Short answer
Eaton Corporation (ETN) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $27.4B (+10.3% year over year) and net income of $4.1B.
- Top risk flagged: Planned Mobility segment spin-off by Q1 2027 risks delays, dis-synergy costs, tax-free status uncertainty, and management distraction
FY2025 key financial metrics · XBRL
- Revenue
- $27.4B
- +10.3% YoY
- Net income
- $4.1B
- +7.7% YoY
- EPS (diluted)
- $10.45
- +10.0% YoY
- ROE
- 21.0%
- +0.5 pp YoY
- Operating cash flow
- $4.5B
- +3.4% YoY
Source: XBRL data from the Eaton Corporation (ETN) FY2025 10-K on SEC EDGAR. USD.
Eaton Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Intelligent power management company; $27.4B revenue in 2025, serving customers in 180 countries
- Acquired Fibrebond (modular data center) and Resilient (solid-state transformer tech) in 2025; Boyd Thermal liquid cooling deal announced; Ultra PCS aerospace closed Jan 2026: all targeting data center and aerospace growth
- Announced spin-off of Mobility business (Vehicle + eMobility segments) into independent public company on Jan 26, 2026: major portfolio reshaping toward pure-play electrical/power
- ~97,303 total employees globally; 86% favorable engagement rate in 2025 survey
- New CEO Paulo Ruiz took office June 1, 2025; concurrent wave of new C-suite hires including new CLO, CHRO, and CFO all within ~18 months: unusually broad leadership transition
Management Discussion & Analysis
- Revenue $27.4B in 2025, up ~10% YoY from $24.9B, driven by 8% organic growth and acquisitions; 2024 also grew ~7% organically to $24.9B
- Gross margin 37.6% vs 38.2% in 2024; net income $4.09B with adjusted EPS $12.07 vs $10.80; effective tax rate 17.1% vs 16.8%
- Best segment: Electrical Americas, sales $13.3B (+16%), operating margin 29.9% vs 30.2%; Worst: Vehicle, sales $2.5B (-10%), margin 16.7% vs 18.0%, driven by weak North American truck/light vehicle markets
- Operating cash flow $4.47B; capex $919M (guided ~$1.1B in 2026); dividends $1.63B; buybacks $1.86B vs $2.49B in 2024; no buybacks planned for 2026 due to $9.5B Boyd Thermal acquisition
- Key risks/outlook: Boyd Thermal close expected Q2 2026; Mobility segment spin-off targeted by Q1 2027; tariff exposure, commodity/wage inflation, cybersecurity, and AI-related compliance flagged as emerging risks
Risk Factors
- Planned Mobility segment spin-off by Q1 2027 risks delays, dis-synergy costs, tax-free status uncertainty, and management distraction
- GDPR fines up to 4% of global revenue for data privacy violations; conflicting U.S. state and foreign cybersecurity regulations add compliance costs
- Tariff and trade policy volatility threatens import cost structure; no specific mitigation confirmed if price increases damage market share
- AI adoption risk: competitors leveraging AI for product/cost advantages while Eaton faces regulatory scrutiny, IP leakage via third-party generative AI platforms
- Single-source supplier dependency for critical components; delivery failures disproportionately impact higher-volume, higher-margin product lines
Generated from the filing text; verify against the original. How to read a 10-K
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