Eaton reported $1.08 billion net income for Q3 2026.

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

31 unchanged paragraphs

There were 388.4 388.5 million ordinary shares outstanding as of June September 30, 2026.

1 unchanged paragraph

Financial statements 121 changes

2 unchanged paragraphs

June 30 Six months ended

September 30 Nine months ended

1 unchanged paragraph

Net sales $ 8,531 $ 7,028 $ 15,982 $ 13,404

Cost of products sold 5,676 4,431 10,476 8,361

Selling and administrative expense 1,236 1,149 2,506 2,197

Research and development expense 227 192 437 390

Interest expense - net 201 71 307 103

Other expense (income) - net 47 ( 1 ) 6 ( 10 )

Income before income taxes 1,144 1,186 2,251 2,363

Income tax expense 321 203 561 415

Net income 823 982 1,690 1,947

Net sales $ 8,947 $ 6,988 $ 24,929 $ 20,393

Cost of products sold 5,842 4,313 16,318 12,674

Selling and administrative expense 1,278 1,105 3,784 3,302

Research and development expense 238 203 676 594

Interest expense - net 198 67 505 171

Other expense - net 20 25 26 15

Income before income taxes 1,370 1,275 3,620 3,637

Income tax expense 291 264 852 680

Net income 1,079 1,010 2,769 2,958

Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 4 ) ( 2 3 )

Net income attributable to Eaton ordinary shareholders $ 821 1,078 $ 982 1,010 $ 1,687 2,765 $ 1,945 2,955

1 unchanged paragraph

Diluted $ 2.11 $ 2.51 $ 4.33 $ 4.96

Basic 2.11 2.52 4.34 4.97

Diluted $ 2.77 $ 2.59 $ 7.10 $ 7.54

Basic 2.77 2.60 7.12 7.57

1 unchanged paragraph

Diluted 389.5 391.4 389.4 392.5

Basic 388.5 390.3 388.4 391.2

Diluted 389.6 390.1 389.4 391.7

Basic 388.6 388.8 388.5 390.4

Cash dividends declared per ordinary share $ 1.10 $ 1.04 $ 2.20 3.30 $ 2.08 3.12

3 unchanged paragraphs

June 30 Six months ended

September 30 Nine months ended

1 unchanged paragraph

Net income $ 823 $ 982 $ 1,690 $ 1,947

Net income $ 1,079 $ 1,010 $ 2,769 $ 2,958

Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 4 ) ( 2 3 )

Net income attributable to Eaton ordinary shareholders 821 982 1,687 1,945 1,078 1,010 2,765 2,955

1 unchanged paragraph

Cash flow hedges 2 ( 3 ) ( 47 ) 8

Currency translation and related hedging instruments 20 179 80 ( 79 64 ) 263 1 199

Pensions and other postretirement benefits 68 ( 21 35 ) 98 22 63 ( 24 2 )

Cash flow hedges ( 7 ) ( 5 ) ( 54 ) 3

1 unchanged paragraph

ordinary shareholders 90 155 ( 28 ) 247

ordinary shareholders 38 ( 47 ) 10 200

Total comprehensive income attributable to Eaton ordinary shareholders $ 911 1,116 $ 1,137 963 $ 1,659 2,775 $ 2,192 3,155

3 unchanged paragraphs

(In millions) June September 30, 2026 December 31, 2025

Short-term investments 212 290 181

Accounts receivable - net 6,673 7,150 5,387

Inventory 5,417 5,941 4,721

Prepaid expenses and other current assets 1,987 2,121 1,444

Total current assets 14,772 16,031 12,355

1 unchanged paragraph

Land and buildings 2,526 2,556 2,361

Machinery and equipment 8,011 8,166 7,667

Gross property, plant and equipment 10,537 10,722 10,028

Accumulated depreciation ( 5,834 5,907 ) ( 5,712 )

Net property, plant and equipment 4,702 4,815 4,316

1 unchanged paragraph

Total assets $ 56,181 $ 41,251

Goodwill 20,229 20,298 15,769

Other intangible assets 12,611 12,264 5,054

Operating lease assets 855 943 768

Deferred income taxes 592 571 707

Other assets 2,419 2,530 2,281

Total assets $ 57,452 $ 41,251

1 unchanged paragraph

Short-term debt $ 2,091 $ 1

Accrued compensation 630 644

Short-term debt $ 1,594 $ 1

Current portion of long-term debt 11 710 1,136

Accounts payable 5,421 5,911 4,168

Accrued compensation 832 644

Other current liabilities 3,755 3,944 3,421

Total current liabilities 11,909 12,991 9,370

1 unchanged paragraph

Pension liabilities 601 702

Long-term debt 18,509 17,802 8,758

Pension liabilities 623 702

Other postretirement benefits liabilities 158 157 161

Operating lease liabilities 715 816 637

Deferred income taxes 2,139 2,084 265

Other noncurrent liabilities 1,850 1,958 1,889

Total noncurrent liabilities 23,972 23,440 12,412

1 unchanged paragraph

Retained earnings 11,530 10,702

Noncontrolling interests 45 44

5 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

and 41 more changes in the filing

Note 2: ACQUISITIONS AND DIVESTITURE OF BUSINESSES 41 changes

15 unchanged paragraphs

June 30 Six months ended

As part of the acquisition, Eaton assumed $ 240 million of employee transaction and retention awards. Awards vest in six equal annual installments starting in the second quarter of 2025, subject to continued employment with Eaton. Forfeited employee awards are paid to former Fibrebond shareholders annually. Eaton recognizes compensation expense for the awards over the requisite service period and any employee forfeitures owed to former Fibrebond shareholders are expensed immediately in Other expense (income) - net. Expense related to the awards is reported in the Consolidated Statements of Income as follows:

September 30 Nine months ended

1 unchanged paragraph

Cost of products sold $ 9 $ 34 $ 19 $ 34

Selling and administrative expense 5 11 7 11

Other expense (income) - net 13 2 13 2

Total expense $ 27 $ 47 $ 39 $ 47

Cost of products sold $ 7 $ 9 $ 27 $ 43

Selling and administrative expense 1 2 8 14

Other expense - net 4 5 17 7

Total expense $ 12 $ 16 $ 52 $ 64

Eaton's 2025 condensed consolidated financial statements include Fibrebond results of operations, including segment operating profit of $ 44 106 million on sales of $ 144 323 million, from the date of acquisition through June September 30, 2025.

