ETN Eaton (ETN) Q2 FY25 earnings call
Eaton delivered a strong second quarter, marked by record segment margins and robust organic growth, primarily fueled by exceptional demand in data centers and aerospace. The company raised its full-year organic growth and adjusted EPS guidance, reflecting confidence in its market positioning and strategic investments in high-growth areas, despite headwinds in Vehicle and eMobility segments. Management is actively shaping its portfolio through strategic acquisitions and partnerships to capitalize on electrification and AI trends.
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ETN operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | This call 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 | β | β | 1.1 ratioEven 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 ratioBook-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 ratioBook-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 ratioOur 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 | $11.8BBacklog 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 | β | β | β | $15.3BOn 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 | β | β |
| Backlog Aerospace | $3.7BBacklog 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 | β | β | β | $4.3BOn 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 | β | β |
| Backlog | $15.5BBacklog 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 | β | β | β | $19.6BOn 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 | β | β |
| Book-to-bill ratio | β | 1.1 ratioAnd as a result, total Eaton book-to-bill ratio at 1.1 with backlog growth year-over-year and sequentially.Source: earnings call transcript | β | 1.2 ratioAs 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 | β | 1.2 ratioOur 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 | β |
| Backlog Electrical Americas | β | β | $11.4BEven 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 | $12BBook-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 | $13.2BBook-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 | β | +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.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.