Stock Analysis on Net

Eaton Corp. plc (NYSE:ETN)

$24.99

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

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

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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
Current portion of long-term debt
Accounts payable
Accrued compensation
Liabilities held for sale
Other current liabilities
Current liabilities
Long-term debt, excluding current portion
Pension liabilities
Other postretirement benefits liabilities
Noncurrent operating lease liabilities
Deferred income taxes
Other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Ordinary shares
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Shares held in trust
Total Eaton shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 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 exhibits a period of relative stability between March 2021 and December 2025, characterized by a balanced distribution between total liabilities and total equity. Total liabilities generally fluctuated within a narrow range of 49% to 58% of the total balance sheet, while total equity remained predominantly between 41% and 50%. However, a significant structural shift occurs in March 2026, where total liabilities increase to 64.12% and total equity declines to 35.88%.

Debt Obligations and Leverage
Long-term debt, excluding the current portion, represents the largest component of noncurrent liabilities, typically ranging between 17% and 25% of total liabilities and equity. A notable escalation is observed in March 2026, where this figure rises to 33.65%, contributing to the overall increase in leverage. Short-term debt and the current portion of long-term debt exhibit high volatility, suggesting active refinancing cycles or seasonal fluctuations in liquidity management. The current portion of long-term debt peaked at 5.77% in June 2022 and remained volatile throughout the period.
Operational Current Liabilities
Accounts payable demonstrate a consistent upward trend, increasing from 6.37% in March 2021 to a peak of 10.10% in December 2025. This gradual increase suggests an expansion in operational scale or a strategic shift in supplier payment terms. Other current liabilities and accrued compensation remained relatively stable, with other current liabilities generally hovering between 6% and 8% of the total balance sheet.
Equity Composition and Retained Earnings
Retained earnings showed a steady growth trajectory from 20.20% in March 2021 to a peak of 27.52% in March 2023, indicating strong internal capital generation. However, this trend reversed in the subsequent periods, declining to 20.22% by March 2026. Capital in excess of par value remained stable around 31% to 36% for most of the period but experienced a sharp contraction to 23.27% in the final quarter analyzed. Accumulated other comprehensive loss remained a persistent negative factor, generally fluctuating between -9% and -13%, though it improved to -7.69% by March 2026.
Noncurrent Liability Trends
Pension and postretirement benefit liabilities show a consistent downward trend over the long term. Pension liabilities decreased from 3.76% in March 2021 to 1.22% in March 2026, while other postretirement benefits liabilities fell from 0.96% to 0.29% over the same period. Conversely, noncurrent operating lease liabilities showed a slight increase from 0.96% in early 2021 to 1.28% by March 2026, reflecting a gradual increase in leased asset utilization relative to the total balance sheet.