Eaton stock: Record Q3 lifts 2026 growth outlook again

Eaton reported record third-quarter results on November 3, with sales up 28 percent year over year and organic growth above the high end of its previous outlook. The company also raised its 2026 forecast, while an agreed acquisition is set to expand its European power-distribution footprint.

Eaton's third-quarter release said sales reached a record 8.9 billion US dollars, an increase of 28 percent from the year-earlier period. Organic sales growth was 19 percent, while acquisitions contributed 8 percentage points and foreign exchange added 1 percentage point.

Growth, Backlog And European Expansion

Adjusted earnings per share reached a record 3.68 US dollars, up 20 percent from a year earlier. Eaton said the adjusted figure excluded 0.62 US dollars per share of intangible-amortization charges and 0.30 US dollars related to acquisitions and divestitures, partly offset by 0.01 US dollars per share of restructuring income. Reported diluted earnings per share were 2.77 US dollars.

Segment margin rose to a record 25.3 percent, 30 basis points above both the upper end of the previous guidance range and the third quarter of 2025. The company said higher sales and improved execution supported the result as it continued investing in capacity.

Eaton raised its full-year 2026 organic-growth forecast to 13 to 15 percent from 11 to 13 percent. It expects segment margin of 24.1 to 24.5 percent and adjusted earnings per share of 13.70 to 13.80 US dollars. Fourth-quarter guidance calls for organic growth of 13 to 15 percent, segment margin of 25.4 to 25.8 percent and adjusted earnings per share of 4.05 to 4.15 US dollars.

The company also agreed on September 25 to acquire COL Group for 810 million euros, or 921 million US dollars at the September 30 exchange rate. The Italian supplier makes medium-voltage electrical-distribution equipment, including SF6-free switchgear, grid-automation technologies and modular power systems. Closing is expected in the first quarter of 2027, subject to customary conditions and regulatory approvals.

Eaton stock traded at 305.10 euros on Lang & Schwarz at 10:00 CET on Monday, November 9, 2026. The real-time quote of Eaton stock was 305.10 euros.

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