ETN · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

Eaton

16 named things its latest annual report says its results depend on, each in the company's own words. 9 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Six large customers of electrical products (Electrical Americas and Electrical Global)

concentrated in · 22% of these segments' sales

In 2025, 22% of these segments' sales were made to six large customers of electrical products and electrical systems and services.Business (Item 1)

Three large aircraft original equipment manufacturers (Aerospace)

concentrated in · 20% of this segment's sales

In 2025, 20% of this segment's sales were made to three large original equipment manufacturers of aircraft.Business (Item 1)

Four large vehicle original equipment manufacturers (Vehicle)

concentrated in · 37% of this segment's sales

In 2025, 37% of this segment's sales were made to four large original equipment manufacturers of vehicles and related components.Business (Item 1)

One large vehicle original equipment manufacturer (eMobility)

concentrated in · 18% of this segment's sales

In 2025, 18% of this segment's sales were made to one large original equipment manufacturer of vehicles and related components.Business (Item 1)

U.S. government

earns fromnamed as a risk

Doing business with the U.S. government subjects us to risks such as dependence on the level of government spending and compliance with and changes in governmental acquisition regulations and other requirements.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Data centers

earns fromnamed as a risk

These markets have experienced and may continue to experience the abrupt introduction of disruptive technologies, which may, in turn, negatively impact our end markets.Risk factors (Item 1A)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

Suppliers

Single-source suppliers

depends onnamed as a risk

Unavailability of, or delivery delays for, single-source components or products could adversely affect our ability to manufacture or ship the related products in a timely manner.Risk factors (Item 1A)

Also named by ACHR, AMAT, BAX, BSX, BWXT, CL, DOV, EL and 11 more

Other companies

Mobility business spin-off

named as a risk

On January 26, 2026, we announced our intention to spin-off our Mobility business, which consists of the legacy Vehicle and eMobility segments, by the end of the first quarter of 2027, subject to the satisfaction of customary legal and regulatory requirements and approvals.Risk factors (Item 1A)

Boyd Thermal

The agreement to acquire Boyd Thermal expands Eaton’s existing portfolio of solutions for data center customers to include critical liquid cooling technology, enabling the Company to serve hyperscale and colocation customers from the chip to the grid.Business (Item 1)

Fibrebond Corporation

Adding Fibrebond to the portfolio expands Eaton’s presence in the growing market for modular solutions for multi-tenant and hyperscale data center customers.Business (Item 1)

Places

North America

earns from

We are capitalizing on the megatrends of the electrification, digitalization, and the reindustrialization of and growth of megaprojects in North America and increased global infrastructure spending, all of which are expanding our end markets and positioning Eaton for growth for years to come.Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CAT, CHRW, CLS, CPB and 19 more

Commodities and inputs

Copper

exposed to its pricenamed as a risk

Eaton's major requirements for raw materials include iron, steel, copper, nickel, aluminum, lead, silver, gold, titanium, rubber, plastic, electronic components, chemicals, and fluids.Business (Item 1)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Steel

exposed to its pricenamed as a risk

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Aluminum

exposed to its pricenamed as a risk

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Laws and programs

General Data Protection Regulation (GDPR)

subject to · up to four percent of our global revenuenamed as a risk

For example, the Global Data Protection Regulation (GDPR) prefers that we manage personal data in the E.U. and may impose fines of up to four percent of our global revenue in the event of certain violations.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

U.S. import tariffs

subject tonamed as a risk

Changes in various countries’ trade policies, including tariffs and duties, can materially increase costs for goods imported into the United States, which can lead to broader cost pressures even for goods that are not imported.Risk factors (Item 1A)

Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more