Eaton (ETN) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Industrials· May 5, 2026

Source: earnings call transcript

Eaton enters 2026 at a demand inflection — record electrical orders and backlog plus a sharply higher negotiation pipeline give rare forward visibility, led by data-center build-out and accelerating mega-project starts. The lone soft spot is deliberate: Electrical Americas margins troughed as management front-loaded capacity-ramp costs and absorbed a commodity price-cost lag, both framed as temporary and price-offset, with a steady sequential recovery guided through the second half.

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ETN operating KPIs by quarter

ETN operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Jun 2026 Q2 FY26	Change vs prior quarter
Book-to-bill ratio Electrical Americas	—	—	1.1 ratio Even with record sales, book-to-bill increased to 1.1 with 17% growth in our large $11.4 billion backlog, providing strong visibility for our organic growth in 2025 and beyond. Source: earnings call transcript	1.1 ratio Book-to-bill remained at 1.1, and our backlog grew by $2 billion or 20% to $12 billion, providing strong visibility for our organic growth outlook. Source: earnings call transcript	1.2 ratio Book-to-bill increased to 1.2, and our backlog year-on-year grew by over $3 billion or 31% to $13.2 billion, providing strong visibility for our organic growth outlook. Source: earnings call transcript	1.3 ratio Our total company book-to-bill remains strong at 1.2, with Americas book-to-bill expanding to 1.3 and Aerospace to 1.2. Source: earnings call transcript	+8.3%
Backlog Electrical	$11.8B Backlog continues to be very strong with Electrical at $11.8 billion and Aerospace at $3.7 billion for a total backlog of $15.5 billion. Source: earnings call transcript	—	—	—	$15.3B On the right, backlog also continues to set records with Electrical at $15.3 billion and Aerospace at $4.3 billion for a total backlog of $19.6 billion. Source: earnings call transcript	—	—
Backlog Aerospace	$3.7B Backlog continues to be very strong with Electrical at $11.8 billion and Aerospace at $3.7 billion for a total backlog of $15.5 billion. Source: earnings call transcript	—	—	—	$4.3B On the right, backlog also continues to set records with Electrical at $15.3 billion and Aerospace at $4.3 billion for a total backlog of $19.6 billion. Source: earnings call transcript	—	—
Backlog	$15.5B Backlog continues to be very strong with Electrical at $11.8 billion and Aerospace at $3.7 billion for a total backlog of $15.5 billion. Source: earnings call transcript	—	—	—	$19.6B On the right, backlog also continues to set records with Electrical at $15.3 billion and Aerospace at $4.3 billion for a total backlog of $19.6 billion. Source: earnings call transcript	—	—
Book-to-bill ratio	—	1.1 ratio And as a result, total Eaton book-to-bill ratio at 1.1 with backlog growth year-over-year and sequentially. Source: earnings call transcript	—	1.2 ratio As a result, our book-to-bill for the combined segments was 1.2 on a quarterly basis and 1.1 on a rolling 12-month basis. Source: earnings call transcript	—	1.2 ratio Our total company book-to-bill remains strong at 1.2, with Americas book-to-bill expanding to 1.3 and Aerospace to 1.2. Source: earnings call transcript	—
Backlog Electrical Americas	—	—	$11.4B Even with record sales, book-to-bill increased to 1.1 with 17% growth in our large $11.4 billion backlog, providing strong visibility for our organic growth in 2025 and beyond. Source: earnings call transcript	$12B Book-to-bill remained at 1.1, and our backlog grew by $2 billion or 20% to $12 billion, providing strong visibility for our organic growth outlook. Source: earnings call transcript	$13.2B Book-to-bill increased to 1.2, and our backlog year-on-year grew by over $3 billion or 31% to $13.2 billion, providing strong visibility for our organic growth outlook. Source: earnings call transcript	—	+10%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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