1 unchanged paragraph

On August 6, 2025, Eaton acquired Resilient Power Systems Inc. (Resilient), a leading North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. Resilient was acquired for $ 86 million, including $ 55 million of cash paid at closing and an initial estimate of $ 31 million for the fair value of contingent future consideration based on 2025 through 2028 revenue performance and achievement of technology-based milestones. The fair value of contingent consideration liabilities is estimated by discounting contingent payments expected to be made, and may increase or decrease based on changes in milestone achievements and discount rates, with a maximum possible undiscounted value of $ 45 million. As of June September 30, 2026, the fair value of the contingent future payments is $ 32 million. Resilient is reported within the Electrical Americas business segment.

As part of the acquisition, Eaton assumed employee incentives with a maximum payout of $ 50 million contingent upon achievement of the same revenue performance and technology-based milestones, as well as continued employment with Eaton. The incentives will be paid over three years , starting in 2026 and concluding in 2028. As of June September 30, 2026, the Company expects to pay $ 50 million of employee incentives based on the estimated probability of the milestones being achieved. Compensation expense will be is recognized over the requisite service period. During the second third quarter and the first six months o f 2026, the Company recognized compensation expense of $ 6 million and $ 16 4 million respectively, which was included in Selling and administrative expense on the Consolidated Statements of Income. During the first nine months of 2026, compensation expense of $ 19 million and $ 1 million were included in Selling and administrative expense and Research and development expense, respectively. During the third quarter o f 2025, compensation expense of $ 4 million was included in Selling and administrative expense.

3 unchanged paragraphs

The acquisition of Ultra PCS has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date, as well as measurement period adjustments recorded as of June September 30, 2026. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are updated and finalized, further information becomes available and additional analyses are performed. These differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income.

1 unchanged paragraph

Accounts receivable $ 38 $ — 1 $ 38 39

Prepaid expenses and other current assets 26 ( 26 9 ) 17

1 unchanged paragraph

Other intangible assets 798 ( 7 24 ) 791 774

1 unchanged paragraph

Other current liabilities ( 77 ) — 1 ( 77 76 )

Other noncurrent liabilities ( 170 ) ( 5 2 ) ( 175 172 )

Total identifiable net assets 692 ( 12 28 ) 680 664

1 unchanged paragraph

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Ultra PCS. As a result of the acquisition, goodwill of $ 96 97 million recognized in the United States is expected to be deductible for tax purposes. Other intangible assets of $ 791 774 million include customer relationships, technology, trademarks and backlog. Given the timing of the acquisition, Eaton used a preliminary third-party valuation to determine the fair values for intangible assets and will continue to revise during the measurement period. See Note 6 for additional information about goodwill.

The Company incurred $ 17 million of acquisition related transaction costs d uring the first six nine months of 2026 for Ultra PCS that were included in Selling and administrative expense on the Consolidated Statements of Income.

Eaton's 2026 condensed consolidated financial statements include Ultra PCS results of operations, including segment operating profit of $ 31 47 million on sales of $ 111 166 million, from the date of acquisition through June September 30, 2026.

2 unchanged paragraphs

The acquisition of Boyd Thermal has been accounted for using the acquisition method of accounting which requires the assets acquired and liabilities assumed be recognized at their respective fair values on the acquisition date, as well as measurement period adjustments recorded as of June September 30, 2026. The table below summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed on the acquisition date. These preliminary estimates will continue to be revised during the measurement period as third-party valuations are updated and finalized, further information becomes available and additional analyses are performed. These differences could have a material impact on Eaton's preliminary purchase price allocation. The current measurement period adjustments did not have a material impact to the Consolidated Statements of Income.

2 unchanged paragraphs

Inventory 238 ( 1 ) 237

Inventory 238 20 258

1 unchanged paragraph

Property, plant and equipment 190 6 196 ( 3 ) 187

Other intangible assets 5,587 1,603 7,190 1,555 7,142

Other assets 43 — 43 6 49

1 unchanged paragraph

Other current liabilities ( 47 ) ( 12 19 ) ( 59 66 )

Other noncurrent liabilities ( 1,439 ) ( 427 429 ) ( 1,866 1,868 )

Total identifiable net assets 4,648 1,169 5,817 1,130 5,778

Goodwill 4,901 ( 1,169 1,130 ) 3,733 3,771

1 unchanged paragraph

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Boyd Thermal. Goodwill recognized as a result of the acquisition is not expected to be deductible for tax purposes. Other intangible assets of $ 7,190 7,142 million include customer relationships, technology and backlog. Given the timing of the acquisition, Eaton used a preliminary third-party valuation to determine the fair values for intangible assets and will continue to revise during the measurement period. See Note 6 for additional information about goodwill.

The Company incurred $ 1 million and $ 36 million of acquisition related transaction costs d uring the second quarter and first six nine months of 2026 respectively, for Boyd Thermal that were included in Selling and administrative expense on the Consolidated Statements of Income.

Eaton's 2026 condensed consolidated financial statements include Boyd Thermal results of operations, including segment operating profit of $ 121 257 million on sales of $ 524 1,058 million, from the date of acquisition through June September 30, 2026.

Agreement to Acquire COL Group

On September 25, 2026, Eaton signed an agreement to acquire COL Group, a leader in medium-voltage electrical distribution solutions, including SF₆-free switchgear, grid automation technologies and modular power systems. COL Group has approximately 400 employees and facilities in Turin, Milan, Bergamo, and Catania, Italy. Under the terms of the agreement, Eaton will pay € 810 million ($ 921 million, translated at the September 30, 2026 exchange rate) for COL Group. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027. COL Group will be reported within the Electrical Global business segment.

