Analyst Consensus ?
ConsensusBuy39 ratings
Bullish2871.8%
Neutral1128.2%
Bearish00.0%
Eaton Corporation plc · ETN · FY2024 Q3 · Calendar Q4 2024
Eaton raises outlook as data-center demand and backlog accelerate
The current analysis supports a constructive operating trajectory: strong data-center and megaproject demand, backlog growth and raised guidance are reinforcing Eaton's growth outlook. The thesis is conditional because capacity execution, project timing, weather and labor disruptions remain material risks.
Reported Before market openNYSEIndustrials
$142.20B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.84
Consensus $2.80
EPS surprise
+1.4%
Reported versus consensus
Reported revenue
$6.34B
Consensus $6.37B
Revenue surprise
-0.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.3%
Event window
SPY move
-2.0%
Same window
Abnormal move
-1.3%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
+13.2%
Up to 20 sessions
ETNSPY benchmark
Ask FN2 about ETN FY2024 Q3
Transcript, numbers and history already loaded
Why did ETN fall 3.3% after beating EPS estimates in FY2024 Q3?What changed in ETN's guidance and outlook in FY2024 Q3?Give me the bull and bear case for ETN after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, Eaton reported another record quarter, data-center sales growth of 35%, a 30% year-over-year increase in megaproject backlog and a larger incremental capex plan of $1.5 billion versus $1 billion previously described. The current analysis also adds the Tesla home-as-grid collaboration and AbleEdge launch plan.
Guidance delta
Management raised full-year EPS and margin guidance; the analysis also describes 2025 guidance for 6–8% end-market growth and 30–35% incremental margins.
Key takeaways
- Record Q3 performance with EPS and margin guidance raised.
- Data-center sales growth reached 35%, with negotiations accelerating.
- Megaproject backlog increased 30% year over year, supporting visibility.
- Incremental capex increased to $1.5 billion for data-center, transformer and switchgear capacity.
- Hurricane Helene and aerospace labor disruptions were important offsets.
Management priorities
- Expand data-center, transformer and switchgear capacity through incremental capex.
- Open new facilities in Juarez, Mexico and the Dominican Republic.
- Launch AbleEdge smart breakers and expand home-as-grid offerings.
- Continue restructuring targeting $75 million of savings in 2025.
- Support growth across electrification, renewable energy, EV, solar and storage markets.
Follow ETN with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$371.92Current
$142Low
$333.79Average
$520High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Oct 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 12, 2026 |
| UBS | Buy | Neutral | Upgrade | Sep 8, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 28, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 11, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 6, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 6, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| HSBC | Buy | Hold | Upgrade | Jan 16, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Dec 9, 2025 |
| Mizuho | Outperform | Outperform | Maintain | Oct 17, 2025 |
| Melius Research | Buy | Hold | Upgrade | Sep 15, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Aug 7, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 8, 2025 |
| Jefferies | Buy | Buy | Maintain | Mar 12, 2025 |
| B of A Securities | Buy | Buy | Maintain | Nov 13, 2024 |
| Argus Research | Buy | Buy | Maintain | May 2, 2024 |
| Berenberg | Buy | Buy | Maintain | Mar 6, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Apr 12, 2023 |
| Oppenheimer | Perform | Outperform | Downgrade | Dec 6, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 2, 2022 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | May 4, 2020 |
| Gordon Haskett | Buy | Hold | Upgrade | Apr 3, 2020 |
| Vertical Research | Buy | Hold | Upgrade | Feb 6, 2020 |
