximately $1.7 billion adjusted EBITDA (approximately 15% adjusted EBITDA margin) on a fully synergized, pro forma 2026 estimated basisValues Eaton Mobility at approximately $5.1 billion and the combined company at over $10 billion in enterprise valueCombined company expected to achieve $250 million of run-rate synergies within 24 months following closingFinancially compelling combination effected through a Reverse Morris Trust transaction resulting in Eaton shareholders owning at least 50.1% and Dana shareholders owning approximately 49.9% of the combined company at closeAccelerates and expands Dana 2030 strategy with 2030 targets increased to $14–$15 billion in sales, approximately 18% adjusted EBITDA margin, and an 8%–9% adjusted free cash flow marginEnhances ability to deliver greater value to customers with a more comprehensive portfolio and deepened capabilities, and diversifies customer base and improves end-market mixMAUMEE, Ohio, June 11, 2026 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) today announced it has entered into a definitive agreement with Eaton Corporation plc (NYSE: ETN) to combine with Eaton's Mobility business in a transaction valued at approximately $5.1 billion, representing approximately 8.3x estimated 2026 pro forma adjusted EBITDA before synergies, or approximately 5.9x including run-rate synergies. The transaction combines two highly complementary powertrain portfolios to create a comprehensive, differentiated leader in commercial and light vehicle markets. The transaction is structured as a Reverse Morris Trust with Eaton shareholders owning at least 50.1% and Dana shareholders owning approximately 49.9% of the combined company at close. Under the terms of the agreement, Eaton will receive a cash distribution of approximately $1.1 billion (subject to adjustments for cash and indebtedness).Dana's Chairman, R. Bruce McDonald, will serve as Executive Chairman of the combined company with responsibility for integration and synergy realization, and Byron Foster will serve as Chief Executive Officer, with both assuming their roles on July 1, 2026. Timothy Kraus will continue as Chief Financial Officer, and Eaton's Erin Rowse, Senior Vice President Human Resources, Industrial, will serve as Chief Human Resources Officer at closing. The broader leadership team will include executives from both organizations. The combined company's Board of Directors will be comprised of all the members of Dana's Board of Directors and three Eaton designees.The combination will integrate Dana's global powertrain, thermal, and sealing technologies with Eaton Mobility's commercial vehicle transmissions, engine and emissions products, and advanced electrification capabilities, creating a more comprehensive supplier serving commercial and light vehicle markets, as well as the associated aftermarket channels."This transaction marks an important milestone in our transformation and positions Dana as a leading, scaled provider of powertrain solutions," said Byron Foster, Dana's incoming Chief Executive Officer. "By expanding our presence in core markets with new products and complementary technologies, we are enhancing our ability to deliver greater value to customers while strengthening margins through a more balanced portfolio and meaningful synergies. Importantly, we are bringing together highly skilled and dedicated teams whose expertise will drive our future success. This combination further accelerates the execution and expands the scope of our Dana 2030 strategy by increasing scale, deepening our aftermarket capabilities, and advancing both our traditional and electrification technologies."Paulo Ruiz, Eaton Chief Executive Officer, said, "We are pleased to have reached this agreement, which delivers significant value to Eaton and its shareholders, further aligns our existing portfolio with powerful megatrends and supports Eaton's 2030 growth strategy to lead, invest, and execute for growth. Together, Eaton Mobility and Dana will create a leading and global engineering solutions partner, well positioned to serve commercial vehicle and light vehicle markets worldwide. We are incredibly proud of the reputation and credibility that our Eaton Mobility team has built, and we are confident that this highly complementary combination will drive meaningful value for customers, employees and shareholders alike.""This transaction meaningfully enhances our long-term financial outlook and enables us to significantly increase our Dana 2030 targets," said Timothy Kraus, Dana's Chief Financial Officer. "Our prior targets included approximately $10 billion in sales, 14% to 15% adjusted EBITDA margins, and a 6% adjusted free cash flow margin. With the addition of Eaton Mobility, we are now targeting $14 to $15 billion in sales, approximately 18% adjusted EBITDA margins, and an 8%-9% adjusted free cash flow margin by 2030. Importantly, after funding the approximately $1.1 billion cash distribution to Eaton, we expect to maintain a strong balance sheet with approximately 1.2x net leverage on a pro forma 2026 estimated basis, supporting continued investment and disciplined capital allocation."Following closing, Dana is expected to operate with expanded global scale, higher margins, broader customer coverage, and a more complete portfolio spanning mechanical systems and electrified power delivery solutions. The combined company strengthens OEM relationships across commercial and light vehicle markets, and related aftermarkets.Transaction Details
The transaction, which has been unanimously approved by the Boards of both companies, is structured as a "Reverse Morris Trust" transaction, where Eaton will first separate its Mobility Group to Eaton shareholders through either an exchange offer (split-off) or a pro rata distribution (spin-off), at Eaton's election. Immediately thereafter, Dana will merge with a subsidiary of the Mobility Group, with Dana surviving as a wholly owned subsidiary of the Mobility Group. Upon close of the transaction, existing Eaton shareholders will own at least 50.1% of the shares of the combined company.The transaction values Eaton Mobility at $5.1 billion on a cash-free, debt-free basis, representing approximately 5.9x fully synergized estimated 2026 pro forma adjusted EBITDA. In connection with the transaction, Eaton is expected to receive a cash distribution of approximately $1.1 billion (subject to adjustments for cash and indebtedness), funded through new debt raised prior to closing.The combination creates a company with approximately $11 billion in sales on a pro forma 2026 estimated basis. The significantly enhanced financial profile includes improved margins and free cash flow supported by cost synergies and a stronger mix of aftermarket and higher-margin product offerings.The transaction is expected to deliver $250 million in annual run-rate synergies within 24 months following closing, driven by reduced structural costs, purchasing scale, manufacturing optimization, and engineering efficiencies.Following completion of the transaction, the combined company is expected to maintain a strong balance sheet with net leverage of approximately 1.2x on a fully synergized pro forma 2026 estimated basis, and Dana is expected to maintain its current credit rating.The combined company will continue to operate under the Dana Incorporated name and retain its listing on the New York Stock Exchange.The transaction is expected to be tax-free to Dana and Eaton shareholders for U.S. federal income tax purposes and is expected to close in the first quarter of 2027, subject to approval by Dana shareholders, receipt of regulatory approvals, and other customary closing conditions.Eaton today issued a separate press release regarding this transaction.Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor, Kirkland & Ellis LLP is serving as legal counsel to Dana, and Ernst and Young LLP is serving as transaction advisor. Goldman Sachs Bank USA is serving as sole underwriter of the committed financing for the transaction.Dana to Host Conference Call at 8:30 a.m. Thursday, June 11
Dana will discuss this transaction in a conference call at 8:30 a.m. EDT on Thursday, June 11. The conference call can be accessed by telephone from both domestic and international locations using the information provided below:Conference ID: 9943139
Participant Toll-Free Dial-In Number: (888) 440-5873
Participant Toll Dial-In Number: 1 (646) 960-0319Audio streaming and slides will be available online via a link provided on the Dana investor website: www.dana.com/investors. Phone registration will be available beginning at 8:00 a.m. EDT.
A webcast replay can be accessed via Dana's investor website following the call.About Dana Incorporated
Dana Incorporated (NYSE: DAN) is a global leader in the design and manufacture of highly efficient propulsion solutions for the light- and commercial-vehicle markets. Guided by its vision to be the world's best powertrain company, Dana delivers advanced conventional and clean-energy technologies that help customers improve the performance, efficiency, and durability of their vehicles. The company supplies leading vehicle manufacturers and related aftermarkets with industry-defining drive systems, electrodynamic technologies, and thermal and sealing solutions.Headquartered in Maumee, Ohio, USA, Dana reported sales of $7.5 billion in 2025. With a history dating to 1904, the company employs 27,000 people in 24 countries across six continents. Learn more at dana.comCautionary Notes on Forward-Looking Statements
This communication includes "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between Eaton Corporation plc ("Eaton"), Dana Incorporated ("Dana") and Mobility (USA) Corporation ("SpinCo"). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "forecast," "outlook," "target," "endeavor," "seek," "predict," "intend," "strategy," "plan," "may," "could," "should," "will," "would," or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the expected timing and structure of the proposed transaction and financing of the transaction, the ability of the parties to complete the proposed transaction, the expected benefits of the proposed transaction, including future financial and operating results and strategic and synergistic benefits, the tax consequences of the proposed transaction, and the combined company's plans, objectives, expectations and intentions, legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward looking statements.These forward-looking statements are based on Eaton and Dana's current expectations and are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, the ability to complete the proposed transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder and/or regulatory approvals; risks related to difficulties, inabilities or delays in integrating the businesses of Dana and SpinCo; the ability to realize the anticipated benefits of the proposed transaction, including estimated combined EBITDA, estimated combined revenue and estimated run-rate cost synergies; potential impact of the announcement or consummation of the proposed transaction on Eaton and Dana's stock prices; restrictions on the conduct of Eaton and Dana's respective businesses prior to closing and on each of their ability to pursue alternatives to the proposed transaction; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the ability of the combined company to implement its business strategy; the inability of the combined company to retain and hire key personnel; the occurrence of any event that could give rise to termination of the proposed transaction; the risk that stockholder litigation in connection with the proposed transaction or other litigation, settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; risks relating to the ability to obtain financing for the transaction upon acceptable terms or at all; evolving legal, regulatory and tax regimes; changes in general economic and/or industry specific conditions; global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; the risks that the anticipated tax treatment of the proposed transaction is not obtained; the risk of greater than expected difficulty in separating the business of SpinCo from the other businesses of Eaton; risks related to the disruption of management time from ongoing business operations due to the pendency of the proposed transaction, or other effects of the pendency of the proposed transaction on the relationship of any of the parties to the transaction with their employees, customers, suppliers, or other counterparties; and other risk factors detailed from time to time in Eaton and Dana's reports filed with the Securities and Exchange Commission (the "SEC"), including Eaton and Dana's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC, including documents that will be filed with the SEC in connection with the proposed transaction. The foregoing list of important factors is not exclusive.Any forward-looking statements speak only as of the date of this communication. None of Eaton, Dana or SpinCo undertakes, and each party expressly disclaims, any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.It should also be noted that projected financial information for the combined company is based on management's estimates, assumptions and projections and has not been prepared in conformance with the applicable accounting requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. None of this information should be considered in isolation from, or as a substitute for, the historical financial statements of Dana or SpinCo.Important Information About the Transaction and Where to Find ItIn connection with the proposed transaction, SpinCo may file with the SEC an information statement on Form 10 ("Form 10") or a registration statement on Form S-1/S-4 (the "Form S-1/S-4") that constitutes a prospectus with respect to the shares of common stock, par value $0.01 per share, of SpinCo (the "SpinCo shares") to be issued to Eaton shareholders in the proposed exchange offer (the "prospectus/offer to exchange"). Eaton may also file with the SEC a tender offer statement (the "Schedule TO") with respect to the offer by Eaton to exchange all SpinCo shares for ordinary shares, par value $0.01 per share, of Eaton that are validly tendered and not properly withdrawn prior to the expiration of the exchange offer (if any). In addition, SpinCo intends to file with the SEC a registration statement on Form S-4 (the "Form S-4") that will include a proxy statement of Dana and that also constitutes a prospectus of SpinCo with respect to the SpinCo shares to be issued in the proposed merger (the "proxy statement/prospectus"). Each of Eaton, SpinCo and Dana may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Form 10, Form S-1/S-4, Schedule TO, Form S-4, prospectus/offer to exchange, proxy statement/prospectus or any other document that Eaton, SpinCo or Dana may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENTS, THE SCHEDULE TO; THE PROSPECTUS/OFFER TO EXCHANGE, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EATON, DANA, SPINCO AND THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Form 10, Form S-1/S-4, Schedule TO, Form S-4, the prospectus/offer to exchange and the proxy statement/prospectus (if and when available) and other documents containing important information about Eaton, Dana and SpinCo and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by Eaton and SpinCo will be available free of charge on Eaton's website at https://www.eaton.com/us/en-us/company/investor-relations.html. Copies of the documents filed with, or furnished to, the SEC by Dana will be available free of charge on Dana's website at https://danaincorporated.gcs-web.com/. The information included on, or accessible through, Eaton or Dana's website is not incorporated by reference into this communication.Participants in the SolicitationEaton, Dana, SpinCo and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Eaton, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Eaton's proxy statement for its 2026 Annual General Meeting of Shareholders, which was filed with the SEC on March 13, 2026. Information about the directors and executive officers of Dana, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Dana's proxy statement for its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 13, 2026. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Form S-4 and the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the Form 10, Form S-1/S-4, Schedule TO, Form S-4, the prospectus/offer to exchange and the proxy statement/prospectus carefully if and when available before making any voting or investment decisions. You may obtain free copies of these documents from Eaton or Dana using the sources indicated above.No Offer or SolicitationThis communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or in a transaction exempt from the registration requirements of the Securities Act.Note Regarding Use of Non-GAAP Financial MeasuresIn addition to the financial measures presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), this communication includes certain non-GAAP financial measures (collectively, the "Non-GAAP Measures"), such as adjusted EBITDA, adjusted EBITDA margin and adjusted free cash flow margin. These Non-GAAP Measures should not be used in isolation or as a substitute or alternative to results determined in accordance with U.S. GAAP. In addition, Dana's and Eaton's definitions of these Non-GAAP Measures may not be comparable to similarly titled non-GAAP financial measures reported by other companies. A reconciliation of these Non-GAAP Measures to the most directly comparable financial measures calculated and reported in accordance with U.S. GAAP can be found in Dana's filings with the SEC except for financial guidance and other forward-looking information since such a reconciliation is not practicable without unreasonable effort as Dana is unable to reasonably forecast certain amounts that are necessary for such reconciliation. View original content to download multimedia:https://www.prnewswire.com/news-releases/dana-incorporated-announces-agreement-to-combine-with-eatons-mobility-business-strengthens-danas-position-as-a-leading-global-powertrain-systems-provider-302797498.htmlSOURCE Dana Incorporated Original: Dana Incorporated Announces Agreement to Combine with Eaton's Mobility Business, Strengthens Dana's Position as a Leading Global Powertrain Systems Provider

