ETN 10-Q report for 2025-09-30

Eaton Corporation plc operates as a power management company in the United States, Canada, Latin America, Europe, and the Asia Pacific.

ETN 10-Q report for 2025-09-30 etn-20250930 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission file number 000-54863 EATON CORPORATION plc (Exact name of registrant as specified in its charter) Ireland 98-1059235 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number) Eaton House, 30 Pembroke Road, Dublin 4, Ireland D04 Y0C2 (Address of principal executive offices) (Zip Code) +353 1637 2900 (Registrant's telephone number, including area code) Not applicable (Former name, former address and former fiscal year if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Ordinary shares ($0.01 par value) ETN New York Stock Exchange 4.450% Senior Notes due 2030 ETN/30 New York Stock Exchange 3.625% Senior Notes due 2035 ETN/35 New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ There were 388.4 million ordinary shares outstanding as of September 30, 2025. Table of Contents TABLE OF CONTENTS PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS 2 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 4. CONTROLS AND PROCEDURES 43 PART II — OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS 43 ITEM 1A. RISK FACTORS 43 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43 ITEM 5. OTHER INFORMATION 43 ITEM 6. EXHIBITS 44 SIGNATURES 46 Table of Contents PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. EATON CORPORATION plc CONSOLIDATED STATEMENTS OF INCOME Three months ended September 30 Nine months ended September 30 (In millions except for per share data) 2025 2024 2025 2024 Net sales $ 6,988 $ 6,345 $ 20,393 $ 18,638 Cost of products sold 4,313 3,899 12,674 11,564 Selling and administrative expense 1,105 1,028 3,302 3,074 Research and development expense 203 207 594 593 Interest expense - net 67 29 171 88 Other expense (income) - net 25 ( 22 ) 15 ( 80 ) Income before income taxes 1,275 1,204 3,637 3,399 Income tax expense 264 193 680 573 Net income 1,010 1,011 2,958 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders $ 1,010 $ 1,009 $ 2,955 $ 2,823 Net income per share attributable to Eaton ordinary shareholders Diluted $ 2.59 $ 2.53 $ 7.54 $ 7.05 Basic 2.60 2.54 7.57 7.08 Weighted-average number of ordinary shares outstanding Diluted 390.1 398.9 391.7 400.6 Basic 388.8 397.1 390.4 398.7 Cash dividends declared per ordinary share $ 1.04 $ 0.94 $ 3.12 $ 2.82 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents EATON CORPORATION plc CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended September 30 Nine months ended September 30 (In millions) 2025 2024 2025 2024 Net income $ 1,010 $ 1,011 $ 2,958 $ 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordi ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 4. CONTROLS AND PROCEDURES 43 PART II — OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS 43 ITEM 1A. RISK FACTORS 43 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43 ITEM 5. OTHER INFORMATION 43 ITEM 6. EXHIBITS 44 SIGNATURES 46 Table of Contents PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. EATON CORPORATION plc CONSOLIDATED STATEMENTS OF INCOME Three months ended September 30 Nine months ended September 30 (In millions except for per share data) 2025 2024 2025 2024 Net sales $ 6,988 $ 6,345 $ 20,393 $ 18,638 Cost of products sold 4,313 3,899 12,674 11,564 Selling and administrative expense 1,105 1,028 3,302 3,074 Research and development expense 203 207 594 593 Interest expense - net 67 29 171 88 Other expense (income) - net 25 ( 22 ) 15 ( 80 ) Income before income taxes 1,275 1,204 3,637 3,399 Income tax expense 264 193 680 573 Net income 1,010 1,011 2,958 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders $ 1,010 $ 1,009 $ 2,955 $ 2,823 Net income per share attributable to Eaton ordinary shareholders Diluted $ 2.59 $ 2.53 $ 7.54 $ 7.05 Basic 2.60 2.54 7.57 7.08 Weighted-average number of ordinary shares outstanding Diluted 390.1 398.9 391.7 400.6 Basic 388.8 397.1 390.4 398.7 Cash dividends declared per ordinary share $ 1.04 $ 0.94 $ 3.12 $ 2.82 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents EATON CORPORATION plc CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended September 30 Nine months ended September 30 (In millions) 2025 2024 2025 2024 Net income $ 1,010 $ 1,011 $ 2,958 $ 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders 1,010 1,009 2,955 2,823 Other comprehensive income (loss), net of tax Currency translation and related hedging instruments ( 64 ) 144 199 ( 34 ) Pensions and other postretirement benefits 22 ( 15 ) ( 2 ) 15 Cash flow hedges ( 5 ) ( 7 ) 3 ( 21 ) Other comprehensive income (loss) attributable to Eaton    ordinary shareholders ( 47 ) 122 200 ( 40 ) Total comprehensive income attributable to Eaton    ordinary shareholders $ 963 $ 1,131 $ 3,155 $ 2,783 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents EATON CORPORATION plc CONSOLIDATED BALANCE SHEETS (In millions) September 30, 2025 December 31, 2024 Assets Current assets Cash $ 328 $ 555 Short-term investments 237 1,525 Accounts receivable - net 5,556 4,619 Inventory 4,613 4,227 Prepaid expenses and other current assets 1,397 874 Total current assets 12,131 11,801 Property, plant and equipment Land and buildings 2,329 2,239 Machinery and equipment 7,394 6,823 Gross property, plant and equipment 9,723 9,062 Accumulated depreciation ( 5,655 ) ( 5,333 ) Net property, plant and equipment 4,068 3,729 Other noncurrent assets Goodwill 15,806 14,713 Other intangible assets 5,136 4,658 Operating lease assets 694 806 Deferred income taxes 568 609 Other assets 2,247 2,066 Total assets $ 40,650 $ 38,381 Liabilities and shareholders’ equity Current liabilities Short-term debt $ 761 $ — Current portion of long-term debt 1,136 674 Accounts payable 3,826 3,678 Accrued compensation 680 670 Other current liabilities 3,071 2,835 Total current liabilities 9,474 7,857 Noncurrent liabilities Long-term debt 8,756 8,478 Pension liabilities 744 741 Other postretirement benefits liabilities 159 164 Operating lease liabilities 568 669 Deferred income taxes 289 275 Other noncurrent liabilities 1,775 1,667 Total noncurrent liabilities 12,291 11,994 Shareholders’ equity Ordinary shares ( 388.4 million outstanding in 2025 and 392.9 million in 2024) 4 4 Capital in excess of par value 12,813 12,731 Retained earnings 10,168 10,096 Accumulated other comprehensive loss ( 4,142 ) ( 4,342 ) Shares held in trust — ( 1 ) Total Eaton shareholders’ equity 18,843 18,488 Noncontrolling interests 42 43 Total equity 18,885 18,531 Total liabilities and equity $ 40,650 $ 38,381 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents EATON CORPORATION plc CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended September 30 (In millions) 2025 2024 Operating activities Net income $ 2,958 $ 2,827 Adjustments to reconcile to net cash provided by operating activities Depreciation and amortization 751 687 Deferred income taxes 74 ( 88 ) Pension and other postretirement benefits expense 31 18 Contributions to pension plans ( 81 ) ( 89 ) Contributions to other postretirement benefits plans ( 13 ) ( 13 ) Changes in working capital ( 1,313 ) ( 657 ) Other - net 100 45 Net cash provided by operating activities 2,507 2,730 Investing activities Capital expenditures for property, plant and equipment ( 527 ) ( 553 ) Cash paid for acquisition of businesses, net of cash acquired ( 1,504 ) ( 50 ) Proceeds from sales of property, plant and equipment 53 84 Investments in associate companies ( 16 ) ( 68 ) Return of investment from associate companies — 33 Sales of short-term investments - net 1,287 595 Payments for settlement of currency exchange contracts not designated as hedges - net ( 13 ) ( 14 ) Other - net ( 63 ) ( 27 ) Net cash used in investing activities ( 783 ) — Financing activities Proceeds from borrowings 1,058 1,084 Payments on borrowings ( 714 ) ( 1,011 ) Short-term debt, net 761 ( 6 ) Cash dividends paid ( 1,222 ) ( 1,130 ) Exercise of employee stock options 37 54 Repurchase of shares ( 1,669 ) ( 1,615 ) Employee taxes paid from shares withheld ( 50 ) ( 67 ) Other - net ( 13 ) ( 1 ) Net cash used in financing activities ( 1,812 ) ( 2,692 ) Effect of currency on cash ( 138 ) ( 52 ) Total decrease in cash ( 227 ) ( 14 ) Cash at the beginning of the period 555 488 Cash at the end of the period $ 328 $ 473 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents EATON CORPORATION plc NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Amounts are in millions unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding. Note 1.     BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Eaton Corporation plc (Eaton or the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (US GAAP) for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the condensed consolidated financial statements for the interim periods. This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in Eaton’s 2024 Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission. Adoption of New Accounting Standard Eaton adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in the fourth quarter of 2024 on a retrospective basis. This accounting standard requires additional segment disclosures on an annual and interim basis, including significant segment expenses that are regularly provided to the chief operating decision maker. The standard does not change how operating segments and reportable segments are determined. The adoption of the standard did not have a material impact on the condensed consolidated financial statements. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). This accounting standard requires disaggregated income tax disclosures on an annual basis, including information on the Company’s effective income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, and may be applied prospectively or retrospectively. The Company is evaluating the impact of ASU 2023-09 and expects the standard will only impact its income taxes disclosures with no material impact to the consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). This accounting standard requires disaggregated income statement expense disclosures on an annual and interim basis, including inventory purchases, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains these expenses. The standard also requires disclosure of total selling expenses on an annual and interim basis, and the definition of those expenses disclosed annually. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, and may be applied prospectively or retrospectively. The Company is evaluating the impact of ASU 2024-03 and expects the standard will only impact its disclosures with no material impact to the consolidated financial statements. In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05). This accounting standard provides a practical expedient allowing entities to assume that current conditions as of the balance sheet date remain unchanged over the remaining life of the asset when estimating expected credit losses. ASU 2025-05 is effective for annual reporting periods, including interim reporting periods within those annual periods, beginning after December 15, 2025, with early adoption permitted and should be applied prospectively. The Company is evaluating the impact of ASU 2025-05 and expects the standard will not have a material impact on the consolidated financial statements and related disclosures. In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06). This accounting standard changes when software project costs should be capitalized by removing all references to development stages and requiring costs to be capitalized when (1) the Company authorizes and commits to funding the software project and (2) it is probable the software project will be completed. The standard also requires additional annual and interim disclosures, including the capitalized software balance and accumulated amortization. ASU 2025-06 is effective for annual reporting periods, including interim reporting periods within those annual periods, beginning after December 15, 2027, with early adoption permitted and may be applied prospectively, retrospectively, or using a modified prospective transition approach. The Company is evaluating the impact of ASU 2025-06 to the consolidated financial statements and related disclosures. 6 Table of Contents Note 2.     ACQUISITIONS OF BUSINESSES Acquisition of Exertherm On May 20, 2024, Eaton acquired Exertherm, a U.K.