| Baird | Neutral | Neutral | Maintain | Feb 5, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Dec 17, 2019 |
| Vertical Group | Hold | Buy | Downgrade | Oct 9, 2019 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 3, 2018 |
| Stifel | Buy | Buy | Maintain | May 3, 2018 |
| Longbow Research | Buy | Neutral | Upgrade | Apr 4, 2017 |
| Buckingham Research | Neutral | Neutral | Maintain | May 2, 2016 |
| Bernstein | Market Perform | Market Perform | Maintain | May 2, 2016 |
| Standpoint Research | Hold | Buy | Downgrade | Feb 17, 2016 |
| William Blair | Neutral | Outperform | Downgrade | Oct 15, 2015 |
| MKM Partners | Neutral | Buy | Downgrade | Feb 5, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Aug 9, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $371.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $503 | $440 | +35.2% | Sep 24, 2026 |
| UBS | Analyst unavailable | $515 | $410.85 | +38.5% | Sep 7, 2026 |
| Morgan Stanley | Toby Okwara | $520 | $416.04 | +39.8% | Aug 28, 2026 |
| Robert W. Baird | Analyst unavailable | $500 | $415.29 | +34.4% | Aug 20, 2026 |
| RBC Capital | Analyst unavailable | $512 | $430.45 | +37.7% | Aug 3, 2026 |
| BMO Capital | Analyst unavailable | $487 | $415.2 | +30.9% | Aug 3, 2026 |
| Evercore ISI | David Raso | $502 | $415.2 | +35.0% | Aug 3, 2026 |
| Evercore ISI | Analyst unavailable | $453 | $401.89 | +21.8% | May 11, 2026 |
| Morgan Stanley | Analyst unavailable | $500 | $401.51 | +34.4% | May 10, 2026 |
| RBC Capital | Analyst unavailable | $484 | $410.6 | +30.1% | May 6, 2026 |
| KeyBanc | Jeffrey Hammond | $480 | $410.86 | +29.1% | May 6, 2026 |
| BMO Capital | Analyst unavailable | $428 | $357.1 | +15.1% | Mar 26, 2026 |
| RBC Capital | Analyst unavailable | $407 | $364.53 | +9.4% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $425 | $371.14 | +14.3% | Feb 4, 2026 |
| HSBC | Sean McLoughlin | $400 | $333.46 | +7.6% | Jan 16, 2026 |
| RBC Capital | Analyst unavailable | $399 | $337 | +7.3% | Jan 15, 2026 |
| Morgan Stanley | Analyst unavailable | $405 | $327.57 | +8.9% | Jan 12, 2026 |
| Barclays | Julian Mitchell | $350 | $332.97 | -5.9% | Jan 7, 2026 |
| UBS | Analyst unavailable | $360 | $327.31 | -3.2% | Jan 4, 2026 |
| Bernstein | Analyst unavailable | $295 | $315.95 | -20.7% | Dec 19, 2025 |
| Wells Fargo | Joseph O'Dea | $340 | $315.82 | -8.6% | Dec 18, 2025 |
| Wolfe Research | Nigel Coe | $413 | $343.39 | +11.0% | Dec 9, 2025 |
| Barclays | Analyst unavailable | $362 | $377.72 | -2.7% | Nov 5, 2025 |
| Mizuho Securities | Analyst unavailable | $425 | $375.59 | +14.3% | Oct 17, 2025 |
| KeyBanc | Jeffrey Hammond | $420 | $375.37 | +12.9% | Oct 14, 2025 |
| Melius Research | Analyst unavailable | $495 | $365.9 | +33.1% | Sep 15, 2025 |
| Raymond James | Deane Dray | $415 | $360.16 | +11.6% | Aug 7, 2025 |
| Bernstein | Chad Dillard | $396 | $359.37 | +6.5% | Jul 14, 2025 |
| BNP Paribas | Andrew Buscaglia | $380 | $326.82 | +2.2% | May 15, 2025 |
| Morgan Stanley | Christopher Snyder | $375 | $298.11 | +0.8% | May 6, 2025 |
| RBC Capital | Deane Dray | $356 | $298.58 | -4.3% | May 5, 2025 |
| Wells Fargo | Joseph O'Dea | $355 | $298.58 | -4.5% | May 5, 2025 |
| Wells Fargo | Joseph O'Dea | $310 | $298.58 | -16.6% | May 5, 2025 |
| Barclays | Analyst unavailable | $315 | $285.52 | -15.3% | Mar 26, 2025 |
| RBC Capital | Analyst unavailable | $376 | $277.55 | +1.1% | Mar 6, 2025 |
| Barclays | Analyst unavailable | $325 | $278.46 | -12.6% | Mar 3, 2025 |
| Wells Fargo | Joseph O'Dea | $335 | $315.41 | -9.9% | Feb 3, 2025 |
| Wells Fargo | Joseph O'Dea | $350 | $343.91 | -5.9% | Jan 7, 2025 |
| Bernstein | Chad Dillard | $382 | $336.75 | +2.7% | Nov 5, 2024 |
| Citigroup | Andrew Kaplowitz | $348 | $305.8 | -6.4% | Sep 16, 2024 |
| Raymond James | Tim Thein | $365 | $284.97 | -1.9% | Sep 9, 2024 |
| Morgan Stanley | Chris Snyder | $370 | $285.72 | -0.5% | Sep 6, 2024 |
| Jefferies | Stephen Volkmann | $385 | $329.55 | +3.5% | Jul 11, 2024 |
| Mizuho Securities | Brett Linzey | $355 | $313.46 | -4.5% | May 1, 2024 |
