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Emerson Electric Co.

Emerson Reports Fourth Quarter and Full Year 2026 Results;

Press release · via SEC 8-K · Dated Nov 4, 20268-KEMRFiled Nov 4, 2026, 6:53 AM ET· Period Nov 4, 2026

AI-generated summary

Emerson Electric Co. reported its fourth quarter and full year 2026 results, announcing net sales of $5,201 for the fourth quarter and $18,982 for the full year. The company also declared a 7 percent quarterly cash dividend increase to $0.595 per share. President and CEO Lal Karsanbhai highlighted strong order growth and a resilient portfolio supporting the 2027 outlook.

Press release

Provides Initial 2027 Outlook

ST. LOUIS (November 4, 2026) - Emerson (NYSE: EMR) today reported results1 for its fourth quarter and fiscal year ended September 30, 2026. Emerson also declared a 7% quarterly cash dividend increase to $0.595 per share of common stock payable December 10, 2026 to stockholders of record November 13, 2026.

(dollars in millions, except per share)2025 Q42026 Q4Change20252026Change
Underlying Orders214%9%
Net Sales$4,855$5,2017%$18,016$18,9825%
Underlying Sales37%4%
Pretax Earnings$760$997$2,905$3,489
Margin15.6%19.2%360 bps16.1%18.4%230 bps
Adjusted Segment EBITA4$1,333$1,511$4,975$5,360
Margin27.5%29.1%160 bps27.6%28.2%60 bps
GAAP Earnings Per Share$1.07$1.3324%$3.99$4.7920%
Adjusted Earnings Per Share5$1.62$1.8615%$6.01$6.5910%
Operating Cash Flow$1,011$1,0756%$3,676$3,9788%
Free Cash Flow$843$9169%$3,245$3,5359%

Management Commentary

"Emerson capped a strong 2026 with fourth quarter sales and profitability exceeding expectations," said Emerson President and Chief Executive Officer Lal Karsanbhai. "Underlying orders were up 14%, supported by exceptional long-cycle project activity in our growth verticals. Demand was broad-based, with substantial growth across all business groups and regions."

Karsanbhai continued, "Emerson has a resilient portfolio with an unparalleled software-defined technology stack aligned with long-term secular trends. We have confidence in our 2027 plans given our robust backlog and favorable demand trends in our growth verticals."

2027 Outlook

The following tables summarize the fiscal year 2027 guidance framework, which assumes returning ~$3.8B through ~$2.5B of share repurchases and ~$1.3B of dividends.

Guidance figures are approximate.2027 Q12027
Net Sales Growth~5%~5%
Underlying Sales Growth~5%~5%
Earnings Per Share$1.19 - $1.23~$5.70
Amortization of intangibles~$0.35~$1.41
Restructuring and related costs~$0.04~$0.14
Adjusted Earnings Per Share$1.58 - $1.62~$7.25
Operating Cash Flow$4.3B - $4.4B
Free Cash Flow$3.8B - $3.9B
Share Repurchase~$1.5B~$2.5B

1 Results are presented on a continuing operations basis.

2 Underlying orders do not include AspenTech.

3 Underlying sales exclude the impact of currency translation, and significant acquisitions and divestitures.

4 Adjusted segment EBITA represents segment earnings excluding restructuring and related costs and intangibles amortization expense.

5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, first year purchase accounting related items and transaction-related costs, the mark-to-market adjustment on pension and other postretirement plans, discrete taxes, and certain gains, losses or impairments.

Conference Call

Today, beginning at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time, Emerson management will discuss the fourth quarter and fiscal year 2026 results during an investor conference call. Participants can access a live webcast available at https://ir.emerson.com at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

About Emerson

Emerson (NYSE: EMR) is a global automation leader delivering solutions for the most demanding technology challenges. Headquartered in St. Louis, Missouri, Emerson is engineering the autonomous future, enabling customers to optimize operations and accelerate innovation. For more information, visit Emerson.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be “forward-looking” statements, which represent management’s expectations, based on currently available information. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Any forward-looking statements in this press release speak only as of the date of this press release. Emerson undertakes no obligation to update any such statements to reflect new information or later developments. Examples of risks and uncertainties that may cause our actual results or performance to be materially different from those expressed or implied by forward looking statements include the scope, duration and ultimate impacts of the Russia-Ukraine, Middle East and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

