Common-Size Income Statement
Quarterly Data
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Eaton Corp. plc pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Eaton Corp. plc, common-size consolidated income statement (quarterly data)
Based on: 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).
- Cost of Products Sold
- The cost of products sold as a percentage of net sales exhibits a general declining trend over the observed periods. Starting at -68.95% in March 2020, it fluctuates initially but shows steady improvement from mid-2022 onwards, reaching a low near -61.07% by September 2024 before slightly increasing again. This reduction suggests improved cost efficiency or better pricing power over time.
- Gross Profit
- Gross profit margins mirror the inverse trend of cost of products sold. Beginning at 31.05% in March 2020, the margin experiences fluctuations but shows a consistent increase starting around early 2022. The gross profit percentage peaks around 38.93% in September 2024, indicating enhanced profitability at the gross level by year-end 2024 compared to earlier periods.
- Selling and Administrative Expenses
- Selling and administrative expenses relative to net sales demonstrate moderate volatility but generally trend downward from about -18.06% in early 2020 to slightly below -16% in the later years. Exceptions occur with notable temporary increases around early 2023 and early 2025. Overall, the expenses seem relatively controlled but with occasional spikes.
- Research and Development Expense
- The research and development expense remains fairly stable across periods, fluctuating narrowly around the range of -3.4% to -2.7% of net sales. There is no notable upward or downward trend, suggesting consistent investment in R&D relative to sales.
- Gain on Sale of Business
- Unique gains on sale of business are sporadic and appear in a few isolated quarters. A notable gain of 4.61% occurred in March 2020, followed by 12.53% in September 2021. These gains cause isolated spikes in operating income during those quarters but do not suggest recurring occurrences.
- Operating Income
- Operating income margins exhibit considerable variability. A low point of 4.2% occurred in June 2020, likely reflecting COVID-19 impacts or other business challenges. Subsequent quarters show recovery and growth, with a significant spike at 24.7% in September 2021 due to gain on sale of business. Excluding such gains, operating income generally trends upward from 2022, reaching above 19% in late 2024, indicating improved operational efficiency and profitability.
- Interest Expense, Net
- Interest expense as a percentage of net sales generally trends downward from early 2020 levels near -0.99% to lows around -0.44% in late 2023. This trend suggests possible debt reduction or favorable financing conditions. However, some rebounds in interest expense occur towards 2025, indicating potential shifts in capital structure or borrowing costs.
- Other Income (Expense), Net
- Other income and expenses show volatility with some quarters positive and others negative, but typically remain within a narrow range close to zero. There is no clear trend over time, indicating these items are likely non-recurring or incidental without material impact on overall profitability.
- Income Before Income Taxes
- Income before taxes follows a trend akin to operating income, with lower levels in mid-2020 and growth thereafter. After a low near 1.22% in mid-2020, it consistently increases, peaking near 18.98% in late 2024. This demonstrates improved earnings before tax due to operational gains and financial management.
- Income Tax Expense
- Income tax as a percentage of net sales is variable but generally negative reflecting tax expenses. The percentage fluctuates within the range of about -1.5% to -3.3% over the periods, spiking negatively in mid-2021 likely due to one-off tax impacts. The tax expense remains a steady component of net income calculations, showing no sustained trend in tax rate effect.
- Net Income
- Net income margins follow a recovery and growth pattern similar to operating income and income before tax. Initial lower margins in mid-2020 (1.4%) rise steadily to reach a peak near 15.93% in late 2024. The overall trend indicates improved bottom-line profitability over time, supported by gross margin expansion and operational efficiencies.
- Net Income Attributable to Ordinary Shareholders
- This metric tracks closely with overall net income, confirming that the majority of net earnings are attributable to common shareholders. The steady increase from low single digits in 2020 to above 15% towards late 2024 signals consistent value generation for shareholders.