Analyst Consensus ?
ConsensusBuy38 ratings
Bullish2565.8%
Neutral1334.2%
Bearish00.0%
Eaton Corporation plc · ETN · FY2026 Q1 · Calendar Q2 2026
Eaton Q1 2026: Record Revenue, Raised Guidance, but Margins Lag on Data-Center Ramp Costs
Eaton's Q1 2026 results confirm the data-center and AI infrastructure thesis is playing out at scale. Revenue hit a record $7.5 billion with 10% organic growth, data-center orders surged 240%, and management raised both the full-year growth and EPS midpoints. The offset is margin compression in Electrical Americas from ramp-up costs and commodity inflation, which management characterizes as temporary and expects to reverse with pricing actions and operating leverage in H2 2026. With 32 GW of U.S. data-center construction underway (70% dedicated to AI workloads), a 24-facility capacity buildout in progress, and strategic partnerships with NVIDIA and Siemens Energy, Eaton is positioning itself as a primary infrastructure beneficiary of the AI capex cycle. The stock's post-earnings abnormal decline of 3.5% against a rising market suggests investors are weighing the near-term margin drag…
Reported Before market openNYSEIndustrials
$154.79B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.81
Consensus $3
EPS surprise
+2.9%
Reported versus consensus
Reported revenue
$7.45B
Consensus $7.14B
Revenue surprise
+4.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$387.77Current
$142Low
$303.17Average
$500High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 28, 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 |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | May 6, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 6, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 6, 2026 |
| Citigroup | Buy | Buy | Maintain | May 6, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Feb 23, 2026 |
| HSBC | Buy | Hold | Upgrade | Jan 16, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jan 12, 2026 |
| UBS | Neutral | Buy | Downgrade | Jan 5, 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 $387.78. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $453 | $401.89 | +16.8% | May 11, 2026 |
| Morgan Stanley | Analyst unavailable | $500 | $401.51 | +28.9% | May 10, 2026 |
| RBC Capital | Analyst unavailable | $484 | $410.6 | +24.8% | May 6, 2026 |
| KeyBanc | Jeffrey Hammond | $480 | $410.86 | +23.8% | May 6, 2026 |
| BMO Capital | Analyst unavailable | $428 | $357.1 | +10.4% | Mar 26, 2026 |
| RBC Capital | Analyst unavailable | $407 | $364.53 | +5.0% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $425 | $371.14 | +9.6% | Feb 4, 2026 |
| HSBC | Sean McLoughlin | $400 | $333.46 | +3.2% | Jan 16, 2026 |
| RBC Capital | Analyst unavailable | $399 | $337 | +2.9% | Jan 15, 2026 |
| Morgan Stanley | Analyst unavailable | $405 | $327.57 | +4.4% | Jan 12, 2026 |
| Barclays | Julian Mitchell | $350 | $332.97 | -9.7% | Jan 7, 2026 |
| UBS | Analyst unavailable | $360 | $327.31 | -7.2% | Jan 4, 2026 |
| Bernstein | Analyst unavailable | $295 | $315.95 | -23.9% | Dec 19, 2025 |
| Wells Fargo | Joseph O'Dea | $340 | $315.82 | -12.3% | Dec 18, 2025 |
| Wolfe Research | Nigel Coe | $413 | $343.39 | +6.5% | Dec 9, 2025 |
| Barclays | Analyst unavailable | $362 | $377.72 | -6.6% | Nov 5, 2025 |
| Mizuho Securities | Analyst unavailable | $425 | $375.59 | +9.6% | Oct 17, 2025 |
| KeyBanc | Jeffrey Hammond | $420 | $375.37 | +8.3% | Oct 14, 2025 |
| Melius Research | Analyst unavailable | $495 | $365.9 | +27.7% | Sep 15, 2025 |
| Raymond James | Deane Dray | $415 | $360.16 | +7.0% | Aug 7, 2025 |
| Bernstein | Chad Dillard | $396 | $359.37 | +2.1% | Jul 14, 2025 |