Emerson uses our Investor Relations website, https://ir.emerson.com, as a means of disclosing information

which may be of interest or material to our investors and for complying with disclosure obligations under Regulation

FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases,

SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be

accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Contacts

Investors:Media:
Carl SchumacherJoseph Sala / Greg Klassen / Connor Murphy
(314) 553-2197Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

(tables attached)

Table 1
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
Quarter Ended September 30,Year Ended September 30,
2025202620252026
Net sales$4,855$5,201$18,016$18,982
Costs and expenses:
Cost of sales2,3352,4618,4978,854
SG&A expenses1,3301,3935,1035,296
Other deductions, net3382741,2741,009
Interest expense, net9276237334
Earnings from continuing operations before income taxes7609972,9053,489
Income taxes152253690796
Earnings from continuing operations6087442,2152,693
Discontinued operations, net of tax1—8—
Net earnings6097442,2232,693
Less: Noncontrolling interests in subsidiaries——(47)2
Net earnings common stockholders$609$744$2,270$2,691
Earnings common stockholders
Earnings from continuing operations$608$744$2,262$2,691
Discontinued operations1—8—
Net earnings common stockholders$609$744$2,270$2,691
Diluted avg. shares outstanding565.5559.7566.7562.0
Diluted earnings per share common stockholders
Earnings from continuing operations$1.07$1.33$3.99$4.79
Discontinued operations0.01—0.01—
Diluted earnings per common share$1.08$1.33$4.00$4.79
Quarter Ended September 30,Year Ended September 30,
2025202620252026
Other deductions, net
Amortization of intangibles$208$203$884$816
Restructuring costs6646136187
Other64252546
Total$338$274$1,274$1,009
Table 2
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS, UNAUDITED)
Year Ended Sept 30,
20252026
Assets
Cash and equivalents$1,544$1,806
Receivables, net3,1013,317
Inventories2,2132,432
Other current assets1,7251,962
Total current assets8,5839,517
Property, plant & equipment, net2,8712,859
Goodwill18,19318,104
Other intangible assets9,4588,442
Other2,8592,892
Total assets$41,964$41,814
Liabilities and equity
Short-term borrowings and current
maturities of long-term debt$4,797$4,667
Accounts payable1,3841,698
Accrued expenses3,6163,753
Total current liabilities9,79710,118
Long-term debt8,3197,508
Other liabilities3,5503,432
Equity
Common stockholders' equity20,28220,740
Noncontrolling interests in subsidiaries1616
Total equity20,29820,756
Total liabilities and equity$41,964$41,814
Table 3
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS, UNAUDITED)
Year Ended Sept 30,
20252026
Operating activities
Net earnings$2,223$2,693
Earnings from discontinued operations, net of tax(8)—
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization1,5181,478
Stock compensation263237
Pension expense (income)9(25)
Pension funding(46)(38)
Changes in operating working capital(9)(338)
Other, net(274)(29)
Cash from continuing operations3,6763,978
Cash from discontinued operations(578)—
Cash provided by operating activities3,0983,978
Investing activities
Capital expenditures(431)(443)
Purchases of businesses, net of cash and equivalents acquired(37)(6)
Other, net(125)(6)
Cash used in investing activities(593)(455)
Financing activities
Net increase in short-term borrowings1,1102,051
Proceeds from short-term borrowings greater than three months8,0087,058
Payments of short-term borrowings greater than three months(4,918)(9,388)
Proceeds from long-term debt1,544—
Payments of long-term debt(503)(588)
Dividends paid(1,192)(1,244)
Purchases of common stock(1,167)(1,000)
Purchase of noncontrolling interest(7,244)—
Repurchase of AspenTech share awards(76)—
Other, net(72)(111)
Cash used in financing activities(4,510)(3,222)
Effect of exchange rate changes on cash and equivalents(39)(39)
Increase (Decrease) in cash and equivalents(2,044)262
Beginning cash and equivalents3,5881,544
Ending cash and equivalents$1,544$1,806

Table 4

EMERSON AND SUBSIDIARIES

SEGMENT SALES AND EARNINGS

(AMOUNTS IN MILLIONS, UNAUDITED)

The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended to supplement the Company's results of operations, including its segment earnings which are defined as earnings before interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA, and adjusted segment and total segment EBITA margin are measures used by management and may be useful for investors to evaluate the Company's segments' operational performance.

