Eaton Corporation plc

Q2 performance beat + strong growth mix (Electrical-led): - Adjusted EPS: $3.15, $0.10 above guidance midpoint; also a Q2 record. - Revenue: $8.5B, +21% total growth (driven by +7 pts acquisitions), +14% organic, +23.1% margins (above high end of guidance). - Operating cash flow: up 23% YoY; another record cash flow quarter.

Demand strength & orders/backlog acceleration (data center is key but not isolated): - Company book-to-bill: 1.2 (Americas 1.3, Aerospace 1.2). - Data center orders/revenue: called out as robust, and accelerating orders are driving growing backlogs. - End-market breadth beyond data center: double-digit organic growth cited across commercial & institutional, machine OEM (rebounding strongly), and distributed IT, with utilities/industrial/residential also showing strength.

Electrical Americas execution + margin bridge confidence (factory ramp): - Americas organic growth: +18%; +190 bps margin expansion QoQ. - Management emphasized capacity ramp and “momentum in revenues per day” since 2025 (including +8% Q2 vs Q1 and ~25% growth in revenue/day since start of 2025). - Margin headwind noted: YoY margin decline partly due to temporary negative price/cost, but pricing actions in Q2 / early Q3 are expected to bring impact back to roughly neutral in H2.