Here are 1-3 brief analogies for Eaton (ETN):

• A General Electric (GE) focused on power management.
• The Siemens of power management, providing electrical, aerospace, and vehicle solutions.

• Electrical Products: Designs and manufactures electrical components and systems, including power distribution equipment, circuit protection devices, and uninterruptible power supplies (UPS) for various industries.
• Aerospace Systems: Produces critical aerospace components such as hydraulic, fuel, and pneumatic systems, as well as engine solutions and motion control products for commercial and military aircraft.
• Vehicle Products: Offers powertrain components like transmissions, clutches, and engine valves, along with other products for commercial vehicles, off-highway equipment, and passenger cars.
• eMobility Solutions: Develops and supplies power electronics, intelligent power distribution units, and circuit protection systems specifically for electric vehicles (EVs) and charging infrastructure.

Eaton (symbol: ETN) primarily sells its products and services to other businesses (B2B) across a wide range of industries globally, rather than directly to individual consumers. Due to the diversified nature of its operations and a broad customer base, Eaton typically does not disclose specific major customer companies by name in its public filings, as no single customer generally accounts for a material portion of its consolidated revenues.

However, based on its various business segments, Eaton's major customers are found within the following industries and customer categories. The companies listed below are examples of public companies that operate within these sectors and are representative of Eaton's customer base, though Eaton does not publicly confirm specific individual major customers due to the vast number of clients it serves:

• Data Center Operators and Cloud Service Providers: Eaton provides critical power infrastructure, uninterruptible power supplies (UPS), power distribution units (PDUs), and related services to ensure reliable operation of data centers.
  Examples of companies that operate in this space and utilize such equipment include:
  • Microsoft Corporation (MSFT)
  • Amazon.com, Inc. (AMZN) (for AWS data centers)
  • Alphabet Inc. (GOOGL) (for Google Cloud Platform data centers)
  • Equinix, Inc. (EQIX)
• Aerospace Original Equipment Manufacturers (OEMs) and Airlines: Eaton supplies hydraulic, fuel, motion control, and engine solutions for commercial and military aircraft.
  Examples of companies in this sector include:
  • The Boeing Company (BA)
  • Airbus SE (AIR.PA) (European listed, a major global OEM)
• Vehicle Original Equipment Manufacturers (OEMs): Eaton provides a range of components for commercial vehicles, off-highway equipment, and passenger cars, including transmissions, engine components, and eMobility solutions.
  Examples of companies in this sector include:
  • PACCAR Inc (PCAR)
  • Cummins Inc. (CMI)
  • Caterpillar Inc. (CAT)
  • Deere & Company (DE)
  • Daimler Truck Holding AG (DTG.DE) (European listed)
• Electric Utilities and Grid Operators: Eaton supplies equipment for power transmission, distribution, and grid modernization.
  Examples of public utility companies that utilize such infrastructure include:
  • NextEra Energy, Inc. (NEE)
  • Duke Energy Corporation (DUK)
  • Southern Company (SO)
• Commercial and Industrial Construction/Developers: Eaton's electrical products and systems are integral to commercial buildings, factories, hospitals, and other industrial facilities. Products are often purchased through distributors and electrical contractors by large-scale commercial and industrial developers. While these are typically indirect customers, the projects represent significant end-users of Eaton's products.

Craig Arnold, Chairman and Chief Executive Officer

Craig Arnold has served as Chairman and Chief Executive Officer of Eaton, a global intelligent power management company, since June 1, 2016. He will retire on May 31, 2025. Prior to his CEO appointment, Arnold was named Eaton's President and Chief Operating Officer on September 1, 2015. He previously held the role of Vice Chairman and Chief Operating Officer of the Industrial Sector from February 2009 to August 2015. Arnold joined Eaton in 2000 as senior vice president and group executive of the Fluid Power Group. Before joining Eaton, he spent 17 years at General Electric Company, starting in 1983, where he served as corporate vice president and president of GE Lighting Services Ltd., leading its lighting business in Europe, the Middle East, Africa, and India. He also held positions as corporate vice president and president of GE Plastics, Greater China, and GE Appliances, Asia, from 1997 to 1999.