Quarter Ended Sept 30,
20252026ReportedUnderlying
Sales
Control Systems & Software1,099$1,24714%14%
Test & Measurement40746514%15%
Software & Systems$1,506$1,71214%14%
Sensors1,1491,1914%3%
Final Control1,6371,7255%5%
Intelligent Devices$2,786$2,9165%4%
Safety & Productivity$563$5732%2%
Total$4,855$5,2017%7%
Sales Growth by Geography
Quarter Ended Sept 30,
Americas9%
Europe1%
Asia, Middle East & Africa7%

Table 4 cont.

Year Ended Sept 30,
20252026ReportedUnderlying
Sales
Control Systems & Software4,334$4,5806%5%
Test & Measurement1,4851,73217%15%
Software & Systems$5,819$6,3128%7%
Sensors4,1354,3024%3%
Final Control5,9526,1944%2%
Intelligent Devices$10,087$10,4964%3%
Safety & Productivity$2,110$2,1743%2%
Total$18,016$18,9825%4%
Sales Growth by Geography
Year Ended Sept 30,
Americas7%
Europe(1)%
Asia, Middle East & Africa3%

Table 4 cont.

Quarter Ended Sept 30,Quarter Ended Sept 30,
20252026
As Reported (GAAP)Adjusted EBITA (Non-GAAP)As Reported (GAAP)Adjusted EBITA (Non-GAAP)
Earnings
Control Systems & Software$186$298$297$412
Margins16.9%27.0%23.8%33.1%
Test & Measurement(4)11626141
Margins(1.1)%28.5%5.6%30.3%
Software & Systems$182$414$323$553
Margins12.0%27.4%18.8%32.3%
Sensors317348339357
Margins27.6%30.3%28.5%30.0%
Final Control403444426470
Margins24.6%27.2%24.7%27.2%
Intelligent Devices$720$792$765$827
Margins25.8%28.5%26.2%28.4%
Safety & Productivity113127119131
Margins20.1%22.6%20.7%22.9%
Corporate items and interest expense, net:
Stock compensation$(65)$(55)$(57)$(53)
Unallocated pension and postretirement costs25253131
Pension and OPEB mark-to-market adjustment(34)—2—
Corporate and other(89)(34)(110)(81)
Interest expense, net(92)—(76)—
Pretax Earnings / Adjusted EBITA$760$1,269$997$1,408
Margins15.6%26.1%19.2%27.1%
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA$1,333$1,511
Margins27.5%29.1%
Year Ended Sept 30,Year Ended Sept 30,
20252026
As Reported (GAAP)Adjusted EBITA (Non-GAAP)As Reported (GAAP)Adjusted EBITA (Non-GAAP)
Earnings
Control Systems & Software$903$1,403$1,038$1,467
Margins20.8%32.4%22.7%32.0%
Test & Measurement(68)37547503
Margins(4.5)%25.3%2.7%29.0%
Software & Systems$835$1,778$1,085$1,970
Margins14.4%30.6%17.2%31.2%
Sensors1,1121,1821,1841,259
Margins26.9%28.6%27.5%29.3%
Final Control1,4151,5601,4591,660
Margins23.8%26.2%23.6%26.8%
Intelligent Devices$2,527$2,742$2,643$2,919
Margins25.1%27.2%25.2%27.8%
Safety & Productivity418455416471
Margins19.8%21.5%19.2%21.7%
Corporate items and interest expense, net:
Stock compensation(263)(216)(237)(222)
Unallocated pension and postretirement costs114114125125
Pension and OPEB mark-to-market adjustment(34)—2—
Corporate and other(455)(175)(211)(209)
Interest expense, net(237)—(334)—
Pretax Earnings / Adjusted EBITA$2,905$4,698$3,489$5,054
Margins16.1%26.1%18.4%26.6%
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA$4,975$5,360
Margins27.6%28.2%

Table 4 cont.

