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Eaton Corporation posted strong Q1 2026 revenue growth of +16.8% to $7.45B, but net income fell 10.2% to $866M as cost pressures and a major acquisition dramatically reshaped the balance sheet, doubling long-term debt to $18.6B.
营业收入
$7.45B
同比 ++16.84%
每股收益（基本）
$2.23
同比 -9.35%
提交于 · 来源: SEC EDGAR 10-Q 原文
Eaton (ETN) Q1 FY2026 营收 $7.45B，同比增长 16.8%。 净利润 $866M，同比下降 10.2%，稀释每股收益 $2.22。
Q1 2026 revenue reached $7.45B, up 16.8% year-over-year from $6.38B, reflecting strong demand across Eaton's diversified industrial and electrical segments, likely augmented by acquisition activity evidenced by the significant balance sheet expansion.
来源: Source: 10-Q Income Statement
Cost of revenue grew 22.1% YoY to $4.80B, outpacing revenue growth of 16.8%, while SG&A surged 21.1% to $1.27B, collectively compressing net margin to 11.6% from approximately 15.1% in the prior-year period.
来源: Source: 10-Q Income Statement
Total assets surged 40.5% YoY to $55.1B from $39.2B, while long-term debt doubled (+100.7%) to $18.6B from $9.3B, and investing cash outflows reached -$11.4B versus +$1.2B in Q1 2025, strongly indicating a large acquisition was completed during the quarter.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Operating cash flow improved significantly to $507M in Q1 2026, up 113.0% from $238M in Q1 2025, suggesting improved working capital management or higher cash earnings from operations despite the net income decline.
来源: Source: 10-Q Cash Flow Statement
Eaton paid $415M in dividends (+4.5% YoY) but suspended share repurchases entirely (down from $615M in Q1 2025), consistent with capital preservation following a large debt-financed acquisition.
来源: Source: 10-Q Cash Flow Statement
Long-term debt doubled to $18.6B in Q1 2026, and cash & equivalents fell 68.2% to $565M, indicating a heavily debt-financed acquisition. Integration execution risk and the ability to service elevated debt obligations represent a significant near-term financial risk.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Cost of revenue grew 22.1% and SG&A grew 21.1%, both materially faster than revenue growth of 16.8%, driving net income down 10.2% despite top-line expansion. Sustained cost pressure could further erode profitability if pricing power is insufficient to offset input and overhead inflation.
来源: Source: 10-Q Income Statement
The current ratio declined to approximately 1.19x, and cash on hand dropped to just $565M from $1.78B a year ago. Current liabilities grew 23.3% to $11.7B, narrowing the liquidity buffer and increasing reliance on credit facilities or operating cash generation.
来源: Source: 10-Q Balance Sheet
Basic EPS fell 9.3% to $2.23 and diluted EPS fell 9.4% to $2.22, reflecting lower net income. With share buybacks halted and debt elevated, near-term EPS recovery depends on successful integration of acquired assets and cost normalization.
来源: Source: 10-Q Income Statement & Cash Flow Statement
ROE stands at only 4.4% and ROA at 1.6% for Q1 2026, reflecting the dilutive effect of a large asset base expansion that has not yet generated commensurate earnings. These metrics may remain suppressed until acquired operations are fully integrated and contributing to profitability.
来源: Source: 10-Q Balance Sheet & Income Statement
Q1 FY2026 实际 EPS $2.81，分析师一致预期 $2.77，超预期 +1.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.45B | $6.38B | +16.84% |
营业成本 | $4.8B | $3.93B | +22.11% |
净利润 | $866M | $964M | -10.17% |
每股收益（基本） | $2.23 | $2.46 | -9.35% |
每股收益（稀释） | $2.22 | $2.45 | -9.39% |
研发费用 | $211M | $198M | +6.57% |
销售及管理费用 | $1.27B | $1.05B | +21.09% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $55.09B | $39.21B | +40.50% |
流动资产 | $14.01B | $12.43B | +12.63% |
流动负债 | $11.74B | $9.52B | +23.30% |
股东权益 | $19.72B | $18.51B | +6.57% |
现金及等价物 | $565M | $1.78B | -68.20% |
长期债务 | $18.62B | $9.28B | +100.74% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $507M | $238M | +113.03% |
投资活动现金流 | $-11.38B | $1.23B | -1022.55% |
筹资活动现金流 | $10.8B | $-244M | +4524.59% |
股息支出 | $415M | $397M | +4.53% |
股票回购 | $0 | $615M | -100.00% |
折旧及摊销 | $272M | $232M | +17.24% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 11.6% | — | — |
净资产收益率 | 4.4% | — | — |
总资产收益率 | 1.6% | — | — |
流动比率 | $1.193 | — | — |
预计发布日期、分析师预期与关注要点
Electrical Components & Equipment 行业其他公司
Eaton reported Q1 2026 revenue of $7.45B, up 16.8% YoY, driven by strong business performance and likely a major acquisition. However, net income fell 10.2% to $866M as cost of revenue and SG&A both grew faster than revenue, and long-term debt doubled to $18.6B to fund the acquisition.
Despite revenue growing 16.8% to $7.45B, Eaton's net income dropped 10.2% to $866M because cost of revenue surged 22.1% and SG&A rose 21.1%, both outpacing revenue growth. Additionally, the doubling of long-term debt to $18.6B likely added significant interest expense, further weighing on the bottom line.
The financial data strongly suggests a large acquisition: total assets jumped 40.5% to $55.1B, long-term debt doubled to $18.6B, investing cash outflows were -$11.4B (vs. +$1.2B in Q1 2025), and share buybacks were completely suspended. While the specific acquisition target is not named in the available data, the scale of balance sheet changes points to a transformative deal.
Eaton's near-term liquidity is tighter, with cash falling 68.2% to $565M and a current ratio of 1.19x, while long-term debt doubled to $18.6B. On the positive side, operating cash flow more than doubled to $507M, and the company continued paying dividends of $415M, suggesting confidence in cash generation despite elevated leverage.
Eaton maintained and slightly grew its dividend, paying $415M in Q1 2026 versus $397M in Q1 2025 (+4.5%). However, share buybacks were completely halted — down from $615M in Q1 2025 to $0 — consistent with the company preserving capital following a large debt-financed acquisition.