Eaton (ETN) Q1 FY2026 earnings: revenue $7.5 billion, up 16.8% on the year

Eaton Corp. plc (ETN) reported revenue of $7.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 16.8% on the same quarter a year earlier. Net income was $866 million, down 10.2% on the year, and diluted earnings per share $2.22. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$7.5 billion

+16.8% on the year · +5.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$866 million

-10.2% on the year · -23.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.22

-9.4% on the year · -23.7% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 3 raised, 5 lowered, 1 narrowed, 7 new, 2 kept.

Record sales up 17%: Sales of $7.5 billion were a record, up 17%: 10% organic growth, 4% from acquisitions and 3% from foreign exchange.
Adjusted EPS record, reported EPS lower: Diluted EPS was $2.22 against $2.45 a year earlier. Excluding intangible amortization, acquisition and restructuring charges, adjusted EPS was $2.81 against $2.72.
Electrical Americas sales up 20%: Organic sales rose 14%, with 5% from acquisitions and 1% from foreign exchange. Operating profit was a first-quarter record $922 million, up 2%, at a 25.6% margin.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	7,451	7,055	6,377	+5.6%	+16.8%
Cost of revenue	4,799	4,457	3,930	+7.7%	+22.1%
Gross profit	2,652	2,598	2,447	+2.1%	+8.4%
Gross margin	35.6%	36.8%	38.4%
Research and development	211	204	198	+3.4%	+6.6%
Selling, general and administrative	1,269	1,009	1,048	+25.8%	+21.1%
Interest expense	106	70.0	33.0	+51.4%	+221.2%
Pre-tax income	1,107	1,294	1,177	-14.5%	-5.9%
Income tax	240	162	212	+48.1%	+13.2%
Effective tax rate	21.7%	12.5%	18.0%
Net income	866	1,131	964	-23.4%	-10.2%
Net margin	11.6%	16.0%	15.1%
Diluted EPS	$2.22	$2.91	$2.45	-23.7%	-9.4%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	507	1,965	238	-74.2%	+113.0%
Capital expenditure	193	392	147	-50.8%	+31.3%
Free cash flow	314	1,573	91.0	-80.0%	+245.1%
Free cash flow margin	4.2%	22.3%	1.4%
Cash from investing	-11,375	-318	1,233
Cash from financing	10,796	-1,361	-244
Depreciation and amortisation	272	255	232	+6.7%	+17.2%
Buybacks	0.0	193	615
Dividends paid	415	404	397	+2.7%	+4.5%
Dividend per share	$1.10	n/a	$1.04		+5.8%
Diluted shares, weighted	389m	390m	394m	-0.1%	-1.1%
Shares outstanding at period end	388m	388m	391m	+0.1%	-0.8%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	19,721	19,425	18,506	+1.5%	+6.6%
Non-controlling interest	44.0	44.0	41.0	0.0%	+7.3%
Short-term borrowings	n/a	1.0	n/a
Debt	21,129	9,894	10,080	+113.6%	+109.6%
Operating lease liabilities	704	637	669	+10.5%	+5.2%
Finance lease liabilities	n/a	18.0	n/a
Other liabilities	13,487	11,232	9,910	+20.1%	+36.1%
Total liabilities and equity	55,085	41,251	39,206	+33.5%	+40.5%
Fixed assets	4,574	4,316	3,765	+6.0%	+21.5%
Goodwill	21,402	15,769	14,851	+35.7%	+44.1%
Intangible assets	11,259	5,054	4,586	+122.8%	+145.5%
Investments	186	181	162	+2.8%	+14.8%
Cash and equivalents	565	622	1,777	-9.2%	-68.2%
Receivables	6,366	5,387	5,094	+18.2%	+25.0%
Inventory	5,146	4,721	4,392	+9.0%	+17.2%
Other assets	5,587	5,201	4,579	+7.4%	+22.0%
Total assets	55,085	41,251	39,206	+33.5%	+40.5%

Questions

What was Eaton's revenue in Q1 FY2026?

Eaton (ETN) reported revenue of $7.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 16.8% on the same quarter a year earlier.

How much did Eaton earn in Q1 FY2026?

Net income for Q1 FY2026 was $866 million, down 10.2% on the year, and diluted earnings per share $2.22.

When did Eaton report Q1 FY2026 results?

Eaton filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

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-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.