• Twelve-month rolling average order acceleration in Electrical Americas, up 42%, driven by data center momentum, and Electrical Global and Aerospace order growth, up 13%

• Strong year-over-year total backlog growth of 48% in Electrical sector and 28% in Aerospace segment

• First quarter sales were up 17% with organic sales growth of 10%, above the high end of the 5-7% guidance range

• Closed $11 billion of strategic acquisitions in the quarter, including Boyd Thermal and Ultra PCS Limited

• For full year 2026, earnings per share expected to be between $10.88 and $11.33, up 6% at the midpoint over 2025, and adjusted earnings per share expected to be between $13.05 and $13.50​, up 10% at the midpoint over 2025

DUBLIN: Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that first quarter 2026 earnings per share were $2.22. Excluding charges of $0.29 per share related to intangible amortization, $0.22 per share related to acquisitions and divestitures, and $0.08 per share related to a multi-year restructuring program, adjusted earnings per share were $2.81, a first quarter record.

Sales in the quarter were $7.5 billion, a record and up 17% from the first quarter of 2025. The sales increase consisted of 10% growth in organic sales, 4% growth from acquisitions and 3% growth from foreign exchange.

Segment margins were 22.7%, above the guidance range, and down 120bps from the first quarter of 2025.

Operating cash flow was $507 million and free cash flow was $314 million, up 113% and 245%, respectively, over the same period in 2025.

Paulo Ruiz, Eaton chief executive officer, said, “Strong demand across our markets drove solid first quarter performance, highlighted by order strength, backlog growth and our team’s continued discipline and focus on operational execution. In Electrical Americas, we achieved strong organic growth while advancing significant capacity expansion investments to meet demand. Electrical Global also continues to outperform, and Aerospace delivered strong backlog growth and segment profit. Mobility delivered solid operational performance in a challenging market, and we remain on track toward its Q1 2027 planned spin-off into an independent, publicly traded company. We've taken bold actions to shape the portfolio, deliver the solutions our customers need and position ourselves to meet or exceed our 2030 targets.”

In the quarter, the company also closed $11 billion of value-enhancing strategic acquisitions, including Boyd Thermal, a leader in thermal components, systems and ruggedized solutions for data centers, aerospace and other end markets, and Ultra PCS Limited, a producer of innovative solutions for safety and mission critical aerospace systems. These acquisitions reinforce Eaton’s disciplined M&A strategy-deploying capital to invest for growth by acquiring differentiated technologies in high‑growth, high‑margin markets that support long‑term value creation.

Guidance

For the full year 2026, the company anticipates:

• Organic growth of 9-11%
• Segment margins of 24.1-24.5%
• Earnings per share between $10.88 and $11.33
• Adjusted earnings per share between $13.05 and $13.50

For the second quarter of 2026, the company anticipates:

• Organic growth of 9-11%
• Segment margins of 22.6-23.0%
• Earnings per share between $2.29 and $2.39
• Adjusted earnings per share between $3.00 and $3.10

Business Segment Results

Sales for the Electrical Americas segment were a record $3.6 billion, up 20% from the first quarter of 2025. The sales increase consisted of 14% growth in organic sales, 5% growth from acquisitions and 1% growth from foreign exchange. Operating profits were a first quarter record $922 million, up 2% over the first quarter of 2025, and operating margins in the quarter were 25.6%.

The twelve-month rolling average of orders in the first quarter was up 42% organically. Total backlog at the end of March remained strong and was up 44% over March 2025.

Sales for the Electrical Global segment were a record $1.9 billion, up 21% from the first quarter of 2025. The sales increase consisted of 9% growth in organic sales, 6% growth from acquisitions and 6% growth from foreign exchange. Operating profits were a record $373 million, up 24% over the first quarter of 2025. Operating margins in the quarter were 19.2%, up 60 basis points over the first quarter of 2025.

The twelve-month rolling average of orders in the first quarter was up 13% organically. Total backlog at the end of March was up 73% over March 2025.

On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses increased to 1.2.

Aerospace segment sales were a record $1.1 billion, up 16% from the first quarter of 2025. The sales increase consisted of 9% growth in organic sales, 5% growth from acquisitions and 2% growth from foreign exchange. Operating profits were a record $304 million, up 35% over the first quarter of 2025. Operating margins of 26.7% were a record and up 360 basis points over the first quarter of 2025.

The twelve-month rolling average of orders in the first quarter was up 13% organically. Total backlog at the end of March was up 28% over March 2025. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1.

The Mobility segment posted sales of $766 million, down 2% from the first quarter of 2025. Organic sales declined 6%, which was partially offset by 4% from positive currency translation. Operating profits were $89 million, and operating margins in the quarter were 11.7%.

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial and institutional, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re helping to solve the world’s most urgent power management challenges and building a more sustainable society for people today and generations to come.

Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of $27.4 billion in 2025, the company serves customers in 180 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

Notice of conference call: Eaton’s conference call to discuss its first quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time at Eaton.com/investor under “Presentations.” This news release can also be accessed on that page. Also available on the website before the call will be a presentation on first quarter results, which will be covered during the call.

