Selected Financial Data
since 2005
Income Statement
Eaton Corp. plc, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Net income attributable to Eaton ordinary shareholders |
|---|---|---|
| Dec 31, 2024 | 24,878) | 3,794) |
| Dec 31, 2023 | 23,196) | 3,218) |
| Dec 31, 2022 | 20,752) | 2,462) |
| Dec 31, 2021 | 19,628) | 2,144) |
| Dec 31, 2020 | 17,858) | 1,410) |
| Dec 31, 2019 | 21,390) | 2,211) |
| Dec 31, 2018 | 21,609) | 2,145) |
| Dec 31, 2017 | 20,404) | 2,985) |
| Dec 31, 2016 | 19,747) | 1,922) |
| Dec 31, 2015 | 20,855) | 1,979) |
| Dec 31, 2014 | 22,552) | 1,793) |
| Dec 31, 2013 | 22,046) | 1,861) |
| Dec 31, 2012 | 16,311) | 1,217) |
| Dec 31, 2011 | 16,049) | 1,350) |
| Dec 31, 2010 | 13,715) | 929) |
| Dec 31, 2009 | 11,873) | 383) |
| Dec 31, 2008 | 15,376) | 1,058) |
| Dec 31, 2007 | 13,033) | 994) |
| Dec 31, 2006 | 12,370) | 950) |
| Dec 31, 2005 | 11,115) | 805) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Net Sales
- Net sales demonstrated an overall upward trend from 2005 to 2024, starting at $11,115 million and increasing to $24,878 million. Notable growth was observed between 2007 and 2008, with sales rising from $13,033 million to $15,376 million, indicating a strong performance prior to the 2009 downturn. The year 2009 saw a significant decline to $11,873 million, reflecting a sharp decrease likely due to external economic factors. Recovery was evident from 2010 onwards, with sales generally increasing, though fluctuations occurred. For example, sales dipped in 2015 and 2016, falling to $20,855 million and $19,747 million respectively, before resuming growth in subsequent years. The sustained increase from 2017 to 2024, culminating at $24,878 million, suggests an effective recovery and expansion strategy during this period.
- Net Income Attributable to Eaton Ordinary Shareholders
- Net income showed a pattern of volatility alongside net sales, starting at $805 million in 2005 and reaching $3,794 million by 2024. Between 2005 and 2008, net income grew steadily from $805 million to $1,058 million, followed by a significant decline in 2009 to $383 million, mirroring the drop in net sales during that year. Following the 2009 low, net income rebounded strongly to $929 million in 2010 and continued rising to a peak of $2,985 million in 2017. After 2017, income experienced variability, declining in 2018 and 2020 but recovering to reach a new high of $3,794 million in 2024. This volatility indicates sensitivity to market and operational conditions but also highlights successful profit management strategies that enabled recovery and growth after downturns.
- Key Insights
- The data reveals that both net sales and net income are closely correlated, with dips in 2009 and 2020 likely attributable to economic slowdowns or company-specific challenges. Periods of recovery and growth following these dips suggest resilience and adaptive operational management. The strong growth in net income relative to net sales in later years implies improved profitability and efficiency. Despite some fluctuations, the long-term trajectory for both sales and income is positive, indicating steady expansion and financial strengthening over the analyzed years.
Balance Sheet: Assets
Eaton Corp. plc, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 11,801) | 38,381) |
| Dec 31, 2023 | 11,675) | 38,432) |
| Dec 31, 2022 | 8,746) | 35,014) |
| Dec 31, 2021 | 7,511) | 34,027) |
| Dec 31, 2020 | 9,178) | 31,824) |
| Dec 31, 2019 | 8,728) | 32,805) |
| Dec 31, 2018 | 7,590) | 31,092) |
| Dec 31, 2017 | 8,337) | 32,623) |
| Dec 31, 2016 | 6,941) | 30,419) |
| Dec 31, 2015 | 6,616) | 31,031) |
| Dec 31, 2014 | 8,100) | 33,529) |
| Dec 31, 2013 | 8,731) | 35,491) |
| Dec 31, 2012 | 7,844) | 35,848) |
| Dec 31, 2011 | 5,826) | 17,873) |
| Dec 31, 2010 | 5,506) | 17,252) |
| Dec 31, 2009 | 4,524) | 16,282) |
| Dec 31, 2008 | 4,795) | 16,655) |
| Dec 31, 2007 | 4,767) | 13,430) |
| Dec 31, 2006 | 4,408) | 11,417) |
| Dec 31, 2005 | 3,578) | 10,218) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current Assets Trend
- The current assets exhibit a general upward trajectory from 2005 to 2024. Starting at $3,578 million in 2005, the figure steadily increased to a notable peak of $11,675 million in 2023 before stabilizing slightly to $11,801 million in 2024. There are minor fluctuations, including a dip between 2013 and 2015, but the overall pattern demonstrates growth. The sharp increase around 2011 to 2013 suggests a significant enhancement in liquidity or short-term resource availability, followed by consistent growth towards 2024.
