ETN Eaton (ETN) Q2 FY26 earnings call
Eaton delivered record Q2 FY26 results, driven by robust execution and unprecedented demand across its Electrical segments, particularly in data centers. The company raised its full-year guidance, reflecting confidence in its strategic pillars of leading, investing, and executing for growth, and its ability to capitalize on secular tailwinds. Management highlighted the successful ramp-up of capacity in Electrical Americas and the strong performance of recent acquisitions.
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ETN operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call 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.