1 unchanged paragraph

On January 26, 2026, Eaton announced its intention to separate its Mobility business segment from the rest of Eaton via a spin-off. On June 10, 2026, Eaton entered into definitive agreements with Dana Incorporated (Dana), and on October 16, 2026, entered into a supplemental letter agreement, whereby Eaton will separate the Mobility business and combine it with Dana in a Reverse Morris Trust (RMT) transaction (the separation and merger with and into Dana described below (collectively referred to as the Transaction). As part of the Transaction, Eaton will distribute the Mobility business (other than certain assets and liabilities that will be sold directly to Dana in a concurrent asset sale) to Eaton shareholders through an exchange offer (split-off), in which Eaton shareholders will have the opportunity to tender their Eaton shares in exchange for shares of Mobility (USA) Corporation, a wholly owned subsidiary of Eaton (SpinCo), followed, if necessary, by a clean-up pro rata distribution. Immediately thereafter, a two-step merger will take place. In the first merger step, a direct, wholly owned corporation subsidiary of SpinCo will merge with and into Dana, with Dana surviving such first merger as a direct, wholly owned subsidiary of SpinCo. Then immediately following the first merger, Dana will merge with and into a direct, wholly owned limited liability company subsidiary of SpinCo (the Second Merger Sub), with the Second Merger Sub surviving as a direct, wholly owned subsidiary of SpinCo. Following completion of the Transaction, Eaton shareholders are expected to own at least 50.1 % of the combined company's outstanding shares. Eaton Certain of Eaton's subsidiaries will also receive a cash distribution of approximately $ 1.1 billion prior to completion of the Transaction, subject to a customary cash and indebtedness adjustment and tax payments to various global jurisdictions and transaction related charges. adjustments. Eaton expects to use the cash distribution consistent with its capital allocation framework, including repayment of outstanding indebtedness.

The RMT transaction is intended to be tax-free for U.S. federal income tax purposes to Eaton and Eaton's shareholders and is expected to close in the first quarter four months of 2027, subject to Dana stockholder approval, regulatory approvals, and customary closing conditions. Until the Transaction closes, the Mobility business segment will continue to operate as a business segment of Eaton and its financial results reported in Eaton's continuing operations. In the event the Transaction is not consummated, Eaton intends to separate its Mobility business segment in a spin-off.

Note 3: REVENUE RECOGNITION 39 changes

2 unchanged paragraphs

June 30 Six months ended

September 30 Nine months ended

1 unchanged paragraph

Products $ 1,144 $ 817 $ 2,164 $ 1,560

Systems 2,806 2,533 5,387 4,800

Total $ 3,951 $ 3,350 $ 7,551 $ 6,360

Products $ 1,627 $ 1,008 $ 2,776 $ 1,946

Systems 890 744 1,687 1,416

Total $ 2,517 $ 1,753 $ 4,463 $ 3,362

Original Equipment Manufacturers $ 456 $ 409 $ 864 $ 795

Aftermarket 474 396 920 746

Industrial and Other 292 275 578 518

Total $ 1,222 $ 1,080 $ 2,362 $ 2,059

Vehicle $ 684 $ 663 $ 1,298 $ 1,280

eMobility 157 182 309 343

Total $ 841 $ 845 $ 1,607 $ 1,623

Total net sales $ 8,531 $ 7,028 $ 15,982 $ 13,404

Products $ 1,271 $ 814 $ 3,435 $ 2,374

Systems 2,901 2,596 8,288 7,396

Total $ 4,172 $ 3,410 $ 11,723 $ 9,770

Products $ 1,777 $ 988 $ 4,553 $ 2,892

Systems 949 736 2,636 2,195

Total $ 2,727 $ 1,724 $ 7,189 $ 5,086

Original Equipment Manufacturers $ 455 $ 407 $ 1,319 $ 1,199

Aftermarket 446 404 1,366 1,151

Industrial and Other 295 269 872 788

Total $ 1,196 $ 1,079 $ 3,558 $ 3,138

Vehicle $ 691 $ 639 $ 1,989 $ 1,920

eMobility 161 136 470 479

Total $ 852 $ 775 $ 2,460 $ 2,399

Total net sales $ 8,947 $ 6,988 $ 24,929 $ 20,393

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (revenue recognized exceeds amount billed to the customer), and deferred revenue (advance payments and billings in excess of revenue recognized). Accounts receivable from customers were $ 6,040 6,535 million and $ 4,682 million at June September 30, 2026 and December 31, 2025, respectively. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals or upon achievement of contractual milestones. These assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Unbilled receivables were $ 1,015 1,158 million and $ 759 million at June September 30, 2026 and December 31, 2025, respectively, and are recorded in Prepaid expenses and other current assets. The increase in unbilled receivables reflects higher revenue recognized and not yet billed from increased business activity in 2026, higher revenue recognized over time in 2026, and unbilled receivables associated with the Ultra PCS acquisition.

3 unchanged paragraphs

Customer deposits and billings 2,365 3,649

Revenue recognized in the period ( 2,173 3,417 )

1 unchanged paragraph

Balance at June September 30, 2026

2 unchanged paragraphs

Customer deposits and billings 1,902 2,939

Revenue recognized in the period ( 1,862 2,872 )

1 unchanged paragraph

Balance at June September 30, 2025

Deferred revenue liabilities of $ 1,133 1,171 million and $ 899 million as of June September 30, 2026 and December 31, 2025, respectively, were included in Other current liabilities on the Consolidated Balance Sheets with the remaining balance presented in Other noncurrent liabilities.

A significant portion of open orders placed with Eaton are by customers of electrical products and electrical system and services, original equipment manufacturers or distributors. These open orders are not considered firm as they have been historically subject to releases by customers. In measuring backlog of unsatisfied or partially satisfied obligations, only the amount of orders to which customers are firmly committed are included. Using this criterion, total backlog at June September 30, 2026 was approximately $ 24.1 26.2 billion. At June September 30, 2026, approximately 71 72 % of this backlog is targeted for delivery to customers in the next twelve months and the rest thereafter.

Note 4: CREDIT LOSSES FOR RECEIVABLES 1 change

2 unchanged paragraphs

Accounts receivable are net of an allowance for credit losses of $ 60 63 million and $ 57 million at June September 30, 2026 and December 31, 2025, respectively. The change in the allowance for credit losses includes expense and net write-offs, none of which are significant.