Eaton tops Q1 estimates, but softer outlook weighs on sharesMay 5, 2026 11:06 AM
IH Market News Eaton Corporation plc (NYSE:ETN) reported first-quarter results that exceeded analyst expectations, though its stock dropped more than 3% in premarket trading after issuing guidance that came in slightly below forecasts.The power management company posted adjusted earnings per share of $2.81, ahead of the $2.73 consensus estimate. Revenue reached $7.5 billion, rising 17% year over year from $6.4 billion and surpassing the $7.13 billion analyst forecast.Despite the earnings beat, shares fell 3.42% following the release.Organic sales grew 10%, outperforming the company’s prior guidance range of 5% to 7%. However, Eaton’s full-year adjusted EPS outlook of $13.05 to $13.50 came in just below expectations, with the midpoint of $13.28 slightly under the $13.30 consensus.The company also raised its full-year organic growth forecast to 9% to 11%, up from the previous 8% to 10% range, citing strong demand across its end markets. For the second quarter, Eaton expects adjusted EPS between $3.00 and $3.10, with the midpoint of $3.05 marginally below analyst estimates.“Strong demand across our markets drove solid first quarter performance, highlighted by order strength, backlog growth and our team’s continued discipline and focus on operational execution,” said Paulo Ruiz, chief executive officer.Eaton completed approximately $11 billion in strategic acquisitions during the quarter, including Boyd Thermal and Ultra PCS Limited.The Electrical Americas segment delivered record sales of $3.6 billion, up 20% year over year, with rolling 12-month orders increasing 42% organically, driven in part by demand from data centers. Total backlog in the Electrical segment rose 48% compared to the prior year.In Aerospace, sales reached a record $1.1 billion, up 16% year over year, with operating margins improving to 26.7%, an increase of 360 basis points.Meanwhile, the Mobility segment, which Eaton plans to spin off by the first quarter of 2027, reported sales of $766 million, down 2% from a year earlier.Eaton Corporation stock price Original: Eaton tops Q1 estimates, but softer outlook weighs on shares