| RBC Capital | Deane Dray | $371 | $320.16 | -0.2% | Apr 4, 2024 |
| Barclays | Julian Mitchell | $300 | $312.03 | -19.3% | Apr 2, 2024 |
| RBC Capital | Deane Dray | $286 | $300.29 | -23.1% | Mar 14, 2024 |
| Morgan Stanley | Analyst unavailable | $175 | $161.77 | -52.9% | Jan 6, 2023 |
| Wells Fargo | Analyst unavailable | $163 | $156.61 | -56.2% | Jan 5, 2023 |
| Barclays | Analyst unavailable | $130 | $158.82 | -65.0% | Jan 5, 2023 |
| Credit Suisse | John Walsh | $167 | $152.33 | -55.1% | Aug 15, 2022 |
| UBS | Analyst unavailable | $173 | $147.65 | -53.5% | Aug 3, 2022 |
| Mizuho Securities | Analyst unavailable | $160 | $146.92 | -57.0% | Aug 3, 2022 |
| Barclays | Analyst unavailable | $124 | $147.48 | -66.7% | Aug 3, 2022 |
| Mizuho Securities | Analyst unavailable | $145 | $128.52 | -61.0% | Jul 18, 2022 |
| Deutsche Bank | Analyst unavailable | $156 | $125.76 | -58.1% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $139 | $126.88 | -62.6% | Jul 13, 2022 |
| Wells Fargo | Joseph O’Dea | $142 | $127.87 | -61.8% | Jul 11, 2022 |
| Barclays | Analyst unavailable | $112 | $129.59 | -69.9% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $146 | $126.22 | -60.7% | Jun 23, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $170 | $141.36 | -54.3% | Jun 7, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $180 | $143.38 | -51.6% | May 17, 2022 |
| Morgan Stanley | Analyst unavailable | $174 | $145.26 | -53.2% | May 4, 2022 |
| Wells Fargo | Analyst unavailable | $159 | $147.03 | -57.2% | May 4, 2022 |
| Barclays | Analyst unavailable | $145 | $146.58 | -61.0% | May 4, 2022 |
| Oppenheimer | Christopher Glynn | $170 | $146.41 | -54.3% | May 2, 2022 |
| Deutsche Bank | Nicole DeBlase | $175 | $140.66 | -52.9% | Apr 19, 2022 |
| Barclays | Julian Mitchell | $155 | $146.61 | -58.3% | Apr 5, 2022 |
| Evercore ISI | David Raso | $181 | $153.36 | -51.3% | Feb 21, 2022 |
| Wolfe Research | Nigel Coe | $194 | $149.31 | -47.8% | Feb 7, 2022 |
| Berenberg Bank | Phil Buller | $200 | $169.63 | -46.2% | Nov 5, 2021 |
| Oppenheimer | Christopher Glynn | $185 | $167.84 | -50.3% | Nov 3, 2021 |
| Citigroup | Timothy Thein | $180 | $150.14 | -51.6% | Oct 12, 2021 |
| HSBC | Puneet Garg | $153 | $154.77 | -58.9% | Sep 14, 2021 |
| Goldman Sachs | Joe Ritchie | $186 | $158.82 | -50.0% | Sep 10, 2021 |
| UBS | Markus Mittermaier | $186 | $164.53 | -50.0% | Aug 11, 2021 |
| Argus Research | John Eade | $185 | $164.96 | -50.3% | Aug 10, 2021 |
| Bank of America Securities | Andrew Obin | $195 | $159.52 | -47.6% | Aug 4, 2021 |
| J.P. Morgan | Ann Duignan | $145 | $151.84 | -61.0% | Jul 13, 2021 |
Track every rating change on ETN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global; Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segments engage in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.…
Historical context
All ETN earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FIX Comfort Systems USA, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.2% | -8.5% | Comfort Systems USA: Strong Growth, Record Backlog, Margin Watchpoints |
| BE Bloom Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +36.0% | -8.7% | Bloom Energy Raises Outlook as AI Power Demand Drives Expansion |
| SNA Snap-on Incorporated | FY2026 Q3 · Calendar Q4 2026 | -5.9% | -3.4% | Snap-on: C&I strength offsets organic sales pressure in Q3 |
| HON Honeywell International Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +1.7% | Honeywell Raises 2026 Outlook as Backlog and Forge Support Growth |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +7.0% | Lockheed Martin: backlog and guidance rise, with execution risks |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +3.1% | Norfolk Southern posts strong Q3 as capex outlook rises |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the ETN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-26T20:00:42.656868+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T20:00:42.654211+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.