Note 5: INVENTORY 5 changes

1 unchanged paragraph

(In millions) June September 30, 2026 December 31, 2025

Raw materials $ 2,058 2,297 $ 1,726

Work-in-process 1,313 1,396 1,034

Finished goods 2,045 2,248 1,961

Total inventory $ 5,417 5,941 $ 4,721

Note 6: GOODWILL 7 changes

1 unchanged paragraph

Aerospace 2,977 849 ( 60 ) 3,766

(In millions) January 1, 2026 Additions Translation June September 30, 2026

Electrical Americas $ 8,010 $ — $ ( 3 4 ) $ 8,007 8,006

Electrical Global 4,156 3,733 3,771 ( 57 47 ) 7,832 7,880

Aerospace 2,977 865 ( 54 ) 3,788

1 unchanged paragraph

Total $ 15,769 $ 4,582 $ ( 121 ) $ 20,229

Total $ 15,769 $ 4,636 $ ( 106 ) $ 20,298

3 unchanged paragraphs

Note 7: SUPPLY CHAIN FINANCE PROGRAM 6 changes

4 unchanged paragraphs

Invoices confirmed during the period 1,126 1,834

Invoices paid during the period ( 999 1,614 )

Balance at June September 30, 2026

2 unchanged paragraphs

Invoices confirmed during the period 811 1,257

Invoices paid during the period ( 739 1,154 )

Balance at June September 30, 2025

Note 8: DEBT 4 changes

On February 6, 2026, Eaton Corporation, a subsidiary of Eaton, exercised a $ 1,000 million upsize of the existing $ 3,000 million five-year revolving credit agreement, increasing the total facility size to $ 4,000 million. The facility's maturity date remains unchanged at September 27, 2030. The revolving credit facility is used to support commercial paper borrowings and is fully and unconditionally guaranteed by Eaton and certain of its direct and indirect subsidiaries on an unsubordinated, unsecured basis. There were no borrowings outstanding under the revolving credit facility at June September 30, 2026. Also on February 6, 2026, the Company increased its commercial paper program from $ 3,000 million to $ 4,000 million. The Company maintains access to the commercial paper markets through its $ 4,000 million commercial paper program, of which $ 2,088 1,592 million was outstanding on June September 30, 2026.

On March 6, 2026, Eaton Corporation, a subsidiary of Eaton, issued notes (2026 U.S. Notes) with an aggregate face amount of $ 8,500 million. The 2026 U.S. Notes are comprised of six tranches: 3.850 % notes due 2028 in the amount of $ 1,500 million; 3.950 % notes due 2029 in the amount of $ 1,500 million; 4.200 % notes due 2031 in the amount of $ 1,500 million; 4.500 % notes due 2033 in the amount of $ 1,000 million; 4.800 % notes due 2036 in the amount of $ 2,000 million; and 5.450 % notes due 2056 in the amount of $ 1,000 million. Interest is payable semi-annually. The issuer received proceeds totaling $ 8,427 8,421 million from the 2026 U.S. Notes issuance, net of financing costs and discounts. The 2026 U.S. Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2026 U.S. Notes contain customary optional redemption and par call provisions. The 2026 U.S. Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the 2026 U.S. Notes at a purchase price of 101 % of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense - net over the respective terms of the 2026 U.S. Notes. The 2026 U.S. Notes are subject to customary non-financial covenants.

On March 10, 2026, Eaton Capital Unlimited Company, a subsidiary of Eaton, issued Euro denominated notes (2026 Euro Notes) with an aggregate face amount of € 1,200 million ($ 1,390 million). The 2026 Euro Notes are comprised of two tranches of € 600 million each, which mature in 2034 and 2038, with interest payable annually at a respective rate of 3.550 % and 4.000 % per annum. The issuer received proceeds totaling € 1,191 million ($ 1,380 1,379 million) from the 2026 Euro Notes issuance, net of financing costs and discounts. The 2026 Euro Notes are fully and unconditionally guaranteed on an unsubordinated, unsecured basis by Eaton and certain of its direct and indirect subsidiaries. The 2026 Euro Notes contain customary optional redemption and par call provisions. The 2026 Euro Notes also contain a change of control provision which requires the Company to make an offer to purchase all or any part of the 2026 Euro Notes at a purchase price of 101 % of the principal amount plus accrued and unpaid interest. The capitalized deferred financing fees are amortized in Interest expense - net over the respective terms of the 2026 Euro Notes. The 2026 Euro Notes are subject to customary non-financial covenants.

1 unchanged paragraph

Concurrently with the execution of the definitive agreements with Dana on June 10, 2026 to separate the Mobility business and combine it with Dana in a RMT transaction, Mobility (USA) Corporation, a wholly owned subsidiary of Eaton, and Dana entered into a senior unsecured bridge facility (Bridge Facility) with an initial aggregate principal amount of $ 2.6 billion. Subsequently, Mobility (USA) Corporation and Dana became a party to a $ 350 million senior secured term loan A (Term A Facility) commitment and a $ 1.2 billion senior secured revolving credit facility (Revolving Credit Facility) commitment. The commitments under the Bridge Facility were reduced by $ 350 million simultaneously with the execution of the Term A Facility commitment. The aggregate proceeds of the Bridge Facility, to the extent not reduced or replaced by any additional permanent financing (the Additional Permanent Financing), the Term A Facility, and/or any Additional Permanent Financing are expected to be used by Mobility (USA) Corporation and Dana to fund the cash distribution to certain of Eaton's subsidiaries (excluding Eaton, Mobility (USA) Corporation, and each subsidiary of Mobility (USA) Corporation) prior to completion of the Transaction described in Note 2, refinance certain existing indebtedness of Dana, refinance or replace the Bridge Facility, and/or pay fees and expenses related to the Transaction. Mobility (USA) Corporation has not drawn on any of the Bridge Facility, the Term A Facility, or the Revolving Credit Facility, and amounts are not available to be drawn prior to the cash distribution or Transaction closing, as applicable.

