Eaton (3EC) Q3 2026 Earnings Report
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DE:3EC Q3 2026 EPS Results
- Actual EPS
- EUR 3.27
- Consensus EPS
- EUR 3.15
- Beat/Miss
- Beat by +EUR 0.12
- One Year Ago EPS
- EUR 2.73
DE:3EC Q3 2026 Revenue Results
- Actual Revenue
- EUR 7.96B
- Expected Revenue
- EUR 7.59B
- Beat/Miss
- Beat by +EUR 370.90M
- YoY Revenue Growth
- +28.03%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/03/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 3, 2026
DE:3EC Upcoming Earnings
Eaton's next earnings date is estimated for January 29, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:3EC Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, marked by record revenue, organic growth, margins, and adjusted EPS; broad-based demand acceleration; substantial backlog and order growth; strong Boyd performance; and a third increase to full-year guidance. The company also reported Aerospace supply-chain issues, temporary commodity cost headwinds, a year-over-year Aerospace margin decline, and ongoing inflation, but these challenges were presented alongside active mitigation efforts and continued confidence in the outlook.
Company Guidance
For 2026, Eaton expects total company organic growth to be between 13% and 15%, up 200 basis points at the midpoint from the prior 11%-13% range, with Electrical Americas at a midpoint of 19% and Electrical Global at a midpoint of 16%, each up 400 basis points; total segment margins are guided to 24.1%-24.5%, and full-year adjusted EPS is expected to be between $13.70 and $13.80, $13.75 at the midpoint, up 14% from 2025, while cash flow expectations are reaffirmed. Boyd’s full-year revenue outlook is $1.9 billion, of which $1.6 billion will be in Eaton’s books for the year. For 2027, none of the end markets are expected to decline, approximately 90% of the portfolio is expected to grow, residential and light vehicles should hold flat, data centers and distributed IT, along with commercial aerospace, are expected to grow strong double digits, and end-market growth is about 11%, with 2027 growth well ahead of the 2026-2030 organic growth target of 6%-9% CAGR; Boyd is expected to be at least a $2.7 billion business, roughly 50% growth over the previous 1.8 guide, while Mobility will contribute around $800 million in revenue only.
- Record Third-Quarter Financial PerformanceRevenue reached a record $8.9 billion, up 28%, including an 8-point contribution from acquisitions. Organic growth was 19%, segment margins were an all-time record at 25.3%, and adjusted EPS was an all-time record of $3.68, up 20% year over year and $0.12 above the high end of guidance.
- Third Guidance Increase of 2026Eaton raised its 2026 organic growth outlook for the third time this year to 13%-15%, with a midpoint of 14%, up 200 basis points from the prior 11%-13% range. Adjusted EPS guidance was raised to $13.70-$13.80, with a midpoint of $13.75, representing 14% growth from 2025. Full-year cash flow expectations were reaffirmed.
- Electrical Americas Growth and Margin ExpansionElectrical Americas organic growth accelerated to 22%, driven by data center sales up 54%, along with strong growth in machine OEM and commercial and institutional markets. Margins reached 29.8%, up 230 basis points from Q2 and more than 400 basis points since Q1.
- Electrical Americas Demand Indicators Remain StrongMega project announcements were up 85% year to date, the negotiations pipeline was up approximately 55% year to date, backlog increased 33% to another record, and rolling 12-month orders rose 39%. Record quarterly orders exceeded $5 billion, with book-to-bill at 1.3.
- Electrical Global Accelerates BroadlyElectrical Global delivered 27% organic growth, while total growth was 58%, including a 31-point contribution from the Boyd acquisition. Growth was broad across data centers, utilities, and machine OEM, with APAC organic growth of nearly 50%, GIS and EMEA growth of approximately 20%, and operating margin of 21.1%, up 200 basis points year over year.
- Electrical Global Enters Sustained Growth PhaseRolling 12-month Electrical Global orders increased 51%, and backlog more than doubled year over year, including a 76% increase excluding Boyd. By end market, global data center growth was 97%, machine OEM growth was 29%, and utilities growth was 21%. Eaton expects Electrical Global organic growth of about 16% in 2026, versus 7% in 2025.
- Combined Electrical Segment MomentumThe combined electrical segments posted 24% organic growth and 34% total growth in Q3. Segment margins were 26.4%, up 190 basis points from Q2, rolling 12-month orders increased 43%, and total electrical backlog reached more than $20 billion, up 46% year over year.
- Data Center Demand Continues to ExpandData center revenue increased 65%, marking the ninth consecutive quarter with growth above 35%, while orders increased 101%. Announced data center projects reached 366 GW, compared with 307 GW at the prior earnings call and installed capacity of 50 GW.
- Demand Broadens Beyond Data CentersOrganic revenue growth included mid-teens growth in commercial and institutional, mid-30s growth in machine OEM, double-digit growth in industrial facilities, and mid-to-high-single-digit growth in utilities, residential, and distributed IT. Commercial and institutional revenue was up more than 25% in the quarter, while 12-month orders increased approximately 20% in utilities, 25% in residential, and 55% in machine OEM.