Quarter Ended Sept 30,Quarter Ended Sept 30,
20252026
Amortization of Intangibles1Restructuring and Related Costs2Amortization of Intangibles1Restructuring and Related Costs2
Control Systems & Software$102$10$99$16
Test & Measurement107131078
Software & Systems$209$23$206$24
Sensors1219117
Final Control29122717
Intelligent Devices$41$31$38$24
Safety & Productivity7775
Corporate—20—10
Total$257$81$251$63
1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended September 30, 2025 and 2026, respectively.
2 Restructuring and related costs includes $15 and $17 of restructuring-related costs for the three months ended September 30, 2025 and 2026, respectively.
Year Ended Sept 30,Year Ended Sept 30,
20252026
Amortization of Intangibles1Restructuring and Related Costs2Amortization of Intangibles1Restructuring and Related Costs2
Control Systems & Software$471$29$402$27
Test & Measurement4251842927
Software & Systems$896$47$831$54
Sensors45254629
Final Control1153010893
Intelligent Devices$160$55$154$122
Safety & Productivity27102827
Corporate—50—24
Total$1,083$162$1,013$227
1 Amortization of intangibles includes $199 and $197 reported in cost of sales for the twelve months ended September 30, 2025 and 2026, respectively.
2 Restructuring and related costs includes $26 and $40 of restructuring-related costs for the twelve months ended September 30, 2025 and 2026, respectively.
Quarter Ended Sept 30,
20252026
Depreciation and Amortization
Control Systems & Software$125$128
Test & Measurement120120
Software & Systems245248
Sensors4535
Final Control5857
Intelligent Devices10392
Safety & Productivity1921
Corporate1212
Total$379$373
Year Ended Sept 30,
20252026
Depreciation and Amortization
Control Systems & Software$557$502
Test & Measurement476479
Software & Systems1,033981
Sensors140136
Final Control227227
Intelligent Devices367363
Safety & Productivity7487
Corporate4447
Total$1,518$1,478

Table 5

EMERSON AND SUBSIDIARIES

ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL

(AMOUNTS IN MILLIONS, UNAUDITED)

The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis. The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year purchase accounting related items and transaction fees, the mark-to-market adjustment on pension and other postretirement plans, and certain gains, losses or impairments. These metrics are useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.

Quarter Ended Sept 30,
20252026
Stock compensation (GAAP)$(65)$(57)
Integration-related stock compensation expense1014
Adjusted stock compensation (non-GAAP)$(55)$(53)
Quarter Ended Sept 30,
20252026
Corporate and other (GAAP)$(89)$(110)
Corporate restructuring and related costs1610
Acquisition/divestiture fees and related costs3928
IEEPA tariff refunds net of charitable trust contribution—(9)
Adjusted corporate and other (Non-GAAP)$(34)$(81)
Quarter Ended Sept 30,
20252026
Pension income (expense) (GAAP)2$(9)$33
Pension and OPEB mark-to-market adjustment34(2)
Adjusted pension income (expense) (Non-GAAP)$25$31
1 Integration-related stock compensation expense relates to NI and AspenTech and includes $4 reported as restructuring costs
2 Pension income (expense) includes the unallocated pension and postretirement costs and the pension and OPEB mark-to market adjustment

Table 5 cont.

Year Ended Sept 30,
20252026
Stock compensation (GAAP)$(263)$(237)
Integration-related stock compensation expense473154
Adjusted stock compensation (non-GAAP)$(216)$(222)
Year Ended Sept 30,
20252026
Corporate and other (GAAP)$(455)$(211)
Corporate restructuring and related costs2523
Acquisition/divestiture fees and related costs25570
IEEPA tariff refunds net of charitable trust contribution—(91)
Adjusted corporate and other (Non-GAAP)$(175)$(209)
Year Ended Sept 30,
20252026
Pension income (expense) (GAAP)5$80$127
Pension and OPEB mark-to-market adjustment34(2)
Adjusted pension income (expense) (Non-GAAP)$114$125
3 Integration-related stock compensation expense relates to NI and AspenTech and includes $25 reported as restructuring costs
4 Integration-related stock compensation expense relates to NI and AspenTech and includes $1 reported as restructuring costs
5 Pension income (expense) includes the unallocated pension and postretirement costs and the pension and OPEB mark-to market adjustment

Table 6

EMERSON AND SUBSIDIARIES

ADJUSTED EBITA & EPS SUPPLEMENTAL

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis, are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, the mark-to-market adjustment on pension and other postretirement plans, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, the mark-to-market adjustment on pension and other postretirement plans, discrete taxes, and certain gains, losses or impairments. Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for investors to evaluate the Company's operational performance.

