Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of ETN revenue, profitability and cash conversion; reported revenue growth was 10.33%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 24.878 billion to USD 27.448 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 3.794 billion to USD 4.087 billion. Operating income moved from not available to not available. Net margin moved from 15.25% to 14.89%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 4.327 billion in the earlier period and USD 4.472 billion in the later period. Selected free cash flow was USD 3.519 billion and USD 3.553 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Backlog conversion, utilization, deliveries, working capital and service revenue.

Risks and uncertainties

Order cancellations, supply constraints, execution risk, labor costs and capital-cycle sensitivity.

Sources & dates