Eaton (ETN)
Eaton (ETN) is an intelligent power-management company that makes the switchgear, transformers, and electrical-distribution systems that connect power generation to data centers. In ETFpedia it represents the equipment layer of the AI electricity and nuclear SMR theme: the grid hardware bottleneck that has to be built before any new reactor or turbine can power a server rack.
| Ticker | ETN |
|---|---|
| Exchange | NYSE |
| Sector | Electrical Equipment · Power Management |
| Country | United States |
| Wikidata | Q48872 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; Eaton has not confirmed the date. Last report: Q1 2026 on 2026-05-05. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-05)
Eaton posted record Q1 2026 sales of $7.45 billion, up 17% year over year, with adjusted EPS of $2.81 (a Q1 record); GAAP EPS was $2.22 and net income attributable to shareholders was $866 million. Electrical Americas led on data-center demand, and total backlog rose 48% in the Electrical sector.
| Net sales | $7.45B+17%YoY · Record; 10% organic, 4% acquisitions |
|---|---|
| GAAP EPS | $2.22 |
| Adjusted EPS | $2.81 · First-quarter record |
| Net income (to shareholders) | $866M-10%YoY · Down on higher amortization and interest from acquisitions |
| Electrical sector backlog | +48% YoY |
Revenue by segment
| Electrical Americas | $3,600M · 48.3%of revenue+19.6% YoY |
|---|---|
| Electrical Global | $1,945M · 26.1%of revenue+20.8% YoY |
| Aerospace | $1,139M · 15.3%of revenue+16.3% YoY |
| Mobility | $766M · 10.3%of revenue-1.7% YoY |
Guidance:Full-year 2026
| Organic growth | 9-11% · Raised to 10% midpoint from 8% |
|---|---|
| Segment margins | 24.1-24.5% |
| GAAP EPS | $10.88-$11.33 |
| Adjusted EPS | $13.05-$13.50 |
Recent & upcoming events
- · Record Q1 2026 results and raised guidance.Sales $7.45B (+17%), adjusted EPS $2.81 (Q1 record); orders up 42% in Electrical Americas on data-center momentum and full-year organic growth guidance raised to 10% from 8% at the midpoint. (source)
- · Boyd Thermal acquisition closed.Eaton completed its purchase of Boyd's thermal-management business, expanding liquid-cooling capabilities for AI data centers and adding to its grid-to-chip portfolio. (source)
Segment net sales and YoY are from the Q1 2026 8-K (Exhibit 99) business-segment table; Eaton recast prior-period segment information for a Vehicle/eMobility change, so segment YoY reflects the recast basis.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Eaton do?
Eaton is a diversified power-management company built around electrical products. Its two electrical segments, Electrical Americas and Electrical Global, sell circuit protection, switchgear, transformers, power-distribution units, and the power-quality and grid-connection gear that move electricity from the grid into buildings, factories, and data centers. It also runs an Aerospace segment and a Mobility segment for vehicle and eMobility systems. In Q1 2026 the two electrical businesses together produced roughly $5.5 billion of the company’s $7.45 billion in sales, with Electrical Americas the largest at $3,600 million (Eaton 8-K, May 5, 2026).
Why is Eaton an AI electricity and nuclear SMR company?
Eaton sits one layer below the generators in the AI power stack. New nuclear, gas, and on-site capacity does nothing for a data center until switchgear and distribution equipment connect it, and that equipment has become the binding constraint. US transformer lead times have stretched to roughly four years (pv magazine, May 2026), exactly the kind of physical bottleneck that benefits an incumbent with capacity. The demand signal is in the order book: Eaton’s Q1 2026 Electrical Americas orders rose 42% on data-center momentum, and total backlog in the Electrical sector climbed 48% year over year (Eaton 8-K). The underlying driver is structural: the IEA projects data-center electricity demand growing about 15% a year through 2030, more than four times faster than total electricity demand (IEA, Energy and AI).
Eaton reported “Record First Quarter 2026 Results, with Accelerating Growth in Sales, Orders and Backlog, and Raises 2026 Organic Growth Guidance to 10% from 8% at the Midpoint.”
