The raised organic growth guidance to 9-11% and accelerating order momentum (Electrical Americas +42%) signal sustained demand tailwinds from data center and electrification. Watch the Q2 2026 earnings call for integration updates on Boyd Thermal and Ultra PCS, and any Mobility spin-off timeline details. The GAAP EPS decline is noise from acquisition accounting — the adjusted EPS beat and guidance raise are the real signals.
Price Chart
Executive Summary
Eaton reported record Q1 2026 results with revenue of $7.45B (+17% YoY) and adjusted EPS of $2.81, beating consensus of $2.73 by 2.9%. The company raised its full-year 2026 organic growth guidance to 9-11% (from 7-9% previously), driven by accelerating orders in Electrical Americas (+42%) and Aerospace (+13%), and closed $11B in strategic acquisitions including Boyd Thermal and Ultra PCS.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $7.451B, up 17% YoY (10% organic, 4% M&A, 3% FX)
- Adjusted EPS $2.81 vs consensus $2.73 — a 2.9% beat
- GAAP EPS $2.22, down from $2.45 YoY due to $0.59 in acquisition/restructuring/amortization charges
- Raised FY2026 organic growth guidance to 9-11% from prior 7-9%
- Electrical Americas 12-month rolling orders up 42% organically; total Electrical backlog up 48% YoY
- Aerospace segment operating margins hit record 26.7%, up 360bps YoY
- Closed $11B in acquisitions: Boyd Thermal ($9.55B) and Ultra PCS ($1.53B)
- Operating cash flow $507M, up 113% YoY; free cash flow $314M, up 245% YoY
- Segment margins 22.7% above guidance range but down 120bps YoY from 23.9%
- Net income attributable to Eaton declined to $866M from $964M YoY due to acquisition-related charges
Financial Impact
Revenue beat of ~$310M vs $7.14B consensus; adjusted EPS beat of $0.08 vs $2.73 consensus; FY2026 organic growth guidance raised by 2pp at midpoint
Risk Factors
- GAAP EPS declined 9.4% YoY due to $0.59/share in acquisition/restructuring charges — integration risk from $11B in deals
- Segment margins compressed 120bps YoY to 22.7% despite being above guidance — margin trajectory needs monitoring
- Mobility segment sales declined 2% (organic -6%) — spin-off execution risk remains
- Debt surged to $21B from $9.9B at year-end to fund acquisitions, increasing leverage
- Restructuring program still has $102M in remaining charges through 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001551182-26-000010 |
| Document: etn-20260505.htm | 0001551182-26-000010 |
| Document: 0001551182-26-000010-index-headers.html | 0001551182-26-000010 |
| Document: 0001551182-26-000010-index.html | 0001551182-26-000010 |
| Document: 0001551182-26-000010.txt | 0001551182-26-000010 |
| 8-K Data (Synthetic) | 0001551182-26-000010 |
Track record builds as more directional reports settle.
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| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | Insider Cluster | $455.40 $392.40 | ▼ −13.83% | ▼ −11.86% | $436.11 (−4.24%) |
Aug 13, 2026 7w ago | Insider Cluster | $453.33 $425.37 | ▼ −6.17% | ▼ −4.42% | $436.11 (−3.80%) |
Jul 31, 2026 9w ago | 8-K | $415.20 $402.78 | ▼ −2.99% | ▼ −5.98% | $436.11 (+5.04%) |
Jun 11, 2026 16w ago | 425 | $391.39 $407.28 | ▲ +4.06% | ▲ +2.28% | $436.11 (+11.43%) |
Jun 11, 2026 16w ago | 425 | $393.64 $405.83 | ▲ +3.10% | ▲ +1.21% | $436.11 (+10.79%) |
May 6, 2026 21w ago | 144 | $420.13 $421.21 | ▲ +0.26% | ▼ −2.52% | $436.11 (+3.80%) |
May 6, 2026 21w ago | Insider Cluster | $420.13 $421.21 | ▲ +0.26% | ▼ −2.52% | $436.11 (+3.80%) |
May 6, 2026 21w ago | Insider Cluster | $420.13 $421.21 | ▲ +0.26% | ▼ −2.52% | $436.11 (+3.80%) |
May 5, 2026 21w ago | 8-K | $409.71 $417.62 | ▲ +1.93% | ▼ −3.02% | $436.11 (+6.44%) |
Mar 13, 2026 29w ago | DEFA14A | $355.31 $403.16 | ▲ +13.47% | ▲ +9.88% | $436.11 (+22.74%) |
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