For the year ending 2025-12-31, ETN had $67M increase in cash & cash equivalents over the period. $3,553M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 4,090 | 3,798 | 3,223 | 2,465 |
| Depreciation and amortization | 1,006 | 921 | 926 | 954 |
| Deferred income taxes | -45 | 154 | 182 | 128 |
| Pension and other postretirement benefits expense | 43 | 24 | 15 | 54 |
| Contributions to pension plans | 124 | 110 | 113 | 116 |
| Contributions to other postretirement benefits plans | 16 | 18 | 20 | 24 |
| Gain on sale of business | - | 0 | 0 | 24 |
| Changes in working capital | 0 | - | - | -40 |
| Accounts receivable - net | 420 | 215 | 341 | 743 |
| Inventory | 256 | 566 | 282 | 490 |
| Unbilled receivables | 357 | - | - | - |
| Accounts payable | 332 | 399 | 256 | 334 |
| Accrued compensation | -50 | 21 | 197 | -16 |
| Accrued income and other taxes | -116 | 142 | 61 | 170 |
| Deferred revenue liabilities | 202 | - | - | - |
| Other current assets | 198 | 79 | 112 | 179 |
| Other current liabilities | 145 | 79 | 72 | 236 |
| Other - net | 146 | 85 | -76 | - |
| Net cash provided by operating activities | 4,472 | 4,327 | 3,624 | 2,533 |
| Capital expenditures for property, plant and equipment | 919 | 808 | 757 | 598 |
| Cash paid for acquisition of businesses, net of cash acquired | 1,490 | 50 | 0 | 610 |
| Proceeds from sales of businesses, net of cash sold | - | - | - | 31 |
| Proceeds from (payments for) sale of business, net of cash sold | - | 0 | -2 | - |
| Proceeds from sales of property, plant and equipment | 80 | 85 | 76 | 163 |
| Investments in associate companies | 16 | 70 | 68 | 42 |
| Return of investment from associate companies | 0 | 33 | - | - |
| Sales (purchases) of short-term investments - net | -1,339 | -575 | 1,861 | 19 |
| Proceeds from (payments for) settlement of currency exchange contracts not designated as hedges - net | -3 | 3 | -92 | 47 |
| Other - net | 98 | 32 | 54 | 79 |
| Net cash used in investing activities | -1,101 | -271 | -2,575 | -1,200 |
| Proceeds from borrowings | 1,058 | 1,084 | 818 | 1,995 |
| Payments on borrowings | 717 | 1,015 | 19 | 2,012 |
| Short-term debt, net | 1 | -8 | -311 | 317 |
| Cash dividends paid | 1,626 | 1,500 | 1,379 | 1,299 |
| Exercise of employee stock options | 39 | 69 | 78 | 28 |
| Repurchase of shares | 1,862 | 2,492 | 0 | 286 |
| Employee taxes paid from shares withheld | 52 | 70 | 49 | 60 |
| Other - net | -14 | -4 | -9 | -23 |
| Net cash used in financing activities | -3,173 | -3,936 | -871 | -1,340 |
| Effect of currency on cash | -131 | -52 | 16 | 4 |
| Total increase in cash | 67 | 67 | 194 | -3 |
| Cash at the beginning of the period | 555 | 488 | 294 | 297 |
| Cash at the end of the period | 622 | 555 | 488 | 294 |
Eaton Corp plc (ETN)
Eaton Corp plc (ETN)