ETN 3Q26 — strong Electrical Global growth with Boyd a standout; initial ’27 outlook points to LDD growth

ETN reported 3Q adj. EPS of $3.68, a 4% beat to consensus. Electrical Americas organic orders rose 39% on a rolling 12M basis, with B2B of 1.3x and backlog of $16B, up 33% Y/Y. Electrical sector data center orders more than doubled on a rolling 12M basis, while quarterly data center revenue rose ~65% Y/Y. Electrical Americas margins improved 230bps Q/Q to 29.8%, but ~25bps below street. Looking into ’27, mgmt’s initial end-market assumptions imply ~11% growth (vs. ~10% in ‘26), with support from Boyd growth turning organic in March and the Mobility separation expected in the first four months of 2027. Notable Y/Y end market improvements include C&I, industrial facilities, and commercial vehicles. For FY26, ETN raised adj. EPS guidance to $13.70-$13.80, or 1.5% above consensus at the midpoint, and raised organic growth guidance by 200bps to 14%, 40bps below street. Americas and Global organic growth guidance each increased 400bps, to 19% and 16%, respectively, ~240bps and ~280bps above