Eaton is an industrial conglomerate focused on electrical power management. Its core business is designing and manufacturing electrical equipment that moves, controls, and protects power — from the utility grid through buildings, data centers, and industrial facilities to the end load. Key products include switchgear, transformers, power distribution units, uninterruptible power supplies, voltage regulators, busway, and enclosures. Eaton also sells software and services to monitor and manage electrical infrastructure, and has been expanding into modular data center solutions and liquid cooling to offer customers a complete solution from the utility grid to the chip. Beyond Electrical, Eaton has an Aerospace segment that makes fuel, hydraulic, and motion control systems for commercial and military aircraft. Eaton is in the process of spinning off its Mobility business (Vehicle and eMobility segments), which makes drivetrain and electrification components for automotive and commercial vehicle OEMs — after which Eaton will be a pure-play electrical and aerospace company. Eaton sells to data center hyperscalers, electric utilities, commercial real estate developers, industrial companies, and aerospace OEMs through direct sales, distributors, and channel partners. Revenue is driven by project volumes, pricing, and the dollar value of Eaton equipment per unit of customer infrastructure. Large electrical projects convert from orders to revenue over 12 months to 5 years, and winning a design placement in a customer's standard architecture creates recurring revenue as the customer continues to build — a dynamic similar to Aerospace, where winning a platform generates revenue across that platform's life.