Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Eaton Corp. plc, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Net sales	7,451)	7,055)	6,988)	7,028)	6,377)	6,240)	6,345)	6,350)	5,943)	5,967)	5,880)	5,866)	5,483)	5,384)	5,313)	5,212)	4,843)	4,798)	4,923)	5,215)	4,692)
Cost of products sold	(4,799)	(4,457)	(4,313)	(4,431)	(3,930)	(3,811)	(3,899)	(3,940)	(3,725)	(3,732)	(3,684)	(3,747)	(3,599)	(3,546)	(3,545)	(3,505)	(3,269)	(3,226)	(3,338)	(3,545)	(3,184)
Gross profit	2,652)	2,598)	2,675)	2,597)	2,447)	2,429)	2,446)	2,410)	2,218)	2,235)	2,196)	2,119)	1,884)	1,838)	1,768)	1,707)	1,574)	1,572)	1,585)	1,670)	1,508)
Selling and administrative expense	(1,269)	(1,009)	(1,105)	(1,149)	(1,048)	(1,003)	(1,028)	(1,021)	(1,025)	(956)	(949)	(986)	(904)	(796)	(813)	(828)	(790)	(751)	(834)	(876)	(795)
Research and development expense	(211)	(204)	(203)	(192)	(198)	(202)	(207)	(196)	(189)	(201)	(187)	(187)	(179)	(167)	(165)	(168)	(165)	(162)	(152)	(154)	(148)
Gain on sale of business	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	24)	—)	617)	—)	—)
Operating income	1,172)	1,385)	1,367)	1,256)	1,201)	1,224)	1,211)	1,193)	1,004)	1,078)	1,060)	946)	801)	875)	790)	711)	643)	659)	1,216)	640)	565)
Interest expense, net	(106)	(70)	(67)	(71)	(33)	(42)	(29)	(29)	(30)	(26)	(33)	(42)	(50)	(44)	(37)	(31)	(32)	(32)	(37)	(37)	(38)
Other income (expense), net	41)	(21)	(25)	1)	9)	(16)	22)	31)	27)	36)	52)	(6)	11)	21)	(33)	40)	8)	(2)	(66)	17)	11)
Income before income taxes	1,107)	1,294)	1,275)	1,186)	1,177)	1,166)	1,204)	1,195)	1,001)	1,088)	1,079)	898)	762)	852)	720)	720)	619)	625)	1,113)	620)	538)
Income tax expense	(239)	(161)	(265)	(204)	(212)	(195)	(193)	(201)	(179)	(141)	(187)	(153)	(123)	(128)	(112)	(119)	(86)	(74)	(483)	(114)	(79)
Net income	868)	1,133)	1,010)	982)	965)	971)	1,011)	994)	822)	947)	892)	745)	639)	724)	608)	601)	533)	551)	630)	506)	459)
Net income for noncontrolling interests	(2)	(2)	—)	—)	(1)	—)	(2)	(1)	(1)	(2)	(1)	(1)	(1)	(2)	(1)	—)	(1)	—)	(1)	—)	(1)
Net income attributable to Eaton ordinary shareholders	866)	1,131)	1,010)	982)	964)	971)	1,009)	993)	821)	945)	891)	744)	638)	722)	607)	601)	532)	551)	629)	506)	458)

An examination of the quarterly financial performance reveals a consistent upward trajectory in top-line growth and a general expansion of profitability margins over the analyzed period. Net sales increased from 4,692 million US dollars in March 2021 to 7,451 million US dollars by March 2026, representing a significant expansion in market reach and revenue generation.

Revenue and Gross Profitability: Gross profit exhibited a strong positive correlation with net sales, rising from 1,508 million US dollars to 2,652 million US dollars. The gross margin percentage improved steadily, indicating enhanced production efficiency or pricing power. While cost of products sold increased in absolute terms, the rate of increase was lower than that of net sales, contributing to the overall margin expansion.
Operating Expenses and Income: Selling and administrative expenses trended upward, growing from 795 million US dollars to 1,269 million US dollars, with a notable spike in the final quarter of the period. Research and development spending also saw a gradual increase, rising from 148 million US dollars to 211 million US dollars, reflecting a sustained commitment to innovation. Operating income showed substantial growth, although the September 2021 figure was atypically inflated due to a 617 million US dollar gain on the sale of a business. Excluding this one-time event, the operating income trend remains positive, peaking in late 2025 before a slight contraction in the first quarter of 2026.
Interest and Net Income Trends: Interest expenses remained relatively stable between 2021 and 2024, generally fluctuating between 26 million and 50 million US dollars. However, a marked increase is observed starting in June 2025, with expenses rising to 106 million US dollars by March 2026, which pressured the final net income figures. Despite this, net income attributable to ordinary shareholders grew from 458 million US dollars in March 2021 to a peak of 1,131 million US dollars in December 2025, before declining to 866 million US dollars in March 2026.

The overall financial profile indicates a company in a strong growth phase with improving operational efficiency, although the most recent data suggests emerging headwinds in the form of increased financing costs and higher administrative overhead.

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Eaton Corp. plc (NYSE:ETN)

Income Statement Quarterly Data

Income Statement
Quarterly Data