Common-Size Income Statement
Quarterly Data
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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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Eaton Corp. plc, common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 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).
The common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. A consistent pattern of improving gross profitability is observed, alongside fluctuations in operating income and net income. Cost of products sold as a percentage of net sales generally decreased over the period, contributing to the improved gross margins. Selling and administrative expenses, while substantial, exhibited a slight downward trend in later periods, potentially indicating efficiency gains.
- Gross Profitability
- Gross profit as a percentage of net sales demonstrated a clear upward trajectory. Starting at 32.14% in March 2021, it generally increased, reaching a peak of 37.35% in September 2023 before settling at 36.82% in December 2025. This suggests improved pricing strategies, cost management in production, or a shift towards higher-margin products.
- Operating Income
- Operating income exhibited more volatility. A significant spike occurred in September 2021 (24.70%), likely due to the gain on the sale of a business (12.53% of net sales). Excluding this outlier, operating income generally trended upward from 12.04% in March 2021 to 19.62% in December 2022, before stabilizing in the 17.87% to 19.56% range through December 2025. This indicates underlying operational improvements, though subject to external factors.
- Cost Management
- Cost of products sold decreased as a percentage of net sales, moving from -67.86% in March 2021 to -63.18% in December 2025. This reduction in cost of goods sold is a primary driver of the improved gross profit margins. Selling and administrative expenses also showed a modest decline, from -16.94% to -14.30% over the same period, suggesting some control over operating expenses.
- Research and Development
- Research and development expense remained relatively stable as a percentage of net sales, fluctuating between -2.73% and -3.41%. A slight decrease is observed towards the end of the period, falling to -2.89% in December 2025. This suggests a consistent commitment to innovation without significant proportional increases in R&D spending.
- Net Income
- Net income followed a similar pattern to operating income, benefiting from the improved gross margins and expense management. It increased from 9.78% in March 2021 to a high of 16.06% in December 2025. However, fluctuations in interest expense and other income/expense impacted net income, creating some variability. The impact of income tax expense also varied, influencing the final net income percentage.
- Interest and Other Items
- Interest expense, net, generally remained consistent, with a slight increase towards the end of the period, reaching -1.01% in June 2025. Other income (expense), net, was more volatile, swinging from positive to negative values throughout the period, indicating the impact of non-recurring items or fluctuations in investment income. These items, while smaller in magnitude than core revenue and expense items, contributed to the overall net income variability.
Overall, the company demonstrated improving profitability over the analyzed period, driven primarily by effective cost management and enhanced gross margins. While operating income and net income experienced some fluctuations due to non-operating items, the underlying trend suggests a strengthening financial performance.