Eaton Corporation, Plc · NYSE:ETN
Eaton — Q1 2026 Earnings Presentation
19 slides from Eaton's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Release
First Quarter 2026 Earnings Release Paulo Ruiz and Dave Foster | May 5, 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, second quarter and full year 2026 earnings per share, adjusted earnings per share, organic growth and segment o
Slide 3: Highlights
Highlights On a rolling 12-month basis, organic order acceleration in Electrical Americas up 42% and strong Electrical Global and Aerospace order growth both up 13%. Total backlog growth of 44% in Electrical Americas, 73% in Electrical Global and 28% in Aerospace. In Q1, Electrical Americas data cen
Slide 4: Our bold strategy is underway and anchored by three pillars
Our bold strategy is underway and anchored by three pillars Each pillar will accelerate growth and create 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 ex
Slide 5: Electrical Americas: Winning record orders. Scaling execution
Execute Electrical Americas: Winning record orders. Scaling execution Unprecedented demand, including 60% Q1 order On track to deliver capacity expansion with growth over prior year, resulting in extended visibility growing margins and ramping revenue to meet customer needs $14.5 1500 Q1 2026 Revenu
Slide 6: Eaton's Boyd Thermal Update
Invest Eaton’s broad grid-to-chip data center portfolio strengthens with the addition of Boyd Thermal liquid cooling Power Generation & Eaton’s Boyd Thermal Update Grid Connection 2025 sales $1.1 billion Software & Services Gray Space Power Conditioning, Isolation, & Stability 2026E sales $1.7 billi
Slide 7: Eaton Beam Rubin DSX Platform
Lead Eaton Beam Rubin DSX Platform The blueprint for powering AI factories from grid to chip with NVIDIA We’re meeting our customers’ needs for And innovating quickly to deploy solutions where they are and where they need to go to accelerate their future build-outs Complete architecture to power AI
Slide 8: Financial Summary
Financial Summary (M) 1Q ’26 1Q ‘25 V ‘25 Sales $7,451 $6,377 17% Segment Operating Profit 1,690 1,522 11% Segment Operating Margin 22.7% 23.9% (120) bps Adjusted Earnings 1,094 1,070 2% Adjusted EPS $2.81 $2.72 3% Record Quarterly Sales $7,451M Sales Growth: Organic 10% $1,690M Q1 Record Segment Op
Slide 9: Electrical Americas Segment
Electrical Americas Segment (M) 1Q ‘26 1Q ‘25 V ‘25 Sales $3,600 $3,010 20% Operating Profit 922 904 2% Operating Margin 25.6% 30.0% (440) bps • Record sales and Q1 record segment profit Sales Growth: • Orders up 42% on rolling 12-month basis, including Organic 14% data centers, up ~240% in the quar
Slide 10: Electrical Global Segment
Electrical Global Segment (M) 1Q ‘26 1Q ‘25 V ‘25 Sales $1,945 $1,610 21% Operating Profit 373 300 24% Operating Margin 19.2% 18.6% 60 bps Sales Growth: • Record sales and segment profit Organic 9% • Backlog up 73% year-over-year Acquisition 6% Forex 6% • Book-to-bill ratio increased to 1.1 on rolli
Slide 11: Aerospace Segment
Aerospace Segment (M) 1Q ‘26 1Q ‘25 V ‘25 Sales $1,139 $979 16% Operating Profit 304 226 35% Operating Margin 26.7% 23.1% 360 bps • Record sales, segment profit and segment margin Sales Growth: Organic 9% • Orders up 13% on a rolling 12-month basis Acquisition 5% • Backlog up 28% year-over-year Fore
Slide 12: Mobility Segment
Mobility Segment (M) 1Q ‘26 1Q ‘25 V ‘25 Sales $766 $779 (2%) Operating Profit 89 91 (2%) Operating Margin 11.7% 11.7% -- bps Sales Growth: Organic (6%) • On track to complete the spin of Mobility Group Acquisition -- by the first quarter of 2027 Forex 4% Total (2%) © 2026 Eaton. All rights reserved
Slide 13: Eaton's End Market Growth – 2026 Updated Assumptions
Eaton’s End Market Growth – 2026 Updated Assumptions % of 2025 % of 2025 Eaton Sales Eaton Sales Data Centers & Distributed IT 21% Electric Vehicles 2% Utility 11% Commercial Aerospace 9% Commercial & Institutional 20% Defense Aerospace 6% Machinery / MOEM 5% ICE Light Vehicles 3% Industrial Facilit
Slide 14: 2026 Organic Growth and Operating Margin Guidance
2026 Organic Growth and Operating Margin Guidance Segment Organic Growth Guidance Operating Margin Guidance Electrical Americas 12 – 14% 28.8 – 29.2% Electrical Global 6.5 – 8.5% 19.6 – 20.0% Aerospace 7.5 – 9.5% 24.3 – 24.7% Mobility 2 – 4% 13.0 – 15.0% Eaton 9 – 11% 24.1 – 24.5% © 2026 Eaton. All
Slide 15: 2026 Guidance
2026 Guidance 2nd Quarter Outlook 2026 FY Outlook Adjusted Earnings Per Share $3.00 – $3.10 $13.05 – $13.50 Organic Growth 9 – 11% 9 – 11% Segment Operating Margins 22.6 – 23.0% 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 16: Summary – on the right track to deliver on 2026 and 2030 commitments
Summary – on the right track to deliver on 2026 and 2030 commitments Our lead, invest and execute for growth strategy is on track. Bold and disciplined moves to capitalize on generational demand and drive lasting shareholder value We continue strengthening our portfolio to deliver higher growth and
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 2nd Quarter Outlook 2026 FY Outlook Currency Translation Sales Impact – ETN ~$0M ~$185M Fibrebond Acquisition Sales – Electrical Americas N/A ~$140M Ultra PCS Acquisition Sales – Aerospace ~$60M ~$240M Boyd Thermal Acquisition Sales – Electric
Slide 19: Appendix
Appendix © 2026 Eaton. All rights reserved. 19