Forward-Looking Statements

This news release contains forward-looking statements concerning second quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment margins; impact of acquisitions and portfolio changes on near- and long-term financial results; anticipated multi-year restructuring program charges and savings; and the anticipated separation of the Mobility business. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the impact of acquisitions, joint ventures, and investments and the integration of acquired entities; disruptions by natural disasters, labor strikes, wars, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns that impact our production facilities; significant inflation or shortages of raw materials, energy, components, and/or labor, or similar challenges for our customers; reliance on suppliers to provide raw materials, components and services; the development and use of artificial intelligence in our business operations, including potential impacts on compliance with law and our reputation; service interruptions, data corruption, loss or impairment, network security and related operational impacts due to cybersecurity attacks; weather disruptions and regulatory, market and social reactions to such disruptions; our ability to identify, attract, develop, engage and retain qualified employees; our ability to complete the anticipated spin-off of our Mobility business; stock price and end market impacts due to technology disruptions; volatility of end markets; continued successful research, development and marketing of new or improved products; geopolitical, economic or other risks arising from worldwide or regional economic conditions; the global nature of Eaton’s business and exposure to economic and political instability, including war or armed conflict, changes in governmental laws, regulations and policies; changes in countries’ trade policies, including the imposition of sanctions or tariffs; changes in our tax rates or tax laws and regulations applicable to our business; rules, regulations, audits and investigations and related compliance risks associated with being a governmental contractor; our ability to protect our intellectual property; litigation and environmental regulations impacting our business; and the other risk factors discussed in Part I, Item 1A of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by the company with the SEC. The company disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

Financial Results

The company’s comparative financial results for the three months ended March 31, 2026, are available on the company’s website, http://www.eaton.com.

EATON CORPORATION plc
BUSINESS SEGMENT INFORMATION
	Three months ended March 31
(In millions)		2026				2025
Net sales
Electrical Americas	$	3,600			$	3,010
Electrical Global		1,945				1,610
Aerospace		1,139				979
Mobility		766				779
Total net sales	$	7,451			$	6,377
Segment operating profit
Electrical Americas	$	922			$	904
Electrical Global		373				300
Aerospace		304				226
Mobility		89				91
Total segment operating profit		1,690				1,522
Corporate
Intangible asset amortization expense		(140	)			(106	)
Interest expense - net		(106	)			(33	)
Pension and other postretirement benefits income		4				5
Restructuring program charges		(39	)	If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter. Related news Fivetran to Become Steward of the Great Expectations Open Source Community and GX Core Project Bitdefender Named a ‘Champion’ in the 2026 Omdia Global Cybersecurity MSP Ecosystems Leadership Matrix Inverness Graham Closes Fifth Flagship Buyout Fund, Expanding Diversified Lower Middle Market Platform Claritas Rx Chief Technology Officer Bhupesh Bajaj Named to PM360 ELITE 100 List iCOUNTER Strengthens Executive Team with Appointment of Lisa Hayashi as Chief Marketing Officer and Bob Kalchthaler as Chief Financial Officer Mitel Celebrates Partner Excellence Across the Americas Sterne Kessler and Thomson Reuters Partner to Create New AI Tool for Patent Litigation AEGIS Hedging Remains Top Advisor: Energy Risk Awards Last News RSA at Cybertech Europe 2024 Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for… Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurity G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem grow Always keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries Sparkle and Telsy test Quantum Key Distribution in practice Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most read Circle Reports First Quarter 2026 Results Circle Internet Group, Inc. (NYSE: CRCL) today announced results for the first quarter of fiscal year 2026. Financial Highlights (Q1’26 vs. Q1’25) USDC… Mercado Libre Kicks Off 2026 with Fastest Revenue Growth in Almost Four… Mercado Libre (NASDAQ: MELI):   NET REVENUE $8.8 BILLION   ↑49% YoY Growth   INCOME FROM OPERATIONS $611 MILLION 6.9% Margin   NET INCOME $417 MILLION… AI Agent Security Summit Returns to San Francisco to Address Emerging… #AIAgentSecuritySummit--Zenity, the leading end-to-end security and governance platform for AI agents, today announced the agenda for the upcoming AI… Tufinnovate 2026 Set to Explore the Ways Agentic AI is Reshaping Network… #AI--Tufin, the leader in network security posture management, today announced new details for Tufinnovate 2026, its annual virtual user conference, including… Newsletter signup Join our mailing list to get weekly updates delivered to your inbox. Sign me up! G11 Media Networks BitCity ChannelCity ImpresaCity SecurityOpenLab GreenCity ImpresaGreen ItalianChannelAwards AgendaIct Home Newsletter Staff Copyright Contact us InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , n. 21/2007 del 11/10/2007- Registration ROC n. 15698 G11 MEDIA S.R.L. Registered office Via NUOVA VALASSINA, 4 22046 MERONE (CO) - P.IVA/C.F.03062910132 Como business register n. 03062910132 - REA n. 293834 CAPITALE SOCIALE Euro 30.000 i.v. Cookie Privacy