Note 9: RETIREMENT BENEFITS PLANS 26 changes

3 unchanged paragraphs

benefits expense (income)

Three months ended June September 30

1 unchanged paragraph

Interest cost 30 34 23 23 2 3

Amortization 6 3 5 4 ( 2 ) ( 3 )

Settlements, curtailments, and termination benefits 16 9 1 3 — —

Total expense $ 6 $ 3 $ 8 $ 8 $ — $ —

Service cost $ 1 $ 4 $ 13 12 $ 11 12 $ — $ —

Interest cost 31 34 22 22 3 2

Expected return on plan assets ( 47 45 ) ( 47 48 ) ( 34 33 ) ( 33 ) — —

Amortization 6 4 6 4 ( 3 ) ( 3 )

Settlements 15 11 2 2 — —

Total expense (income) $ 8 $ 5 $ 9 $ 7 $ — $ ( 1 )

1 unchanged paragraph

Six months ended June 30

Nine months ended September 30

1 unchanged paragraph

Service cost $ 2 $ 8 $ 25 $ 22 $ — $ —

Interest cost 60 68 46 44 4 5

Amortization 12 7 11 8 ( 5 ) ( 6 )

Total expense (income) $ 7 $ 6 $ 17 $ 15 $ ( 1 ) $ ( 1 )

Service cost $ 3 $ 12 $ 37 $ 34 $ — $ —

Interest cost 91 102 68 66 7 7

Expected return on plan assets ( 95 140 ) ( 95 143 ) ( 67 100 ) ( 64 97 ) — —

Amortization 18 11 17 12 ( 8 ) ( 9 )

Settlements, curtailments, and termination benefits 28 18 2 5 43 29 4 7 — —

Total expense (income) $ 15 $ 11 $ 26 $ 22 $ ( 1 ) $ ( 2 )

The components of retirement benefits expense (income) other than service costs are included in Other expense (income) - net.

1 unchanged paragraph

During the second third quarter and first six nine months of 2026, the Company recognized settlement losses from lump sum lump-sum distributions of $ 15 17 million and $ 28 45 million, respectively. During the second third quarter and first six nine months of 2025, the Company recognized settlement losses from lump sum distributions of $ 12 13 million and $ 23 36 million, respectively. In The second quarter of 2026, the Company remeasured certain pension plans as a result of lump-sum distributions exceeding or expected to exceed the sum of service and interest costs for the year. These remeasurements The remeasurement resulted in an increase a decrease of $ 47 42 million in funded status and corresponding decrease increase in Accumulated other comprehensive loss in the second third quarter of 2026. During the first nine months of 2026, remeasurements resulted in an increase of $ 5 million in funded status and corresponding decrease in Accumulated other comprehensive loss.

Note 10: LEGAL CONTINGENCIES 2 changes

Eaton is subject to a broad range of claims, administrative proceedings, and legal proceedings, including, but not limited to, claims for punitive damages, penalties, and interest, in a variety of matters, including, but not limited to, contract, indemnity, tax, patent infringement, intellectual property, personal injury, commercial, warranty, product liability, environmental, antitrust and trade regulation, class action, asbestos-related claims, and labor and employment matters. Eaton is also subject to legal claims from historic products which may have contained asbestos. Insurance may cover some of the costs associated with claims and proceedings involving Eaton. Although it is not possible to predict with certainty the outcome or cost of these matters, the Company believes they will not have a material adverse effect on the condensed consolidated financial statements.

The ultimate outcome of these matters cannot be predicted with certainty given the complex nature of these matters. Should the ultimate outcome of any one of these matters deviate from our reasonable expectations, final resolution may have a material adverse impact on the Company's condensed consolidated financial statements.

Note 11: INCOME TAXES 5 changes

The effective income tax rate for the second third quarter and first six nine months of 2026 was expense of 28.1 21.3 % and 24.9 23.5 %, respectively, compared to expense of 17.2 20.7 % and 17.6 18.7 % for the second third quarter and first six nine months of 2025. The increase in the effective tax rate in the second third quarter and first six nine months of 2026 was primarily due to greater levels of income in higher tax jurisdictions and withholding tax expense related to funding the acquisition of Boyd Thermal.

United States Tax Disputes

U.S. Tax Years 2014-2016

As previously disclosed, the Company has been pursuing the administrative appeals process with the United States Internal Revenue Service (IRS) to resolve certain adjustments that the IRS proposed for the Company's United States subsidiaries (Eaton US) for tax years 2014-2016. The administrative appeals process has concluded without resolution. On October 27, 2026, the IRS issued Statutory Notices of Deficiency for Eaton US for tax years 2014-2016 proposing assessments of $ 290 million in additional taxes plus $ 120 million in penalties, net of agreed credits and deductions. The proposed assessments are for similar issues which are in litigation for tax years 2011-2013 and pertain to: (i) transfer pricing adjustments for products manufactured in the Company's facilities in Puerto Rico and the Dominican Republic and sold to affiliated companies located in the U.S.; (ii) transfer pricing adjustments for products manufactured in one of the Company's facilities in Mexico and sold to affiliated companies located in the U.S.; and (iii) adjustments challenging the interest rate on intercompany debt and amount of intercompany fees charged for financial guarantees on external debt. The Company will file its petition to the U.S. Tax Court on or before January 25, 2027, and will vigorously defend its positions through litigation, which generally takes several years for final resolution.

The Company believes that final resolution of these matters will not have a material impact on its consolidated financial statements. The ultimate outcome of these matters cannot be predicted with certainty given the complex nature of tax controversies. Should the ultimate outcome of any one of these matters deviate from our reasonable expectations, final resolution may have a material adverse impact on the Company's condensed consolidated financial statements. However, Eaton believes that its interpretations of tax laws and application of tax laws to its facts are correct, and that its accrual of unrecognized income tax benefits is appropriate with respect to these matters.

