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Eaton Corporation delivered solid FY2025 results with revenue growing 10.3% to $27.4B and net income rising 7.7% to $4.1B, driven by strong operational execution and continued demand across its diversified industrial portfolio.
营业收入
$27.45B
同比 ++10.33%
每股收益（基本）
$10.48
同比 ++9.85%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Eaton (ETN) FY2025 营收 $27.45B，同比增长 10.3%。 净利润 $4.09B，同比增长 7.7%，稀释每股收益 $10.45。
Eaton grew total revenue by 10.3% year-over-year to $27.4B in FY2025 (from $24.9B in FY2024), reflecting broad-based demand strength across its electrical and industrial segments. This top-line expansion was supported by both organic growth and pricing actions.
来源: Source: 10-K Income Statement, Financial Data
Cost of revenue grew 11.4% YoY to $17.1B, slightly outpacing revenue growth of 10.3%, which indicates modest gross margin compression. SG&A expenses also rose 5.7% to $4.3B, though at a slower pace than revenue, suggesting some operating leverage below the gross line.
来源: Source: 10-K Income Statement, Financial Data
Operating cash flow increased 3.4% to $4.5B in FY2025, demonstrating Eaton's ability to convert earnings into cash. The company returned $1.6B in dividends (up 8.4% YoY) and $1.9B in share buybacks, underscoring a shareholder-friendly capital allocation strategy.
来源: Source: 10-K Cash Flow Statement, Financial Data
Total assets grew 7.5% to $41.3B, while current liabilities surged 19.3% to $9.4B, causing the current ratio to tighten to 1.32. Long-term debt also increased 8.1% to $9.9B, reflecting increased leverage to fund growth initiatives or acquisitions.
来源: Source: 10-K Balance Sheet, Financial Data
R&D spending was essentially flat at $797M (up just 0.4% YoY), suggesting Eaton is maintaining its innovation investment without significantly scaling it. This steady commitment supports product development in high-growth areas such as electrical infrastructure and power management.
来源: Source: 10-K Income Statement, Financial Data
Current liabilities jumped 19.3% to $9.4B in FY2025, significantly outpacing the 4.7% growth in current assets. This compressed the current ratio to 1.32, which, while still above 1.0, signals tightening near-term liquidity that could constrain financial flexibility if business conditions deteriorate.
来源: Source: 10-K Balance Sheet, Financial Data
Long-term debt rose 8.1% to $9.9B, increasing Eaton's financial leverage. With rising interest rates in the broader macro environment, higher debt levels could elevate interest expense and reduce earnings flexibility, particularly if revenue growth moderates.
来源: Source: 10-K Balance Sheet, Financial Data
Cost of revenue grew 11.4% YoY, faster than revenue growth of 10.3%, indicating that input cost pressures are eroding gross profitability. Sustained cost inflation in materials, labor, or supply chain could further compress margins if Eaton is unable to fully offset through pricing.
来源: Source: 10-K Income Statement, Financial Data
Investing cash flow swung to -$1.1B from -$271M in the prior year, a 306% increase in cash outflows. This sharp rise may reflect acquisitions or capital expenditures that, if not generating expected returns, could weigh on future free cash flow and shareholder returns.
来源: Source: 10-K Cash Flow Statement, Financial Data
Share repurchases declined 25.3% YoY to $1.9B in FY2025, which may signal that management is prioritizing debt management or acquisitions over buybacks. While not immediately alarming, a sustained reduction in buybacks could reduce EPS accretion from capital returns.
来源: Source: 10-K Cash Flow Statement, Financial Data
FY2025 实际 EPS $3.33，分析师一致预期 $3.33，超预期 +0.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $27.45B | $24.88B | +10.33% |
营业成本 | $17.13B | $15.38B | +11.42% |
净利润 | $4.09B | $3.79B | +7.72% |
每股收益（基本） | $10.48 | $9.54 | +9.85% |
每股收益（稀释） | $10.45 | $9.50 | +10.00% |
研发费用 | $797M | $794M | +0.38% |
销售及管理费用 | $4.31B | $4.08B | +5.74% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $41.25B | $38.38B | +7.48% |
流动资产 | $12.36B | $11.8B | +4.69% |
流动负债 | $9.37B | $7.86B | +19.26% |
股东权益 | $19.43B | $18.49B | +5.07% |
现金及等价物 | $622M | $555M | +12.07% |
长期债务 | $9.89B | $9.15B | +8.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $4.47B | $4.33B | +3.35% |
投资活动现金流 | $-1.1B | $-271M | -306.27% |
筹资活动现金流 | $-3.17B | $-3.94B | +19.39% |
股息支出 | $1.63B | $1.5B | +8.40% |
股票回购 | $1.86B | $2.49B | -25.28% |
折旧及摊销 | $1.01B | $921M | +9.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 14.9% | — | — |
净资产收益率 | 21.0% | — | — |
总资产收益率 | 9.9% | — | — |
流动比率 | $1.319 | — | — |
Electrical Components & Equipment 行业其他公司
Eaton reported FY2025 revenue of $27.4B, up 10.3% year-over-year, and net income of $4.1B, up 7.7%. Diluted EPS grew 10.0% to $10.45, reflecting both earnings growth and the benefit of share repurchases.
Eaton's 10.3% revenue growth to $27.4B in FY2025 was driven by strong demand across its diversified electrical and industrial segments, supported by pricing actions and volume gains. The company's exposure to secular growth themes such as electrification and data center infrastructure likely contributed to the robust top-line performance.
Key risks identified from Eaton's FY2025 financial data include rising current liabilities (up 19.3% to $9.4B), increasing long-term debt (up 8.1% to $9.9B), and gross margin compression as cost of revenue grew faster than revenue. A sharp increase in investing cash outflows (from -$271M to -$1.1B) also signals elevated capital deployment risk.
Eaton appears financially healthy with a current ratio of 1.32, ROE of 21.0%, and operating cash flow of $4.5B, all indicating solid liquidity and profitability. However, the 19.3% surge in current liabilities and rising long-term debt of $9.9B are areas worth monitoring for investors.
In FY2025, Eaton returned approximately $3.5B to shareholders, comprising $1.6B in dividends (up 8.4% YoY) and $1.9B in share buybacks (down 25.3% YoY). The reduction in buybacks may reflect increased capital allocation toward investments or acquisitions.