Eaton Reports Record First Quarter 2026 Results, with Accelerating Growth in Sales, Orders and Backlog, and Raises 2026 Organic Growth Guidance to 10% from 8% at the MidpointMay 5, 2026 6:30 AM
Business Wire Twelve-month rolling average order acceleration in Electrical Americas, up 42%, driven by data center momentum, and Electrical Global and Aerospace order growth, up 13% Strong year-over-year total backlog growth of 48% in Electrical sector and 28% in Aerospace segment First quarter sales were up 17% with organic sales growth of 10%, above the high end of the 5-7% guidance range Closed $11 billion of strategic acquisitions in the quarter, including Boyd Thermal and Ultra PCS Limited For full year 2026, earnings per share expected to be between $10.88 and $11.33, up 6% at the midpoint over 2025, and adjusted earnings per share expected to be between $13.05 and $13.50?, up 10% at the midpoint over 2025 Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that first quarter 2026 earnings per share were $2.22. Excluding charges of $0.29 per share related to intangible amortization, $0.22 per share related to acquisitions and divestitures, and $0.08 per share related to a multi-year restructuring program, adjusted earnings per share were $2.81, a first quarter record. Sales in the quarter were $7.5 billion, a record and up 17% from the first quarter of 2025. The sales increase consisted of 10% growth in organic sales, 4% growth from acquisitions and 3% growth from foreign exchange. Segment margins were 22.7%, above the guidance range, and down 120bps from the first quarter of 2025. Operating cash flow was $507 million and free cash flow was $314 million, up 113% and 245%, respectively, over the same period in 2025. Paulo Ruiz, Eaton chief executive officer, said, “Strong demand across our markets drove solid first quarter performance, highlighted by order strength, backlog growth and our team’s continued discipline and focus on operational execution. In Electrical Americas, we achieved strong organic growth while advancing significant capacity expansion investments to meet demand. Electrical Global also continues to outperform, and Aerospace delivered strong backlog growth and segment profit. Mobility delivered solid operational performance in a challenging market, and we remain on track toward its Q1 2027 planned spin-off into an independent, publicly traded company. We've taken bold actions to shape the portfolio, deliver the solutions our customers need and position ourselves to meet or exceed our 2030 targets.” In the quarter, the company also closed $11 billion of value-enhancing strategic acquisitions, including Boyd Thermal, a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets, and Ultra PCS Limited, a producer of innovative solutions for safety and mission critical aerospace systems. These acquisitions reinforce Eaton’s disciplined M&A strategy—deploying capital to invest for growth by acquiring differentiated technologies in high-growth, high-margin markets that support long-term value creation. Guidance For the full year 2026, the company anticipates: Organic growth of 9-11% Segment margins of 24.1-24.5% Earnings per share between $10.88 and $11.33 Adjusted earnings per share between $13.05 and $13.50 For the second quarter of 2026, the company anticipates: Organic growth of 9-11% Segment margins of 22.6-23.0% Earnings per share between $2.29 and $2.39 Adjusted earnings per share between $3.00 and $3.10 Business Segment Results Sales for the Electrical Americas segment were a record $3.6 billion, up 20% from the first quarter of 2025. The sales increase consisted of 14% growth in organic sales, 5% growth from acquisitions and 1% growth from foreign exchange. Operating profits were a first quarter record $922 million, up 2% over the first quarter of 2025, and operating margins in the quarter were 25.6%. The twelve-month rolling average of orders in the first quarter was up 42% organically. Total backlog at the end of March remained strong and was up 44% over March 2025. Sales for the Electrical Global segment were a record $1.9 billion, up 21% from the first quarter of 2025. The sales increase consisted of 9% growth in organic sales, 6% growth from acquisitions and 6% growth from foreign exchange. Operating profits were a record $373 million, up 24% over the first quarter of 2025. Operating margins in the quarter were 19.2%, up 60 basis points over the first quarter of 2025. The twelve-month rolling average of orders in the first quarter was up 13% organically. Total backlog at the end of March was up 73% over March 2025. On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses increased to 1.2. Aerospace segment sales were a record $1.1 billion, up 16% from the first quarter of 2025. The sales increase consisted of 9% growth in organic sales, 5% growth from acquisitions and 2% growth from foreign exchange. Operating profits were a record $304 million, up 35% over the first quarter of 2025. Operating margins of 26.7% were a record and up 360 basis points over the first quarter of 2025. The twelve-month rolling average of orders in the first quarter was up 13% organically. Total backlog at the end of March was up 28% over March 2025. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1. The Mobility segment posted sales of $766 million, down 2% from the first quarter of 2025. Organic sales declined 6%, which was partially offset by 4% from positive currency translation. Operating profits were $89 million, and operating margins in the quarter were 11.7%. Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come. 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. For more information, visit www.eaton.com. Follow us on LinkedIn. Notice of conference call: Eaton’s conference call to discuss its first quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time at Eaton.com/investor under “Presentations.” This news release can also be accessed on that page. Also available on the website before the call will be a presentation on first quarter results, which will be covered during the call. Forward-Looking Statements This news release contains forward-looking statements concerning second quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment margins; impact of acquisitions and portfolio changes on near- and long-term financial results; anticipated multi-year restructuring program charges and savings; and the anticipated separation of the Mobility business. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the impact of acquisitions, joint ventures, and investments and the integration of acquired entities; disruptions by natural disasters, labor strikes, wars, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns that impact our production facilities; significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers; reliance on suppliers to provide raw materials, components and services; the development and use of artificial intelligence in our business operations, including potential impacts on compliance with law and our reputation; service interruptions, data corruption, loss or impairment, network security and related operational impacts due to cybersecurity attacks; weather disruptions and regulatory, market and social reactions to such disruptions; our ability to identify, attract, develop, engage and retain qualified employees; our ability to complete the anticipated spin-off of our Mobility business; stock price and end market impacts due to technology disruptions; volatility of end markets; continued successful research, development and marketing of new or improved products; geopolitical, economic or other risks arising from worldwide or regional economic conditions; the global nature of Eaton’s business and exposure to economic and political instability, including war or armed conflict, changes in governmental laws, regulations and policies; changes in countries’ trade policies, including the imposition of sanctions or tariffs; changes in our tax rates or tax laws and regulations applicable to our business; rules, regulations, audits and investigations and related compliance risks associated with being a governmental contractor; our ability to protect our intellectual property; litigation and environmental regulations impacting our business; and the other risk factors discussed in Part I, Item 1A of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by the company with the SEC. The company disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Financial Results The company’s comparative financial results for the three months ended March 31, 2026, are available on the company’s website, http://www.eaton.com.   EATON CORPORATION plc       CONSOLIDATED STATEMENTS OF INCOME                 Three months ended
March 31   (In millions except for per share data)   2026       2025   Net sales $ 7,451     $ 6,377           Cost of products sold   4,799       3,930   Selling and administrative expense   1,269       1,048   Research and development expense   211       198   Interest expense - net   106       33   Other income - net   (41 )     (9 ) Income before income taxes   1,107       1,177   Income tax expense   240       212   Net income   868       965   Less net income for noncontrolling interests   (2 )     (1 ) Net income attributable to Eaton ordinary shareholders $ 866     $ 964           Net income per share attributable to Eaton ordinary shareholders       Diluted $ 2.22     $ 2.45   Basic   2.23       2.46           Weighted-average number of ordinary shares outstanding       Diluted   389.2       393.6   Basic   388.2       392.2           Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings       Net income attributable to Eaton ordinary shareholders $ 866     $ 964   Excluding acquisition and divestiture charges, after-tax   87       8   Excluding restructuring program charges, after-tax   30       14   Excluding intangible asset amortization expense, after-tax   111       84   Adjusted earnings $ 1,094     $ 1,070           Net income per share attributable to Eaton ordinary shareholders - diluted $ 2.22     $ 2.45   Excluding per share impact of acquisition and divestiture charges, after-tax   0.22       0.02   Excluding per share impact of restructuring program charges, after-tax   0.08       0.04   Excluding per share impact of intangible asset amortization expense, after-tax   0.29       0.21   Adjusted earnings per ordinary share $ 2.81     $ 2.72     See accompanying notes. EATON CORPORATION plc       BUSINESS SEGMENT INFORMATION                 Three months ended
March 31   (In millions)   2026       2025   Net sales       Electrical Americas $ 3,600     $ 3,010   Electrical Global   1,945       1,610   Aerospace   1,139       979   Mobility   766       779   Total net sales $ 7,451     $ 6,377           Segment operating profit       Electrical Americas $ 922     $ 904   Electrical Global   373       300   Aerospace   304       226   Mobility   89       91   Total segment operating profit   1,690       1,522           Corporate       Intangible asset amortization expense   (140 )     (106 ) Interest expense - net   (106 )     (33 ) Pension and other postretirement benefits income   4       5   Restructuring program charges   (39 )     (18 ) Other expense - net   (302 )     (193 ) Income before income taxes   1,107       1,177   Income tax expense   240       212   Net income   868       965   Less net income for noncontrolling interests   (2 )     (1 ) Net income attributable to Eaton ordinary shareholders $ 866     $ 964     See accompanying notes.   EATON CORPORATION plc       CONDENSED CONSOLIDATED BALANCE SHEETS               (In millions) March 31, 2026 December 31, 2025 Assets       Current assets       Cash $ 565     $ 622   Short-term investments   186       181   Accounts receivable - net   6,366       5,387   Inventory   5,146       4,721   Prepaid expenses and other current assets   1,743       1,444   Total current assets   14,005       12,355           Property, plant and equipment - net   4,574       4,316           Other noncurrent assets       Goodwill   21,402       15,769   Other intangible assets   11,259       5,054   Operating lease assets   844       768   Deferred income taxes   585       707   Other assets   2,417       2,281   Total assets $ 55,085     $ 41,251           Liabilities and shareholders’ equity       Current liabilities       Short-term debt $ 2,510     $ 1   Current portion of long-term debt   84       1,136   Accounts payable   4,910       4,168   Accrued compensation   573       644   Other current liabilities   3,665       3,421   Total current liabilities   11,741       9,370           Noncurrent liabilities       Long-term debt   18,535       8,758   Pension liabilities   670       702   Other postretirement benefits liabilities   160       161   Operating lease liabilities   704       637   Deferred income taxes   1,605       265   Other noncurrent liabilities   1,905       1,889   Total noncurrent liabilities   23,579       12,412           Shareholders’ equity       Eaton shareholders’ equity   19,721       19,425   Noncontrolling interests   44     44 Total equity   19,765       19,469   Total liabilities and equity $ 55,085     $ 41,251           See accompanying notes.       EATON CORPORATION plc
NOTES TO THE FIRST QUARTER 2026 EARNINGS RELEASE Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding. Note 1. NON-GAAP FINANCIAL INFORMATION This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, and free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment. The Company's second quarter and full year net income per ordinary share and adjusted earnings per ordinary share guidance for 2026 is as follows:   Three months ended June 30, 2026   Year ended December 31, 2026 Net income per share attributable to Eaton ordinary shareholders - diluted $2.29 - $2.39   $10.88 - $11.33 Excluding per share impact of acquisition and divestiture charges, after tax 0.43   0.97 Excluding per share impact of restructuring program charges, after tax 0.06   0.24 Excluding per share impact of intangible asset amortization expense, after tax 0.22   0.96 Adjusted earnings per ordinary share $3.00 - $3.10   $13.05 - $13.50 A reconciliation of net income attributable to Eaton ordinary shareholders per share to adjusted earnings per ordinary share is as follows:   Year ended December 31, 2025 Net income per share attributable to Eaton ordinary shareholders - diluted $ 10.45 Excluding per share impact of acquisition and divestiture charges, after tax   0.37   Excluding per share impact of restructuring program charges, after tax   0.26   Excluding per share impact of intangible asset amortization expense, after tax   0.99   Adjusted earnings per ordinary share $ 12.07   Reconciliations of operating cash flow to free cash flow is as follows:   Three months ended March 31 (In millions)   2026       2025   Operating cash flow $ 507     $ 238   Capital expenditures for property, plant and equipment   (193 )     (147 ) Free cash flow $ 314     $ 91   Note 2. BUSINESS SEGMENT INFORMATION During the first quarter of 2026, Eaton re-segmented certain business segments due to a reorganization of the Company's businesses. The new segment is Mobility, which includes the legacy Vehicle and eMobility segments. Historical segment information has been recast to reflect this change. Mobility The Mobility segment designs, manufactures, markets, and supplies a broad portfolio of mechanical, electrical, and electronic systems that improve emissions, fuel economy, power management, performance, and safety across on-road and off-road vehicles. The Mobility segment serves global OEMs and aftermarket customers with solutions spanning internal combustion, hybrid, and electrified powertrains, including transmissions and transmission components, clutches, differentials, hybrid systems, engine valves, fuel and vapor components, as well as high-voltage inverters and converters, power electronics, circuit protection, vehicle controls, and power distribution systems. The principal markets for the Mobility segment are OEM and aftermarket customers of heavy-, medium-, and light-duty trucks, SUVs, CUVs, passenger cars, construction, agricultural, material handling, and mining equipment. Note 3. ACQUISITIONS AND DIVESTITURE OF BUSINESSES Acquisition of Fibrebond Corporation On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $1.43 billion, net of cash acquired. Fibrebond is a U.S. based designer and builder of pre-integrated modular power enclosures for data center, industrial, utility and communications customers. Fibrebond is reported within the Electrical Americas business segment. As part of the acquisition, Eaton assumed $240 million of employee transaction and retention awards. Awards vest in six equal annual installments starting in the second quarter of 2026, subject to continued employment with Eaton. Forfeited employee awards are paid to former Fibrebond shareholders annually. Eaton recognizes compensation expense for the awards over the requisite service period and any employee forfeitures owed to former Fibrebond shareholders are expensed immediately in Other income - net. During the first quarter of 2026, compensation expense of $10 million, $3 million and $1 million were included in Costs of products sold, Selling and administrative expense, and Other income - net, respectively, on the Consolidated Statements of Income. Acquisition of Resilient Power Systems Inc. On August 6, 2025, Eaton acquired Resilient Power Systems Inc. (Resilient), a leading North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. Resilient was acquired for $86 million, including $55 million of cash paid at closing and an initial estimate of $31 million for the fair value of contingent future consideration based on 2025 through 2028 revenue performance and achievement of technology-based milestones. The fair value of contingent consideration liabilities is estimated by discounting contingent payments expected to be made, and may increase or decrease based on changes in milestone achievements and discount rates, with a maximum possible undiscounted value of $45 million. As of March 31, 2026, the fair value of the contingent future payments is $32 million. Resilient is reported within the Electrical Americas business segment. As part of the acquisition, Eaton assumed employee incentives with a maximum payout of $50 million contingent upon achievement of the same revenue performance and technology-based milestones, as well as continued employment with Eaton. The incentives will be paid over three years, starting in 2026 and concluding in 2028. As of March 31, 2026, the Company expects to pay $50 million of employee incentives based on the estimated probability of the milestones being achieved. Compensation expense will be recognized over the requisite service period. During the first quarter of 2026, compensation expense of $11 million was included in Selling and administrative expense on the Consolidated Statements of Income. Investment in SPAN On January 15, 2026, Eaton invested $75 million in SPAN for a stake of approximately 7 percent. SPAN is a manufacturer of smart panel and power controls technology to further enable affordable home electrification at scale. Eaton accounts for this nonmarketable investment at cost, less impairment, adjusted for observable price changes. The investment is included in Other assets on the Condensed Consolidated Balance Sheets. Acquisition of Ultra PCS Limited On January 23, 2026, Eaton acquired Ultra PCS Limited (Ultra PCS) for $1.53 billion, net of cash acquired. Ultra PCS is headquartered in the U.K. with operations in the U.K. and the U.S. Ultra PCS produces electronic controls, sensing, stores ejection and data processing solutions, enabling mission success for global aerospace customers in the air and on the ground. Ultra PCS is reported within the Aerospace business segment. The Company incurred $17 million of acquisition related transaction costs during the first quarter of 2026 for Ultra PCS that were included in Selling and administrative expense on the Consolidated Statements of Income. Acquisition of Boyd Thermal On March 12, 2026, Eaton acquired Boyd Thermal for $9.55 billion, net of cash acquired. Boyd Thermal is a U.S. based global leader in thermal components, systems, and ruggedized solutions for data center, aerospace and other end-markets. Boyd Thermal employs more than 6,000 people with manufacturing sites across North America, Asia, and Europe. Boyd Thermal is reported within the Electrical Global business segment. The Company incurred $35 million of acquisition related transaction costs during the first quarter of 2026 for Boyd Thermal that were included in Selling and administrative expense on the Consolidated Statements of Income. Spin-off of Mobility business On January 26, 2026, Eaton announced its intention to pursue a spin-off of its Mobility business, which consists of the Mobility business segment, into an independent, publicly traded company. Eaton expects to complete the anticipated spin-off by the end of the first quarter of 2027, subject to customary legal and regulatory requirements and approvals, including final approval of the Company’s Board of Directors and effectiveness of a Form 10 registration statement filed with the Securities and Exchange Commission. The planned spin-off is expected to be completed in a manner that is tax-free to Eaton ordinary shareholders for U.S. federal income tax purposes. Note 4. ACQUISITION AND DIVESTITURE CHARGES Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:   Three months ended
March 31 (In millions except for per share data)   2026       2025   Acquisition integration, divestiture charges and transaction costs $ 109     $ 10   Income tax benefit   21     2 Total charges after income taxes $ 87     $ 8   Per ordinary share - diluted $ 0.22     $ 0.02   Acquisition integration, divestiture charges and transaction costs in 2026 and 2025 are primarily related to the following: The acquisitions of Fibrebond Corporation, Resilient Power Systems Inc., Ultra PCS Limited, Boyd Thermal, and Exertherm, the anticipated spin-off of the Mobility business, transactions completed prior to 2023, and other charges to acquire and exit businesses. Employee transaction and retention award compensation expense related to the acquisition of Fibrebond of $14 million in the first quarter of 2026. Employee incentive compensation expense related to the acquisition of Resilient of $11 million in the first quarter of 2026. Charges in 2026 and 2025 were included in Cost of products sold, Selling and administrative expense, or Other income - net. In Business Segment Information, the charges were included in Other expense - net. Note 5. RESTRUCTURING CHARGES During the first quarter of 2024, Eaton implemented a multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Since the inception of the program, the Company has incurred charges of $374 million. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $78 million and plant closing and other costs of $24 million, resulting in total estimated charges of $475 million for the entire program. The Company expects mature year benefits of $375 million when the multi-year program is fully implemented. A summary of restructuring program charges is as follows:   Three months ended
March 31 (In millions except for per share data)   2026       2025   Workforce reductions $ 24     $ 13   Plant closing and other   14       6   Total before income taxes   39       18   Income tax benefit   8     4 Total after income taxes $ 30     $ 14   Per ordinary share - diluted $ 0.08     $ 0.04   Restructuring program charges (income) related to the following segments:   Three months ended
March 31 (In millions)   2026       2025   Electrical Americas $ 1     $ 1   Electrical Global   31       14   Aerospace   (1 )     — Mobility   5       3   Corporate   2       1   Total $ 39     $ 18   These restructuring program charges (income) were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other income - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. Note 6. INTANGIBLE ASSET AMORTIZATION EXPENSE Intangible asset amortization expense is as follows:   Three months ended
March 31 (In millions except for per share data)   2026       2025   Intangible asset amortization expense $ 140     $ 106   Income tax benefit   30     22 Total after income taxes $ 111     $ 84   Per ordinary share - diluted $ 0.29     $ 0.21     View source version on businesswire.com: https://www.businesswire.com/news/home/20260504450402/en/ Eaton Corporation plc
Jennifer Tolhurst
Media Relations
+1 (440) 523-4006
jennifertolhurst @daytraderrick Original: Eaton Reports Record First Quarter 2026 Results, with Accelerating Growth in Sales, Orders and Backlog, and Raises 2026 Organic Growth Guidance to 10% from 8% at the Midpoint