-based provider of thermal monitoring solutions for electrical equipment. Exertherm is reported within the Electrical Americas business segment. Acquisition of a 49 % stake in NordicEPOD AS On May 31, 2024, Eaton acquired a 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region. Eaton accounts for this investment on the equity method of accounting and it is reported within the Electrical Global business segment. Acquisition of Fibrebond Corporation On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $ 1.45  billion, net of cash acquired. Fibrebond is a U.S. based designer and builder of pre-integrated modular power enclosures for data center, industrial, utility and communications customers. Fibrebond had sales of approximately $ 378  million for the twelve months ended February 28, 2025, and is reported within the Electrical Americas business segment. The acquisition of Fibrebond has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date, as well as measurement period adjustments recorded as of September 30, 2025. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are finalized, further information becomes available and additional analyses are performed, and these differences could have a material impact on Eaton's preliminary ITEM 1A. RISK FACTORS 43 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43 ITEM 5. OTHER INFORMATION 43 ITEM 6. EXHIBITS 44 SIGNATURES 46 Table of Contents PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. EATON CORPORATION plc CONSOLIDATED STATEMENTS OF INCOME Three months ended September 30 Nine months ended September 30 (In millions except for per share data) 2025 2024 2025 2024 Net sales $ 6,988 $ 6,345 $ 20,393 $ 18,638 Cost of products sold 4,313 3,899 12,674 11,564 Selling and administrative expense 1,105 1,028 3,302 3,074 Research and development expense 203 207 594 593 Interest expense - net 67 29 171 88 Other expense (income) - net 25 ( 22 ) 15 ( 80 ) Income before income taxes 1,275 1,204 3,637 3,399 Income tax expense 264 193 680 573 Net income 1,010 1,011 2,958 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders $ 1,010 $ 1,009 $ 2,955 $ 2,823 Net income per share attributable to Eaton ordinary shareholders Diluted $ 2.59 $ 2.53 $ 7.54 $ 7.05 Basic 2.60 2.54 7.57 7.08 Weighted-average number of ordinary shares outstanding Diluted 390.1 398.9 391.7 400.6 Basic 388.8 397.1 390.4 398.7 Cash dividends declared per ordinary share $ 1.04 $ 0.94 $ 3.12 $ 2.82 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents EATON CORPORATION plc CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended September 30 Nine months ended September 30 (In millions) 2025 2024 2025 2024 Net income $ 1,010 $ 1,011 $ 2,958 $ 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders 1,010 1,009 2,955 2,823 Other comprehensive income (loss), net of tax Currency translation and related hedging instruments ( 64 ) 144 199 ( 34 ) Pensions and other postretirement benefits 22 ( 15 ) ( 2 ) 15 Cash flow hedges ( 5 ) ( 7 ) 3 ( 21 ) Other comprehensive income (loss) attributable to Eaton    ordinary shareholders ( 47 ) 122 200 ( 40 ) Total comprehensive income attributable to Eaton    ordinary shareholders $ 963 $ 1,131 $ 3,155 $ 2,783 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents EATON CORPORATION plc CONSOLIDATED BALANCE SHEETS (In millions) September 30, 2025 December 31, 2024 Assets Current assets Cash $ 328 $ 555 Short-term investments 237 1,525 Accounts receivable - net 5,556 4,619 Inventory 4,613 4,227 Prepaid expenses and other current assets 1,397 874 Total current assets 12,131 11,801 Property, plant and equipment Land and buildings 2,329 2,239 Machinery and equipment 7,394 6,823 Gross property, plant and equipment 9,723 9,062 Accumulated depreciation ( 5,655 ) ( 5,333 ) Net property, plant and equipment 4,068 3,729 Other noncurrent assets Goodwill 15,806 14,713 Other intangible assets 5,136 4,658 Operating lease assets 694 806 Deferred income taxes 568 609 Other assets 2,247 2,066 Total assets $ 40,650 $ 38,381 Liabilities and shareholders’ equity Current liabilities Short-term debt $ 761 $ — Current portion of long-term debt 1,136 674 Accounts payable 3,826 3,678 Accrued compensation 680 670 Other current liabilities 3,071 2,835 Total current liabilities 9,474 7,857 Noncurrent liabilities Long-term debt 8,756 8,478 Pension liabilities 744 741 Other postretirement benefits