ETN · Earnings call · 2026Q3T · Full report

Order Backlog and Book-to-Bill

Eaton Corp plc · 2026-11-03 · Importance 70 · Surprise 56

Electrical Americas demand was broad-based, with its negotiations pipeline up about 55% year to date, backlog up 33% to a record, and rolling 12-month orders up 39%, at a 1.3 book-to-bill. Management said demand continued to run ahead of what the segment could convert. Across Eaton’s electrical businesses, rolling 12-month orders rose 43% and total electrical backlog reached a record above $20 billion, up 46% year over year. Aerospace also had record orders and a 1.2 book-to-bill, while Mobility returned to organic growth.

Key facts

• Total Electrical backlog reached a record of more than $20 billion, up 46% from the prior year.
• Electrical Global rolling 12-month orders were up 51%, and its backlog more than doubled year over year; excluding Boyd backlog, it was up 76%.
• Electrical Americas had record Q3 orders over $5 billion; its negotiations pipeline was up 55% year to date, and rolling 12-month orders were up 39%, with book-to-bill of 1.3.
• Electrical Americas negotiations pipeline was up about 55% year to date in 2026.
• Electrical Americas backlog was up 33% to a record, while top line was growing at a 22% rate.
• Electrical Global rolling 12-month orders were up 51%, with record orders in Q3 2026.
• Electrical sector rolling 12-month orders accelerated 43%, and its book-to-bill ratio was 1.2.
• Electrical Americas orders were up 39% on a 12-month basis, with book-to-bill of 1.3.