Note 12: EATON SHAREHOLDERS' EQUITY 44 changes

19 unchanged paragraphs

Net income — — — 1,078 — — 1,078 1 1,079

Other comprehensive income, net of tax 38 38 38

Cash dividends paid — — — ( 427 ) — — ( 427 ) ( 1 ) ( 428 )

Issuance of shares under equity-based

compensation plans 0.1 — 35 (2) — (1) 32 — 32

Changes in noncontrolling interest of

consolidated subsidiaries - net — — — — — — — 2 2

Balance at September 30, 2026

20 unchanged paragraphs

Net income — — — 1,010 — — 1,010 1 1,010

Other comprehensive loss, net of tax ( 47 ) ( 47 ) ( 47 )

Cash dividends paid — — — ( 404 ) — — ( 404 ) — ( 404 )

Issuance of shares under equity-based

compensation plans 0.1 — 33 — — — 33 — 33

Repurchase of shares ( 1.0 ) — — ( 355 ) — — ( 355 ) — ( 355 )

Balance at September 30, 2025

On February 23, 2022, the Eaton Board of Directors adopted a share repurchase program for repurchases of ordinary shares up to $ 5.0 billion to be made during the three-year period commencing on that date (2022 Program). On February 27, 2025, the Eaton Board of Directors renewed the 2022 Program by providing authority for up to $ 9.0 billion in repurchases to be made during the three-year period commencing on that date (2025 Program). Under the 2025 Program, the ordinary shares are expected to be repurchased over time, depending on market conditions, the market price of ordinary shares, capital levels, and other considerations. During the three and six nine months ended June September 30, 2026, no ordinary shares were repurchased. During the three and six nine months ended June September 30, 2025, 2.3 1.0 million and 4.2 5.2 million ordinary shares, respectively, were repurchased under the 2025 or 2022 Programs in the open market at a total cost of $ 698 355 million and $ 1,306 1,661 million, respectively.

4 unchanged paragraphs

reclassifications ( 73 ) 57 ( 37 ) ( 53 )

reclassifications 9 2 ( 38 ) ( 27 )

1 unchanged paragraph

comprehensive loss (income) ( 6 ) 41 ( 10 ) 25

comprehensive loss (income) ( 8 ) 61 ( 16 ) 37

1 unchanged paragraph

income (loss) ( 79 ) 98 ( 47 ) ( 28 )

income (loss) 1 63 ( 54 ) 10

Balance at June September 30, 2026

1 unchanged paragraph

(In millions) Six Nine months ended

June September 30 Consolidated Statements

2 unchanged paragraphs

Currency exchange contracts $ 6 8 Interest expense - net

2 unchanged paragraphs

Actuarial loss and prior service cost ( 48 74 ) 1

Total, net of tax ( 41 61 )

1 unchanged paragraph

Floating-to-fixed interest rate swaps 5 8 Interest expense - net

Currency exchange contracts 8 11 Net sales and Cost of products sold

Commodity contracts 1 Cost of products sold

Total, net of tax 10 16

Total reclassifications for the period $ ( 25 37 )

3 unchanged paragraphs

June 30 Six months ended

September 30 Nine months ended

1 unchanged paragraph

Net income attributable to Eaton ordinary shareholders $ 821 1,078 $ 982 1,010 $ 1,687 2,765 $ 1,945 2,955

Weighted-average number of ordinary shares outstanding - diluted 389.5 391.4 389.6 390.1 389.4 392.5 391.7

Less dilutive effect of equity-based compensation 1.0 1.1 1.0 1.3 0.9 1.3

Weighted-average number of ordinary shares outstanding - basic 388.6 388.8 388.5 390.3 388.4 391.2 390.4

1 unchanged paragraph

Diluted $ 2.11 $ 2.51 $ 4.33 $ 4.96

Basic 2.11 2.52 4.34 4.97

Diluted $ 2.77 $ 2.59 $ 7.10 $ 7.54

Basic 2.77 2.60 7.12 7.57

For the second third quarter and first six nine months of 2026 and 2025, all stock options were included in the calculation of diluted net income per share attributable to Eaton ordinary shareholders because they were all dilutive. For the second quarter and first six months of 2025, 0.1 million stock options were excluded from the calculation of diluted net income per share attributable to Eaton ordinary shareholders because the exercise price of the options exceeded the average market price of the ordinary shares during the period and their effect, accordingly, would have been antidilutive.

Note 13: FAIR VALUE MEASUREMENTS 4 changes

3 unchanged paragraphs

Cash $ 483 $ 483 $ — $ —

Cash $ 528 $ 528 $ — $ —

Short-term investments 212 212 290 290 — —

10 unchanged paragraphs

Long-term debt and the current portion of long-term debt had a carrying value of $ 18,520 18,512 million and fair value of $ 18,013 17,171 million at June September 30, 2026 compared to $ 9,894 million and $ 9,587 million, respectively, at December 31, 2025. The fair value of Eaton's debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and is considered a Level 2 fair value measurement.

Note 14: RESTRUCTURING CHARGES 33 changes

June 30 Six months ended

During the first quarter of 2024, Eaton implemented a multi-year restructuring program to accelerate opportunities to optimize its operations and global support structure. These actions will better align the Company's functions to support anticipated growth and drive greater effectiveness throughout the Company. Since the inception of the program, the Company has incurred charges of $ 397 394 million. This restructuring program is expected to be completed in 2026 and is expected to incur additional expenses related to workforce reductions of $ 60 20 million and plant closing and other costs of $ 18 16 million, resulting in total estimated charges of $ 475 430 million for the entire program.

A summary of restructuring program charges (income) is as follows:

September 30 Nine months ended

1 unchanged paragraph

Workforce reductions $ 18 $ 7 $ 42 $ 19

Plant closing and other 6 17 20 23

Income tax benefit 5 5 13 9

Total after income taxes $ 19 $ 18 $ 49 $ 33

Per ordinary share - diluted $ 0.05 $ 0.05 $ 0.13 $ 0.08

Workforce reductions $ ( 7 ) $ 45 $ 35 $ 65

Plant closing and other 5 10 25 33

Total before income taxes 24 24 62 42 2

Income tax benefit (expense) — 12 13 22

Total after income taxes $ ( 2 ) $ 43 $ 46 $ 75

Per ordinary share - diluted $ ( 0.01 ) $ 0.11 $ 0.12 $ 0.19

1 unchanged paragraph

June 30 Six months ended

Electrical Americas $ 10 $ 9 $ 11 $ 10 $ 38

Electrical Global 9 5 40 19 191

Aerospace — — — — 19

Mobility ( 2 ) 4 3 6 98

Corporate 6 6 9 7 51

Total $ 24 $ 24 $ 62 $ 42 $ 397

September 30 Nine months ended

June September 30 Restructuring program charges incurred from inception through (In millions) 2026 2025 2026 2025 June September 30, 2026 ( 6 ) 20 34 39 185

Aerospace — 1 — 1 19

Mobility 4 27 6 33 102

Corporate 2 5 11 12 53

Total $ ( 3 ) $ 55 $ 59 $ 97 $ 394

9 unchanged paragraphs

Liability recognized, net 42 20 62 2

Payments, utilization and translation ( 43 56 ) ( 21 27 ) ( 65 84 )

Balance at June September 30, 2026

1 unchanged paragraph

2 The restructuring program liability was adjusted by $ 3 million and $ 9 million in the third quarter of 2026 primarily related to true-ups for completed workforce reductions in the Electrical Americas and Electrical Global business segments, respectively.

