Eaton (ETN) FY2023 results: revenue $23.2 billion, up 11.8% on the year
Eaton Corp. plc (ETN) reported revenue of $23.2 billion for fiscal 2023, the year ended 31 December 2023, up 11.8% on the year before. Net income was $3.2 billion, up 30.7%, and diluted earnings per share $8.02. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$23.2 billion
+11.8% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
$3.2 billion
+30.7% on the year
FY2016FY2023
Diluted EPS
$8.02
+30.6% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
3,624
2,533
2,163
+43.1%
Capital expenditure
757
598
575
+26.6%
Free cash flow
2,867
1,935
1,588
+48.2%
Free cash flow margin
12.4%
9.3%
8.1%
Cash from investing
-2,575
-1,200
-1,764
Cash from financing
-871
-1,340
-535
Depreciation and amortisation
926
954
922
-2.9%
Buybacks
0.0
286
122
Dividends paid
1,379
1,299
1,219
+6.2%
Dividend per share
$3.44
$3.24
$3.04
+6.2%
Diluted shares, weighted
401m
401m
402m
+0.1%
Shares outstanding at period end
399m
398m
399m
+0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
19,036
17,038
16,413
+11.7%
Non-controlling interest
33.0
38.0
38.0
-13.2%
Short-term borrowings
8.0
n/a
13.0
Debt
9,261
8,655
8,566
+7.0%
Operating lease liabilities
533
459
337
+16.1%
Finance lease liabilities
22.0
18.0
23.0
+22.2%
Other liabilities
9,539
8,806
8,637
+8.3%
Total liabilities and equity
38,432
35,014
34,027
+9.8%
Fixed assets
3,530
3,146
3,064
+12.2%
Goodwill
14,977
14,796
14,751
+1.2%
Intangible assets
5,091
5,485
5,855
-7.2%
Investments
2,121
261
271
+712.6%
Cash and equivalents
488
294
297
+66.0%
Receivables
4,475
4,076
3,297
+9.8%
Inventory
3,739
3,430
2,969
+9.0%
Other assets
4,011
3,526
3,523
+13.8%
Total assets
38,432
35,014
34,027
+9.8%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.