Eaton Declares Quarterly Dividend Payable May 29, 2026April 21, 2026 1:01 PM
Business Wire
The Board of Directors of intelligent power management company Eaton (NYSE:ETN) today declared a quarterly dividend of $1.10 per ordinary share. The dividend is payable May 29, 2026, to shareholders of record at the close of business on May 8, 2026. Eaton has paid dividends on its shares every year since 1923.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421095156/en/
Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton Declares Quarterly Dividend Payable May 29, 2026

Eaton to announce first quarter 2026 earnings on May 5, 2026April 21, 2026 6:45 AM
Business Wire
Intelligent power management company Eaton (NYSE:ETN) will announce first quarter 2026 earnings on Tuesday, May 5, 2026, before the opening of the New York Stock Exchange. The company will host a conference call at 11 a.m. Eastern time that day to discuss first quarter 2026 earnings results.


The conference call will be available through a live webcast that can be accessed at Eaton.com/investor under “Presentations.” The call replay and news release will also be available at the same link.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421817432/en/
Jennifer Tolhurst

Media Relations

+1 (440) 523-4006

jennifertolhurst@eaton.com


Yan Jin

Investor Relations

+1 (440) 523-7558


Original: Eaton to announce first quarter 2026 earnings on May 5, 2026

Eaton Expands Aerospace Authorized Service Center Agreement With Air Support to Broaden Repair Capabilities in EMEAApril 20, 2026 4:15 PM
Business Wire

Expanded scope builds on successful EMEA collaboration to support localized repair of additional engine fuel system components



Intelligent power management company Eaton announced the expansion of its authorized service center agreement with Air Support, reinforcing Eaton’s commitment to customer centric aftermarket support and localized repair solutions.


The expanded agreement reflects Air Support’s strong performance as Eaton’s first authorized aerospace service center in EMEA and supports Eaton’s strategy to make it easier and more cost effective for customers to access high quality repairs closer to where aircraft operate.


“Our decision to expand this agreement reflects the results Air Support has delivered for our customers since the collaboration began,” said Matt Norman, vice president of aftermarket and commercial services for Eaton’s Aerospace Group. “By expanding local repair capabilities in the region, we are helping customers reduce turnaround time and freight costs while maintaining the quality, reliability and technical standards they expect from Eaton.”


The agreement provides customers with access to OEM repairs, latest repair documentation and consistent use of approved Eaton spare parts, while supporting Eaton’s broader sustainability goals by reducing transportation related emissions through localized service delivery.


“We are proud to continue growing our relationship with Eaton and honored by the trust reflected in this expanded agreement,” said Sabine Tertre, CEO of Air Support. “The addition of new repair capabilities enables us to further support customers across EMEA with reliable, responsive service aligned with OEM standards.”


Building on the agreement first announced in 2025, Eaton expanded the scope of authorized repair services to include additional engine fuel system components. Under the expanded agreement, Air Support is now authorized to provide repair and overhaul services for:



The CFM56-5B and CFM56-7B main engine fuel pump



The CF34-8 and CF34-10 engine fuel pumps



The CFM56-5B gear motor



Eaton will continue to support customers through its global network of Eaton repair stations, working alongside authorized service centers to deliver flexible, high quality aftermarket support worldwide.


About Eaton


Eaton is an intelligent power management company dedicated to protecting the environment and improving quality of life for people everywhere. We make products for the data center, utility, industrial, commercial and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.


About Air Support


Founded in 1992, Air Support is a leading independent engine component MRO shop. Air Support is PART145 certified by EASA, FAA, CAAC and CAA, with a Quality Management System compliant with ISO 9001 and EN 9110 requirements. Based in France, the company supports more than 200 customers in 40 countries and is recognized for its high-quality service, on-time delivery (98%) and customer focused approach. With revenues of $112 million in 2025, the company repairs more than 15,000 engine components per year.


For more information, visit www.airsupport-mro.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420057849/en/
Eaton

Regina Parundik

+1.412.559.1614

ReginaParundik@Eaton.com


Air Support

Sophie Feracci

+33 672194943

s.feracci@airsupport-mro.com


Original: Eaton Expands Aerospace Authorized Service Center Agreement With Air Support to Broaden Repair Capabilities in EMEA

Eaton Earns Prestigious Gold Medal Rating From EcoVadis for Sustainability Management MaturityApril 15, 2026 6:45 AM
Business Wire

Places Eaton among top 4% of companies evaluated worldwide



Ten consecutive years of EcoVadis ratings reflect Eaton’s sustained performance and year-over-year improvement



Intelligent power management company Eaton has achieved a gold medal from EcoVadis, the world’s largest provider of business sustainability ratings. The EcoVadis evaluation measures performance across four key areas: environment, labor and human rights, ethics, and sustainable procurement. Eaton ranked in the top 4% of approximately 150,000 companies assessed globally.


“This recognition from EcoVadis affirms the dedication of our teams and the momentum behind our sustainability strategy,” said Harold Jones, chief of staff to the CEO and chief sustainability officer, Eaton. “For Eaton, sustainability is critical to creating long-term value—helping customers meet their evolving power-management needs today, while advancing our mission to improve quality of life and protect the environment for the future.”


EcoVadis sustainability ratings are based on a comprehensive review of company policies, certifications, quantitative data, and third-party audits and assesses how effectively organizations manage sustainability-related risks across the four key focus areas. Eaton has been rated by EcoVadis for 10 consecutive years, ranking in the top 10% globally for the past four – including the top 4% this year – reflecting continued progress in sustainability management.


This rating from EcoVadis is the latest in a series of recognitions of Eaton’s industry-leading sustainability strategy, including earning the top ranking on Investor’s Business Daily’s prestigious list of the 50 Most Sustainable Companies for 2025 and an A rating from CDP for climate disclosure. Eaton was also recently named one of the world's most ethical companies for the 15th time by Ethisphere Institute.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260415914118/en/
Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton Earns Prestigious Gold Medal Rating From EcoVadis for Sustainability Management Maturity

Eaton Expands Operations in Nebraska with New Manufacturing Facility to Meet Increasing Switchgear Demand Driven by AI Data Center BoomApril 8, 2026 8:33 AM
Business Wire

New 370,000-sq-ft facility in greater Omaha area expected to begin production in 2027



Addresses surging demand from nearly 3,000 planned U.S. data centers to support modular, scalable power systems and accelerate speed to power



Expected to create over 200 engineering, manufacturing and production jobs



Intelligent power management company Eaton today announced an investment of over $30 million to increase U.S. production of its medium-voltage switchgear, the equipment used to protect, control and isolate electrical equipment in data center, utility and industrial power generation and distribution systems.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260408952863/en/Eaton to open a new manufacturing facility in Nebraska, boosting production of switchgear, critical infrastructure for data centers, utilities and industrials.
With nearly 3,000 new data centers planned or under construction in the U.S., industrial and utility companies will face electrical power supply chain constraints. The U.S. switchgear market is projected to grow from $17.8 billion in 2024 to $31.8 billion by 2034.


