ETN · 10-Q · 2026Q3 · Full report

Debt and Liquidity Position

Eaton Corp plc · 2026-11-03 · Importance 44 · Surprise 24 · In source text

At September 30, 2026, Eaton had $528 million of cash, $290 million of short-term investments, and $1.594 billion of short-term debt; long-term debt was $17.802 billion, with a $710 million current portion. Eaton issued $8.5 billion of U.S. notes and €1.2 billion ($1.39 billion) of Euro notes in March 2026, receiving net proceeds of $8.421 billion and €1.191 billion ($1.379 billion), respectively. The commercial paper program and revolving credit facility were each increased to $4.0 billion; $1.592 billion of commercial paper was outstanding and the revolver had no borrowings at September 30. Eaton reported compliance with its debt covenants and said available liquidity and capital-market access were sufficient for operating needs and scheduled debt payments.

Key facts

• On March 6, 2026, Eaton issued $8,500 million aggregate face amount of U.S. notes in six tranches, with coupon rates from 3.850% to 5.450% and maturities from 2028 to 2056; proceeds were $8,421 million net of financing costs and discounts. source
• On March 10, 2026, Eaton issued €1,200 million ($1,390 million) of Euro notes in two €600 million tranches due in 2034 and 2038, bearing annual interest of 3.550% and 4.000%; net proceeds were €1,191 million ($1,379 million). source
• Eaton increased its revolving credit facility from $3,000 million to $4,000 million on February 6, 2026; its maturity remains September 27, 2030, and it had no borrowings outstanding under the facility at September 30, 2026. source
• At September 30, 2026, Eaton had short-term debt of $1,594 million, current long-term debt of $710 million, and long-term debt of $17,802 million. source
• Eaton increased its commercial paper program from $3,000 million to $4,000 million on February 6, 2026; $1,592 million was outstanding on September 30, 2026, primarily to manage working-capital fluctuations and partially fund 2026 acquisitions. source
• Eaton terminated its $8,000 million senior unsecured delayed-draw term loan facility on March 6, 2026; no loans were outstanding and no fees or penalties were incurred. source
• Eaton had $528 million of cash, $290 million of short-term investments, and $1,594 million of short-term debt at September 30, 2026. source
• Eaton reported no material long-term secured debt as of September 30, 2026. source

Impact estimates