- Boyd Thermal Outperforms ExpectationsBoyd delivered nearly triple-digit year-over-year growth, with orders accelerating at similar rates and backlog growing three times year over year. Eaton raised Boyd's full-year revenue outlook for the third time to $1.9 billion, including $1.6 billion recorded in Eaton's books for the year.
- Boyd Growth Outlook for 2027Management expects Boyd to become a $2.7 billion business in 2027, representing roughly 50% growth over the previous $1.8 billion guide. Management cited design wins, orders, and backlog as support for that outlook, with Boyd becoming part of organic growth after mid-March 2027.
- Modular Data Center Capabilities ExpandFibrebond revenue increased from $375 million in its first year before Eaton's ownership to $600 million in its first year under Eaton, with margins accretive to Electrical Americas. Eaton plans to double Fibrebond capacity at existing sites and add an Arkansas facility scheduled to come online in 2029. Eaton's Americas modular business, including pre-Boyd and Boyd operations, is expected to reach $1 billion in revenue in 2026.
- Acquisition Strategy Is DeliveringEaton stated that it has invested $14 billion in acquisitions and that every acquisition is delivering better growth and margin performance than initially forecast. Total company growth was 28%, and acquisitions continued to deliver at or above expectations.
- Solid-State Transformer and DC Architecture ProgressEaton's U.S. 15 kV 2 MW medium-voltage solid-state transformer successfully passed all UL tests in October, and Eaton said it was the first multi-megawatt unit known to have cleared those tests. The unit is liquid cooled, multi-port with AC and DC ports, and outdoor-ready. Eaton's European and Asian indoor unit also passed TÜV testing.
- Solid-State Transformer Commercialization PipelineEaton has 10 solid-state transformer pilots running in parallel and multiple 15 kV projects scheduled to ship this year, with management expecting the technology to move into volume next year. Eaton said it is leading in solid-state transformers, DC breakers, power quality, and advanced cooling.
- Aerospace Records and Backlog GrowthAerospace organic sales growth was 6%, producing record Q3 sales and segment profit. Orders increased 20%, defense OEM orders increased 36%, backlog reached a record $5.6 billion, up 33% year over year, and book-to-bill remained strong at 1.2.
- Mobility Returns to GrowthMobility sales increased 10%, including 9% organic growth and a 1-point currency contribution. Margins increased 370 basis points to 17.2%, the highest level since 2018, with incremental margins above 50%.
- 2027 Market Outlook Is Broadly PositiveManagement expects none of its end markets to decline in 2027. Approximately 90% of the portfolio is expected to grow, while residential and light vehicles are expected to hold flat. Data centers, distributed IT, and commercial aerospace are expected to grow at strong double-digit rates, and total end-market growth is estimated at about 11%.
- Capacity Investments Are Converting to OutputEaton stated that 18 of its 25 expansion projects are complete, with the steepest part of the ramp behind the company. Management said new capacity is turning into output, margins, and earnings, while six current expansions are being managed with workers trained in existing facilities.
- Pricing Actions Support Price-Cost PerformancePricing actions taken in Q2 and early Q3 resulted in price-cost being positive on a dollar basis in Q3. Eaton finalized negotiations with two large customers in October, expects to complete additional negotiations in Q4, and announced general price increases in Electrical Americas, EMEA, and GIS effective January 2.
- Further Electrical Bolt-On OpportunitiesManagement said large acquisitions are behind Eaton in the short term and that no Boyd-sized deal is expected in the next 12 months. The acquisition pipeline remains active, particularly in electrical, with potential bolt-ons focused on Europe and Asia. The agreement to acquire COL Group was cited as an example of adding technology, capability, and capacity in Europe.
DE:3EC Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 29, 2027 | 2026 (Q4) | 3.68- | 2.96 | ― | ― |
| Nov 03, 2026 | 2026 (Q3) | 3.153.27 | 2.73 | 19.87% (+0.54) | |
| Jul 31, 2026 | 2026 (Q2) | 2.732.80 | 2.62 | 6.78% (+0.18) | |
| May 05, 2026 | 2026 (Q1) | 2.432.50 | 2.42 | 3.31% (+0.08) | |
| Feb 03, 2026 | 2025 (Q4) | 2.952.96 | 2.52 | 17.67% (+0.44) | |
| Nov 04, 2025 | 2025 (Q3) | 2.722.73 | 2.53 | 8.10% (+0.20) | |
| Aug 05, 2025 | 2025 (Q2) | 2.602.62 | 2.43 | 8.06% (+0.20) | |
| May 02, 2025 | 2025 (Q1) | 2.412.42 | 2.14 | 13.33% (+0.28) | |
| Jan 31, 2025 | 2024 (Q4) | 2.502.52 | 2.27 | 10.98% (+0.25) | |
| Oct 31, 2024 | 2024 (Q3) | 2.492.53 | 2.2 | 14.98% (+0.33) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