Quarter Ended Sept 30,
20252026
Pretax earnings$760$997
Percent of sales15.6%19.2%
Interest expense, net9276
Amortization of intangibles257251
Restructuring and related costs8163
Acquisition/divestiture fees and related costs4532
Pension and OPEB mark-to-market adjustment34(2)
IEEPA tariff refunds net of charitable trust contribution—(9)
Adjusted EBITA$1,269$1,408
Percent of sales26.1%27.1%
Quarter Ended Sept 30,
20252026
GAAP earnings from continuing operations per share$1.07$1.33
Amortization of intangibles0.350.34
Restructuring and related costs0.110.14
Acquisition/divestiture fees and related costs0.060.05
Pension and OPEB mark-to-market adjustment0.05(0.01)
IEEPA tariff refunds net of charitable trust contribution—(0.01)
Discrete taxes(0.02)0.02
Adjusted earnings from continuing operations per share$1.62$1.86
Year Ended Sept 30,
20252026
Pretax earnings$2,905$3,489
Percent of sales16.1%18.4%
Interest expense, net237334
Amortization of intangibles1,0831,013
Restructuring and related costs162227
Acquisition/divestiture fees and related costs27784
Pension and OPEB mark-to-market adjustment34(2)
IEEPA tariff refunds net of charitable trust contribution—(91)
Adjusted EBITA$4,698$5,054
Percent of sales26.1%26.6%
Year Ended Sept 30,
20252026
GAAP earnings from continuing operations per share$3.99$4.79
Amortization of intangibles1.351.38
Restructuring and related costs0.230.36
Acquisition/divestiture fees and related costs0.330.14
Discrete taxes0.060.05
Pension and OPEB mark-to-market adjustment0.05(0.01)
IEEPA tariff refunds net of charitable trust contribution—(0.12)
Adjusted earnings from continuing operations per share$6.01$6.59

Table 6 cont.