Paulo Ruiz, President and Chief Operating Officer

Paulo Ruiz is the President and Chief Operating Officer of Eaton, a position he assumed on September 2, 2024. He is slated to become the Chief Executive Officer of Eaton on June 1, 2025. Before his current role, Ruiz served as the President and Chief Operating Officer of Eaton's Industrial Sector from July 2022. He also held roles as president of Energy Solutions and Services, Americas for Eaton's Electrical Sector, and president of the Hydraulics Group. Prior to joining Eaton in 2019, Ruiz spent over 18 years at Siemens, where his roles included CEO of Dresser-Rand (a Siemens Business) and segment head for high voltage products. At Dresser-Rand, he was responsible for integrating Siemens' rotating equipment business. Earlier in his career, he spent six years in operations, commercial, and engineering roles at Fiat.

Olivier Leonetti, Executive Vice President and Chief Financial Officer

Olivier Leonetti was appointed Executive Vice President and Chief Financial Officer of Eaton, effective February 5, 2024. He joined Eaton from Johnson Controls, where he also served as Executive Vice President and Chief Financial Officer. Before his tenure at Johnson Controls, Leonetti held CFO positions at Zebra Technologies Corporation and Western Digital Corporation. His background also includes senior finance leadership roles at Global Commercial Organization, Amgen, Inc., and Dell, Inc. He was a member of Eaton's board of directors from 2019 until he assumed his CFO role in February 2024.

Heath Monesmith, President and Chief Operating Officer, Electrical Sector

Heath Monesmith is the President and Chief Operating Officer for Eaton's Electrical Sector. In this role, he is responsible for the company's global electrical business and has corporate responsibility for Eaton's Europe, Middle East, and Africa region. Previously, Monesmith served as President and Chief Operating Officer for Eaton's Industrial Sector. Before leading the Industrial Sector, he held various positions of increasing responsibility within Eaton's Law Department, including Executive Vice President and General Counsel, overseeing all legal matters for the company. Monesmith joined Eaton in 2012 as part of the acquisition of Cooper Industries. At Cooper Industries, from 2006, he served in roles such as Vice President and Associate General Counsel of Litigation, and Executive Vice President, Human Resources. Earlier in his career, he was a partner at the K&L Gates law firm.

Pete Denk, President of the Mobility Group

Pete Denk is currently the President of the Mobility Group at Eaton. He is set to become the President and Chief Operating Officer of the Industrial Sector, effective January 1, 2025. Denk joined Eaton in 2018. Prior to his time at Eaton, he accumulated nearly 20 years of experience in various leadership roles at Robert Bosch LLC.

Here are the key risks to Eaton (ETN):

1. Economic and Market Volatility and Regulatory Changes: Eaton's financial performance is significantly susceptible to broader economic downturns, geopolitical events, currency fluctuations, and changes in government regulations and trade policies across the many global markets it serves. The company also faces risks from commodity and wage inflation, which can impact its gross profit margins.
2. Operational Risks, including Cybersecurity and Supply Chain Disruptions: Eaton relies heavily on its information technology infrastructure and global manufacturing facilities. The company is exposed to risks such as cyber-attacks, data breaches, service interruptions, and disruptions to production caused by natural disasters, labor issues, political instability, or public health crises. Recent reports also highlight elevated inventory levels, indicating potential challenges in demand or supply chain management.
3. Intense Competition and Rapid Technological Advancements: Eaton operates in highly competitive industries where product performance, technological innovation, global service, and pricing are critical factors. The company faces ongoing threats from competitors introducing new products or engaging in aggressive pricing strategies, which could erode Eaton's market share if it fails to maintain its innovative edge and cost competitiveness.

The accelerating transition to electric vehicles (EVs) in commercial and off-highway markets poses a clear emerging threat to Eaton's traditional Vehicle segment. As manufacturers shift from internal combustion engine (ICE) powertrains, the demand for Eaton's legacy products such as transmissions, clutches, and driveline components for ICE vehicles is expected to decline significantly. While Eaton is actively investing in its eMobility segment to capitalize on EV components, a rapid acceleration in EV adoption could lead to a faster decline in its established Vehicle segment revenues than the growth of its new eMobility offerings, creating a potential revenue and market share gap.

