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Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

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Common-Size Income Statement
Quarterly Data

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Eaton Corp. plc, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net sales
Cost of products sold
Gross profit
Selling and administrative expense
Research and development expense
Gain on sale of business
Operating income
Interest expense, net
Other income (expense), net
Income before income taxes
Income tax (expense) benefit
Net income
Net income for noncontrolling interests
Net income attributable to Eaton ordinary shareholders

Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The financial data reveals several notable trends in key profitability and expense metrics over the presented periods.

Gross Profit Margin
The gross profit margin shows a gradual improvement from early 2020 through 2025, rising from approximately 31% to peak around 38-39% in several recent quarters. This indicates enhanced efficiency in managing cost of goods sold, which has concurrently decreased as a percentage of net sales from nearly 69% to about 62% to 63%, reflecting sustained cost control or pricing power improvements.
Selling and Administrative Expenses
This expense category generally trends downward relative to net sales, moving from approximately 18% to a range predominantly between 15% and 16%, indicating tighter controls or improved operational leverage. Some fluctuations are present but overall suggest improved expense management in this area.
Research and Development (R&D) Expenses
R&D expenses as a percentage of net sales remain relatively stable within a narrow band around 3%, with minor variation between 2.7% and 3.4%. No significant upward or downward trend is evident, implying consistent investment in innovation relative to sales.
Operating Income
Operating income demonstrates notable variability but overall upward movement over time. It started near 14% in early 2020, experienced significant spikes (notably a 24.7% operating income quarter in late 2021), and settled into a range of approximately 16% to nearly 20% by 2025. These trends align with improvements in gross margin and controlled operating expenses.
Interest Expense
Net interest expense decreased from near 1% of net sales to around 0.5% or lower in some quarters, suggesting either reduced debt levels, refinancing at lower rates, or improved interest cost management over the period.
Other Income/Expense, Net
This item is relatively minor and fluctuates between slight negative and positive values, generally below ±1% of net sales, not exhibiting a clear trend but contributing marginally to overall profitability.
Income Before Income Taxes
Reflecting the combined effects of operating income and other net income/expenses, income before taxes shows an overall rising trend from just above 10% to approaching or exceeding 18% by later periods, consistent with operating improvements and lower interest expense.
Income Tax Expense
Income tax expense fluctuates between around 1.5% and 3.8% of net sales, with some variation potentially reflecting changes in tax rates, benefits, or earnings composition. No clear directional trend is observed, but effective tax rates suggest a stable tax burden relative to pre-tax income.
Net Income
Net income as a percentage of net sales improved moderately over time, rising from roughly 9% in early 2020 to a range between 13% and 16% in the most recent periods. This improvement reflects enhanced operational efficiency, cost control, and favorable interest and tax effects.
Net Income Attributable to Ordinary Shareholders
This figure closely tracks overall net income, with minor adjustments for noncontrolling interests. The pattern confirms the consistent strengthening in profitability attributable to common equity holders.

Overall, the data depict a positive trajectory in profitability driven by higher gross margins and disciplined management of operating expenses. Interest expense and tax impacts are manageable and stable, supporting improved net income margins. The company appears to have enhanced its financial performance steadily through the observed periods.