Eaton Corporation, PLC · NYSE:ETN
Eaton — Q3 2026 Earnings Presentation
19 slides from Eaton's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Earnings Release
Third Quarter 2026 Earnings Release Paulo Ruiz and Dave Foster | November 3, 2026 © 2026 Eaton. All rights reserved.. 1
Slide 2: Forward-looking statements & non-GAAP financial information
Forward-looking statements & non-GAAP financial information This presentation and the comments we make on our call today contain forward-looking statements concerning, among other matters, fourth quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment o
Slide 3: Highlights
Highlights Organic growth of 19%, segment margins of 25.3%, and Adjusted earnings per share of $3.68 were all above the high end of our guidance ranges. Electrical Americas organic growth accelerated to 22% and margins reached 29.8%, up 230 basis points over prior quarter. This puts the second-half
Slide 4: Our bold strategy is underway and anchored by three pillars
Our bold strategy is underway and anchored by three pillars Each pillar is accelerating growth and creating sustained value for shareholders Lead Invest Execute Drive a customer-centric and Double down in high-growth and Transform from good to best-in-class fast organization high-margin markets and
Slide 5: Electrical Americas demand continues to build, with all growth indicators pointing up
Electrical Americas demand continues to build, with all Execute growth indicators pointing up Mega Projects Negotiations Backlog Rolling 12-Month Announcements Pipeline Growth Order Growth and Growth 1.3 Book to Bill YTD 9/30/26 YTD 9/30/26 3Q26 Y/Y Rolling 12-month 9/30/26 85% 55% 33% 39% 5 © 2026
Slide 6: Built for this moment: Electrical Global's growth into a higher gear
Built for this moment: deliberate moves have put Electrical Execute Global's growth into a higher gear Strategic moves that got us here ~16% Winning share Shifted portfolio to • Expanding margins high growth areas • Outgrowing our Scaled globally markets in EMEA 7% Restructured early • Executing ETN
Slide 7: Better together: Boyd Thermal strengthens Eaton's grid-to-chip portfolio
Better together: Boyd Thermal strengthens Eaton’s grid-to-chip portfolio; Execute together we are driving outsized growth and value for customers Since our last update, our team has outpaced This growth is unlocked by combining Boyd’s industry- expectations and continues to deliver: leading technolo
Slide 8: Financial Summary
Financial Summary (M) 3Q ’26 3Q ‘25 V ‘25 Sales $8,947 $6,988 28% Segment Operating Profit 2,263 1,749 29% Segment Operating Margin 25.3% 25.0% 30 bps Adjusted Earnings 1,433 1,199 20% Adjusted EPS $3.68 $3.07 20% Record Sales $8,947M Sales Growth: Organic 19% $2,263M Record Segment Operating profit
Slide 9: Electrical Americas Segment
Electrical Americas Segment (M) 3Q ‘26 3Q ‘25 V ‘25 Sales $4,172 $3,410 22% Operating Profit 1,243 1,034 20% Operating Margin 29.8% 30.3% (50) bps • Record sales and operating profit with Sales Growth: sequential margin growth of 230 basis points Organic 22% • Orders up 39% on a rolling 12-month bas
Slide 10: Electrical Global Segment
Electrical Global Segment (M) 3Q ‘26 3Q ‘25 V ‘25 Sales $2,727 $1,724 58% Operating Profit 576 330 75% Operating Margin 21.1% 19.1% 200 bps Sales Growth: • Record sales and operating profit Organic 27% • Backlog up 121% year-over-year Acquisition 31% • Orders up 51% on a rolling 12-month basis, to a
Slide 11: Aerospace Segment
Aerospace Segment (M) 3Q ‘26 3Q ‘25 V ‘25 Sales $1,196 $1,079 11% Operating Profit 298 280 6% Operating Margin 24.9% 25.9% (100) bps • Q3 record sales and operating profit Sales Growth: • Orders up 20% on a rolling 12-month basis, to a Organic 6% record level Acquisition 5% • Backlog up 33% year-ove
Slide 12: Mobility Segment
Mobility Segment (M) 3Q ‘26 3Q ‘25 V ‘25 Sales $852 $775 10% Operating Profit 146 105 39% Operating Margin 17.2% 13.5% 370 bps Sales Growth: • Continued strong execution with incremental margins more than 50% Organic 9% Acquisition -- • Separation of Mobility business on track to close in first four
Slide 13: 2026 Organic Growth and Operating Margin Guidance
2026 Organic Growth and Operating Margin Guidance Segment Organic Growth Guidance Operating Margin Guidance Electrical Americas 18 – 20% 28.8 – 29.2% Electrical Global 15 – 17% 19.6 – 20.0% Aerospace 7.5 – 9.5% 24.3 – 24.7% Mobility 2 – 4% 13.0 – 15.0% Eaton 13 – 15% 24.1 – 24.5% © 2026 Eaton. All r
Slide 14: 2026 Guidance
2026 Guidance 4th Quarter Outlook 2026 FY Outlook Adjusted Earnings Per Share $4.05 – $4.15 $13.70 – $13.80 Organic Growth 13 – 15% 13 – 15% Segment Operating Margins 25.4 – 25.8% 24.1 – 24.5% Operating Cash Flow N/A $5.0B – $5.4B Free Cash Flow N/A $3.9B – $4.3B Share Repurchases -- -- © 2026 Eaton
Slide 15: Eaton's 2027 End Market Growth Assumptions: Double Digit Growth
Eaton’s 2027 End Market Growth Assumptions: Double Digit Growth % of 2025 % of 2025 Eaton Sales Eaton Sales Data Centers & Distributed IT 21% Commercial Aerospace 9% Utility 11% Defense Aerospace 6% Machinery / MOEM 5% ICE and EV Light Vehicles 5% Commercial & Institutional 20% Commercial Vehicles 6
Slide 16: Summary – Delivering on our commitments, with our best years still ahead
Summary – Delivering on our commitments, with our best years still ahead Demand is accelerating and broadening, and we are winning at unprecedented rates Electrical Sector backlog up 46% with orders up 43% on a rolling 12-month basis including broad strength beyond data centers in all end markets in
Slide 17: © 2026 Eaton. All rights reserved.
© 2026 Eaton. All rights reserved. 17
Slide 18: 2026 Guidance – Additional Modeling Assumptions
Appendix 2026 Guidance – Additional Modeling Assumptions 4th Quarter Outlook 2026 FY Outlook Currency Translation Sales Impact – ETN -- ~$250M Fibrebond Acquisition Sales – Electrical Americas N/A ~$140M Ultra PCS Acquisition Sales – Aerospace ~$80M ~$250M Boyd Thermal Acquisition Sales – Electrical
Slide 19: Appendix
Appendix © 2026 Eaton. All rights reserved. 19