To meet this demand, Eaton will open a new manufacturing facility near Omaha, Nebraska in Bellevue. The new facility will be designed and optimized to support high volume of switchgear structures at the quality and speed that AI data centers customers require. The engineered-to-order switchgear produced in the new facility can be integrated into Eaton’s prefabricated power systems, which are designed to offer customers flexibility, modularity and intelligence.


Production of air-insulated switchgear and gas-insulated switchgear at Eaton’s new 370,000-square-foot facility is expected to begin in the first half of 2027. Hiring for more than the anticipated 200 additional engineering, manufacturing and production roles is expected to begin later this year.


“Eaton is making bold investments to drive growth—expanding our U.S. manufacturing footprint, adding jobs and helping customers accelerate projects,” said Mike Yelton, president, Electrical Sector at Eaton. “We’ve reimagined how data centers are built and are providing a blueprint for rapid, repeatable deployment. As we continue to invest in U.S. manufacturing, we’re grateful for the strong support from the state of Nebraska and the city of Bellevue. Our newest manufacturing investment builds on the incredible abilities of our long-term employees in the region.”


Eaton’s fully integrated grid-to-chip portfolio is helping meet the accelerating needs of data center, industrial and utility customers with repeatable, modular and scalable systems that can be deployed globally. The medium-voltage switchgear manufactured in Omaha will help customers deliver clean, safe and resilient energy from the grid and onsite energy sources.


“Eaton’s major expansion in Nebraska is evidence of the competitive advantages we offer to manufacturers,” said Governor Jim Pillen. “With unmatched affordability, a growing workforce, and business-like approach to governance, we’re making sure The Good Life is open for business. Eaton’s investment to boost production of electrical equipment in Nebraska will create great careers, while helping power the state’s energy industry.”


“Eaton’s investment in Bellevue marks a fantastic milestone for our community. We have made job creation the cornerstone of my administration, and we’re thrilled to partner with Eaton on this exciting new adventure by bringing hundreds of jobs to Bellevue. We look forward to a fruitful partnership for decades to come,” said Bellevue Mayor Rusty Hike.


In Omaha, Eaton will expand its local manufacturing capacity by moving to a new facility six miles from its current site. Existing Eaton employees will transition to the new location over time.


Eaton’s investments in its global manufacturing capacity have totaled more than $1.5 billion since 2023.


Eaton 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 guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260408952863/en/
Regina Parundik

+1.412.559.1614

ReginaParundik@Eaton.com


Original: Eaton Expands Operations in Nebraska with New Manufacturing Facility to Meet Increasing Switchgear Demand Driven by AI Data Center Boom

Eaton Recognized for the 15th Time as One of the World’s Most Ethical Companies®March 20, 2026 1:15 PM
Business Wire

Reflects sustained commitment over nearly two decades since the World’s Most Ethical Companies program began.



Intelligent power management company Eaton (NYSE:ETN) has been celebrated as one of the World’s Most Ethical Companies for the 15th time by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260320810163/en/Ethisphere 2026 World’s Most Ethical Companies® logo
One of 13 honorees in the industrial manufacturing category, Eaton embeds ethics into decision-making—driving reliable outcomes for the customers and communities it serves. Ethisphere’s research consistently shows that companies recognized for strong ethics and integrity outperform their peers over time.


“This honor reflects our ongoing commitment to fostering a culture where ethics remains a priority and fuels our growth. It reflects an environment where employees are encouraged, supported and empowered to speak up,” said Joe Rodgers, senior vice president, Global Ethics and Compliance, Eaton. “It’s taken commitment and consistency to achieve this milestone—and I thank our employees around the world who live our values and make the right decisions every day.”


The World’s Most Ethical Companies assessment is grounded in Ethisphere’s proprietary Ethics Quotient®, which requires companies to provide 240+ documented proof points across areas including corporate governance, training, communication, risk management, investigations, measurement, third-party risk management and environmental and social impact. Ethisphere’s panel of experts spends thousands of hours vetting and evaluating each applicant to capture and codify best-in-class practices.


Over the years, Ethisphere has featured Eaton’s practices, most recently in the article How Eaton Leverages Ethisphere’s Benchmarking Data, Credible Expertise, and Peer Community to Maintain a Best-in-Class Program. Eaton also shares its journey through its annual ethics report, Reflections on Ethics.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260320810163/en/
Drew Horansky

+1 (440) 523-4306

DrewAHoransky@Eaton.com


Original: Eaton Recognized for the 15th Time as One of the World’s Most Ethical Companies®

Eaton completes acquisition of leading liquid-cooling solutions provider Boyd Thermal, creating an industry-leading grid-to-chip solution for data centersMarch 12, 2026 4:15 PM
Business Wire

Boyd Thermal’s leading-edge liquid-cooling solutions boost Eaton’s leadership position as an end-to-end solution provider to data center customers around the world



Proven engineering and customer-driven development expertise will further enable Eaton to support rapid, reliable deployments



Critical capabilities in aerospace thermal management technology augment Eaton’s solutions



Intelligent power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of the Boyd Thermal business of Boyd Corporation from Goldman Sachs Asset Management. Boyd Thermal is a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets.


“Boyd Thermal’s expertise in liquid cooling will enable us to continue to meet soaring AI-driven demand. We’ll deliver integrated solutions from grid to chip that boost reliability, speed deployments and create greater value for customers worldwide,” said Paulo Ruiz, Eaton chief executive officer. “We’re excited to welcome the Boyd Thermal team to Eaton and work together to meet the growing needs of our data center customers.”


“We're thrilled to be joining Eaton, combining our decades of thermal innovation with Eaton’s global scale and power management expertise,” said Doug Britt, chief executive officer, Boyd Corporation. “This positions Eaton to deliver integrated power and cooling solutions that meet the accelerating demands of AI. Together, we’ll deliver smarter, more reliable solutions for customers worldwide.”


Boyd Thermal is a global business based in the U.S., with more than 6,000 employees and manufacturing sites across North America, Asia and Europe. With its start as an industrial fabricator in 1928 and decades-long history as an aerospace thermal management supplier, today the Boyd Thermal business serves data center, industrial, aerospace and other markets.


Eaton expects Boyd Thermal to be accretive to adjusted earnings in year two after closing. Boyd Thermal will be reported within the Electrical Global business segment. Learn more at Eaton.com/boydthermal.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.


This press release contains forward-looking statements concerning, among other matters, the integration of Boyd Thermal and its impact on Eaton’s segment results. These statements are not guarantees of future performance, and actual results may differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside of our control. The following factors could cause actual results to differ materially from those in the forward-looking statements: risks related to the ability to realize the anticipated benefits of the proposed acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; disruptions by natural disasters, labor strikes, wars, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns that impact our production facilities; significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers; reliance on suppliers to provide raw materials, components and services; the development and use of artificial intelligence in our business operations; service interruptions, data corruption, loss or impairment, network security and related operational impacts due to cybersecurity attacks; weather disruptions and regulatory, market and social reactions to such disruptions; our ability to identify, attract, develop, engage and retain qualified employees; stock price and end market impacts due to technology disruptions; volatility of end markets; continued successful research, development and marketing of new or improved products; geopolitical, economic or other risks arising from worldwide or regional economic conditions; the global nature of Eaton’s business and exposure to economic and political instability, including war or armed conflict, changes in governmental laws, regulations and policies; changes in countries’ trade policies, including the imposition of sanctions or tariffs; changes in our tax rates or tax laws and regulations applicable to our business; rules, regulations, audits and investigations and related compliance risks associated with being a governmental contractor; our ability to protect our intellectual property; litigation and environmental regulations impacting our business; and the other risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed with the U.S. Securities and Exchange Commission. We disclaim any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312582488/en/
Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton completes acquisition of leading liquid-cooling solutions provider Boyd Thermal, creating an industry-leading grid-to-chip solution for data centers

Eaton and SPAN Establish Strategic Partnership to Transform How Power Is Managed in Homes and Further Enable Affordable ElectrificationMarch 9, 2026 8:33 AM
Business Wire

Partnership tackles grid constraints and rising household energy demands with smart, flexible solutions



Gives customers greater control and flexibility for reliable, affordable and future-proof electrification



Increases Eaton’s expansive residential portfolio and expands SPAN smart panel reach



Intelligent power management company Eaton today announced a strategic partnership with SPAN, a pioneer in smart panel and power controls technology, to further enable affordable home electrification at scale. The companies’ approach to electrification will help save thousands of dollars on new home construction and retrofit projects, while also reducing the amount of power and infrastructure needed from the grid. Eaton invested $75 million in SPAN to power the next phase of the company’s growth and innovation.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260309113193/en/Eaton and SPAN establish strategic partnership to tackle rising household energy demand and grid constraints with smart, flexible solutions that further enable affordable home electrification. 
Together, the companies will bring to market SPAN panels, smart electrical panels that provide whole-home energy insights and advanced power controls. The partnership offering will save time and money for retrofit and new home construction projects by dynamically managing how power is used in homes and cost-effectively enabling near-term and future electrification. The companies’ collaboration aligns with Eaton’s Home as a Grid strategy that supports flexible power systems that enable customers to do more with the power they have.


“Energy affordability and electrification require smart energy management,” said Heath Monesmith, president and chief operating officer, Electrical Sector at Eaton. “Working with SPAN, we’re removing barriers to electrification and lowering costs for homeowners, builders and contractors. Eaton is trusted to manage power from the grid to the receptacle, and together we’re expanding flexible and resilient solutions to power homes.”


Eaton will feature SPAN Energy IntelligenceTM technology at scale in its new smart panel offer, which will be available through its market-leading distribution, installer and homebuilder networks. The offer delivers energy affordability by decreasing costs for consumers and builders when adopting batteries, electric vehicle (EV) charging and home electrification solutions.


“In order to accelerate the energy transition and deliver impact at scale, we often look to align our fast-paced innovation with established market leaders with a shared vision,” said Arch Rao, founder and CEO of SPAN. “Eaton’s impressive track record in electrical safety and unparalleled distribution reach combined with the SPAN advanced technology platform to modernize home energy infrastructure, forms an enviable foundation for the future of grid-edge intelligence.”


SPAN smart electrical panels will integrate Eaton’s advanced circuit and surge protection technologies for enhanced safety, reliability and control. Both companies’ technologies, including SPAN smart panels and Eaton smart breakers, meet rigorous cybersecurity and safety design standards and are interoperable with energy storage systems and onsite distributed energy resources. Joint solutions are expected to be available in the second quarter of 2026.


Learn more about Eaton’s home energy management solutions and Home as a Grid approach.