What did Eaton report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Eaton posted record sales of $7.45 billion, up 17% year over year, with 10% organic growth and 4% from acquisitions (Eaton, May 5, 2026). Adjusted EPS was a first-quarter record $2.81, while GAAP EPS was $2.22 and net income attributable to shareholders was $866 million, down from $964 million a year earlier as higher intangible amortization and interest expense from recent deals weighed on the bottom line. Electrical Americas led with $3,600 million of revenue, and the Boyd Thermal acquisition that closed in March added liquid-cooling capability for AI data centers.
What is Eaton’s guidance?
For full-year 2026 Eaton raised organic-growth guidance to 9-11%, a 10% midpoint up from 8%, and guided to GAAP EPS of $10.88-$11.33 and adjusted EPS of $13.05-$13.50, with segment margins of 24.1-24.5% (Eaton 8-K, May 5, 2026). The raise was tied directly to accelerating orders and backlog, much of it data-center driven.
What are the risks for Eaton?
- Demand cyclicality. A large share of recent growth depends on data-center and AI capital spending, which can slow if hyperscaler budgets tighten.
- Acquisition integration and leverage. Deals like Boyd Thermal lifted intangible amortization and interest expense, which already cut Q1 GAAP net income year over year.
- Supply chain. Eaton benefits from tight equipment markets, but it is also exposed to the same component and labor constraints that stretch lead times.
- Concentration in electrical end-markets. A downturn in commercial construction or industrial capex would pressure the electrical segments that drive the story.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- BWX Technologies (BWXT)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThematic index of US-listed AI-electricity and nuclear-SMR names that includes Eaton.
Frequently asked questions about Eaton
What does Eaton do?
Eaton is an intelligent power-management company. It makes electrical distribution, switchgear, transformers, power-quality, and grid-connection equipment, along with aerospace and mobility systems. Its largest business, Electrical Americas, generated $3,600 million of Q1 2026 revenue (Eaton 8-K, May 5, 2026). The gear it sells is what physically connects power generation to factories, buildings, and data centers.
Why is Eaton part of the AI electricity and nuclear SMR theme?
Eaton sits on the equipment layer of the AI power buildout. New nuclear, gas, and on-site generation is useless to a data center until switchgear, transformers, and distribution gear connect it, and that grid equipment faces multi-year backlogs, with US transformer lead times stretching to roughly four years (pv magazine, May 2026). Eaton's Q1 2026 Electrical Americas orders rose 42% on data-center momentum, and total Electrical-sector backlog was up 48% year over year (Eaton 8-K).
What was Eaton's latest quarterly revenue?
Eaton reported record Q1 2026 sales of $7.45 billion, up 17% year over year, with adjusted EPS of $2.81, a first-quarter record, and GAAP EPS of $2.22 (Eaton 8-K, May 5, 2026). Net income attributable to shareholders was $866 million, down from $964 million a year earlier, mainly on higher intangible amortization and interest tied to acquisitions.
When does Eaton report its next earnings?
Eaton is expected to report Q2 2026 results around July 31, 2026. That date is calendar-estimated and unconfirmed, so check Eaton's investor relations page. It last reported Q1 2026 on May 5, 2026 (Eaton IR).
What is Eaton's guidance for 2026?
For full-year 2026, Eaton raised organic-growth guidance to 9-11% (10% midpoint, up from 8%) and guided to GAAP EPS of $10.88-$11.33 and adjusted EPS of $13.05-$13.50, with segment margins of 24.1-24.5% (Eaton 8-K, May 5, 2026).
Sources & references
- Eaton Reports Record First Quarter 2026 Results (Form 8-K, Exhibit 99) · Eaton Corporation plc / SEC EDGAR, 2026-05-05
- Eaton Reports Record First Quarter 2026 Results · Eaton Corporation plc, 2026-05-05
- Eaton Corporation plc · FY2025 Annual Report (Form 10-K) · Eaton Corporation plc / SEC EDGAR, 2026-02-24
- Eaton completes acquisition of Boyd's thermal-management business · Eaton Corporation plc, 2026-03-31
- Eaton Corporation plc · Investor relations and earnings information · Eaton Corporation plc (Investor Relations), 2026-06-04
- U.S. transformer market faces severe supply constraints as lead times extend to four years · pv magazine USA, 2026-05-11
- Energy demand from AI · Energy and AI · International Energy Agency, 2025-04-10
- NYSE listed company information · ETN · New York Stock Exchange, 2026-06-02