Eaton Corporation (ETN) financial statements
Eaton Corporation reported revenue of $27.4B in fiscal 2025, up 3.7% a year over 9 years.
Net income was $4.1B.
Free cash flow was $3.6B, and the company returned $1.6B in dividends and $1.9B in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Eaton Corporation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.7B | $20.4B | $21.6B | $21.4B | $17.9B | $19.6B | $20.8B | $23.2B | $24.9B | $27.4B |
| Cost of revenue | $13.4B | $13.8B | $14.5B | $14.3B | $12.4B | $13.3B | $13.9B | $14.8B | $15.4B | $17.1B |
| Gross profit | $6.4B | $6.6B | $7.1B | $7.1B | $5.5B | $6.3B | $6.9B | $8.4B | $9.5B | $10.3B |
| Research and development | $587M | $584M | $584M | $606M | $551M | $616M | $665M | $754M | $794M | $797M |
| Selling, general and admin | $3.5B | $3.5B | $3.5B | $3.6B | $3.1B | $3.3B | $3.2B | $3.8B | $4.1B | $4.3B |
| Operating income | $3.0B | $3.2B | $3.6B | $3.7B | — | — | — | — | — | — |
| Interest expense | — | — | — | $199M | $149M | $144M | — | $151M | $130M | $241M |
| Pre-tax income | $2.1B | $3.4B | $2.4B | $2.6B | $1.7B | $2.9B | $2.9B | $3.8B | $4.6B | $4.9B |
| Income tax | $199M | $382M | $278M | $378M | $331M | $750M | $445M | $604M | $768M | $841M |
| Net income | $1.9B | $3.0B | $2.1B | $2.2B | $1.4B | $2.1B | $2.5B | $3.2B | $3.8B | $4.1B |
| EPS (diluted) | $4.20 | $6.68 | $4.91 | $5.25 | $3.49 | $5.34 | $6.14 | $8.02 | $9.50 | $10.45 |
| Diluted shares | 456M | 447M | 437M | 421M | 404M | 402M | 401M | 401M | 399M | 391M |
| Gross margin | 32.2% | 32.6% | 32.8% | 33.0% | 30.5% | 32.3% | 33.2% | 36.4% | 38.2% | 37.6% |
| Operating margin | 15.0% | 15.8% | 16.8% | 17.2% | — | — | — | — | — | — |
| Net margin | 9.7% | 14.6% | 9.9% | 10.3% | 7.9% | 10.9% | 11.9% | 13.9% | 15.3% | 14.9% |
Balance sheet
Fiscal years, from Eaton Corporation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $746M | $1.1B | $440M | $591M | $1.1B | $568M | $555M | $2.6B | $2.1B | $803M |
| Receivables | $3.6B | $3.9B | $3.9B | $3.4B | $2.9B | $3.3B | $4.1B | $4.5B | $4.6B | $5.4B |
| Inventory | $2.3B | $2.6B | $2.8B | $2.8B | $2.1B | $3.0B | $3.4B | $3.7B | $4.2B | $4.7B |
| Total current assets | $7.0B | $8.3B | $7.6B | $8.7B | $9.2B | $7.5B | $8.7B | $11.7B | $11.8B | $12.4B |
| Property, plant and equipment | $3.4B | $3.5B | $3.5B | $3.5B | $3.0B | $3.1B | $3.1B | $3.5B | $3.7B | $4.3B |
| Goodwill | $13.2B | $13.6B | $13.3B | $13.5B | $12.9B | $14.8B | $14.8B | $15.0B | $14.7B | $15.8B |
| Total assets | $30.5B | $32.6B | $31.1B | $32.8B | $31.8B | $34.0B | $35.0B | $38.4B | $38.4B | $41.3B |
| Total current liabilities | $5.5B | $5.1B | $5.2B | $5.1B | $5.9B | $7.2B | $6.4B | $7.7B | $7.9B | $9.4B |
| Long-term debt | $6.7B | $7.2B | $6.8B | $7.8B | $7.0B | $6.8B | $8.3B | $8.2B | $8.5B | $8.8B |
| Total liabilities | $15.5B | $15.3B | $14.9B | $16.7B | $16.9B | $17.6B | $17.9B | $19.4B | $19.9B | $21.8B |
| Shareholders' equity | $15.0B | $17.3B | $16.1B | $16.1B | $14.9B | $16.4B | $17.0B | $19.0B | $18.5B | $19.4B |
| Net debt | $6.2B | $6.6B | $6.5B | $7.4B | $6.6B | $6.5B | $8.0B | $7.8B | $7.9B | $8.1B |
Cash flow
Fiscal years, from Eaton Corporation's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $2.7B | $2.7B | $3.5B | $2.9B | $2.2B | $2.5B | $3.6B | $4.3B | $4.5B |
| Capital spending | $497M | $520M | $565M | $587M | $389M | $575M | $598M | $757M | $808M | $919M |
| Free cash flow | $2.1B | $2.1B | $2.1B | $2.9B | $2.6B | $1.6B | $1.9B | $2.9B | $3.5B | $3.6B |
| Stock-based compensation | $14M | $11M | $11M | $9M | — | — | — | — | — | — |
| Dividends paid | $1.0B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B |
| Share buybacks (net) | -$730M | -$850M | -$1.3B | -$1.0B | -$1.6B | -$122M | -$286M | $0 | -$2.5B | -$1.9B |
| Net borrowing | -$22M | -$554M | -$164M | $725M | -$503M | $805M | $300M | $488M | $61M | $342M |
| Free cash flow margin | 10.5% | 10.5% | 9.7% | 13.4% | 14.3% | 8.1% | 9.3% | 12.4% | 14.1% | 12.9% |
| Dividends per share | $2.27 | $2.39 | $2.63 | $2.85 | $2.91 | $3.04 | $3.24 | $3.44 | $3.76 | $4.16 |
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Open ETN in InvestinglyQuestions
What was Eaton Corporation's revenue in 2025?
$27.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Eaton Corporation generate?
$3.6B in fiscal 2025 (operating cash flow minus capital spending).
From Eaton Corporation's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.