About SPAN


SPAN is on a mission to enable a more efficient and affordable energy future. The company began by reinventing the electrical panel and continues to transform grid-edge energy infrastructure through combined hardware-software innovation and advanced residential power control systems. Utilities, homeowners and developers all benefit from a smart, affordable and distributed electric grid. With SPAN solutions, grid operators can efficiently meet energy demand without expensive infrastructure upgrades, and those at home can manage their usage without disruption or sacrifice. Powering homes and communities with abundant, clean energy should be human-centered, technology-forward, and simply delightful. With behind and at-the-meter solutions that provide visibility and scale, SPAN helps make that possible. For more information, go to www.span.io.


About Eaton


Eaton 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 guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260309113193/en/
Regina Parundik

+1 (412) 559-1614

reginaparundik@eaton.com


Original: Eaton and SPAN Establish Strategic Partnership to Transform How Power Is Managed in Homes and Further Enable Affordable Electrification

Eaton announces David Foster as Executive Vice President and Chief Financial Officer, effective March 2, 2026March 2, 2026 6:30 AM
Business Wire

Foster re-joins Eaton after a career spanning 29 years with the organization



Deep understanding of Eaton’s operations, customers and markets at a time of unprecedented demand and growth



Intelligent power management company Eaton (NYSE:ETN) today announced that David Foster has been named executive vice president and chief financial officer, effective March 2, 2026. He succeeds Olivier Leonetti who will be leaving Eaton on March 13, 2026, as part of a planned transition.


Foster re-joins Eaton after a 29-year career with the organization. “Dave brings a wealth of experience to Eaton – with a deep understanding of our operations and a unique understanding of our markets and customers at a critical time of unprecedented demand and growth,” said Eaton CEO Paulo Ruiz. “With proven experience of finance excellence, portfolio management and the ability to build organizational capability and discipline at scale, I am pleased to welcome him back to our team.”


Before retiring from Eaton in 2022, Foster held roles of increasing responsibility across the company’s finance organization, providing critical business and finance partnerships in assignments across Asia Pacific and the United States. He held roles within FP&A, Controllership, Corporate Development and Treasury, and Mergers, Acquisitions and Divestitures. In his last role with Eaton, he was senior vice president, Finance and Planning, Industrial Sector.


In commenting on his new role, Foster said, “I am looking forward to coming back to Eaton, a place I called home for nearly three decades. Eaton is at a pivotal point in its journey to become the world’s premier power management company and I am excited to be part of this next phase of growth and opportunity.”


“On behalf of the company, I want to thank Olivier for his service and wish him the best for the future,” said Ruiz.


Foster holds a bachelor’s degree from the University of Michigan and a master’s degree in Manufacturing Management from Kettering University.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302016909/en/
Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton announces David Foster as Executive Vice President and Chief Financial Officer, effective March 2, 2026

Eaton increases quarterly dividend to $1.10 per shareFebruary 26, 2026 1:49 PM
Business Wire
Dividend payable March 27, 2026


The Board of Directors of intelligent power management company Eaton (NYSE:ETN) today declared a quarterly dividend of $1.10 per ordinary share, an increase of 6% over its last quarterly dividend. The dividend is payable March 27, 2026, to shareholders of record at the close of business on March 10, 2026. Eaton has paid dividends on its shares every year since 1923.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226327789/en/
Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton increases quarterly dividend to $1.10 per share

Eaton named to FORTUNE’s 2026 World’s Most Admired Companies list for ninth consecutive yearFebruary 9, 2026 6:45 AM
Business Wire
Intelligent power management company Eaton has once again been named one of the World’s Most Admired Companies by FORTUNE magazine.


“This achievement reflects the momentum we’re creating together,” said Paulo Ruiz, Eaton chief executive officer. “By putting our customers at the center of everything we do—advancing innovation, scaling new technologies and helping to solve the world’s most complex power management challenges, we are defining the future of growth and opportunity. This recognition underscores the progress we continue to make—positioning Eaton to exceed the expectations of our customers, investors, employees and all our stakeholders.”


FORTUNE’s list of the World’s Most Admired Companies is based on company surveys and peer ratings from top executives, directors and members of the financial community. They rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260209298409/en/
Jennifer Tolhurst

(440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton named to FORTUNE’s 2026 World’s Most Admired Companies list for ninth consecutive year

Eaton to participate in the Barclays 43rd Annual Industrial Select Conference on February 17February 4, 2026 6:45 AM
Business Wire
Intelligent power management company Eaton (NYSE:ETN) today announced that Michael Regelski, senior vice president and chief technology officer, Electrical Sector, will participate in the Barclays 43rd Annual Industrial Select Conference on February 17, 2026, at 1:15 p.m. Eastern time. Regelski will speak to investors in a fireside chat about the company’s Electrical business and how powerful megatrends like electrification, digitalization and AI, reindustrialization and more are driving growth in its markets.


A live webcast of the event will be available on the company’s Investor Relations website at www.eaton.com/investor-relations-presentations. A replay will be available following the event at the same link.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260203326516/en/
Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com


Original: Eaton to participate in the Barclays 43rd Annual Industrial Select Conference on February 17

Eaton slides as cautious 2026 guidance outweighs solid Q4 performanceFebruary 3, 2026 10:06 AM
IH Market News
Shares in power management group Eaton (NYSE:ETN) dropped more than 5% on Tuesday after the company delivered fourth-quarter results broadly in line with expectations but struck a more conservative tone on its outlook for early 2026.The company reported adjusted earnings of $3.33 per share for the fourth quarter, narrowly ahead of the $3.32 consensus forecast. Revenue reached a quarterly record of $7.1 billion, in line with analyst expectations.Sales increased 13% year on year, supported by 9% organic growth, a 2% contribution from acquisitions and a further 2% benefit from foreign exchange movements. Segment margins also set a fourth-quarter record at 24.9%, improving by 20 basis points compared with the same period last year.Cash generation remained strong. Operating cash flow for the quarter totaled $2 billion, while free cash flow reached $1.6 billion, both quarterly highs and up 23% and 17%, respectively, from a year earlier.“In the fourth quarter, we continued to convert strong demand into accelerated orders and organic growth. Electrical and Aerospace were standout drivers, contributing to sustained backlog growth and a book-to-bill ratio of 1.1,” said Paulo Ruiz, CEO of Eaton.For the full year 2025, the company posted record revenue of $27.4 billion, up 10% from 2024, reflecting 8% organic growth and a 2% lift from acquisitions. Adjusted earnings per share also reached a new high at $12.07.Looking ahead, Eaton guided to first-quarter 2026 adjusted EPS of $2.65 to $2.85, below the $3.01 consensus estimate. For the quarter, the company expects organic growth of 5% to 7% and segment margins between 22.2% and 22.6%.For full-year 2026, Eaton forecast adjusted EPS of $13.00 to $13.50, also slightly below the consensus estimate of $13.52. The company projects organic growth of 7% to 9% and segment margins in the range of 24.6% to 25%.Eaton Corporation stock price

Original: Eaton slides as cautious 2026 guidance outweighs solid Q4 performance

Eaton Reports Record Fourth Quarter 2025 Results, with Accelerating Orders and Continued Backlog Growth, and Issues Guidance on 2026 OutlookFebruary 3, 2026 6:30 AM
Business Wire

Twelve-month rolling average order acceleration in Electrical Americas, up 16%, driven by data center momentum, with strong Aerospace order growth, up 11%



Strong year-over-year backlog growth of 29% in Electrical sector and 16% in Aerospace segment



Fourth quarter record segment margins of 24.9%, above the high end of guidance



Fourth quarter earnings per share of $2.91, a fourth quarter record and up 19% over 2024, and record adjusted earnings per share of $3.33, up 18% over 2024



For full year 2025, record earnings per share of $10.45, up 10% over 2024, and record adjusted earnings per share of $12.07, up 12% over 2024, with 8% organic growth



For full year 2026, earnings per share expected to be between $11.57 and $12.07, up 13% at the midpoint over 2025, and adjusted earnings per share expected to be between $13.00 and $13.50?, up 10% at the midpoint over 2025



Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that fourth quarter 2025 earnings per share were $2.91, a fourth quarter record. Excluding charges of $0.25 per share related to intangible amortization, $0.10 per share related to acquisitions and divestitures, and $0.07 per share related to a multi-year restructuring program, adjusted earnings per share of $3.33 were a record.


Sales in the quarter were $7.1 billion, a record and up 13% from the fourth quarter of 2024. The sales increase consisted of 9% growth in organic sales, 2% growth from acquisitions and 2% growth from foreign exchange.


Segment margins were 24.9%, a fourth quarter record and a 20-basis point improvement over the fourth quarter of 2024.


Operating cash flow was $2.0 billion and free cash flow was $1.6 billion, both quarterly records and up 23% and 17%, respectively, over the same period in 2024.


Paulo Ruiz, Eaton chief executive officer, said, “In the fourth quarter, we continued to convert strong demand into accelerated orders and organic growth. Electrical and Aerospace were standout drivers, contributing to sustained backlog growth and a book-to-bill ratio of 1.1.”


For the full year 2025, sales were a record $27.4 billion, up 10% from 2024. The sales increase consisted of 8% growth in organic sales and 2% growth from acquisitions.


Segment margins of 24.5% for 2025 were a record and at the high end of the latest guidance range. This represents a 50-basis point improvement over the full year 2024.


Earnings per share for 2025 were a record $10.45, up 10% over 2024. Excluding charges of $0.99 per share related to intangible amortization, $0.37 per share related to acquisitions and divestitures, and $0.26 per share related to a multi-year restructuring program, adjusted earnings per share were a record $12.07, up 12% over 2024.


Operating cash flow for 2025 was $4.5 billion and free cash flow was $3.6 billion, both records and up 3% and 1%, respectively, over the same period in 2024.


On full year results, Ruiz continued, “Our solid performance in 2025 was driven by our Lead, Invest and Execute for Growth strategy, including key investments that expanded our capacity and capabilities. Our growing and diversified backlog provides us with extended visibility, enabling predictable financial performance and disciplined capital planning. As we enter 2026, we are confident that this momentum positions us to capitalize on the significant opportunities ahead—from digitalization and AI to reindustrialization, infrastructure spending and growth in the aerospace markets—while continuing progress toward our 2030 targets and delivering value for our shareholders.”


Guidance


For the full year 2026, the company anticipates:



Organic growth of 7-9%



Segment margins of 24.6-25.0%



Earnings per share between $11.57 and $12.07



Adjusted earnings per share between $13.00 and $13.50



For the first quarter of 2026, the company anticipates:



Organic growth of 5-7%



Segment margins of 22.2-22.6%



Earnings per share between $2.29 and $2.49



Adjusted earnings per share between $2.65 and $2.85



Business Segment Results


Sales for the Electrical Americas segment were a record $3.5 billion, up 21% from the fourth quarter of 2024. The sales increase consisted of 15% growth in organic sales, 5% growth from acquisitions and 1% growth from foreign exchange. Operating profits were a record $1.0 billion, up 14% over the fourth quarter of 2024, and operating margins in the quarter were 29.8%.


