Common-Size Income Statement
Quarterly Data
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Eaton Corp. plc, common-size consolidated income statement (quarterly data)
Based on: 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 percentage of net sales attributed to the cost of products sold shows a gradual decreasing trend starting from -68.95% in March 2020 to around -61.63% in March 2025. This indicates an improvement in production efficiency or cost control over the analyzed periods.
- Gross Profit
- Gross profit as a percentage of net sales experiences an overall upward trend, rising from 31.05% in March 2020 to a peak of approximately 38.93% in September 2024, followed by a slight decline to 38.37% in March 2025. This reflects increasing profitability at the gross level, benefiting from lower cost of sales and possibly improved pricing or product mix.
- Selling and Administrative Expense
- Selling and administrative expenses fluctuate moderately, ranging mostly between -18.06% and -14.78% of net sales, with a slight tendency to increase again toward the later periods, ending near -16.43% in March 2025. Such variation suggests some changes in overhead management but no strong directional trend.
- Research and Development Expense
- Research and development expenses remain relatively stable as a percentage of net sales, fluctuating around -3.0% to -3.4%. This steady allocation indicates consistent investment in innovation and product development over time.
- Gain on Sale of Business
- Significant irregular gains are noted in this category, with a peak of 12.53% in June 2021 and smaller gains of 4.61% in March 2020 and 0.5% in March 2022. These one-off gains have temporarily boosted profitability but are not recurring elements in the financial trend.
- Operating Income
- Operating income as a percentage of net sales shows variability with a sharp increase to 24.7% in September 2021, likely influenced by the gains on sale of businesses. Apart from this peak, operating income generally trends upward from around 14.41% in March 2020 to a sustained range over 18% by the end of the period, highlighting improving operational profitability.
- Interest Expense, Net
- Interest expense remains relatively low and stable, generally below -1.0% of net sales and trending downwards in more recent periods, suggesting effective debt management or reduced interest-bearing liabilities.
- Other Income (Expense), Net
- Other income or expense displays volatility with occasional positive and negative values but remains a small percentage relative to net sales, implying limited impact on overall results.
- Income Before Income Taxes
- Income before income taxes tracks the movement in operating income, with notable peaks coinciding with gains on business sales. It consistently improves from around 12.97% in early 2020 to a range above 18% in the final periods, indicating enhanced earnings before tax obligations.
- Income Tax Expense
- Income tax expense percentages fluctuate and seem to reflect the variability in income before taxes and occasional nonrecurring items. The tax burden tends to be around -2% to -3.3% of net sales, with some outliers such as -9.81% in September 2021, likely linked to the large nonrecurring gains.
- Net Income
- Net income as a percentage of net sales shows a general upward trend, moving from around 9.15% in March 2020 to peaks above 15% in late 2023 through 2025. This reflects successful margin enhancement initiatives and improved overall profitability.
- Net Income for Noncontrolling Interests
- Amounts attributable to noncontrolling interests are minor and consistently small negative percentages of net sales, indicating a small share of income is attributable to others outside of the majority shareholders.
- Net Income Attributable to Ordinary Shareholders
- Net income attributable to ordinary shareholders mirrors the overall net income trend closely, demonstrating solid growth from 9.15% in early 2020 to around 15.12% by March 2025, underscoring strengthening returns for shareholders over time.