Eaton Corporation plc

“With revenues of $27.4 billion in 2025, the Company serves customers in 180 countries.”

“During the first quarter of 2026, Eaton re-segmented certain reportable operating segments due to a reorganization of the Company's businesses. The new reportable segment is Mobility, which consists of the legacy Vehicle and eMobility segments.”

“We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets.”

“United States$17,122 $15,151 $14,071 Canada1,083 1,058 949 Latin America1,461 1,680 1,549 Europe5,078 4,530 4,339 Asia Pacific2,704 2,459 2,288 Total$27,448 $24,878 $23,196”

“Eaton's major requirements for raw materials include iron, steel, copper, nickel, aluminum, lead, silver, gold, titanium, rubber, plastic, electronic components, chemicals, and fluids.”

“Eaton targets managing 95% to 100% of the intercompany balance sheet exposure to minimize the effect of currency volatility related to the movement of goods and services in the normal course of its operations.”

“Eaton has approximately 97,000 employees globally.”

“On April 1, 2025, Eaton acquired Fibrebond Corporation (Fibrebond) for $1.43 billion, net of cash acquired.”

“Under the terms of the agreement, Eaton will pay $9.5 billion for Boyd Thermal.”

“On May 31, 2024, Eaton acquired a 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region.”

“Ultra PCS LimitedJanuary 23, 2026AerospaceProducer of electronic controls, sensing, stores ejection and data processing solutions with operations in the U.K. and U.S.”

“The acquisition of Resilient strengthens our power distribution offerings and accelerates the commercialization of solid-state transformer technology for future global applications in data centers and energy storage.”

“Total expenditures for property, plant and equipment$919 $808 $757”

“On January 26, 2026, Eaton announced its intention to pursue a spin-off of its Mobility business, which consists of its legacy Vehicle and eMobility operating segments, into an independent, publicly traded company.”

“Eaton has a strong competitive position in these segments and, with respect to many products, is considered among the market leaders.”

“The Company will continue to focus on deploying its capital toward businesses that provide opportunities for higher growth and strong returns, and align with secular trends and its power management strategies.”

“On February 6, 2026, a subsidiary of Eaton entered into a senior unsecured delayed-draw term loan facility (Term Credit Agreement) in an aggregate principal amount of up to $8,000 million. The proceeds of the Term Credit Agreement, if drawn, will be used solely by the Company to finance a portion of the expected acquisition of Boyd Thermal.”

“During 2025, the fair value of plan assets in the Company’s employee pension plans increased $198 million to $4,191 million at December 31, 2025.”

“We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets.”

“Compliance with future environmental protection laws may require an increase in capital expenditures.”

“We also maintain single-source supplier relationships because either alternative sources are not available, or the relationship is advantageous due to certain considerations, such as performance, quality, support, delivery, capacity, or price.”

“Because of this, cybersecurity threats pose a material risk to our business operations.”

“Eaton manages businesses with manufacturing facilities worldwide. Our manufacturing facilities and operations could be disrupted by a natural disaster, labor strike, war, geopolitical instability and/or conflict, political unrest, terrorist activity, economic upheaval, or public health concerns.”

“We are subject to risks relating to acquisitions, joint ventures and investments, and risks relating to the integration of acquired companies.”

“We have been affected by supply chain disruptions and related inflationary pressures. Labor shortages persist broadly in select markets, and shortages of certain raw materials have continued to affect the prices that our businesses are charged, particularly commodities.”

“Risks and uncertainties related to the development and use of artificial intelligence may present business, compliance and reputational risks.”