The twelve-month rolling average of orders in the fourth quarter was up 16% organically. Backlog at the end of December remained strong and was up 31% over December 2024.


Sales for the Electrical Global segment were a fourth quarter record $1.7 billion, up 10% from the fourth quarter of 2024. Organic sales were up 6%, and positive currency translation added 4%. Operating profits were a fourth quarter record $340 million, up 23% over the fourth quarter of 2024. Operating margins in the quarter were 19.7%, up 200 basis points over the fourth quarter of 2024.


The twelve-month rolling average of orders in the fourth quarter was up 6% organically. Backlog at the end of December was up 19% over December 2024.


On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained strong at 1.1.


Aerospace segment sales were a record $1.1 billion, up 14% from the fourth quarter of 2024. Organic sales were up 12%, and positive currency translation added 2%. Operating profits were $268 million, a fourth quarter record and up 21% over the fourth quarter of 2024. Operating margins of 24.1% were up 120 basis points over the fourth quarter of 2024.


The twelve-month rolling average of orders in the fourth quarter was up 11% organically. The backlog at the end of December was up 16% over December 2024. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1.


The Vehicle segment posted sales of $586 million, down 9% from the fourth quarter of 2024. Organic sales declined 13%, which was partially offset by 4% from positive currency translation. Operating profits were $96 million, and operating margins in the quarter were 16.5%.


eMobility segment sales were $125 million, down 15% from the fourth quarter of 2024. Organic sales declined 17%, which was partially offset by 2% from positive currency translation. The segment recorded an operating profit of $10 million, and operating margins in the quarter were 7.8%.


Eaton 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 and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power - today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.


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. For more information, visit www.eaton.com. Follow us on LinkedIn.


Notice of conference call: Eaton’s conference call to discuss its fourth quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time via a link on Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website before the call will be a presentation on fourth quarter results, which will be covered during the call.


This news release contains forward-looking statements concerning first quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment margins; anticipated capital deployment; anticipated multi-year restructuring program charges and savings; the anticipated acquisition of Boyd Thermal; and Eaton’s intention to pursue a separation of its Mobility business. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: a global pandemic; unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; supply chain disruptions, unanticipated changes in the cost of material, labor, and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of disruptive or competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest at Eaton or at our customers or suppliers; natural disasters; the performance of recent acquisitions; unanticipated difficulties closing or integrating acquisitions; risks related to the ability to realize the anticipated benefits of the proposed acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; significant transaction costs; unknown liabilities; risk of litigation and/or regulatory actions relating to the proposed acquisition; unexpected difficulties completing divestitures; new laws, tariffs and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; geo-political tensions or war, civil or political unrest or terrorism; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.


Financial Results


The company’s comparative financial results for the three months ended December 31, 2025, are available on the company’s website, http://www.eaton.com.




EATON CORPORATION plc






 






 






 






 






 






 






 








CONSOLIDATED STATEMENTS OF INCOME






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 








 






Three months ended

December 31






 






Year ended December 31








 






 








(In millions except for per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net sales






$






7,055






 






 






$






6,240






 






 






$






27,448






 






 






$






24,878






 








 






 






 






 






 






 






 






 








Cost of products sold






 






4,457






 






 






 






3,811






 






 






 






17,131






 






 






 






15,375






 








Selling and administrative expense






 






1,009






 






 






 






1,003






 






 






 






4,311






 






 






 






4,077






 








Research and development expense






 






203






 






 






 






201






 






 






 






797






 






 






 






794






 








Interest expense - net






 






70






 






 






 






42






 






 






 






241






 






 






 






130






 








Other expense (income) - net






 






22






 






 






 






16






 






 






 






37






 






 






 






(64






)








Income before income taxes






 






1,294






 






 






 






1,167






 






 






 






4,932






 






 






 






4,566






 








Income tax expense






 






161






 






 






 






195






 






 






 






841






 






 






 






768






 








Net income






 






1,133






 






 






 






972






 






 






 






4,090






 






 






 






3,798






 








Less net income for noncontrolling interests






 






(1






)






 






 






(1






)






 






 






(3






)






 






 






(4






)








Net income attributable to Eaton ordinary shareholders






$






1,132






 






 






$






971






 






 






$






4,087






 






 






$






3,794






 








 






 






 






 






 






 






 






 








Net income per share attributable to Eaton ordinary shareholders






 






 






 






 






 






 






 








Diluted






$






2.91






 






 






$






2.45






 






 






$






10.45






 






 






$






9.50






 








Basic






 






2.92






 






 






 






2.46






 






 






 






10.48






 






 






 






9.54






 








 






 






 






 






 






 






 






 








Weighted-average number of ordinary shares outstanding






 






 






 






 






 






 






 








Diluted






 






389.5






 






 






 






396.0






 






 






 






391.2






 






 






 






399.4






 








Basic






 






388.2






 






 






 






394.1






 






 






 






389.9






 






 






 






397.6






 








 






 






 






 






 






 






 






 








Reconciliation of net income attributable to Eaton ordinary shareholders to adjusted earnings






 






 






 






 






 






 






 








Net income attributable to Eaton ordinary shareholders






$






1,132






 






 






$






971






 






 






$






4,087






 






 






$






3,794






 








Excluding acquisition and divestiture charges, after-tax






 






40






 






 






 






9






 






 






 






145






 






 






 






26






 








Excluding restructuring program charges, after-tax






 






28






 






 






 






56






 






 






 






103






 






 






 






160






 








Excluding intangible asset amortization expense, after-tax






 






97






 






 






 






84






 






 






 






384






 






 






 






335






 








Adjusted earnings






$






1,297






 






 






$






1,120






 






 






$






4,720






 






 






$






4,314






 








 






 






 






 






 






 






 






 








Net income per share attributable to Eaton ordinary shareholders - diluted






$






2.91






 






 






$






2.45






 






 






$






10.45






 






 






$






9.50






 








Excluding per share impact of acquisition and divestiture charges, after-tax






 






0.10






 






 






 






0.02






 






 






 






0.37






 






 






 






0.06






 








Excluding per share impact of restructuring program charges, after-tax






 






0.07






 






 






 






0.14






 






 






 






0.26






 






 






 






0.40






 








Excluding per share impact of intangible asset amortization expense, after-tax






 






0.25






 






 






 






0.22






 






 






 






0.99






 






 






 






0.84






 








Adjusted earnings per ordinary share






$






3.33






 






 






$






2.83






 






 






$






12.07






 






 






$






10.80






 






















 



See accompanying notes.









EATON CORPORATION plc






 






 






 






 






 






 






 








BUSINESS SEGMENT INFORMATION






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 








 






Three months ended

December 31






 






Year ended December 31








 






 








(In millions)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net sales






 






 






 






 






 






 






 








Electrical Americas






$






3,506






 






 






$






2,905






 






 






$






13,276






 






 






$






11,436






 








Electrical Global






 






1,728






 






 






 






1,569






 






 






 






6,815






 






 






 






6,248






 








Aerospace






 






1,111






 






 






 






971






 






 






 






4,249






 






 






 






3,744






 








Vehicle






 






586






 






 






 






647






 






 






 






2,505






 






 






 






2,790






 








eMobility






 






125






 






 






 






147






 






 






 






604






 






 






 






662






 








Total net sales






$






7,055






 






 






$






6,240






 






 






$






27,448






 






 






$






24,878






 








 






 






 






 






 






 






 






 








Segment operating profit (loss)






 






 






 






 






 






 






 








Electrical Americas






$






1,046






 






 






$






918






 






 






$






3,972






 






 






$






3,455






 








Electrical Global






 






340






 






 






 






277






 






 






 






1,323






 






 






 






1,149






 








Aerospace






 






268






 






 






 






222






 






 






 






1,013






 






 






 






859






 








Vehicle






 






96






 






 






 






122






 






 






 






419






 






 






 






502






 








eMobility






 






10






 






 






 






3






 






 






 






(14






)






 






 






(7






)








Total segment operating profit






 






1,760






 






 






 






1,542






 






 






 






6,713






 






 






 






5,959






 








 






 






 






 






 






 






 






 








Corporate






 






 






 






 






 






 






 








Intangible asset amortization expense






 






(121






)






 






 






(107






)






 






 






(486






)






 






 






(425






)








Interest expense - net






 






(70






)






 






 






(42






)






 






 






(241






)






 






 






(130






)








Pension and other postretirement benefits income






 






4






 






 






 






10






 






 






 






19






 






 






 






40






 








Restructuring program charges






 






(35






)






 






 






(70






)






 






 






(133






)






 






 






(202






)








Other expense - net






 






(244






)






 






 






(166






)






 






 






(941






)






 






 






(675






)








Income before income taxes






 






1,294






 






 






 






1,167






 






 






 






4,932






 






 






 






4,566






 








Income tax expense






 






161






 






 






 






195






 






 






 






841






 






 






 






768






 








Net income






 






1,133






 






 






 






972






 






 






 






4,090






 






 






 






3,798






 








Less net income for noncontrolling interests






 






(1






)






 






 






(1






)






 






 






(3






)






 






 






(4






)








Net income attributable to Eaton ordinary shareholders






$






1,132






 






 






$






971






 






 






$






4,087






 






 






$






3,794






 






















 



See accompanying notes.









EATON CORPORATION plc






 






 






 








CONDENSED CONSOLIDATED BALANCE SHEETS






 






 






 








 






 






 






 








(In millions)






December 31, 2025






December 31, 2024








Assets






 






 






 








Current assets






 






 






 








Cash






$






622







 






$






555









Short-term investments






 






181






 






 






 






1,525






 








Accounts receivable - net






 






5,387






 






 






 






4,619






 








Inventory






 






4,721






 






 






 






4,227






 








Prepaid expenses and other current assets






 






1,444






 






 






 






874






 








Total current assets






 






12,355






 






 






 






11,801






 








 






 






 






 








Property, plant and equipment - net






 






4,316






 






 






 






3,729






 








 






 






 






 








Other noncurrent assets






 






 






 








Goodwill






 






15,769






 






 






 






14,713






 








Other intangible assets






 






5,054






 






 






 






4,658






 








Operating lease assets






 






768






 






 






 






806






 








Deferred income taxes






 






707






 






 






 






609






 








Other assets






 






2,281






 






 






 






2,066






 








Total assets






$






41,251






 






 






$






38,381






 








 






 






 






 








Liabilities and shareholders’ equity






 






 






 








Current liabilities






 






 






 








Short-term debt






$






1






 






 






$






—






 








Current portion of long-term debt






 






1,136






 






 






 






674






 








Accounts payable






 






4,168






 






 






 






3,678






 








Accrued compensation






 






644






 






 






 






670






 








Other current liabilities






 






3,421






 






 






 






2,835






 








Total current liabilities






 






9,370






 






 






 






7,857






 








 






 






 






 








Noncurrent liabilities






 






 






 








Long-term debt






 






8,758






 






 






 






8,478






 








Pension liabilities






 






702






 






 






 






741






 








Other postretirement benefits liabilities






 






161






 






 






 






164






 








Operating lease liabilities






 






637






 






 






 






669






 








Deferred income taxes






 






265






 






 






 






275






 








Other noncurrent liabilities






 






1,889






 






 






 






1,667






 








Total noncurrent liabilities






 






12,412






 






 






 






11,994






 








 






 






 






 








Shareholders’ equity






 






 






 








Eaton shareholders’ equity






 






19,425






 






 






 






18,488






 








Noncontrolling interests






 






44






 






 






 






43






 








Total equity






 






19,469






 






 






 






18,531






 








Total liabilities and equity






$






41,251






 






 






$






38,381






 








 






 






 






 








See accompanying notes.







