$ETN gave some pretty wild numbers yesterday.
Eaton acquired Fibrebond in 2025 for $1.43B. At the time, the business was doing around $375M in annual revenue.
Just over a year later, Fibrebond has generated more than $600M over the last twelve months.
And Eaton is preparing for much more. They are expanding the existing facility and building a new factory in Arkansas, with each project expected to double capacity.
The broader data center business isn't slowing either. Revenue is running around +65% and orders +85%.
Eaton started 2026 expecting 8% organic growth. They raised that to 10%, and CEO Paulo Ruiz now says they could reach 12%.
Hard to look at those numbers and argue that the physical AI infrastructure buildout is losing momentum.