- Total Assets Trend
- Total assets expanded substantially over the period, rising from $10,218 million in 2005 to a peak of $38,432 million in 2023 before a slight decrease to $38,381 million in 2024. Notable growth occurred between 2007 and 2012, where assets more than doubled, indicating possible acquisitions, capital investments, or asset revaluation. Some fluctuations appear between 2013 and 2017, but the long-term trend remains strongly positive, reflecting asset base expansion. This overall increase suggests efforts to grow the company's resource base significantly.
- Comparison and Insights
- Both current and total assets reveal strong growth trends, although total assets expanded at a faster rate, especially between 2007 and 2013. The increasing current assets imply improved liquidity or management of short-term assets. The significant rise in total assets points toward strategic growth or scaling. The minor declines or fluctuations in some periods may indicate strategic adjustments or external economic influences but do not detract from the overall expansion over the two decades observed.
Balance Sheet: Liabilities and Stockholders’ Equity
Eaton Corp. plc, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total Eaton shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 7,857) | 19,851) | 9,152) | 18,488) |
| Dec 31, 2023 | 7,747) | 19,363) | 9,269) | 19,036) |
| Dec 31, 2022 | 6,360) | 17,940) | 8,655) | 17,038) |
| Dec 31, 2021 | 7,212) | 17,576) | 8,579) | 16,413) |
| Dec 31, 2020 | 5,881) | 16,851) | 8,058) | 14,930) |
| Dec 31, 2019 | 5,132) | 16,672) | 8,322) | 16,082) |
| Dec 31, 2018 | 5,154) | 14,950) | 7,521) | 16,107) |
| Dec 31, 2017 | 5,075) | 15,333) | 7,751) | 17,253) |
| Dec 31, 2016 | 5,485) | 15,478) | 8,277) | 14,897) |
| Dec 31, 2015 | 4,625) | 15,800) | 8,449) | 15,186) |
| Dec 31, 2014 | 5,355) | 17,690) | 9,034) | 15,786) |
| Dec 31, 2013 | 4,914) | 18,628) | 9,549) | 16,791) |
| Dec 31, 2012 | 5,431) | 20,720) | 10,833) | 15,086) |
| Dec 31, 2011 | 3,637) | 10,381) | 3,773) | 7,469) |
| Dec 31, 2010 | 3,233) | 9,849) | 3,458) | 7,362) |
| Dec 31, 2009 | 2,689) | 9,464) | 3,467) | 6,777) |
| Dec 31, 2008 | 3,745) | —) | 4,271) | 6,317) |
| Dec 31, 2007 | 3,659) | —) | 3,417) | 5,172) |
| Dec 31, 2006 | 3,407) | —) | 2,586) | 4,106) |
| Dec 31, 2005 | 2,968) | —) | 2,464) | 3,778) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current liabilities
-
Current liabilities showed an overall increasing trend from 2005 to 2024. Starting at 2,968 million US dollars in 2005, the value rose to a peak of 7,857 million US dollars in 2024. The liabilities fluctuated with notable jumps in 2012 and 2021 after relatively lower amounts around 2009 and 2015-2018 periods.