Eaton (ETN) operates in several key markets, with significant addressable market opportunities in its Electrical, Aerospace, and eMobility segments.

eMobility:

• The global vehicle electrification market is projected to reach 15 million pure battery-electric vehicles and 30 million hybrids by 2030.
• Globally, plug-in electric vehicles constituted 13.6% of vehicle sales in 2022 and are expected to account for 41% of sales in major regions combined by 2028.
• The global electric vehicle (EV) charging station market (public, semi-public, and commercial) is anticipated to grow from 2.7 million installations in 2022 to 12.3 million by 2028. Domestic EVSE (Electric Vehicle Supply Equipment) installations are projected to increase from 10.4 million in 2022 to 55.9 million by 2028.
• In the U.S., the number of plug-in vehicles on the road is forecast to rise from 2.9 million in 2022 to approximately 40 million by 2030.
• In the EU27 and the United Kingdom, EV sales are predicted to exceed 60% of total vehicle sales by 2028, with 88% of those being Battery Electric Vehicles (BEVs).
• The global electric vehicle market as a whole is projected to grow by a Compound Annual Growth Rate (CAGR) of 13.8% from 2024 through 2032.

Aerospace:

• The global aerospace parts manufacturing market was valued at USD 888.6 billion in 2022 and is projected to reach USD 1,435.2 billion by 2032, exhibiting a CAGR of 5.0%.

Electrical Sector (Americas and Global):

• Eaton's Electrical Americas segment reported a record backlog of $12 billion in Q3 2025, representing a 20% year-over-year increase.
• Data center orders for Eaton's Electrical business increased by nearly 70% in Q3 2025 across both the Americas and globally.
• The industrial electrical component market, which includes markets such as data centers, utilities, factories, and energy facilities, is forecasted to grow from $57.2 billion in 2024 to $90.48 billion in 2029 (a CAGR of 4%).

Vehicle:

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Eaton (ETN) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market tailwinds:

1. Booming Data Center Market and AI Integration: Eaton is experiencing significant revenue growth from the expansion of data centers, fueled by increasing digitalization and the proliferation of artificial intelligence. In Q3 2025, Electrical Sector and Electrical Americas data center orders were up approximately 70%, with revenue increasing about 40% compared to Q3 2024. The company's recent agreement to acquire Boyd Thermal, which specializes in liquid cooling technology, further strengthens its position in this high-growth market, particularly for AI factories.
2. Increased Infrastructure Spending and Energy Transition: Global trends in reindustrialization, infrastructure development, and the energy transition are expected to be significant drivers. Eaton's strategy focuses on capitalizing on these generational opportunities through electrification, digitalization, and green energy solutions.
3. Robust Organic Growth and Strong Backlog: Eaton consistently reports strong organic growth, with a forecast of 8.5-9.5% for the full year 2025. This growth is supported by a record-level backlog, particularly in the Electrical Americas segment, which was up 20% year-over-year in Q3 2025, providing substantial revenue visibility for the coming years.
4. Strong Performance in the Aerospace Segment: The Aerospace segment continues to demonstrate strong demand, with order growth of 11% on a rolling twelve-month basis and backlog expansion of 15% year-over-year in Q3 2025. This sustained strength in the aerospace market contributes significantly to Eaton's overall revenue outlook.

Share Repurchases

• Eaton's Board of Directors authorized a new share repurchase program on February 27, 2025, for up to $9.0 billion in ordinary share repurchases over a three-year period, replacing the previous $5.0 billion program from 2022.
• For the nine months ended September 30, 2025, the company repurchased 5.2 million ordinary shares at a total cost of $1,661 million.
• In 2024, Eaton repurchased 4.2 million shares for $1.34 billion in the first half, with plans to repurchase between $1.5 billion and $2.5 billion for the full year. Annual share buybacks for 2024 were $2.492 billion.

Share Issuance

• Eaton's ordinary shares outstanding showed a general trend of slight decline, with 390 million shares outstanding as of September 30, 2025, representing a 2.21% decrease year-over-year.

Outbound Investments

• In 2025, Eaton acquired Boyd, a leader in liquid cooling technologies, expected to generate $1.7 billion in sales, and completed acquisitions of Ultra PCS for $1.55 billion, Fibrebond for $1.4 billion, and Resilient Power for $86 million.
• In 2022, Eaton acquired Royal Power Solutions for $600 million, enhancing its electrical connectivity and electrification capabilities.
• In 2021, major acquisitions included Tripp Lite for approximately $1.7 billion, specializing in UPS, and Cobham Mission Systems for $2.8 billion, strengthening its aerospace and defense portfolio. Eaton also divested its Hydraulics business for a pre-tax gain of $617 million in 2021.

Capital Expenditures

• Eaton expects capital expenditures to be approximately $900 million in 2025 and approximately $800 million in 2024.
• Actual capital expenditures were $800 million in 2023 and $600 million in 2022.
• Capital expenditure is primarily focused on supporting growth driven by electrification, energy transition, and digitalization, including significant capacity investment projects.