Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Eaton Corp. plc, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net sales	6,988)	7,028)	6,377)	6,240)	6,345)	6,350)	5,943)	5,967)	5,880)	5,866)	5,483)	5,384)	5,313)	5,212)	4,843)	4,798)	4,923)	5,215)	4,692)	4,687)	4,526)	3,856)	4,789)
Cost of products sold	(4,313)	(4,431)	(3,930)	(3,811)	(3,899)	(3,940)	(3,725)	(3,732)	(3,684)	(3,747)	(3,599)	(3,546)	(3,545)	(3,505)	(3,269)	(3,226)	(3,338)	(3,545)	(3,184)	(3,178)	(3,051)	(2,877)	(3,302)
Gross profit	2,675)	2,597)	2,447)	2,429)	2,446)	2,410)	2,218)	2,235)	2,196)	2,119)	1,884)	1,838)	1,768)	1,707)	1,574)	1,572)	1,585)	1,670)	1,508)	1,509)	1,475)	979)	1,487)
Selling and administrative expense	(1,105)	(1,149)	(1,048)	(1,003)	(1,028)	(1,021)	(1,025)	(956)	(949)	(986)	(904)	(796)	(813)	(828)	(790)	(751)	(834)	(876)	(795)	(765)	(754)	(691)	(865)
Research and development expense	(203)	(192)	(198)	(202)	(207)	(196)	(189)	(201)	(187)	(187)	(179)	(167)	(165)	(168)	(165)	(162)	(152)	(154)	(148)	(140)	(132)	(126)	(153)
Gain on sale of business	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	24)	—)	617)	—)	—)	—)	—)	—)	221)
Operating income	1,367)	1,256)	1,201)	1,224)	1,211)	1,193)	1,004)	1,078)	1,060)	946)	801)	875)	790)	711)	643)	659)	1,216)	640)	565)	604)	589)	162)	690)
Interest expense, net	(67)	(71)	(33)	(42)	(29)	(29)	(30)	(26)	(33)	(42)	(50)	(44)	(37)	(31)	(32)	(32)	(37)	(37)	(38)	(36)	(41)	(38)	(34)
Other income (expense), net	(25)	1)	9)	(16)	22)	31)	27)	36)	52)	(6)	11)	21)	(33)	40)	8)	(2)	(66)	17)	11)	(15)	(23)	(77)	(35)
Income before income taxes	1,275)	1,186)	1,177)	1,166)	1,204)	1,195)	1,001)	1,088)	1,079)	898)	762)	852)	720)	720)	619)	625)	1,113)	620)	538)	553)	525)	47)	621)
Income tax (expense) benefit	(265)	(204)	(212)	(195)	(193)	(201)	(179)	(141)	(187)	(153)	(123)	(128)	(112)	(119)	(86)	(74)	(483)	(114)	(79)	(77)	(78)	7)	(183)
Net income	1,010)	982)	965)	971)	1,011)	994)	822)	947)	892)	745)	639)	724)	608)	601)	533)	551)	630)	506)	459)	476)	447)	54)	438)
Net income for noncontrolling interests	—)	—)	(1)	—)	(2)	(1)	(1)	(2)	(1)	(1)	(1)	(2)	(1)	—)	(1)	—)	(1)	—)	(1)	(1)	(1)	(3)	—)
Net income attributable to Eaton ordinary shareholders	1,010)	982)	964)	971)	1,009)	993)	821)	945)	891)	744)	638)	722)	607)	601)	532)	551)	629)	506)	458)	475)	446)	51)	438)

Net Sales: Net sales demonstrated a generally upward trend from March 2020 to September 2025, increasing from approximately $4,789 million to nearly $6,988 million. While there were some short-term fluctuations, the overall growth indicates strengthening revenue generation over the period.
Cost of Products Sold: The cost of products sold followed an increasing pattern in line with net sales, rising from about $3,302 million in March 2020 to $4,313 million by September 2025. Despite periodic decreases, the cost base expanded progressively, reflecting higher production or procurement expenses over the years.
Gross Profit: Gross profit exhibited steady growth from $1,487 million in the first quarter of 2020 to around $2,675 million by the third quarter of 2025. The gross margin generally improved, suggesting effective management of cost relative to sales, although some quarters presented minor declines.
Selling and Administrative Expense: These expenses increased over time, from $865 million in early 2020 to approximately $1,105 million in mid-2025. The rise indicates additional spending on sales, marketing, and administration in line with business expansion, but the proportional increase is somewhat controlled relative to sales growth.
Research and Development Expense: R&D expense showed a gradual upward trend, increasing from $153 million in March 2020 to $203 million by September 2025. This steady investment in innovation reflects a commitment to product development and long-term competitive positioning.
Gain on Sale of Business: Significant gains were recorded sporadically, notably in June 2020 and again in September 2021, with a peak gain of $617 million. Such gains positively influenced operating income during these periods, although these events were not consistent components of earnings.
Operating Income: Operating income demonstrated overall growth and variability, beginning at $690 million in March 2020, with fluctuations including a peak around $1,367 million by December 2025. The periods with gain on sale of business notably elevated operating income. The continued increase suggests improved operating efficiency and profitability.
Interest Expense, Net: Interest expenses remained relatively stable with slight fluctuations around the $30-70 million range. The broader pattern shows manageable and well-contained interest costs relative to income levels.
Other Income (Expense), Net: This item showed variability across quarters with both positive and negative amounts, indicating sporadic gains and losses not central to core operations but impacting net profitability on occasion.
Income Before Income Taxes: Income before income taxes followed a trajectory consistent with operating income trends, increasing from $621 million in early 2020 to a range exceeding $1,200 million towards the later periods. The upward movement reflects operational strength combined with controlled financial and other expenses.
Income Tax Expense: The income tax expense was variable but generally increased in absolute terms, ranging from a net benefit or small charges early in 2020 to charges exceeding $200 million in later years. Tax expense trends align with increasing pre-tax income.
Net Income: Net income attributed to ordinary shareholders showed an improving trend with some volatility, starting at $438 million and rising to over $1,000 million in recent quarters. This indicates enhanced profitability and shareholder returns, with notable growth despite moderate fluctuations.

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Eaton Corp. plc (NYSE:ETN)

Income Statement Quarterly Data

Income Statement
Quarterly Data