Eaton Corporation
ETNQ2 2024(ETN Q1 FY2024)Estimated3.5% AI
AI Revenue %
3.5%
AI Fair Value
$2.5B
AI Revenue (Q)
$208.0M
Total Revenue (Q)
$5.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Electrical Americas ($2,690M) and Electrical Global ($1,500M) totaled $4,190M of $5,943M total revenue (70.5%). New disaggregation shows Electrical Americas: Products $733M, Systems $1,957M. Systems grew 24% YoY ($1,578M to $1,957M) -- Systems includes power distribution assemblies and UPS that are core data center products. MD&A explicitly cites 'strength in data center end-markets.' Backlog at ~$15B. Estimate: ~17% of Electrical to data centers = ~$712M; ~28% AI-attributable = ~$199M. AI infrastructure spending accelerating rapidly in early 2024.
Analyzed by claude-opus-4-6
Quoted Figures
Electrical Americas: Products $733M, Systems $1,957M, Total $2,690M
10-Q Note 3 Revenue Recognition, Q1 2024
Electrical Global: Products $844M, Systems $656M, Total $1,500M
10-Q Note 3 Revenue Recognition, Q1 2024
Increase in organic sales was primarily due to strength in commercial & institutional, industrial, and data center end-markets in the Electrical Americas and Electrical Global business segments
10-Q MD&A, Q1 2024
Total backlog at March 31, 2024 was approximately $15 billion
10-Q Note 3, Q1 2024
AI Products Identified (Ring 1)
UPS systems for data centersrack power distribution unitsswitchgearbusway systemsthree-phase power qualitypower distribution assemblies
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
commercial building electricalindustrial power distributionutility equipmentresidential electrical products
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix