Eaton (ETN) reported net income of US$ 1.1 bn (US$ 1,078 mn attributable to shareholders) in the third quarter of 2026, up 7% from US$ 1.01 bn in 3Q25. Earnings per share (EPS) were US$ 2.77, versus US$ 2.59 in the same period a year earlier. Adjusted earnings per share (non-GAAP, which excludes items the company considers non-recurring) were US$ 3.68, versus US$ 3.07 in 3Q25.
The difference between the two figures comes from charges of US$ 0.62 per share for amortization of intangibles and US$ 0.30 per share for acquisitions and divestitures, partially offset by income of US$ 0.01 per share tied to the multiyear restructuring program.
Revenue totaled US$ 8.9 bn (US$ 8,947 mn), up 28% from 3Q25. Organic growth was 19%, acquisitions contributed 8% and currency contributed 1%. Segment margin was 25.3%, 30 basis points above 3Q25. Operating cash flow was US$ 1.31 bn and free cash flow was US$ 1.03 bn.
By segment, Electrical Americas revenue was US$ 4.2 bn (organic growth of 22%) and Electrical Global revenue was US$ 2.7 bn (up 58%, with 31% coming from the Boyd Thermal acquisition). Aerospace had revenue of US$ 1.2 bn (up 11%) and Mobility had US$ 852 mn. Total backlog at the end of September rose 33% in Electrical Americas, 121% in Electrical Global and 33% in Aerospace. Eaton also signed an agreement to buy Italy's COL Group for € 810 mn (US$ 921 mn), with closing expected in the first quarter of 2027.
For 2026, the company projects organic growth of 13% to 15%, segment margin of 24.1% to 24.5%, EPS between US$ 10.39 and US$ 10.49 and adjusted EPS between US$ 13.70 and US$ 13.80. For 4Q26, the guidance is organic growth of 13% to 15%, EPS between US$ 3.28 and US$ 3.38 and adjusted EPS between US$ 4.05 and US$ 4.15.
