<SEC-DOCUMENT>0001140361-26-007951.txt : 20260305
<SEC-HEADER>0001140361-26-007951.hdr.sgml : 20260305
<ACCEPTANCE-DATETIME>20260304202339
ACCESSION NUMBER:		0001140361-26-007951
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260305
DATE AS OF CHANGE:		20260304

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Corp plc
		CENTRAL INDEX KEY:			0001551182
		STANDARD INDUSTRIAL CLASSIFICATION:	MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
		ORGANIZATION NAME:           	06 Technology
		EIN:				981059235
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-281174
		FILM NUMBER:		26723764

	BUSINESS ADDRESS:	
		STREET 1:		30 PEMBROKE ROAD
		STREET 2:		EATON HOUSE
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			DUBLIN 4
		BUSINESS PHONE:		353 1637 2900

	MAIL ADDRESS:	
		STREET 1:		30 PEMBROKE ROAD
		STREET 2:		EATON HOUSE
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			DUBLIN 4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Corp Ltd
		DATE OF NAME CHANGE:	20120530

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Corp plc
		CENTRAL INDEX KEY:			0001551182
		STANDARD INDUSTRIAL CLASSIFICATION:	MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
		ORGANIZATION NAME:           	06 Technology
		EIN:				981059235
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		30 PEMBROKE ROAD
		STREET 2:		EATON HOUSE
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			DUBLIN 4
		BUSINESS PHONE:		353 1637 2900

	MAIL ADDRESS:	
		STREET 1:		30 PEMBROKE ROAD
		STREET 2:		EATON HOUSE
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			DUBLIN 4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Corp Ltd
		DATE OF NAME CHANGE:	20120530
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ef20067221_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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      <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433</div>
      <div style="text-align: right; font-weight: bold;">Registration Statement No. 333-281174</div>
      <div style="text-align: right; font-weight: bold;">Issuer Free Writing Prospectus dated March 4, 2026</div>
      <div style="text-align: right; font-weight: bold;">Relating to Preliminary Prospectus Supplement dated March 4, 2026</div>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">EATON CORPORATION</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Pricing Term Sheet</div>
      <div><br>
      </div>
      <div style="text-align: center;">$1,500,000,000 3.850% Notes due 2028</div>
      <div style="text-align: center;">$1,500,000,000 3.950% Notes due 2029</div>
      <div style="text-align: center;">$1,500,000,000 4.200% Notes due 2031</div>
      <div style="text-align: center;">$1,000,000,000 4.500% Notes due 2033</div>
      <div style="text-align: center;">$2,000,000,000 4.800% Notes due 2036</div>
      <div style="text-align: center;">$1,000,000,000 5.450% Notes due 2056</div>
      <div><br>
      </div>
      <div style="text-align: justify;">This pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement, dated March 4, 2026, relating to the offering of the $1,500,000,000 3.850% Notes due 2028 (the &#8220;2028
        Notes&#8221;), $1,500,000,000 3.950% Notes due 2029 (the &#8220;2029 Notes&#8221;), $1,500,000,000 4.200% Notes due 2031 (the &#8220;2031 Notes&#8221;), $1,000,000,000 4.500% Notes due 2033 (the &#8220;2033 Notes&#8221;), $2,000,000,000 4.800% Notes due 2036 (the &#8220;2036 Notes&#8221;) and
        $1,000,000,000 5.450% Notes due 2056 (the &#8220;2056 Notes&#8221; and, collectively with the 2028 Notes, the 2029 Notes, the 2031 Notes, the 2033 Notes and the 2036 Notes, the &#8220;Notes&#8221;), by Eaton Corporation (the &#8220;Preliminary Prospectus Supplement&#8221;). The
        information in this pricing term sheet supplements the Preliminary Prospectus Supplement and updates and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary
        Prospectus Supplement. Terms used and not defined herein have the meanings assigned in the Preliminary Prospectus Supplement.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z28ff0c506053476c93c50f7ca9295abf">

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            <td style="width: 24.46%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="font-weight: bold;">Issuer:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Eaton Corporation</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Guarantors:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>As described in the Preliminary Prospectus Supplement</div>
            </td>
          </tr>
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            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Maturity Date:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify;">The 2028 Notes will mature on March 6, 2028.</div>
              <div style="text-align: justify;">The 2029 Notes will mature on March 6, 2029.</div>
              <div style="text-align: justify;">The 2031 Notes will mature on March 6, 2031.</div>
              <div style="text-align: justify;">The 2033 Notes will mature on March 6, 2033.</div>
              <div>The 2036 Notes will mature on March 6, 2036.</div>
              <div>The 2056 Notes will mature on March 6, 2056.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Principal Amount:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: $1,500,000,000</div>
              <div>2029 Notes: $1,500,000,000</div>
              <div>2031 Notes: $1,500,000,000</div>
              <div>2033 Notes: $1,000,000,000</div>
              <div>2036 Notes: $2,000,000,000</div>
              <div>2056 Notes: $1,000,000,000</div>
            </td>
          </tr>

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            <td style="width: 24.46%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="font-weight: bold;">Interest Rate:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: justify;">The 2028 notes will bear interest at 3.850% per year.</div>
              <div style="text-align: justify;">The 2029 notes will bear interest at 3.950% per year.</div>
              <div style="text-align: justify;">The 2031 notes will bear interest at 4.200% per year.</div>
              <div style="text-align: justify;">The 2033 notes will bear interest at 4.500% per year.</div>
              <div>The 2036 notes will bear interest at 4.800% per year.</div>
              <div>The 2056 notes will bear interest at 5.450% per year.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Benchmark </div>
              <div style="font-weight: bold;">Treasury:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: 3.125% due February 29, 2028</div>
              <div>2029 Notes: 3.500% due February 15, 2029</div>
              <div>2031 Notes: 3.500% due February 28, 2031</div>
              <div>2033 Notes: 3.750% due February 28, 2033</div>
              <div>2036 Notes: 4.125% due February 15, 2036</div>
              <div>2056 Notes: 4.625% due November 15, 2055</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Benchmark </div>
              <div style="font-weight: bold;">Treasury Price and </div>
              <div style="font-weight: bold;">Yield:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: 99-22; 3.539%</div>
              <div>2029 Notes: 99-27+; 3.550%</div>
              <div>2031 Notes: 99-07+; 3.669%</div>
              <div>2033 Notes: 99-10&#188; ; 3.862%</div>
              <div>2036 Notes: 100-12+; 4.077%</div>
              <div>2056 Notes: 98-18+; 4.714%</div>
            </td>
          </tr>
          <tr>
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              <div style="font-weight: bold;">Spread to </div>
              <div style="font-weight: bold;">Benchmark </div>
              <div style="font-weight: bold;">Treasury:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: 35 bps</div>
              <div>2029 Notes: 43 bps</div>
              <div>2031 Notes: 58 bps</div>
              <div>2033 Notes: 65 bps</div>
              <div>2036 Notes: 75 bps</div>
              <div>2056 Notes: 78 bps</div>
            </td>
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            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Yield to Maturity:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: 3.889%</div>
              <div>2029 Notes: 3.980%</div>
              <div>2031 Notes: 4.249%</div>
              <div>2033 Notes: 4.512%</div>
              <div>2036 Notes: 4.827%</div>
              <div>2056 Notes: 5.494%</div>
            </td>
          </tr>

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      <div><br>
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              <div style="font-weight: bold;">Price to Public:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>2028 Notes: 99.926% of the principal amount</div>
              <div>2029 Notes: 99.916% of the principal amount</div>
              <div>2031 Notes: 99.781% of the principal amount</div>
              <div>2033 Notes: 99.929% of the principal amount</div>
              <div>2036 Notes: 99.788% of the principal amount</div>
              <div>2056 Notes: 99.357% of the principal amount</div>
            </td>
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              <div style="font-weight: bold;">Interest Payment </div>
              <div style="font-weight: bold;">Dates:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Interest on the 2028 Notes will be payable semi-annually on March 6 and September 6, beginning September 6, 2026.</div>
              <div>Interest on the 2029 Notes will be payable semi-annually on March 6 and September 6, beginning September 6, 2026.</div>
              <div>Interest on the 2031 Notes will be payable semi-annually on March 6 and September 6, beginning September 6, 2026.</div>
              <div>Interest on the 2033 Notes will be payable semi-annually on March 6 and September 6, beginning September 6, 2026.</div>
              <div>Interest on the 2036 Notes will be payable semi-annually on March 6 and September 6, beginning September 6, 2026.</div>
              <div>Interest on the 2056 Notes will be payable semi-annually on March 6 and September 6, beginning September 6, 2026.</div>
            </td>
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              <div style="font-weight: bold;">Optional </div>
              <div style="font-weight: bold;">Redemption:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: Treasury Rate plus 10 bps</div>
              <div>2029 Notes: Treasury Rate plus 10 bps at any time prior to February 6, 2029 (one month prior to maturity); par call at any time on or after February 6, 2029</div>
              <div>2031 Notes: Treasury Rate plus 10 bps at any time prior to February 6, 2031 (one month prior to maturity); par call at any time on or after February 6, 2031</div>
              <div>2033 Notes: Treasury Rate plus 10 bps at any time prior to January 6, 2033 (two months prior to maturity); par call at any time on or after January 6, 2033</div>
              <div>2036 Notes: Treasury Rate plus 15 bps at any time prior to December 6, 2035 (three months prior to maturity); par call at any time on or after December 6, 2035</div>
              <div>2056 Notes: Treasury Rate plus 15 bps at any time prior to September 6, 2055 (six months prior to maturity); par call at any time on or after September 6, 2055</div>
            </td>
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            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Expected </div>
              <div style="font-weight: bold;">Issue Ratings (Moody&#8217;s / </div>
              <div style="font-weight: bold;">S&amp;P)*:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>A3 / A-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">CUSIP/ISIN:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>2028 Notes: 278058 DV1 / US278058DV11</div>
              <div>2029 Notes: 278058 DW9 / US278058DW93</div>
              <div>2031 Notes: 278058 DX7 / US278058DX76</div>
              <div>2033 Notes: 278058 DY5 / US278058DY59</div>
              <div>2036 Notes: 278058 DZ2 / US278058DZ25</div>
              <div>2056 Notes: 278058 EA6 / US278058EA64</div>
            </td>
          </tr>

      </table>
      <div><br>
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            <td style="width: 24.46%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="font-weight: bold;">Change of Control </div>
              <div style="font-weight: bold;">Triggering Event:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>Issuer required to make an offer to repurchase at 101% if a Change of Control Triggering event occurs</div>
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            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Trade Date:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>March 4, 2026</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Settlement Date**:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>March 6, 2026 (T+2)</div>
            </td>
          </tr>
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            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Joint Book- </div>
              <div style="font-weight: bold;">Running Managers:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Barclays Capital Inc.</div>
              <div>BofA Securities, Inc.</div>
              <div>Citigroup Global Markets Inc.</div>
              <div>J.P. Morgan Securities LLC</div>
              <div>Morgan Stanley &amp; Co. LLC</div>
              <div>
                <div>BNP Paribas Securities Corp.</div>
                <div>Deutsche Bank Securities Inc.</div>
                <div>Goldman Sachs &amp; Co. LLC</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.46%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="font-weight: bold;">Co-Managers:</div>
            </td>
            <td style="width: 75.54%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Academy Securities, Inc.</div>
              <div>BNY Mellon Capital Markets, LLC</div>
              <div>HSBC Securities (USA) Inc.</div>
              <div>KeyBanc Capital Markets Inc.</div>
              <div>Loop Capital Markets LLC</div>
              <div>PNC Capital Markets LLC</div>
              <div>TD Securities (USA) LLC</div>
              <div>Truist Securities, Inc.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">The Issuer has filed a registration statement, including a prospectus and the Preliminary Prospectus Supplement, with the Commission for the offering to which this communication relates. Before you
        invest, you should read the prospectus and the Preliminary Prospectus Supplement in that registration statement and other documents the Issuer has filed with the Commission for more complete information about the Issuer and this offering. You may
        obtain these documents for free by visiting EDGAR on the Commission&#8217;s website at <font style="font-style: italic;">www.sec.gov</font>. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you
        the prospectus and the Preliminary Prospectus Supplement (or, if available, the prospectus supplement) if you request it by contacting Barclays Capital Inc. by telephone at 1-888-603-5847; BofA Securities, Inc. by telephone at 1-800-294-1322;
        Citigroup Global Markets Inc. by telephone at 1-800-831-9146; J.P. Morgan Securities LLC by telephone collect at 1-212-834-4533.</div>
      <div><br>
      </div>
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      <div style="text-align: justify;"><font style="font-weight: bold;">** It is expected that delivery of the Notes will be made against payment therefor on or about the closing date specified herein, which will be the second business day following the
          date of pricing of the Notes (this settlement cycle being referred to as &#8220;T+2&#8221;). Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade
          expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the business day preceding the Settlement Date, by virtue of the fact that the Notes initially will settle in T+2 to specify an alternate settlement cycle at the
          time of any such trade to prevent a failed settlement.</font>&#160;<font style="font-weight: bold;">Purchasers of Notes who wish to trade Notes prior to the business day preceding the Settlement Date should consult their own advisors.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
        OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</div>
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