- Total liabilities
-
Data for total liabilities begins in 2010, showing a rise from 9,464 million US dollars to 19,851 million US dollars by 2024. A significant surge is observed in 2012 with a value of 20,720 million US dollars followed by a gradual decline until 2014. Thereafter, total liabilities increased again steadily through 2024, indicating a growing leverage position over time.
- Total debt
-
Total debt increased from 2,464 million US dollars in 2005 to 9,152 million US dollars in 2024, with fluctuations occurring along the way. Particularly, there was a sharp increase in debt in 2012 reaching 10,833 million US dollars, followed by a downward adjustment until 2018. The debt level stabilized and gradually increased again through to 2024, reflecting periods of both debt accumulation and repayment.
- Total Eaton shareholders’ equity
-
Shareholders' equity demonstrated growth from 3,778 million US dollars in 2005 to 18,488 million US dollars in 2024. A notable surge took place in 2012 when equity doubled compared to previous years, peaking at 16,791 million US dollars in 2013 before a slight decline over the next few years. Subsequently, equity increased once more approaching near 20,000 million US dollars in 2023 before a mild decrease in 2024.
- Overall trends and insights
-
The data reveals a general expansion in the company’s financial scale, characterized by growing liabilities and equity over the examined period. A significant structural change is observable around 2012 when both total liabilities and shareholders’ equity approximately doubled, indicating a major event such as acquisition or capital restructuring. Post-2012, the financial figures show fluctuations but remain at an elevated level relative to earlier years.
Debt levels track closely with total liabilities, suggesting increased reliance on debt financing. Despite higher debt, shareholders' equity has also grown, implying that the company maintained or improved its net worth. The rise in current liabilities alongside total liabilities highlights increased short-term obligations, which may impact liquidity.
In conclusion, the company appears to have undergone a significant expansion phase around 2012, maintaining higher financial size thereafter. The balance between debt and equity indicates an ongoing management of leverage, while the increasing current liabilities suggest attention may be needed regarding short-term financial obligations.
Cash Flow Statement
Eaton Corp. plc, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 4,327) | (271) | (3,936) |
| Dec 31, 2023 | 3,624) | (2,575) | (871) |
| Dec 31, 2022 | 2,533) | (1,200) | (1,340) |
| Dec 31, 2021 | 2,163) | (1,764) | (535) |
| Dec 31, 2020 | 2,944) | 397) | (3,258) |
| Dec 31, 2019 | 3,451) | (1,866) | (1,494) |
| Dec 31, 2018 | 2,658) | (398) | (2,581) |
| Dec 31, 2017 | 2,666) | (217) | (2,442) |
| Dec 31, 2016 | 2,552) | (529) | (1,720) |
| Dec 31, 2015 | 2,371) | (575) | (2,267) |
| Dec 31, 2014 | 1,878) | 143) | (2,130) |
| Dec 31, 2013 | 2,285) | (202) | (1,736) |
| Dec 31, 2012 | 1,664) | (6,972) | 5,480) |
| Dec 31, 2011 | 1,248) | (800) | (381) |
| Dec 31, 2010 | 1,282) | (1,012) | (261) |
| Dec 31, 2009 | 1,408) | (225) | (1,061) |
| Dec 31, 2008 | 1,416) | (3,199) | 1,829) |
| Dec 31, 2007 | 1,161) | (1,460) | 327) |
| Dec 31, 2006 | 1,431) | (1,011) | (416) |
| Dec 31, 2005 | 1,135) | (1,268) | 158) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of cash flow activities over the examined period reveals distinct trends and fluctuations in operating, investing, and financing cash flows.
- Net Cash Provided by Operating Activities
- This cash flow exhibits an overall upward trend throughout the years, increasing from $1,135 million in 2005 to a projected $4,327 million in 2024. While fluctuations are present, notable peaks occur in 2013 ($2,285 million), 2015 ($2,371 million), 2019 ($3,451 million), and 2024. A significant decline is recorded in 2021 ($2,163 million) after a peak in 2019, followed by a recovery in subsequent years. The general trend indicates improving operational cash generation capabilities over time.
- Net Cash (Used in) or Provided by Investing Activities
- This category shows considerable volatility across years. Early years (2005-2008) mainly record negative cash flows, with heavy outflows especially in 2008 (-$6,972 million). Periods after 2008 predominantly show smaller negative values or occasional positive inflows, such as in 2010 ($143 million) and 2020 ($397 million). Large negative outflows are observed again in 2019 (-$1,866 million) and 2023 (-$2,575 million), suggesting significant investment expenditures or asset purchases. The fluctuating nature indicates variable capital spending and investment strategies over time.
- Net Cash Provided by or Used in Financing Activities
- Financing cash flows display a highly variable pattern, with alternation between positive and negative values. Early years include negative outflows in 2006 (-$416 million) and positive inflows in 2007 ($327 million) and 2008 ($1,829 million). A prominent inflow spike occurs in 2012 ($5,480 million), likely due to significant financing activities such as debt issuance or equity capital. Subsequent years mark a general tendency toward cash outflows, with increasingly negative values especially from 2014 to 2024, culminating in a deep outflow projected for 2024 (-$3,936 million). This trend reflects a reduction in financing inflows and/or increased repayment or dividend payments in the latter years.
Per Share Data
Eaton Corp. plc, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 9.54 | 9.50 | 3.76 |
| Dec 31, 2023 | 8.06 | 8.02 | 3.44 |
| Dec 31, 2022 | 6.17 | 6.14 | 3.24 |
| Dec 31, 2021 | 5.38 | 5.34 | 3.04 |
| Dec 31, 2020 | 3.51 | 3.49 | 2.92 |
| Dec 31, 2019 | 5.28 | 5.25 | 2.84 |
| Dec 31, 2018 | 4.93 | 4.91 | 2.64 |
| Dec 31, 2017 | 6.71 | 6.68 | 2.40 |
| Dec 31, 2016 | 4.22 | 4.21 | 2.28 |
| Dec 31, 2015 | 4.25 | 4.23 | 2.20 |
| Dec 31, 2014 | 3.78 | 3.76 | 1.96 |
| Dec 31, 2013 | 3.93 | 3.90 | 1.68 |
| Dec 31, 2012 | 3.54 | 3.46 | 1.52 |
| Dec 31, 2011 | 3.98 | 3.93 | 1.36 |
| Dec 31, 2010 | 2.76 | 2.73 | 1.08 |
| Dec 31, 2009 | 1.16 | 1.14 | 1.00 |
| Dec 31, 2008 | 3.30 | 3.26 | 1.00 |
| Dec 31, 2007 | 3.38 | 3.31 | 0.86 |
| Dec 31, 2006 | 3.16 | 3.11 | 0.74 |
| Dec 31, 2005 | 2.68 | 2.62 | 0.62 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
- Earnings per Share (Basic and Diluted)
- Basic earnings per share (EPS) exhibited an overall upward trajectory from 2005 to 2024 despite fluctuations. The EPS increased from $2.68 in 2005 to a peak of $3.38 in 2007, followed by a decline in 2009 to $1.16, likely reflecting a challenging period. From 2010 onward, basic EPS demonstrated a general recovery and growth trend, reaching $9.54 by 2024, which represents a substantial increase over the initial value. Diluted EPS mirrored this pattern closely, starting at $2.62 in 2005, dipping to $1.14 in 2009, and progressively rising to $9.50 in 2024. Both metrics suggest improved profitability and earnings retention, with noticeable resilience following the 2009 downturn.
- Dividend per Share
- Dividends per share showed a consistent and steady increase throughout the analyzed period. Starting at $0.62 in 2005, dividends rose annually, with no periods of decline, reaching $3.76 in 2024. This steady increment in dividends indicates a stable and possibly growing commitment to shareholder returns, highlighting confidence in the company’s ongoing cash flow generation and financial health.
- Overall Financial Insights
- The data reflects a company experiencing some volatility in earnings during the late 2000s, likely due to macroeconomic or sector-specific challenges. However, from 2010 onward, there is a clear positive trend in earnings per share, suggesting improved operational performance and profitability. The parallel upward movement in dividends per share further supports the view of sustained profitability and a strategy focused on rewarding shareholders. The divergence observed around 2009, where earnings dropped sharply while dividends remained constant or rose slightly, may illustrate a commitment to dividend stability despite temporary earnings pressure.