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Eaton Corp. plc (NYSE:ETN)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Eaton Corp. plc, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
Short-term debt 2.77 3.72 4.56 0.00 1.87 2.74 2.05 0.00 0.01 0.01 0.00 0.02 0.06 0.26 0.24 0.93 2.63 3.96 3.17 0.04 1.25 9.16 1.36
Current portion of long-term debt 1.24 0.02 0.15 2.75 2.79 2.80 4.25 1.76 1.82 3.25 2.58 2.65 2.61 1.09 0.02 0.03 0.07 5.77 4.91 5.10 0.34 0.02 2.97
Accounts payable 10.29 9.65 8.91 10.10 9.41 9.29 9.32 9.58 9.20 8.88 8.82 8.76 8.73 8.68 8.78 8.77 8.55 8.57 8.14 8.22 7.59 6.75 6.37
Accrued compensation 1.45 1.12 1.04 1.56 1.67 1.31 1.25 1.75 1.75 1.34 1.28 1.76 1.59 1.26 0.99 1.33 1.26 1.03 0.94 1.47 1.43 1.15 0.98
Liabilities held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.43 1.47
Other current liabilities 6.86 6.69 6.65 8.29 7.55 7.55 7.42 7.39 7.46 7.14 7.07 6.98 7.29 6.99 7.11 7.10 6.86 6.19 6.29 6.37 6.71 5.68 6.16
Current liabilities 22.61% 21.20% 21.31% 22.71% 23.31% 23.69% 24.29% 20.47% 20.24% 20.62% 19.76% 20.16% 20.28% 18.29% 17.14% 18.16% 19.36% 25.53% 23.45% 21.19% 17.33% 24.20% 19.31%
Long-term debt, excluding current portion 30.98 32.95 33.65 21.23 21.54 21.60 19.41 22.09 22.12 21.72 21.26 21.45 21.86 23.94 24.50 23.76 23.52 17.86 19.21 20.08 24.96 23.70 25.48
Pension liabilities 1.08 1.07 1.22 1.70 1.83 1.87 1.87 1.93 1.81 1.80 1.89 2.00 1.64 1.75 1.83 1.85 2.38 2.20 2.36 2.56 3.02 2.95 3.76
Other postretirement benefits liabilities 0.27 0.28 0.29 0.39 0.39 0.40 0.41 0.43 0.44 0.44 0.46 0.47 0.46 0.47 0.49 0.51 0.72 0.72 0.74 0.77 0.80 0.87 0.96
Noncurrent operating lease liabilities 1.42 1.27 1.28 1.54 1.40 1.45 1.71 1.74 1.74 1.67 1.56 1.39 1.30 1.31 1.31 1.31 1.30 1.10 0.97 0.99 1.01 0.99 0.96
Deferred income taxes 3.63 3.81 2.91 0.64 0.71 0.69 0.68 0.72 0.99 1.09 1.09 1.05 1.23 1.44 1.51 1.51 1.53 1.79 1.80 1.64 1.45 1.34 1.31
Other noncurrent liabilities 3.41 3.29 3.46 4.58 4.37 4.27 4.33 4.34 3.83 3.77 3.84 3.87 3.83 3.88 3.99 4.12 4.33 4.11 4.16 4.41 4.52 3.97 4.10
Noncurrent liabilities 40.80% 42.67% 42.80% 30.09% 30.24% 30.28% 28.40% 31.25% 30.92% 30.49% 30.09% 30.22% 30.32% 32.80% 33.63% 33.07% 33.78% 27.77% 29.24% 30.46% 35.75% 33.82% 36.57%
Total liabilities 63.41% 63.87% 64.12% 52.80% 53.54% 53.96% 52.69% 51.72% 51.16% 51.11% 49.85% 50.38% 50.60% 51.08% 50.77% 51.24% 53.14% 53.30% 52.69% 51.65% 53.08% 58.02% 55.88%
Ordinary shares 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Capital in excess of par value 22.46 22.90 23.27 31.12 31.52 31.55 32.42 33.17 32.36 32.15 32.77 32.87 33.80 34.14 35.20 35.74 36.31 35.42 35.30 36.59 36.37 33.61 36.19
Retained earnings 21.20 20.52 20.22 25.94 25.01 24.48 25.61 26.30 26.42 26.97 27.52 26.81 26.02 24.90 24.66 24.18 23.48 22.43 21.89 22.32 21.52 19.20 20.20
Accumulated other comprehensive loss -7.15 -7.38 -7.69 -9.98 -10.19 -10.11 -10.84 -11.31 -10.06 -10.33 -10.24 -10.16 -10.53 -10.22 -10.74 -11.27 -13.05 -11.27 -9.99 -10.68 -11.10 -10.95 -12.40
Shares held in trust 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01
Total Eaton shareholders’ equity 36.51% 36.05% 35.80% 47.09% 46.35% 45.93% 47.20% 48.17% 48.72% 48.80% 50.06% 49.53% 49.30% 48.82% 49.13% 48.66% 46.76% 46.60% 47.21% 48.24% 46.80% 41.87% 44.00%
Noncontrolling interests 0.08 0.08 0.08 0.11 0.10 0.10 0.10 0.11 0.11 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.10 0.10 0.10 0.11 0.13 0.11 0.12
Total equity 36.59% 36.13% 35.88% 47.20% 46.46% 46.04% 47.31% 48.28% 48.84% 48.89% 50.15% 49.62% 49.40% 48.92% 49.23% 48.76% 46.86% 46.70% 47.31% 48.35% 46.92% 41.98% 44.12%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 capital structure of the organization exhibited relative stability between early 2021 and late 2024, followed by a significant shift toward higher leverage in 2026. For the first several years of the observed period, total liabilities fluctuated between 49.85% and 58.02% of total liabilities and equity, while total equity remained within a corresponding range of 41.87% to 50.15%. However, starting in March 2026, total liabilities increased sharply to exceed 63%, while total equity declined to approximately 36%, indicating a strategic shift in financing or a substantial reduction in the equity base.

Debt Profile and Leverage
Long-term debt, excluding the current portion, remained relatively stable between 17.86% and 25.48% from March 2021 through December 2024. A marked increase is observed in 2026, where long-term debt surged to a peak of 33.65% in March 2026 before settling around 30.98% by September 2026. Short-term debt and the current portion of long-term debt showed high volatility, often spiking and then returning to near-zero levels, though both saw an increase in the first half of 2026.
Operational Liabilities
Accounts payable demonstrated a consistent upward trend, growing from 6.37% in March 2021 to 10.29% by September 2026. This suggests a gradual increase in the proportion of financing sourced from trade creditors. Other current liabilities remained steady, generally fluctuating between 6% and 8%, while current liabilities overall hovered around 20% for most of the period, with a slight increase toward 22.61% by the end of the series.
Noncurrent Obligations and Pension Trends
A sustained downward trend is evident in pension and other postretirement benefits liabilities. Pension liabilities decreased from 3.76% in March 2021 to 1.08% by September 2026, while other postretirement benefits fell from 0.96% to 0.27% over the same period. Conversely, deferred income taxes remained low for most of the period but experienced a significant spike in 2026, rising to between 2.91% and 3.81%.
Equity Composition
Total shareholders' equity saw a gradual decline in its share of the balance sheet over time. Capital in excess of par value decreased from 36.19% in March 2021 to 22.46% by September 2026. Retained earnings showed an initial growth trend, peaking at 27.52% in March 2024, before declining to 21.20% by September 2026. Accumulated other comprehensive loss remained a persistent negative factor, though it improved from a low of -13.05% in September 2022 to -7.15% by September 2026.

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