These restructuring program charges (income) were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net , as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. See Note 15 for additional information about business segments.

Note 15: BUSINESS SEGMENT INFORMATION 93 changes

2 unchanged paragraphs

Other segment items are primarily comprised of Cost of products sold, Selling and administrative expense, Research and development expense, depreciation of property, plant and equipment, and certain items included in Other expense (income) – net on the Consolidated Statements of Income. The Company's chief operating decision maker manages these items on a consolidated basis.

During the first quarter of 2026, Eaton re-segmented certain business segments due to a reorganization of the Company's businesses. The new segment is Mobility, which includes the legacy Vehicle and eMobility segments. Historical segment information has been recast to reflect this change. Eaton's segments as of June September 30, 2026 are as follows:

5 unchanged paragraphs

Three months ended June 30 Six months ended June 30

Electrical Americas $ 3,951 $ 3,350 $ 7,551 $ 6,360

Electrical Global 2,517 1,753 4,463 3,362

Aerospace 1,222 1,080 2,362 2,059

Mobility 841 845 1,607 1,624

Total net sales $ 8,531 $ 7,028 $ 15,982 $ 13,404

Electrical Americas $ 2,863 $ 2,363 $ 5,541 $ 4,469

Electrical Global 2,018 1,400 3,590 2,709

Aerospace 944 840 1,780 1,593

Mobility 732 743 1,409 1,430

Total other segment items $ 6,557 $ 5,346 $ 12,318 $ 10,200

Three months ended September 30 Nine months ended September 30 (In millions) 2026 2025 2026 2025

Electrical Americas $ 4,172 $ 3,410 $ 11,723 $ 9,770

Electrical Global 2,727 1,724 7,189 5,086

Aerospace 1,196 1,079 3,558 3,138

Mobility 852 775 2,460 2,399

Total net sales $ 8,947 $ 6,988 $ 24,929 $ 20,393

Electrical Americas $ 2,929 $ 2,376 $ 8,470 $ 6,844

Electrical Global 2,151 1,394 5,740 4,103

Aerospace 898 799 2,677 2,392

Mobility 706 670 2,115 2,100

Total other segment items $ 6,684 $ 5,239 $ 19,002 $ 15,440

1 unchanged paragraph

Electrical Americas $ 1,088 $ 987 $ 2,010 $ 1,891

Electrical Global 499 353 873 653

Aerospace 278 240 582 466

Mobility 109 102 198 194

Total segment operating profit 1,974 1,682 3,664 3,204

Intangible asset amortization expense ( 255 ) ( 129 ) ( 395 ) ( 235 )

Interest expense - net ( 201 ) ( 71 ) ( 307 ) ( 103 )

Restructuring program charges ( 24 ) ( 24 ) ( 62 ) ( 42 )

Other expense - net ( 353 ) ( 277 ) ( 655 ) ( 471 )

Income before income taxes 1,144 1,186 2,251 2,363

Income tax expense 321 203 561 415

Net income 823 982 1,690 1,947

Net income attributable to Eaton ordinary shareholders $ 821 $ 982 $ 1,687 $ 1,945 (In millions) June 30, 2026 December 31, 2025

Electrical Americas $ 7,389 $ 6,283

Total assets $ 56,181 $ 41,251

Three months ended June 30 Six months ended June 30

Electrical Americas $ 1,243 $ 1,034 $ 3,253 $ 2,926

Electrical Global 576 330 1,449 983

Aerospace 298 280 881 746

Mobility 146 105 345 299

Total segment operating profit 2,263 1,749 5,927 4,953

Intangible asset amortization expense ( 314 ) ( 130 ) ( 709 ) ( 365 )

Interest expense - net ( 198 ) ( 67 ) ( 505 ) ( 171 )

Pension and other postretirement benefits income (expense) ( 4 ) 4 2 5 6 10 15

Restructuring program income (charges) 3 ( 55 ) ( 59 ) ( 97 )

Other expense - net ( 380 ) ( 226 ) ( 1,035 ) ( 698 )

Income before income taxes 1,370 1,275 3,620 3,637

Income tax expense 291 264 852 680

Net income 1,079 1,010 2,769 2,958

Less net income for noncontrolling interests ( 1 ) ( 1 ) ( 3 4 ) ( 2 3 )

Net income attributable to Eaton ordinary

(In millions) September 30, 2026 December 31, 2025

Electrical Americas $ 8,022 $ 6,283

Electrical Global 5,245 5,750 3,852

Aerospace 2,593 2,676 2,684

Mobility 2,648 2,706 2,708

Total identifiable assets 17,875 19,154 15,526

Goodwill 20,229 20,298 15,769

Other intangible assets 12,611 12,264 5,054

Corporate 5,465 5,736 4,902

Total assets $ 57,452 $ 41,251

Three months ended September 30 Nine months ended September 30 (In millions) 2026 2025 2026 2025

1 unchanged paragraph

Electrical Americas $ 84 $ 98 $ 170 $ 155

Electrical Global 92 49 149 89

Aerospace 21 22 39 39

Mobility 24 23 40 44

Total 222 191 398 327

Corporate 32 11 48 22

Three months ended June 30 Six months ended June 30

Electrical Americas $ 98 $ 80 $ 268 $ 235

Electrical Global 109 44 259 133

Aerospace 27 22 67 60

Mobility 24 19 64 63

Total 258 164 657 491

Corporate 17 14 65 36

Total expenditures for property, plant and equipment $ 253 275 $ 202 178 $ 446 721 $ 349 527

1 unchanged paragraph

and 13 more changes in the filing

Forward-looking statements 210 changes

This Form 10-Q Report contains "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may discuss, among other things, litigation, expected capital expenditures, future dividend payments, anticipated share repurchases, liquidity, the successful integration of recent acquisitions, the anticipated separation and divestiture of the Mobility business, the anticipated closing of COL Group, anticipated capital deployment, and expected restructuring program charges and benefits. These statements may also discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to the Company. These statements are not guarantees of future performance, and actual results may differ materially. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "aim," "anticipate," "believe," "could," "develop," "endeavor," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "outlook," "plan," "possible," "potential," "predict," "project" "seek," "should," "target," "will," "would" or other similar words, phrases or expressions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside of our control.

