Eaton Corporation plc: Execute-for-growth execution: Electrical Americas capacity ramp and margins

Eaton Corporation plc 2026 Q2: Financial Performance summary

• Adjusted EPS was $3.15 in Q2, exceeding guidance by $0.10 at the midpoint; Q2 adjusted EPS was a record, and first-half adjusted EPS was $5.96 (first-half record).
• Aerospace organic sales growth was 7% with record quarterly sales and Q2 record segment profit; operating margin expanded 60 bps to 22.8%, and book-to-bill increased to 1.2.
• Combined Electrical segment had 18% organic growth and 27% total growth; segment margins were 24.5% (+110 bps vs Q1), orders were up 38% on a rolling 12-month basis, book-to-bill was 1.2, and backlog rose 43% YoY.
• Electrical Americas delivered 18% organic growth and 27.5% segment margins (+190 bps QoQ), with data centers up about 65% and negotiations pipeline up 60% YTD over prior year.
• Electrical Global posted 44% total growth (18% organic) with 19.8% operating margin (down 30 bps YoY but ~1 point above plan); demand/order growth was broad with record orders and rising book-to-bill.
• Mobility organic growth declined 2% in the quarter (offset by positive FX); excluding intentional exit of the low-margin business, organic growth would have been slightly positive; Mobility margins increased 90 bps YoY.
• Q2 total revenue was $8.5 billion (+21% total; 7 points from acquisitions), with 14% organic growth and 23.1% margins (better than the high end of guidance).