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, 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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net sales	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)	4,687)	4,526)	3,856)	4,789)
Cost of products sold	(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)	(3,178)	(3,051)	(2,877)	(3,302)
Gross profit	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)	1,509)	1,475)	979)	1,487)
Selling and administrative expense	(1,048)	(1,003)	(1,028)	(1,021)	(1,025)	(956)	(949)	(986)	(904)	(796)	(813)	(828)	(790)	(751)	(834)	(876)	(795)	(765)	(754)	(691)	(865)
Research and development expense	(198)	(202)	(207)	(196)	(189)	(201)	(187)	(187)	(179)	(167)	(165)	(168)	(165)	(162)	(152)	(154)	(148)	(140)	(132)	(126)	(153)
Gain on sale of business	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	24)	—)	617)	—)	—)	—)	—)	—)	221)
Operating income	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)	604)	589)	162)	690)
Interest expense, net	(33)	(42)	(29)	(29)	(30)	(26)	(33)	(42)	(50)	(44)	(37)	(31)	(32)	(32)	(37)	(37)	(38)	(36)	(41)	(38)	(34)
Other income (expense), net	9)	(16)	22)	31)	27)	36)	52)	(6)	11)	21)	(33)	40)	8)	(2)	(66)	17)	11)	(15)	(23)	(77)	(35)
Income before income taxes	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)	553)	525)	47)	621)
Income tax (expense) benefit	(212)	(195)	(193)	(201)	(179)	(141)	(187)	(153)	(123)	(128)	(112)	(119)	(86)	(74)	(483)	(114)	(79)	(77)	(78)	7)	(183)
Net income	965)	971)	1,011)	994)	822)	947)	892)	745)	639)	724)	608)	601)	533)	551)	630)	506)	459)	476)	447)	54)	438)
Net income for noncontrolling interests	(1)	—)	(2)	(1)	(1)	(2)	(1)	(1)	(1)	(2)	(1)	—)	(1)	—)	(1)	—)	(1)	(1)	(1)	(3)	—)
Net income attributable to Eaton ordinary shareholders	964)	971)	1,009)	993)	821)	945)	891)	744)	638)	722)	607)	601)	532)	551)	629)	506)	458)	475)	446)	51)	438)

Net Sales: Net sales demonstrated variability with fluctuations over the periods. Initial sales in early 2020 started around 4,789 million USD but declined significantly in the second quarter of 2020, likely impacted by external conditions. Sales gradually recovered and showed an upward trend from late 2020 through early 2025, reaching a peak near 6,377 million USD by the first quarter of 2025. This depicts resilience and steady growth in revenue generation over the analyzed period.
Cost of Products Sold: The cost of products sold followed a generally increasing trend, correlating with the rise in net sales. Starting from approximately 3,302 million USD in the first quarter of 2020, costs fluctuated but largely increased to around 3,930 million USD by early 2025. This increase reflects higher production or procurement costs consistent with expanded sales activities.
Gross Profit: Gross profit showed recovery after a dip in mid-2020, initially decreasing from about 1,487 million USD to 979 million USD and then steadily increasing. From late 2020 onward, gross profit consistently rose, reaching nearly 2,447 million USD by the first quarter of 2025. This upward trend suggests improved sales efficiency or better product mix alongside the growing top-line revenue.
Selling and Administrative Expense: Selling and administrative expenses experienced incremental growth with some fluctuations. From a baseline of 865 million USD at the start of 2020, expenses increased gradually to approximately 1,048 million USD by the first quarter of 2025. This reflects rising operational costs, possibly due to expanded marketing or administrative activities aligned with higher sales volume.
Research and Development Expense: Research and development expenditures also increased progressively over time, starting near 153 million USD and moving to about 198 million USD by the last quarter reported. The steady increment indicates ongoing investment in innovation and product development.
Gain on Sale of Business: Significant one-time gains occurred sporadically, notably a large gain of 221 million USD in the first quarter of 2020 and another gain of 617 million USD in mid-2021. These events temporarily boosted profitability without recurring in subsequent periods.
Operating Income: Operating income displayed volatility with a pronounced dip in early 2020 but showed significant recovery thereafter. Notably, a spike was observed in the third quarter of 2021 reaching 1,216 million USD, likely influenced by the gain on sale. Post this peak, operating income stabilized and trended upward, reaching around 1,224 million USD in late 2024, indicating improved operational performance.
Interest Expense, Net: Net interest expense remained relatively stable, ranging mostly between 26 and 50 million USD across quarters, without marked upward or downward trends, suggesting consistent financing costs.
Other Income (Expense), Net: Other income and expenses showed variability, with occasional positive and negative values, reflecting non-operational financial activities. Notable positive spikes occurred occasionally, contributing to income variability.
Income Before Income Taxes: Pre-tax income decreased sharply in the second quarter of 2020, mirroring reduced profitability from operating income. However, it rebounded strongly and generally increased over the next years, reaching above 1,200 million USD toward late 2024. This indicates overall improved profitability before taxation.
Income Tax (Expense) Benefit: Income tax expense fluctuated, sometimes fluctuating between negative expense and income tax benefits in 2020, but generally increased in magnitude over time in line with rising pre-tax income. Tax expenses reached over 200 million USD by late 2024, consistent with higher earnings.
Net Income: Net income followed a pattern similar to operating and pre-tax income, dropping sharply in mid-2020, then steadily recovering and increasing. From an initial 438 million USD, net income rose to near 965 million USD by the first quarter of 2025, reflecting strong recovery and profitability growth.
Net Income Attributable to Ordinary Shareholders: Net income attributable to shareholders tracked closely with total net income, indicating minimal impact from noncontrolling interests. The figure grew over the period examined, underscoring increasing returns to shareholders.

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Eaton Corp. plc (NYSE:ETN)

Income StatementQuarterly Data

Income Statement
Quarterly Data