Eaton (ETN) Q3 FY2026 earnings: revenue $8.9 billion, up 28.0% on the year

Eaton Corp. plc (ETN) reported revenue of $8.9 billion for Q3 FY2026, the quarter ended 30 September 2026, up 28.0% on the same quarter a year earlier. Net income was $1.1 billion, up 6.7% on the year, and diluted earnings per share $2.77. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$8.9 billion

+28.0% on the year · +4.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

n/a

Q4 FY2024Q3 FY2026

Net income

$1.1 billion

+6.7% on the year · +31.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.77

+6.9% on the year · +31.3% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 3 raised, 1 lowered, 4 new, 1 kept.

Sales rose 28% to $8.9 billion: Net sales were $8,947 million against $6,988 million a year earlier. Management attributed the increase to organic growth, acquisitions and currency.
Full-year guidance raised: Full-year guidance was raised for organic growth and adjusted EPS, the segment margin range was kept, and the diluted EPS range was narrowed.
Electrical Global sales up 58%: Electrical Global sales were $2.7 billion. Boyd Thermal added 31% to segment sales growth, and operating margin was 21.1%, up 200 basis points from the third quarter of 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	8,947	8,531	6,988	+4.9%	+28.0%
Cost of revenue	5,842	5,676	4,313	+2.9%	+35.5%
Gross profit	3,105	2,855	2,675	+8.8%	+16.1%
Gross margin	34.7%	33.5%	38.3%
Research and development	238	227	203	+4.8%	+17.2%
Selling, general and administrative	1,278	1,236	1,105	+3.4%	+15.7%
Interest expense	198	201	67.0	-1.5%	+195.5%
Pre-tax income	1,370	1,144	1,275	+19.8%	+7.5%
Income tax	291	321	264	-9.3%	+10.2%
Effective tax rate	21.2%	28.1%	20.7%
Net income	1,078	821	1,010	+31.3%	+6.7%
Net margin	12.0%	9.6%	14.5%
Diluted EPS	$2.77	$2.11	$2.59	+31.3%	+6.9%

$ million except per share.

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	1,309	1,127	1,351	+16.1%	-3.1%
Capital expenditure	275	253	178	+8.7%	+54.5%
Free cash flow	1,034	874	1,173	+18.3%	-11.8%
Free cash flow margin	11.6%	10.2%	16.8%
Cash from investing	-346	-286	-293
Cash from financing	-923	-922	-1,115
Depreciation and amortisation	464	399	258	+16.3%	+79.8%
Buybacks	0.0	0.0	362
Dividends paid	427	443	404	-3.6%	+5.7%
Dividend per share	$1.10	$1.10	$1.04	0.0%	+5.8%
Diluted shares, weighted	390m	390m	390m	+0.0%	-0.1%
Shares outstanding at period end	388m	388m	388m	+0.0%	+0.0%

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	20,976	20,254	18,843	+3.6%	+11.3%
Non-controlling interest	47.0	45.0	42.0	+4.4%	+11.9%
Debt	20,106	20,611	10,653	-2.5%	+88.7%
Operating lease liabilities	816	715	568	+14.1%	+43.7%
Other liabilities	15,507	14,556	10,544	+6.5%	+47.1%
Total liabilities and equity	57,452	56,181	40,650	+2.3%	+41.3%
Fixed assets	4,815	4,702	4,068	+2.4%	+18.4%
Goodwill	20,298	20,229	15,806	+0.3%	+28.4%
Intangible assets	12,264	12,611	5,136	-2.8%	+138.8%
Investments	290	212	237	+36.8%	+22.4%
Cash and equivalents	528	483	328	+9.3%	+61.0%
Receivables	7,150	6,673	5,556	+7.1%	+28.7%
Inventory	5,941	5,417	4,613	+9.7%	+28.8%
Other assets	6,166	5,854	4,906	+5.3%	+25.7%
Total assets	57,452	56,181	40,650	+2.3%	+41.3%

Questions

What was Eaton's revenue in Q3 FY2026?

Eaton (ETN) reported revenue of $8.9 billion for Q3 FY2026, the quarter ended 30 September 2026, up 28.0% on the same quarter a year earlier.

How much did Eaton earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.1 billion, up 6.7% on the year, and diluted earnings per share $2.77.

When did Eaton report Q3 FY2026 results?

Eaton filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 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 30 September 2026, filed 3 November 2026: the filing.