| BNP Paribas | Andrew Buscaglia | $380 | $326.82 | -2.0% | May 15, 2025 |
| Morgan Stanley | Christopher Snyder | $375 | $298.11 | -3.3% | May 6, 2025 |
| RBC Capital | Deane Dray | $356 | $298.58 | -8.2% | May 5, 2025 |
| Wells Fargo | Joseph O'Dea | $355 | $298.58 | -8.5% | May 5, 2025 |
| Wells Fargo | Joseph O'Dea | $310 | $298.58 | -20.1% | May 5, 2025 |
| Barclays | Analyst unavailable | $315 | $285.52 | -18.8% | Mar 26, 2025 |
| RBC Capital | Analyst unavailable | $376 | $277.55 | -3.0% | Mar 6, 2025 |
| Barclays | Analyst unavailable | $325 | $278.46 | -16.2% | Mar 3, 2025 |
| Wells Fargo | Joseph O'Dea | $335 | $315.41 | -13.6% | Feb 3, 2025 |
| Wells Fargo | Joseph O'Dea | $350 | $343.91 | -9.7% | Jan 7, 2025 |
| Bernstein | Chad Dillard | $382 | $336.75 | -1.5% | Nov 5, 2024 |
| Citigroup | Andrew Kaplowitz | $348 | $305.8 | -10.3% | Sep 16, 2024 |
| Raymond James | Tim Thein | $365 | $284.97 | -5.9% | Sep 9, 2024 |
| Morgan Stanley | Chris Snyder | $370 | $285.72 | -4.6% | Sep 6, 2024 |
| Jefferies | Stephen Volkmann | $385 | $329.55 | -0.7% | Jul 11, 2024 |
| Mizuho Securities | Brett Linzey | $355 | $313.46 | -8.5% | May 1, 2024 |
| RBC Capital | Deane Dray | $371 | $320.16 | -4.3% | Apr 4, 2024 |
| Barclays | Julian Mitchell | $300 | $312.03 | -22.6% | Apr 2, 2024 |
| RBC Capital | Deane Dray | $286 | $300.29 | -26.2% | Mar 14, 2024 |
| Morgan Stanley | Analyst unavailable | $175 | $161.77 | -54.9% | Jan 6, 2023 |
| Wells Fargo | Analyst unavailable | $163 | $156.61 | -58.0% | Jan 5, 2023 |
| Barclays | Analyst unavailable | $130 | $158.82 | -66.5% | Jan 5, 2023 |
| Credit Suisse | John Walsh | $167 | $152.33 | -56.9% | Aug 15, 2022 |
| UBS | Analyst unavailable | $173 | $147.65 | -55.4% | Aug 3, 2022 |
| Mizuho Securities | Analyst unavailable | $160 | $146.92 | -58.7% | Aug 3, 2022 |
| Barclays | Analyst unavailable | $124 | $147.48 | -68.0% | Aug 3, 2022 |
| Mizuho Securities | Analyst unavailable | $145 | $128.52 | -62.6% | Jul 18, 2022 |
| Deutsche Bank | Analyst unavailable | $156 | $125.76 | -59.8% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $139 | $126.88 | -64.2% | Jul 13, 2022 |
| Wells Fargo | Joseph O’Dea | $142 | $127.87 | -63.4% | Jul 11, 2022 |
| Barclays | Analyst unavailable | $112 | $129.59 | -71.1% | Jul 8, 2022 |
| Goldman Sachs | Analyst unavailable | $146 | $126.22 | -62.3% | Jun 23, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $170 | $141.36 | -56.2% | Jun 7, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $180 | $143.38 | -53.6% | May 17, 2022 |
| Morgan Stanley | Analyst unavailable | $174 | $145.26 | -55.1% | May 4, 2022 |
| Wells Fargo | Analyst unavailable | $159 | $147.03 | -59.0% | May 4, 2022 |
| Barclays | Analyst unavailable | $145 | $146.58 | -62.6% | May 4, 2022 |
| Oppenheimer | Christopher Glynn | $170 | $146.41 | -56.2% | May 2, 2022 |
| Deutsche Bank | Nicole DeBlase | $175 | $140.66 | -54.9% | Apr 19, 2022 |
| Barclays | Julian Mitchell | $155 | $146.61 | -60.0% | Apr 5, 2022 |
| Evercore ISI | David Raso | $181 | $153.36 | -53.3% | Feb 21, 2022 |
| Wolfe Research | Nigel Coe | $194 | $149.31 | -50.0% | Feb 7, 2022 |
| Berenberg Bank | Phil Buller | $200 | $169.63 | -48.4% | Nov 5, 2021 |
| Oppenheimer | Christopher Glynn | $185 | $167.84 | -52.3% | Nov 3, 2021 |
| Citigroup | Timothy Thein | $180 | $150.14 | -53.6% | Oct 12, 2021 |
| HSBC | Puneet Garg | $153 | $154.77 | -60.5% | Sep 14, 2021 |
| Goldman Sachs | Joe Ritchie | $186 | $158.82 | -52.0% | Sep 10, 2021 |
| UBS | Markus Mittermaier | $186 | $164.53 | -52.0% | Aug 11, 2021 |
| Argus Research | John Eade | $185 | $164.96 | -52.3% | Aug 10, 2021 |
| Bank of America Securities | Andrew Obin | $195 | $159.52 | -49.7% | Aug 4, 2021 |
