• Second quarter earnings per share of $2.51, a second quarter record and up 1% over 2024, and record quarterly adjusted earnings per share of $2.95, up 8% over 2024

• 8% organic sales growth, at the high end of guidance, and strong year-over-year backlog growth of 15% in Electrical and 16% in Aerospace

• Second quarter record segment margins of 23.9%, at the high end of guidance

• Twelve-month rolling average orders acceleration in Electrical Americas to up 2%, driven by data center momentum, with strong Aerospace order growth, up 10%

• Total book-to-bill ratio of 1.1 for the combined Electrical sector and Aerospace segment on a rolling twelve-month basis

• For full year 2025, earnings per share expected to be between $10.41 and $10.61, up 11% at the midpoint over 2024, and adjusted earnings per share expected to be between $11.97 and $12.17, up 12% at the midpoint over 2024

DUBLIN – Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that second quarter 2025 earnings per share were $2.51, a second quarter record and up 1% over the second quarter of 2024. Excluding charges of $0.25 per share related to intangible amortization, $0.14 per share related to acquisitions and divestitures, and $0.05 per share related to a multi-year restructuring program, adjusted earnings per share of $2.95 were a quarterly record and up 8% over the second quarter of 2024.

Sales in the quarter were $7.0 billion, a quarterly record and up 11% from the second quarter of 2024. The sales increase consisted of 8% growth in organic sales, 2% growth from acquisitions, and 1% from positive currency translation.

Segment margins were 23.9%, a second quarter record and a 20-basis point improvement over the second quarter of 2024.

Operating cash flow was $918 million and free cash flow was $716 million.

Paulo Ruiz, Eaton chief executive officer, said, “I’m proud to share Eaton’s strong second quarter results, reflecting our team’s commitment to leading and executing on our strategy to become the world’s premier power management company. We see sustained demand in the acceleration of orders and increase in our backlog, powering our organic growth. We continue this momentum by investing for growth in technology, acquisitions and partnerships in fast-growing, high-margin markets. We are confident in our strategy and remain well positioned to capitalize on megatrends including digitalization, electrification, reindustrialization and increased defense spending.”

Guidance

For the full year 2025, the company anticipates:

• Organic growth of 8.5-9.5%
• Segment margins of 24.1-24.5%
• Earnings per share between $10.41 and $10.61, up 11% at the midpoint over the prior year
• Adjusted earnings per share between $11.97 and $12.17, up 12% at the midpoint over the prior year

For the third quarter of 2025, the company anticipates:

• Organic growth of 8-9%
• Segment margins of 24.1-24.5%
• Earnings per share between $2.58 and $2.64
• Adjusted earnings per share between $3.01 and $3.07

Business Segment Results

Sales for the Electrical Americas segment were a record $3.4 billion, up 16% from the second quarter of 2024. The sales increase consisted of 12% growth in organic sales and 5% growth from acquisitions, which was partially offset by 1% from negative currency translation. Operating profits were a record $987 million, up 15% over the second quarter of 2024, and operating margins in the quarter were 29.5%.

The twelve-month rolling average of orders in the second quarter was up 2% organically. Backlog at the end of June remained strong and was up 17% over June 2024.

Sales for the Electrical Global segment were a quarterly record $1.8 billion, up 9% from the second quarter of 2024. Organic sales were up 7%, and positive currency translation added 2%. Operating profits were a quarterly record $353 million, up 16% over the second quarter of 2024. Operating margins of 20.1% were a second quarter record, up 110 basis points over the second quarter of 2024.

The twelve-month rolling average of orders in the second quarter was down 1% organically. Backlog at the end of June was up 1% over June 2024.

On a rolling twelve-month basis, the book-to-bill ratio for the Electrical businesses remained greater than 1.0.

Aerospace segment sales were a record $1.1 billion, up 13% from the second quarter of 2024. Organic sales were up 11%, and positive currency translation added 2%. Operating profits were a quarterly record $240 million, up 17% over the second quarter of 2024. Operating margins in the quarter were 22.2%, up 70 basis points over the second quarter of 2024.

The twelve-month rolling average of orders in the second quarter was up 10% organically. The backlog at the end of June was up 16% over June 2024. On a rolling twelve-month basis, the book-to-bill ratio for the Aerospace segment remained strong at 1.1.

The Vehicle segment posted sales of $663 million, down 8% from the second quarter of 2024, driven entirely by organic sales decline. Operating profits were $113 million and operating margins in the quarter were 17.0%.

eMobility segment sales were $182 million, down 4% from the second quarter of 2024. Organic sales declined 7%, which was partially offset by 3% from positive currency translation. The segment recorded an operating loss of $10 million.

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, 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 nearly $25 billion in 2024, the company serves customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

Notice of conference call: Eaton’s conference call to discuss its second quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time via a link on Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website before the call will be a presentation on second quarter results, which will be covered during the call.

This news release contains forward-looking statements concerning third quarter and full year 2025 earnings per share, adjusted earnings per share, organic growth and segment margins; anticipated capital deployment; as well as anticipated multi-year restructuring program charges and savings. 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: a global pandemic; geopolitical tensions or war, unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; supply chain disruptions, unanticipated changes in the cost of material, labor, and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest at Eaton or at our customers or suppliers; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results

The company’s comparative financial results for the three months ended June 30, 2025, are available here.

Contact:

Jennifer Tolhurst
Media Relations
+1 (440) 523-4006
jennifertolhurst@eaton.com

Yan Jin
Investor Relations
+1 (440) 523-7558