14 unchanged paragraphs

Agreement to Acquire COL Group

On September 25, 2026, Eaton signed an agreement to acquire COL Group, a leader in medium-voltage electrical distribution solutions, including SF₆-free switchgear, grid automation technologies and modular power systems. COL Group has approximately 400 employees and facilities in Turin, Milan, Bergamo, and Catania, Italy. Under the terms of the agreement, Eaton will pay €810 million ($921 million, translated at the September 30, 2026 exchange rate) for COL Group. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027. COL Group will be reported within the Electrical Global business segment.

Planned Separation of Mobility Business

On January 26, 2026, Eaton announced its intention to separate its Mobility business segment from the rest of Eaton via a spin-off. On June 10, 2026, Eaton entered into definitive agreements with Dana Incorporated (Dana), and on October 16, 2026, entered into a supplemental letter agreement, whereby Eaton will separate the Mobility business and combine it with Dana in a Reverse Morris Trust (RMT) transaction (the separation and merger with and into Dana described below (collectively referred to as the Transaction). As part of the Transaction, Eaton will distribute the Mobility business (other than certain assets and liabilities that will be sold directly to Dana in a concurrent asset sale) to Eaton shareholders through an exchange offer (split-off), in which Eaton shareholders will have the opportunity to tender their Eaton shares in exchange for shares of Mobility (USA) Corporation, a wholly owned subsidiary of Eaton (SpinCo), followed, if necessary, by a clean-up pro rata distribution. Immediately thereafter, a two-step merger will take place. In the first merger step, a direct, wholly owned corporation subsidiary of SpinCo will merge with and into Dana, with Dana surviving such first merger as a direct, wholly owned subsidiary of SpinCo. Then immediately following the first merger, Dana will merge with and into a direct, wholly owned limited liability company subsidiary of SpinCo (the Second Merger Sub), with the Second Merger Sub surviving as a direct, wholly owned subsidiary of SpinCo. Following completion of the Transaction, Eaton shareholders are expected to own at least 50.1% of the combined company's outstanding shares. Eaton Certain of Eaton's subsidiaries will also receive a cash distribution of approximately $1.1 billion prior to completion of the Transaction, subject to a customary cash and indebtedness adjustment and tax payments to various global jurisdictions and transaction related charges. adjustments. Eaton expects to use the cash distribution consistent with its capital allocation framework, including repayment of outstanding indebtedness.

The RMT transaction is intended to be tax-free for U.S. federal income tax purposes to Eaton and Eaton's shareholders and is expected to close in the first quarter four months of 2027, subject to Dana stockholder approval, regulatory approvals, and customary closing conditions. Until the Transaction closes, the Mobility business segment will continue to operate as a business segment of Eaton and its financial results reported in Eaton's continuing operations. In the event the Transaction is not consummated, Eaton intends to separate its Mobility business segment in a spin-off.

Additional information related to acquisitions and divestiture of businesses is presented in Note 2.

5 unchanged paragraphs

June 30 Six months ended

September 30 Nine months ended

1 unchanged paragraph

Income tax expense (benefit) 36 (16) 15 (19)

Total after income taxes $ 190 $ 54 $ 278 $ 61

Per ordinary share - diluted $ 0.49 $ 0.14 $ 0.71 $ 0.16

Acquisition integration, divestiture charges and transaction costs $ 154 128 $ 70 55 $ 263 391 $ 80 135

Income tax expense (benefit) (12) (11) 3 (30)

Total after income taxes $ 116 $ 44 $ 394 $ 105

Per ordinary share - diluted $ 0.30 $ 0.11 $ 1.01 $ 0.27

1 unchanged paragraph

• The acquisitions of Fibrebond Corporation, Resilient Power Systems Inc., Ultra PCS Limited, Boyd Thermal, and Exertherm, the anticipated divestiture separation of the Mobility business, transactions completed prior to 2023, and other charges to acquire and exit businesses.

• Employee transaction and retention award compensation expense related to the acquisition of Fibrebond of $27 $12 million and $39 $52 million in the second third quarter and the first six nine months of 2026, respectively, and $47 $16 million and $64 million in the second third quarter and the first six nine months of 2025, respectively.

• Employee incentive compensation expense related to the acquisition of Resilient of $6 $4 million and $16 $20 million in the second third quarter and first six nine months of 2026, respectively, and $4 million in the third quarter of 2025.

Charges in 2026 and 2025 were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net. In Business Segment Information in Note 15, the charges were included in Other expense - net.

Additionally, during the second quarter and the first six months of 2026, Eaton incurred $52 million of withholding taxes related to funding the acquisition of Boyd Thermal, which are included in Income tax expense (benefit) in the table above for the nine months ended September 30, 2026.

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

6 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

3 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

11 unchanged paragraphs

1 unchanged paragraph

and 189 more changes in the filing

Controls and procedures 2 changes

2 unchanged paragraphs

1 unchanged paragraph

and 2 more changes in the filing

Legal proceedings 1 change

and 1 more change in the filing

Risk factors 1 change

2 unchanged paragraphs

2 unchanged paragraphs

and 1 more change in the filing

Unregistered sales of stock 1 change

1 unchanged paragraph

and 1 more change in the filing

Other information 1 change

and 1 more change in the filing

Exhibits 2 changes

1 unchanged paragraph

16 unchanged paragraphs

2 unchanged paragraphs

and 2 more changes in the filing