EATON CORPORATION plc

NOTES TO THE FOURTH QUARTER 2025 EARNINGS RELEASE


Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding.


Note 1. NON-GAAP FINANCIAL INFORMATION


This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, and free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.


The Company's first quarter and full year net income per ordinary share and adjusted earnings per ordinary share guidance for 2026 is as follows:




 






Three months ended




March 31, 2026






 






Year ended




December 31, 2026








Net income per share attributable to Eaton ordinary shareholders - diluted






$2.29 - $2.49






 






 






$11.57 - $12.07






 








Excluding per share impact of acquisition and divestiture charges, after tax






0.05







 






0.19









Excluding per share impact of restructuring program charges, after tax






0.06






 






 






0.23






 








Excluding per share impact of intangible asset amortization expense, after tax






0.25






 






 






1.01






 








Adjusted earnings per ordinary share






$2.65 - $2.85






 






 






$13.00 - $13.50






 







Reconciliations of operating cash flow to free cash flow is as follows:




 






Three months ended December 31








(In millions)






 






2025






 






 






 






2024






 








Operating cash flow






$






1,965






 






 






$






1,597






 








Capital expenditures for property, plant and equipment






 






(392






)






 






 






(255






)








Free cash flow






$






1,573






 






 






$






1,342






 









 






Year ended December 31








(In millions)






 






2025






 






 






 






2024






 








Operating cash flow






$






4,472






 






 






$






4,327






 








Capital expenditures for property, plant and equipment






 






(919






)






 






 






(808






)








Free cash flow






$






3,553






 






 






$






3,518






 







Note 2. ACQUISITIONS AND DIVESTITURE OF BUSINESSES


Acquisition of Exertherm


On May 20, 2024, Eaton acquired Exertherm, a U.K.-based provider of thermal monitoring solutions for electrical equipment. Exertherm is reported within the Electrical Americas business segment.


Acquisition of a 49% stake in NordicEPOD AS


On May 31, 2024, Eaton acquired a 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region. Eaton accounts for this investment on the equity method of accounting and it is reported within the Electrical Global business segment.


Acquisition of Fibrebond Corporation


On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $1.43 billion, net of cash acquired. Fibrebond is a U.S. based designer and builder of pre-integrated modular power enclosures for data center, industrial, utility and communications customers. Fibrebond had sales of approximately $378 million for the twelve months ended February 28, 2025, and is reported within the Electrical Americas business segment.


As part of the acquisition, Eaton assumed $240 million of employee transaction and retention awards. Awards vest in six equal annual installments starting in the second quarter of 2025, subject to continued employment with Eaton. Forfeited employee awards are paid to former Fibrebond shareholders annually. Eaton recognizes compensation expense for the awards over the requisite service period and any employee forfeitures owed to former Fibrebond shareholders are expensed immediately in Other expense (income) - net. During the fourth quarter of 2025, compensation expense of $8 million, $2 million and $8 million were included in Costs of products sold, Selling and administrative expense, and Other expense (income) - net, respectively, on the Consolidated Statements of Income. During 2025, compensation expense of $51 million, $16 million and $15 million were included in Costs of products sold, Selling and administrative expense, and Other expense (income) - net, respectively, on the Consolidated Statements of Income.


Acquisition of Resilient Power Systems Inc.


On August 6, 2025, Eaton acquired Resilient Power Systems Inc. (Resilient), a leading North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. Resilient was acquired for $86 million, including $55 million of cash paid at closing and an initial estimate of $31 million for the fair value of contingent future consideration based on 2025 through 2028 revenue performance and achievement of technology-based milestones. The fair value of contingent consideration liabilities is estimated by discounting contingent payments expected to be made, and may increase or decrease based on changes in milestone achievements and discount rates, with a maximum possible undiscounted value of $45 million. Resilient is reported within the Electrical Americas business segment.


As part of the acquisition, Eaton assumed employee incentives with a maximum payout of $50 million contingent upon achievement of the same revenue performance and technology-based milestones, as well as continued employment with Eaton. The incentives will be paid over three years, starting in 2026 and concluding in 2028. As of December 31, 2025, the Company expects to pay $38 million of employee incentives based on the estimated probability of the milestones being achieved. Compensation expense will be recognized over the requisite service period. Compensation expense of $6 million and $10 million in the three months and year ended December 31, 2025, respectively, was included in Selling and administrative expense on the Consolidated Statements of Income.


Agreement to Acquire Boyd Thermal


On November 2, 2025, Eaton signed an agreement to acquire Boyd Thermal, a U.S. based global leader in thermal components, systems, and ruggedized solutions for data center, aerospace and other end-markets. Boyd Thermal employs more than 5,000 people with manufacturing sites across North America, Asia, and Europe. Under the terms of the agreement, Eaton will pay $9.5 billion for Boyd Thermal. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2026.


Acquisition of Ultra PCS Limited


On January 23, 2026, Eaton acquired Ultra PCS Limited (Ultra PCS) for $1.55 billion, net of cash acquired. Ultra PCS is headquartered in the U.K. with operations in the U.K. and the U.S. Ultra PCS produces electronic controls, sensing, stores ejection and data processing solutions, enabling mission success for global aerospace customers in the air and on the ground. Ultra PCS will be reported within the Aerospace business segment.


Spin-off of Mobility business


On January 26, 2026, Eaton announced its intention to pursue a spin-off of its Mobility business, which consists of its Vehicle and eMobility operating segments, into an independent, publicly traded company. Eaton expects to complete the anticipated spin-off by the end of the first quarter of 2027, subject to customary legal and regulatory requirements and approvals, including final approval of the Company’s Board of Directors and effectiveness of a Form 10 registration statement filed with the Securities and Exchange Commission. The planned spin-off is expected to be completed in a manner that is tax-free to Eaton ordinary shareholders for U.S. federal income tax purposes.


Note 3. ACQUISITION AND DIVESTITURE CHARGES


Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:




 






Three months ended

December 31






 






Year ended December 31








(In millions except for per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Acquisition integration, divestiture charges and transaction costs






$






48







 






$






13







 






$






183







 






$






36









Income tax benefit






 






9






 






 






 






4






 






 






 






38






 






 






 






10






 








Total charges after income taxes






$






40






 






 






$






9






 






 






$






145






 






 






$






26






 








Per ordinary share - diluted






$






0.10






 






 






$






0.02






 






 






$






0.37






 






 






$






0.06






 







Acquisition integration, divestiture charges and transaction costs in 2025 are primarily related to the following:



The acquisitions of Fibrebond Corporation, Resilient Power Systems Inc., Ultra PCS Limited, and Exertherm, the expected acquisition of Boyd Thermal, transactions completed prior to 2023, and other charges to acquire and exit businesses.



Employee transaction and retention award compensation expense related to the acquisition of Fibrebond of $18 million and $82 million in the three months and year ended December 31, 2025, respectively.



Employee incentive compensation expense related to the acquisition of Resilient of $6 million and $10 million in the three months and year ended December 31, 2025, respectively.



Acquisition integration, divestiture charges and transaction costs in 2024 are primarily related to acquisitions completed prior to 2023, and include other charges and income to acquire and exit businesses, and the reduction in fair value of contingent future consideration from the Green Motion SA acquisition.


Charges in 2025 and 2024 were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net. In Business Segment Information, the charges were included in Other expense - net.


Note 4. RESTRUCTURING CHARGES


During the first quarter of 2024, Eaton implemented a multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Since the inception of the program, the Company has incurred charges of $335 million. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $102 million and plant closing and other costs of $38 million, resulting in total estimated charges of $475 million for the entire program. The Company expects mature year benefits of $375 million when the multi-year program is fully implemented.


A summary of restructuring program charges is as follows:




 






Three months ended

December 31






 






Year ended December 31








(In millions except for per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Workforce reductions






$






16







 






$






42







 






$






81







 






$






120









Plant closing and other






 






19






 






 






 






28






 






 






 






52






 






 






 






83






 








Total before income taxes






 






35






 






 






 






70






 






 






 






133






 






 






 






202






 








Income tax benefit






 






8






 






 






 






14






 






 






 






29






 






 






 






43






 








Total after income taxes






$






28






 






 






$






56






 






 






$






103






 






 






$






160






 








Per ordinary share - diluted






$






0.07






 






 






$






0.14






 






 






$






0.26






 






 






$






0.40






 







Restructuring program charges (income) related to the following segments:




 






Three months ended

December 31






 






Year ended December 31








(In millions)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Electrical Americas






$






2






 






 






$






4







 






$






14







 






$






12









Electrical Global






 






24






 






 






 






18






 






 






 






63






 






 






 






88






 








Aerospace






 






10






 






 






 






2






 






 






 






10






 






 






 






9






 








Vehicle1






 






(10






)






 






 






8






 






 






 






13






 






 






 






40






 








eMobility






 






8






 






 






 






22






 






 






 






18






 






 






 






25






 








Corporate






 






2






 






 






 






16






 






 






 






14






 






 






 






29






 








Total






$






35






 






 






$






70






 






 






$






133






 






 






$






202






 









1






The restructuring program liability was adjusted by $12 million in the fourth quarter of 2025 primarily related to true-ups for completed workforce reductions in the Vehicle segment.







These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items.


Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE


Intangible asset amortization expense is as follows:




 






Three months ended

December 31






 






Twelve months ended




December 31








(In millions except for per share data)






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Intangible asset amortization expense






$






121







 






$






107







 






$






486







 






$






425









Income tax benefit






 






24






 






 






 






23






 






 






 






101






 






 






 






91






 








Total after income taxes






$






97






 






 






$






84






 






 






$






384






 






 






$






335






 








Per ordinary share - diluted






$






0.25






 






 






$






0.22






 






 






$






0.99






 






 






$






0.84






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260202111800/en/
Eaton Corporation plc

Jennifer Tolhurst

Media Relations

+1 (440) 523-4006

jennifertolhurst@eaton.com


Yan Jin

Investor Relations

+1 (440) 523-7558


Original: Eaton Reports Record Fourth Quarter 2025 Results, with Accelerating Orders and Continued Backlog Growth, and Issues Guidance on 2026 Outlook