Analysis of Revenues
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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Revenues as Reported
Eaton Corp. plc, income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, the information indicates a consistent upward trend in revenue across most reported segments between 2021 and 2025. Net sales demonstrate a substantial increase over the period, growing from US$19,628 million to US$27,448 million. Significant growth is observed in the Systems and Electrical Americas segments, while other areas also contribute to the overall positive trajectory.
- Systems Segment Performance
- The Systems segment exhibits the most substantial growth, increasing from US$4,987 million in 2021 to US$10,070 million in 2025. This represents a more than 100% increase over the five-year period, suggesting a strong market demand or successful strategic initiatives within this segment.
- Electrical Segment Analysis
- Electrical Americas revenue increased steadily from US$7,242 million in 2021 to US$13,275 million in 2025. Electrical Global also shows growth, albeit at a slower pace, rising from US$5,516 million to US$6,815 million during the same period. The Americas segment appears to be the primary driver of growth within the Electrical category.
- Product Segment Trends
- Revenue from Products shows moderate growth, increasing from US$2,255 million to US$3,205 million. A separate Products line item shows a more modest increase, from US$3,283 million to US$3,885 million. The difference in growth rates between these two 'Products' lines warrants further investigation.
- Aerospace Segment Performance
- The Aerospace segment demonstrates consistent growth, increasing from US$2,648 million in 2021 to US$4,249 million in 2025. Within Aerospace, the Commercial segment experienced a decline in revenue from 2024 to 2025, decreasing from US$1,707 million to US$1,449 million, while Passenger and Light Duty Vehicle revenue remained relatively stable. Vehicle revenue decreased from US$2,830 million to US$2,505 million.
- Emerging eMobility Segment
- The eMobility segment shows significant growth, increasing from US$343 million in 2021 to US$662 million in 2024, before experiencing a slight decrease to US$604 million in 2025. While still growing overall, the deceleration in 2025 may indicate maturing market conditions or increased competition.
- Other Segment Observations
- Original Equipment Manufacturers and Aftermarket segments both demonstrate consistent growth throughout the period. Industrial and Other revenue also shows a steady, though less dramatic, increase. Revenue figures for United States, Rest of World, and Hydraulics are only available for 2021 and do not allow for trend analysis.
In conclusion, the revenue performance across the analyzed segments is largely positive. The Systems segment is a significant growth driver, and the Electrical Americas segment also contributes substantially to overall revenue increases. While most segments exhibit growth, specific areas like the Aerospace Commercial segment and eMobility show variations in their growth trajectories that merit further scrutiny.