Throughout the year, we delivered continuous improvements in safety, quality and cost while also expanding the business through targeted acquisitions, record manufacturing investments, and new product launches. We deepened partnerships in data center power and infrastructure and advanced AI‑enabled capabilities with technology partners that enhance energy management, manufacturing efficiency and customer experience.
Our “Lead, Invest and Execute for Growth” strategy has sharpened how we serve customers, deploy capital and deliver results. The strategy focuses our efforts on building a more customer‑centric, agile organization, prioritizing high‑growth, fast‑growing markets, and expanding margins through disciplined portfolio management and rigor around our operational excellence—enabling long‑term value creation.
2025 Full-Year Financial Performance
Eaton delivered another year of record performance in 2025:
Lead for Growth
Evolving our culture to drive customer centricity and speed
In 2025, Eaton earned broad recognition for culture, leadership and sustainability from renowned organizations including Forbes, Newsweek, TIME, FORTUNE, Ethisphere and CDP. We also continued our investment in leadership development, skills training and building on our strong history and culture of integrity, accountability and continuous improvement. We saw employee engagement increase by 2.3 points to 86% in our 2025 employee survey.
We also made strong progress toward our sustainability goals, certifying 86% of sites as zero waste to landfill and exceeding our zero water discharge target, with 24% of sites certified versus a 10% goal. Since 2018 and through 2024, we have reduced Scope 1 and 2 emissions in our operations by 35% and are on track to hit our goal to achieve net zero emissions by 2050. Building on our credibility, Eaton was ranked #1 on Investor’s Business Daily’s 50 Most Sustainable Companies for 2025 and earned another A rating from CDP, demonstrating sustained leadership in environmental performance.
Our ongoing commitment to the community continues. In 2025, we donated more than $11.5 million to support causes aligned with our giving priorities, while Eaton employees recorded over 143,000 volunteer hours, contributing to projects that reached 46 countries worldwide. This combination of financial support and hands‑on engagement reflects our belief that our responsibility extends beyond our walls and into the communities where we live and work.
Invest for Growth
Strategic progress in high‑growth, high‑margin markets
Our investment strategy advanced significantly this year, with $13 billion in acquisitions announced to expand our leadership position in electrification, digital infrastructure and aerospace. Resilient Power adds next‑generation medium‑ voltage solid‑state transformer technology for high‑density data centers and energy storage; Fibrebond expands modular power solutions; Ultra PCS broadens aerospace mission‑systems capabilities; and the planned acquisition of Boyd Thermal adds critical liquid‑cooling technology, further advancing our grid to chip strategy.
Beyond acquisitions, we announced $1.5 billion of investments in our North American footprint to boost manufacturing capacity to meet increased customer demand and accelerate innovation. This included construction of our new Henrico County, Virginia, campus to support the data center market; completing major expansions in Texas and beginning construction in South Carolina to produce three‑phase transformers and voltage regulators at scale; and increasing aerospace capacity in Orchard Park, New York. We also began construction of an advanced engineering, manufacturing and training center in Dubai, extending our capabilities across the EMEA region. Each of these investments reflects disciplined capital deployment aligned with where we see durable, long‑ term customer demand.
Our partnerships also grew meaningfully. With NVIDIA, we are advancing next‑generation 800 VDC power infrastructure to support the energy demands of AI computing. With Siemens Energy, we are accelerating global data‑center build‑outs through modular, grid‑independent power systems. With ChargePoint, we are supporting broader electrification through integrated, ultrafast electric vehicle charging systems that reduce costs, ease grid constraints and prepare customers for vehicle‑to‑everything (V2X) deployment.
Execute for Growth
Operational improvements to become best‑in‑class and expand profitability
Across the company, particularly in Electrical Americas, we advanced our Execute for Growth strategy through increased investment and a more agile, customer‑focused operating model. In addition to expanded capacity, we strengthened supply chains and deployed specialized teams to support rapidly evolving demand. In parallel, safety performance continued to improve, with reductions of 7% in total recordable cases, 6% in days‑away cases, and 4% in severe injuries versus 2024.
We also advanced our AI‑enabled operations by expanding our use of Microsoft 365 Copilot and related AI capabilities across engineering, supply chain and commercial processes—improving speed, quality and decision‑making at scale.
As we focus on building a more agile and resilient supply chain, we drove improvements in our Operations and Supply Chain organizations to improve manufacturing throughput and support timely customer delivery. Our 2025 Global Supplier Conference convened more than 400 partners to strengthen collaboration and innovation across our ecosystem, and our supply‑chain excellence was recognized externally by Resilinc, further validating our progress.
Looking ahead
We enter 2026 with confidence supported by strong secular tailwinds—electrification, digitalization, reindustrialization and more—which continue to generate significant demand for our expertise and solutions. We expect continued strength in our businesses driven by expanding mega projects, record demand in Electrical and Aerospace, sustained investment in data centers, advanced manufacturing and energy transition infrastructure, and growth in aerospace and defense.
Our priorities for the year ahead are clear: we will continue advancing our Lead, Invest and Execute for Growth strategy; strengthen our customer‑centric and high‑accountability culture; drive operational excellence and margin expansion; and increase investment in high‑growth, high‑margin markets aligned with growth trends. We will deploy capital with discipline and expand partnerships and joint ventures where they create meaningful value.
As we look to the future, our long‑term vision remains unchanged: to lead our industry in delivering the intelligent power management solutions required to build a more electrified, digital and resilient world.
None of our progress would be possible without our employees, whose passion, commitment to our customers, and dedication to improvement power our success every day. We are deeply grateful to our customers and partners for their trust and collaboration, and to you—our shareholders—for your ongoing support as we execute our strategy and unlock the full potential of this great company.
We remain firmly committed to delivering sustainable, profitable growth through operational excellence, disciplined investment, and a strategy aligned to the most powerful long‑term trends in our industry. With a strong foundation and a team united around excellence, Eaton is exceptionally well‑positioned to deliver long‑term value and industry‑leading performance in the years ahead.
Sincerely,
Paulo Ruiz, CEO
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