liabilities 159 164 Operating lease liabilities 568 669 Deferred income taxes 289 275 Other noncurrent liabilities 1,775 1,667 Total noncurrent liabilities 12,291 11,994 Shareholders’ equity Ordinary shares ( 388.4 million outstanding in 2025 and 392.9 million in 2024) 4 4 Capital in excess of par value 12,813 12,731 Retained earnings 10,168 10,096 Accumulated other comprehensive loss ( 4,142 ) ( 4,342 ) Shares held in trust — ( 1 ) Total Eaton shareholders’ equity 18,843 18,488 Noncontrolling interests 42 43 Total equity 18,885 18,531 Total liabilities and equity $ 40,650 $ 38,381 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents EATON CORPORATION plc CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended September 30 (In millions) 2025 2024 Operating activities Net income $ 2,958 $ 2,827 Adjustments to reconcile to net cash provided by operating activities Depreciation and amortization 751 687 Deferred income taxes 74 ( 88 ) Pension and other postretirement benefits expense 31 18 Contributions to pension plans ( 81 ) ( 89 ) Contributions to other postretirement benefits plans ( 13 ) ( 13 ) Changes in working capital ( 1,313 ) ( 657 ) Other - net 100 45 Net cash provided by operating activities 2,507 2,730 Investing activities Capital expenditures for property, plant and equipment ( 527 ) ( 553 ) Cash paid for acquisition of businesses, net of cash acquired ( 1,504 ) ( 50 ) Proceeds from sales of property, plant and equipment 53 84 Investments in associate companies ( 16 ) ( 68 ) Return of investment from associate companies — 33 Sales of short-term investments - net 1,287 595 Payments for settlement of currency exchange contracts not designated as hedges - net ( 13 ) ( 14 ) Other - net ( 63 ) ( 27 ) Net cash used in investing activities ( 783 ) — Financing activities Proceeds from borrowings 1,058 1,084 Payments on borrowings ( 714 ) ( 1,011 ) Short-term debt, net 761 ( 6 ) Cash dividends paid ( 1,222 ) ( 1,130 ) Exercise of employee stock options 37 54 Repurchase of shares ( 1,669 ) ( 1,615 ) Employee taxes paid from shares withheld ( 50 ) ( 67 ) Other - net ( 13 ) ( 1 ) Net cash used in financing activities ( 1,812 ) ( 2,692 ) Effect of currency on cash ( 138 ) ( 52 ) Total decrease in cash ( 227 ) ( 14 ) Cash at the beginning of the period 555 488 Cash at the end of the period $ 328 $ 473 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents EATON CORPORATION plc NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Amounts are in millions unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding. Note 1.     BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Eaton Corporation plc (Eaton or the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (US GAAP) for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the condensed consolidated financial statements for the interim periods. This Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in Eaton’s 2024 Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year. Management has evaluated subsequent events through the date this Form 10-Q was filed with the Securities and Exchange Commission. Adoption of New Accounting Standard Eaton adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in the fourth quarter of 2024 on a retrospective basis. This accounting standard requires additional segment disclosures on an annual and interim basis, including significant segment expenses that are regularly provided to the chief operating decision maker. The standar RESULTS OF OPERATIONS 29 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 ITEM 4. CONTROLS AND PROCEDURES 43 PART II — OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS 43 ITEM 1A. RISK FACTORS 43 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43 ITEM 5. OTHER INFORMATION 43 ITEM 6. EXHIBITS 44 SIGNATURES 46 Table of Contents PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. EATON CORPORATION plc CONSOLIDATED STATEMENTS OF INCOME Three months ended September 30 Nine months ended September 30 (In millions except for per share data) 2025 2024 2025 2024 Net sales $ 6,988 $ 6,345 $ 20,393 $ 18,638 Cost of products sold 4,313 3,899 12,674 11,564 Selling and administrative expense 1,105 1,028 3,302 3,074 Research and development expense 