Aerospace segment posted 10% order growth on a rolling 12-month basis and backlog expansion of 16% year-over-year.
Data center market showed exceptional growth with orders up approximately 55% and sales up 50% versus Q2 2024.
Eaton posted record quarterly revenue of $7 billion in Q2 2025, with adjusted EPS of $2.95, up 8% year-over-year, hitting the high end of guidance.
Electrical Americas backlog grew 17% year-over-year to $11.4 billion, with orders accelerating to +2% on a trailing 12-month basis from -4% last quarter.
Organic sales growth was 8% overall, driven by strong performance in Electrical Americas (12%), Electrical Global (7% organic plus 2% FX), and Aerospace (11%).
Segment margins expanded by 20 basis points to 23.9%, with Electrical Americas operating margin at 29.5%, Electrical Global at 20.1%, Aerospace at 22.2%, Vehicle at 17%, and eMobility operating loss of $10 million.
Vehicle segment declined 8% organically due to weakness in North America truck market, while eMobility revenue decreased 4% with an operating loss.
Adjusted segment EBITDA margins reached a record above 25%, supported by portfolio actions, positive mix, and rigorous cost containment and productivity.
Dover's second quarter results were strong, driven by excellent production performance, positive margin mix from growth platforms, and carryforward cost actions from prior periods.
Margin improvements were noted across segments, including 80 basis points in Clean Energy & Fueling and 60 basis points in Climate Sustainability.
Order trends were positive, up 7% year-over-year, with the majority of third quarter revenue already in backlog and July orders tracking well.
Segment revenue performance varied: Engineered Products down on vehicle services volumes; Clean Energy & Fueling up 8%; Imaging & ID stable; Pumps & Process Solutions up 4% organically; Climate Sustainability down due to declines in food retail cases and engineering services.
Top line performance accelerated with broad-based shipment growth in short-cycle components and outperformance over secular growth exposed end markets.
Year-to-date free cash flow was $261 million or 7% of revenue, up $41 million over prior year, with expectations to accelerate in the second half of the year.
Adjusted EBITDA was $218 million, up 13%, with consolidated adjusted EBITDA margin expanding 140 basis points to 22.6%.
Aptar delivered a strong second quarter exceeding the high end of guidance with adjusted EPS of $1.66, up 18% year-over-year.
Balance sheet remains strong with cash and short-term investments near $170 million, net debt of $917 million, and leverage ratio of 1.19.
Beauty segment core sales increased 1%, driven by tooling sales and growth in Masstige fragrance and Personal Care.
Closures segment core sales increased 7%, with food up 13%, beverage up 7%, and personal care down 4%.
Consumer Healthcare declined due to softer demand in Europe for nasal decongestants and saline rinse solutions.
Core sales increased driven by Pharma and Closures segments; Pharma core sales grew 3%, with Prescription up 8%, Injectables 9%, and Active Materials 11%.
Effective tax rate for Q2 was 20.0%, down from 23.5% prior year, reflecting tax planning benefits.
Free cash flow for first six months was $92 million, in line with prior year.
Gross margins expanded over 30 basis points year-over-year; SG&A as a percentage of sales declined 80 basis points to 15.6%.
Year-to-date reported and core sales increased 2%, adjusted EPS up 8%, and adjusted EBITDA margin increased 130 basis points to 21.7%.
Capital expenditures were $9 million, primarily for plant modernizations and capacity expansions.
Cash from operating activities was $55.5 million; cash and restricted cash decreased by $6.9 million to $368.4 million.
Factory-Built Housing segment revenue was $535.7 million, up 17% year-over-year, driven by a 14.7% increase in homes sold and a 1.9% increase in average revenue per home.
Financial Services segment revenue was $21.2 million, up 8.2% year-over-year, driven by higher insurance premium rates and improved underwriting.
Gross margin improved to 23.3% from 21.7% year-over-year, with Financial Services gross margin increasing significantly from negative 0.6% to 40.9%.
Net income was $51.6 million, up from $34.4 million last year, with diluted EPS of $6.42 versus $4.11 in the prior year quarter.
Operating profit increased about 50% compared to both last quarter and a year ago.
Revenue for Q1 fiscal 2026 was $556.9 million, up 16.6% year-over-year and 9.5% compared to the prior year quarter.
Selling, general and administrative expenses increased to $69.1 million or 12.4% of net revenue, mainly due to higher bonuses and commissions.
Stock repurchases totaled $50 million this quarter, with 16.6% of shares repurchased since fiscal 2021.
Adjusted EBITDA was $146 million, including a negative noncash metal price lag impact of $13 million; excluding this, adjusted EBITDA was $159 million versus $180 million last year.
Free cash flow was strong at $41 million for the quarter, with $35 million returned to shareholders via share repurchases.
Free cash flow year-to-date was $38 million; full-year free cash flow guidance remains above $120 million with CapEx around $325 million.
Holdings and corporate expenses were $12 million, up $6 million from last year due to IT upgrades and higher accrued labor costs.
Leverage ended at 3.6x, expected to be the peak for 2025 and to trend down through the year.
Net debt increased by $120 million to $1.9 billion, mainly due to foreign exchange translation; liquidity remains strong at $841 million.
Net income was $36 million, down from $77 million in Q2 2024.
Revenue was $2.1 billion, a 9% increase compared to Q2 2024, driven by higher shipments and favorable price and mix including higher metal prices.
Segment performance: A&T adjusted EBITDA decreased 13% to $78 million due to volume headwinds; P&ARP adjusted EBITDA increased 12% to $74 million driven by packaging volume growth; AS&I adjusted EBITDA decreased 40% to $18 million due to volume and price/mix headwinds.
Shipments were 384,000 tons, up 2% compared to Q2 2024 due to higher shipments in packaging partially offset by lower shipments in A&T and AS&I.
Dafinchi