Eaton Corporation

Eaton enters 2026 with investment‑grade ratings (A‑/A3), cash and short‑term investments of about 0.8 billion dollars at year end 2025, operating cash flow of 4.5 billion dollars, and capex of about 0.9 billion dollars, leaving free cash flow near 3.6 billion dollars. Long‑term debt was about 9.9 billion dollars at year end.

The company upsized its revolving credit facility to 4.0 billion dollars and arranged an 8.0 billion dollar delayed‑draw term loan to finance the Boyd Thermal acquisition, which closed March 12, 2026. This will likely raise leverage temporarily but should be manageable given cash generation, rating profile, and margin structure.

Dividend growth continues with a 6 percent increase to 1.10 dollars per share quarterly in February 2026.