ETN Eaton (ETN) Q4 FY25 earnings call
Eaton delivered solid fourth-quarter results, marked by record orders and backlog, particularly in Electrical Americas and Aerospace, driven by robust data center demand. The company is strategically optimizing its portfolio through significant acquisitions and the planned spin-off of its Mobility business, aiming for higher growth and margin consistency. Despite near-term capacity ramp costs impacting Q1, management expresses strong confidence in its full-year 2026 outlook and long-term growth trajectory.
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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 | This call 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.