| J.P. Morgan | Ann Duignan | $145 | $151.84 | -62.6% | Jul 13, 2021 |
Track every rating change on ETN the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-2.7%
Event window
SPY move
+0.8%
Same window
Abnormal move
-3.5%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+2.5%
Up to 20 sessions
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Try FN2 freeTranscript intelligence
What changed
Guidance sentiment shifted from maintained (Q4 2025) to raised (Q1 2026) — management lifted the full-year organic growth outlook by 200 basis points and raised the adjusted EPS midpoint to $13.28, up from the prior range of $13.00-$13.50. Data-center order growth accelerated from 200% YoY (Q4 2025) to 240% (Q1 2026). Boyd Thermal is now quantified at $1.7 billion projected full-year revenue, with $1.4 billion consolidated into Eaton. The Mobility spin-off timeline tightened from a general 2026 target to Q1 2027. Margin guidance was slightly lowered due to temporary input-cost and ramp-up pressure in Electrical Americas, even as the long-term 32% segment margin target by 2030 was reaffirmed. New partnership mentions include NVIDIA and Siemens Energy alongside the existing Resilient Power Systems relationship. The DSX modular AI factory platform emerged as a new product line not highlighted in the prior quarter.
Guidance delta
Management raised the full-year organic growth outlook by 200 basis points and lifted the adjusted EPS midpoint to $13.28 (from a prior range of $13.00-$13.50). Margin guidance was slightly lowered reflecting temporary input-cost and ramp-up pressure in Electrical Americas, but the long-term 32% segment margin target by 2030 was reaffirmed. Capex outlook remains increasing, with 12 of 24 planned facilities now operational and 6 more expected by year-end.
Key takeaways
- Record Q1 2026 revenue of $7.5 billion and adjusted EPS of $2.81, beating both guidance and consensus (EPS est. $2.73, revenue est. $7.14B).
- Organic growth of 10% driven by data-center demand and the Boyd Thermal acquisition; data-center orders surged 240% year-over-year.
- Full-year organic growth outlook raised by 200 bps and adjusted EPS midpoint lifted to $13.28.
- Margin guidance slightly lowered due to temporary cost headwinds in Electrical Americas; management expects reversal via pricing actions and operating leverage in H2 2026.
- U.S. data-center construction now totals 32 GW with 70% dedicated to AI workloads; Boyd Thermal projected to generate $1.7 billion in full-year revenue, $1.4 billion consolidated into Eaton.
Management priorities
- Complete the remaining 12 new facilities in the 24-facility capacity expansion plan and continue phased ramp-up.
- Fully integrate Boyd Thermal, Ultra PCS, and FiberBond acquisitions into Eaton's portfolio.
- Scale the DSX modular AI factory platform for AI-factory deployments.
- Implement pricing actions to recover input-cost inflation and achieve operating leverage in H2 2026.
- Execute the Mobility segment spin-off by Q1 2027.
Related earnings events
IndustrialsUNP · FY2026 Q2 · Calendar Q3 2026UNP Q2 2026: Record EPS $3.41, Guidance Raised as Norfolk Southern Merger Clears Key HurdlesRTX · FY2026 Q2 · Calendar Q3 2026RTX Q2 2026: Record $289B Backlog, Raised Guidance as Defense and GTF Aftermarket AccelerateGEV · FY2026 Q2 · Calendar Q3 2026GE Vernova Q2 2026: Orders Surge 88%, Backlog Hits $176B, but EPS Miss Weighs on Shares
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T17:31:05.687221+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T17:31:05.684405+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 . For educational purposes only; not investment advice.