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.
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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, consolidated income statement (quarterly data)
US$ in millions
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).
Net sales exhibited a generally increasing trend over the observed period, beginning at US$4,692 million in March 2021 and reaching US$7,055 million in September 2025, with some quarterly fluctuations. The most significant increase occurred between June 2025 and September 2025. However, sales decreased to US$6,240 million in December 2022 and again to US$6,345 million in September 2024 before the recent surge. Cost of products sold mirrored this trend, rising from US$3,184 million in March 2021 to US$4,457 million in September 2025, indicating a strong correlation with sales volume.
Gross profit demonstrated a consistent upward trajectory, increasing from US$1,508 million in March 2021 to US$2,598 million in September 2025. This suggests effective cost management alongside revenue growth. However, the rate of increase in gross profit was not always consistent, with slower growth observed in certain periods.
- Operating Expenses
- Selling and administrative expenses increased steadily from US$795 million in March 2021 to US$1,009 million in September 2025, reflecting potential investments in sales and marketing activities. Research and development expenses also showed a consistent, albeit smaller, increase, rising from US$148 million to US$204 million over the same period, indicating a continued commitment to innovation. The combined effect of these expenses impacted operating income.
Operating income experienced considerable volatility. A substantial increase was observed in September 2021, driven by a significant gain on the sale of a business (US$617 million). Excluding this one-time event, operating income generally trended upward, reaching US$1,385 million in September 2025, but with fluctuations throughout the period. The impact of increased operating expenses is visible in the slower growth of operating income compared to gross profit in later periods.
- Net Income & Profitability
- Net income attributable to Eaton ordinary shareholders followed a similar pattern to operating income, with a notable increase in September 2021 due to the gain on sale. Excluding this, net income generally increased from US$458 million in March 2021 to US$1,131 million in September 2025. Interest expense remained relatively stable, with a slight increase towards the end of the period. Other income (expense), net, was variable, contributing to fluctuations in income before income taxes. Income tax expense increased alongside income before income taxes, resulting in a generally positive correlation between pre-tax and post-tax income.
The company experienced a period of strong growth in net sales and gross profit, particularly in the latter half of the observed timeframe. While operating expenses increased, the overall trend in operating and net income was positive. The gain on the sale of a business in September 2021 significantly impacted results for that quarter, and should be considered a non-recurring event when evaluating underlying performance. The recent increase in sales in the final quarters suggests a potential positive shift in market demand or successful implementation of growth strategies.