ETN · Earnings call · 2026Q3T · Full report

Boyd Revenue Growth

Eaton Corp plc · 2026-11-03 · Importance 63 · Surprise 64 · From source text

Boyd Thermal delivered nearly triple-digit year-over-year growth, with demand strong across its portfolio and orders accelerating alongside customer adoption of liquid-cooling architectures. Its backlog grew threefold year over year, providing visibility into future demand. Management said AI workloads are driving higher power densities and increasing the need for integrated power and cooling architectures. Eaton plans to use its global sales channels and combined electrical and thermal-management capabilities to broaden Boyd’s participation in large data center projects.

Key facts

• Eaton expects Boyd to be at least a $2.7 billion business in 2027, approximately 50% growth over its previous $1.8 billion guide.
• Eaton plans for Boyd to generate $2.7 billion in 2027, with its growth becoming organic after mid-March; approximately three quarters of the year will be organic for Eaton.
• Boyd was excluded from Electrical Global's reported growth; it added 31 points to total growth of 58% and is expected to become organic in March 2027.
• Boyd Thermal delivered nearly triple-digit year-over-year growth, with demand exceptionally strong across its portfolio.
• Eaton raised Boyd's full-year revenue outlook for the third time in 2026 to $1.9 billion.
• Boyd sales grew 24% sequentially from Q2 2026, with triple-digit year-over-year growth.
• Eaton's 2026 Boyd revenue outlook is $1.9 billion, of which $1.6 billion will be recorded in Eaton's books for the year.
• Boyd's 2027 growth is supported by design wins, orders, and backlogs, and the business is winning new platforms expected to go live in 2028 and beyond.

Impact estimates