Eaton (ETN) Q4 FY2025 earnings: revenue $7.1 billion, up 13.1% on the year

Eaton Corp. plc (ETN) reported revenue of $7.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.1% on the same quarter a year earlier. Net income was $1.1 billion, up 16.5% on the year, and diluted earnings per share $2.91. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$7.1 billion

+13.1% on the year · +1.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$1.1 billion

+16.5% on the year · +12.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.91

+18.8% on the year · +12.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 lowered, 11 new, 2 kept.

Fourth quarter sales rose 13%: Sales of $7.1 billion came from 9% organic growth, 2% from acquisitions and 2% from foreign exchange.
Full-year adjusted EPS record: Full-year 2025 diluted EPS was $10.45, up 10%; adjusted EPS was $12.07, up 12%.
Electrical Americas sales up 21%: Sales of $3.5 billion: 15% organic growth, 5% from acquisitions, 1% from foreign exchange. Operating profit was $1.0 billion, up 14%, with a 29.8% margin.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	7,055	6,988	6,240	+1.0%	+13.1%
Cost of revenue	4,457	4,313	3,811	+3.3%	+17.0%
Gross profit	2,598	2,675	2,429	-2.9%	+7.0%
Gross margin	36.8%	38.3%	38.9%
Research and development	204	203	202	+0.5%	+1.0%
Selling, general and administrative	1,009	1,105	1,003	-8.7%	+0.6%
Interest expense	70.0	67.0	n/a	+4.5%
Pre-tax income	1,294	1,275	1,166	+1.5%	+11.0%
Income tax	162	264	195	-38.6%	-16.9%
Effective tax rate	12.5%	20.7%	16.7%
Net income	1,131	1,010	971	+12.0%	+16.5%
Net margin	16.0%	14.5%	15.6%
Diluted EPS	$2.91	$2.59	$2.45	+12.4%	+18.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,965	1,351	1,597	+45.4%	+23.0%
Capital expenditure	392	178	255	+120.2%	+53.7%
Free cash flow	1,573	1,173	1,342	+34.1%	+17.2%
Free cash flow margin	22.3%	16.8%	21.5%
Cash from investing	-318	-293	-271
Cash from financing	-1,361	-1,115	-1,244
Depreciation and amortisation	255	258	234	-1.2%	+9.0%
Buybacks	193	362	877	-46.7%	-78.0%
Dividends paid	404	404	370	0.0%	+9.2%
Dividend per share	n/a	$1.04	n/a
Diluted shares, weighted	390m	390m	396m	-0.2%	-1.6%
Shares outstanding at period end	388m	388m	393m	-0.1%	-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	19,425	18,843	18,488	+3.1%	+5.1%
Non-controlling interest	44.0	42.0	43.0	+4.8%	+2.3%
Short-term borrowings	1.0	n/a	0.0
Debt	9,894	10,653	9,152	-7.1%	+8.1%
Operating lease liabilities	637	568	669	+12.1%	-4.8%
Finance lease liabilities	18.0	n/a	19.0		-5.3%
Other liabilities	11,232	10,544	10,010	+6.5%	+12.2%
Total liabilities and equity	41,251	40,650	38,381	+1.5%	+7.5%
Fixed assets	4,316	4,068	3,729	+6.1%	+15.7%
Goodwill	15,769	15,806	14,713	-0.2%	+7.2%
Intangible assets	5,054	5,136	4,658	-1.6%	+8.5%
Investments	181	237	1,525	-23.6%	-88.1%
Cash and equivalents	622	328	555	+89.6%	+12.1%
Receivables	5,387	5,556	4,619	-3.0%	+16.6%
Inventory	4,721	4,613	4,227	+2.3%	+11.7%
Other assets	5,201	4,906	4,355	+6.0%	+19.4%
Total assets	41,251	40,650	38,381	+1.5%	+7.5%

Questions

What was Eaton's revenue in Q4 FY2025?

Eaton (ETN) reported revenue of $7.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 13.1% on the same quarter a year earlier.

How much did Eaton earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.1 billion, up 16.5% on the year, and diluted earnings per share $2.91.

When did Eaton report Q4 FY2025 results?

Eaton filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,798	4,843	5,212	5,313	5,384	5,483	5,866	5,880	5,967	5,943	6,350	6,345	6,240	6,377	7,028	6,988	7,055	7,451	8,531	8,947
Cost of revenue	3,226	3,269	3,505	3,545	3,546	3,599	3,747	3,684	3,732	3,725	3,940	3,899	3,811	3,930	4,431	4,313	4,457	4,799	5,676	5,842
Gross profit	1,572	1,574	1,707	1,768	1,838	1,884	2,119	2,196	2,235	2,218	2,410	2,446	2,429	2,447	2,597	2,675	2,598	2,652	2,855	3,105
Gross margin	33%	33%	33%	33%	34%	34%	36%	37%	37%	37%	38%	39%	39%	38%	37%	38%	37%	36%	33%	35%
R&D	162	165	168	165	167	179	187	187	201	189	196	207	202	198	192	203	204	211	227	238
SG&A	751	790	828	813	796	904	986	949	956	1,025	1,021	1,028	1,003	1,048	1,149	1,105	1,009	1,269	1,236	1,278
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	29.0	n/a	33.0	71.0	67.0	70.0	106	201	198
Pre-tax income	625	619	720	720	852	762	898	1,079	1,088	1,001	1,195	1,204	1,166	1,177	1,186	1,275	1,294	1,107	1,144	1,370
Tax rate	12%	14%	17%	16%	15%	16%	17%	17%	13%	18%	17%	16%	17%	18%	17%	21%	13%	22%	28%	21%
Net income	551	532	601	607	722	638	744	891	945	821	993	1,009	971	964	982	1,010	1,131	866	821	1,078
Net margin	11%	11%	12%	11%	13%	12%	13%	15%	16%	14%	16%	16%	16%	15%	14%	14%	16%	12%	10%	12%
Diluted EPS	$1.37	$1.33	$1.50	$1.52	$1.80	$1.59	$1.86	$2.22	$2.35	$2.04	$2.48	$2.53	$2.45	$2.45	$2.51	$2.59	$2.91	$2.22	$2.11	$2.77
Operating cash flow	795	42.0	340	965	1,186	335	850	1,141	1,298	475	946	1,309	1,597	238	918	1,351	1,965	507	1,127	1,309
Capital expenditure	163	115	139	135	209	126	160	228	243	183	187	183	255	147	202	178	392	193	253	275
Free cash flow	632	-73.0	201	830	977	209	690	913	1,055	292	759	1,126	1,342	91.0	716	1,173	1,573	314	874	1,034
Buybacks	0.0	86.0	100	100	0.0	0.0	0.0	0.0	0.0	138	600	877	877	615	692	362	193	0.0	0.0	0.0
Dividends paid	303	320	334	323	322	334	358	343	344	368	388	374	370	397	421	404	404	415	443	427
Shares outstanding	399m	399m	398m	398m	398m	399m	399m	399m	399m	400m	398m	395m	393m	391m	389m	388m	388m	388m	388m	388m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.