Eaton (ETN) FY2024 results: revenue $24.9 billion, up 7.3% on the year
Eaton Corp. plc (ETN) reported revenue of $24.9 billion for fiscal 2024, the year ended 31 December 2024, up 7.3% on the year before. Net income was $3.8 billion, up 17.9%, and diluted earnings per share $9.50. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.
Revenue
$24.9 billion
+7.3% on the year
FY2017FY2024
Operating margin
n/a
FY2017FY2024
Net income
$3.8 billion
+17.9% on the year
FY2017FY2024
Diluted EPS
$9.50
+18.5% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
4,327
3,624
2,533
+19.4%
Capital expenditure
808
757
598
+6.7%
Free cash flow
3,519
2,867
1,935
+22.7%
Free cash flow margin
14.1%
12.4%
9.3%
Cash from investing
-271
-2,575
-1,200
Cash from financing
-3,936
-871
-1,340
Depreciation and amortisation
921
926
954
-0.5%
Buybacks
2,492
0.0
286
Dividends paid
1,500
1,379
1,299
+8.8%
Dividend per share
$3.76
$3.44
$3.24
+9.3%
Diluted shares, weighted
399m
401m
401m
-0.4%
Shares outstanding at period end
393m
399m
398m
-1.6%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
18,488
19,036
17,038
-2.9%
Non-controlling interest
43.0
33.0
38.0
+30.3%
Short-term borrowings
0.0
8.0
n/a
Debt
9,152
9,261
8,655
-1.2%
Operating lease liabilities
669
533
459
+25.5%
Finance lease liabilities
19.0
22.0
18.0
-13.6%
Other liabilities
10,010
9,539
8,806
+4.9%
Total liabilities and equity
38,381
38,432
35,014
-0.1%
Fixed assets
3,729
3,530
3,146
+5.6%
Goodwill
14,713
14,977
14,796
-1.8%
Intangible assets
4,658
5,091
5,485
-8.5%
Investments
1,525
2,121
261
-28.1%
Cash and equivalents
555
488
294
+13.7%
Receivables
4,619
4,475
4,076
+3.2%
Inventory
4,227
3,739
3,430
+13.1%
Other assets
4,355
4,011
3,526
+8.6%
Total assets
38,381
38,432
35,014
-0.1%
10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.