Quarter Ended September 30, 2026
Pretax EarningsIncome TaxesEarnings from Cont. Ops.Non-Controlling Interests3Net Earnings Common StockholdersDiluted Earnings Per Share
As reported (GAAP)$997$253$744$—$744$1.33
Amortization of intangibles251159192—1920.34
Restructuring and related costs632(16)79—790.14
Acquisition/divestiture fees and related costs32329—290.05
Pension and OPEB mark-to-market adjustment(2)1(3)—(3)(0.01)
IEEPA tariff refunds net of charitable trust contribution(9)(2)(7)—(7)(0.01)
Discrete taxes—(10)10—100.02
Adjusted (Non-GAAP)$1,332$288$1,044$—$1,044$1.86
Interest expense, net$76
Adjusted EBITA (Non-GAAP)$1,408
1 Amortization of intangibles includes $49 reported in cost of sales.
2 Restructuring and related costs includes $17 of restructuring-related costs.
3 Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in.
Year Ended September 30, 2026
Pretax EarningsIncome TaxesEarnings from Cont. Ops.Non-Controlling Interests3Net Earnings Common StockholdersDiluted Earnings Per Share
As reported (GAAP)$3,489$796$2,693$2$2,691$4.79
Amortization of intangibles1,0131236777—7771.38
Restructuring and related costs227224203—2030.36
Acquisition/divestiture fees and related costs84876—760.14
Pension and OPEB mark-to-market adjustment(2)1(3)—(3)(0.01)
IEEPA tariff refunds net of charitable trust contribution(91)(21)(70)—(70)(0.12)
Discrete taxes—(28)28—280.05
Adjusted (Non-GAAP)$4,720$1,016$3,704$2$3,702$6.59
Interest expense, net334
Adjusted EBITA (Non-GAAP)$5,054
1 Amortization of intangibles includes $197 reported in cost of sales.
2 Restructuring and related costs includes $40 of restructuring-related costs.
3 Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in.
Reconciliations of Non-GAAP Financial Measures & OtherTable 7
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 7 for additional non-GAAP reconciliations.
Q4 FY26 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) / DivestituresUnderlying
Control Systems & Software14%—%—%14%
Test & Measurement14%1%—%15%
Software & Systems14%—%—%14%
Sensors4%(1)%—%3%
Final Control5%—%—%5%
Intelligent Devices5%(1)%—%4%
Safety & Productivity2%—%—%2%
Emerson7%—%—%7%
Year Ended Sept 30, 2026 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) / DivestituresUnderlying
Control Systems & Software6%(1)%—%5%
Test & Measurement17%(2)%—%15%
Software & Systems8%(1)%—%7%
Sensors4%(1)%—%3%
Final Control4%(2)%—%2%
Intelligent Devices4%(1)%—%3%
Safety & Productivity3%(1)%—%2%
Emerson5%(1)%—%4%
Underlying Growth Guidance2027 Q1 Guidance2027 Guidance
Reported (GAAP)~5%~5%
(Favorable) / Unfavorable FX--
(Acquisitions) / Divestitures--
Underlying (non-GAAP)~5%~5%
2025 Q4 Adjusted Segment EBITAEBITEBIT MarginAmortization of IntangiblesRestructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Control Systems & Software$18616.9%$102$10$29827.0%
Test & Measurement(4)(1.1)%1071311628.5%
Software & Systems$18212.0%$209$23$41427.4%
Sensors31727.6%121934830.3%
Final Control40324.6%291244427.2%
Intelligent Devices$72025.8%$41$31$79228.5%
Safety & Productivity$11320.1%$7$7$12722.6%
2026 Q4 Adjusted Segment EBITAEBITEBIT MarginAmortization of IntangiblesRestructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Control Systems & Software$29723.8%$99$16$41233.1%
Test & Measurement265.6%107814130.3%
Software & Systems$32318.8%$206$24$55332.3%
Sensors33928.5%11735730.0%
Final Control42624.7%271747027.2%
Intelligent Devices$76526.2%$38$24$82728.4%
Safety & Productivity$11920.7%$7$5$13122.9%
Total Adjusted Segment EBITA2025 Q42026 Q4
Pretax earnings (GAAP)$760$997
Margin15.6%19.2%
Corporate items and interest expense, net255210
Amortization of intangibles257251
Restructuring and related costs6153
Adjusted segment EBITA (non-GAAP)$1,333$1,511
Margin27.5%29.1%
2025 Adjusted Segment EBITAEBITEBIT MarginAmortization of IntangiblesRestructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Control Systems & Software$90320.8%$471$29$1,40332.4%
Test & Measurement(68)(4.5)%4251837525.3%
Software & Systems$83514.4%$896$47$1,77830.6%
Sensors1,11226.9%45251,18228.6%
Final Control1,41523.8%115301,56026.2%
Intelligent Devices$2,52725.1%$160$55$2,74227.2%
Safety & Productivity$41819.8%$27$10$45521.5%
2026 Adjusted Segment EBITAEBITEBIT MarginAmortization of IntangiblesRestructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Control Systems & Software$1,03822.7%$402$27$1,46732.0%
Test & Measurement472.7%4292750329.0%
Software & Systems$1,08517.2%$831$54$1,97031.2%
Sensors1,18427.5%46291,25929.3%
Final Control1,45923.6%108931,66026.8%
Intelligent Devices$2,64325.2%$154$122$2,91927.8%
Safety & Productivity$41619.2%$28$27$47121.7%
Total Adjusted Segment EBITA20252026
Pretax earnings (GAAP)$2,905$3,489
Margin16.1%18.4%
Corporate items and interest expense, net875655
Amortization of intangibles1,0831,013
Restructuring and related costs112203
Adjusted segment EBITA (non-GAAP)$4,975$5,360
Margin27.6%28.2%
Free Cash Flow2025 Q42026 Q4
Operating cash flow (GAAP)$1,011$1,075
Capital expenditures(168)(159)
Free cash flow (non-GAAP)$843$916
Free Cash FlowFY25FY262027E ($ in billions)
Operating cash flow (GAAP)$3,676$3,978$4.3 - $4.4
Capital expenditures(431)(443)~(0.5)
Free cash flow (non-GAAP)$3,245$3,535$3.8 - $3.9

Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.

Note 2: All fiscal year 2027E figures are approximate, except where range is given.

Key facts

  • Item 2.02 · Results of operations (earnings)
  • Item 9.01 · Financial statements and exhibits

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