203 207 594 593 Interest expense - net 67 29 171 88 Other expense (income) - net 25 ( 22 ) 15 ( 80 ) Income before income taxes 1,275 1,204 3,637 3,399 Income tax expense 264 193 680 573 Net income 1,010 1,011 2,958 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders $ 1,010 $ 1,009 $ 2,955 $ 2,823 Net income per share attributable to Eaton ordinary shareholders Diluted $ 2.59 $ 2.53 $ 7.54 $ 7.05 Basic 2.60 2.54 7.57 7.08 Weighted-average number of ordinary shares outstanding Diluted 390.1 398.9 391.7 400.6 Basic 388.8 397.1 390.4 398.7 Cash dividends declared per ordinary share $ 1.04 $ 0.94 $ 3.12 $ 2.82 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents EATON CORPORATION plc CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended September 30 Nine months ended September 30 (In millions) 2025 2024 2025 2024 Net income $ 1,010 $ 1,011 $ 2,958 $ 2,827 Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 ) ( 4 ) Net income attributable to Eaton ordinary shareholders 1,010 1,009 2,955 2,823 Other comprehensive income (loss), net of tax Currency translation and related hedging instruments ( 64 ) 144 199 ( 34 ) Pensions and other postretirement benefits 22 ( 15 ) ( 2 ) 15 Cash flow hedges ( 5 ) ( 7 ) 3 ( 21 ) Other comprehensive income (loss) attributable to Eaton    ordinary shareholders ( 47 ) 122 200 ( 40 ) Total comprehensive income attributable to Eaton    ordinary shareholders $ 963 $ 1,131 $ 3,155 $ 2,783 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents EATON CORPORATION plc CONSOLIDATED BALANCE SHEETS (In millions) September 30, 2025 December 31, 2024 Assets Current assets Cash $ 328 $ 555 Short-term investments 237 1,525 Accounts receivable - net 5,556 4,619 Inventory 4,613 4,227 Prepaid expenses and other current assets 1,397 874 Total current assets 12,131 11,801 Property, plant and equipment Land and buildings 2,329 2,239 Machinery and equipment 7,394 6,823 Gross property, plant and equipment 9,723 9,062 Accumulated depreciation ( 5,655 ) ( 5,333 ) Net property, plant and equipment 4,068 3,729 Other noncurrent assets Goodwill 15,806 14,713 Other intangible assets 5,136 4,658 Operating lease assets 694 806 Deferred income taxes 568 609 Other assets 2,247 2,066 Total assets $ 40,650 $ 38,381 Liabilities and shareholders’ equity Current liabilities Short-term debt $ 761 $ — Current portion of long-term debt 1,136 674 Accounts payable 3,826 3,678 Accrued compensation 680 670 Other current liabilities 3,071 2,835 Total current liabilities 9,474 7,857 Noncurrent liabilities Long-term debt 8,756 8,478 Pension liabilities 744 741 Other postretirement benefits liabilities 159 164 Operating lease liabilities 568 669 Deferred income taxes 289 275 Other noncurrent liabilities 1,775 1,667 Total noncurrent liabilities 12,291 11,994 Shareholders’ equity Ordinary shares ( 388.4 million outstanding in 2025 and 392.9 million in 2024) 4 4 Capital in excess of par value 12,813 12,731 Retained earnings 10,168 10,096 Accumulated other comprehensive loss ( 4,142 ) ( 4,342 ) Shares held in trust — ( 1 ) Total Eaton shareholders’ equity 18,843 18,488 Noncontrolling interests 42 43 Total equity 18,885 18,531 Total liabilities and equity $ 40,650 $ 38,381 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents EATON CORPORATION plc CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended September 30 (In millions) 2025 2024 Operating activities Net income $ 2,958 $ 2,827 Adjustments to reconcile to net cash provided by operating activities Depreciation and amortization 751 687 Deferred income taxes 74 ( 88 ) Pension and other postretirement benefits expense 31 18 Contributions to pension plans ( 81 ) ( 89 ) Contributions to other postretirement benefits plans ( 13 ) ( 13 ) Changes

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The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.

The provided text is only the cover/header portion of AbCellera Biologics Inc.’s Form 10‑Q for the quarter ended March 31, 2026 (identifying info, exchange listing, filing status). It contains no financial statements, guidance, risk updates, material events, MD&A, cash runway, pipeline/program updates, or disclosures that would support a differentiated trading view.