Emerson Reports Third Quarter 2026 Results; Raises 2026 Outlook
Emerson Reports Third Quarter 2026 Results; Raises 2026 Outlook
PR Newswire
ST. LOUIS, Aug. 4, 2026
ST. LOUIS, Aug. 4, 2026 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results(1) for its third quarter ended June 30, 2026 and updated its full year outlook for fiscal 2026. Emerson also declared a quarterly cash dividend of $0.555 per share of common stock payable September 10, 2026 to stockholders of record on August 14, 2026.
| (dollars in millions, except per share) | 2025 Q3 | 2026 Q3 | Change |
|---|---|---|---|
| Underlying Orders(2) | 7 % | ||
| Net Sales | $4,553 | $4,873 | 7 % |
| Underlying Sales(3) | 6 % | ||
| Pretax Earnings | $734 | $916 | |
| Margin | 16.1 % | 18.8 % | 270 bps |
| Adjusted Segment EBITA(4) | $1,232 | $1,387 | |
| Margin | 27.1 % | 28.5 % | 140 bps |
| GAAP Earnings Per Share | $1.03 | $1.28 | 24 % |
| Adjusted Earnings Per Share(5) | $1.52 | $1.71 | 13 % |
| Operating Cash Flow | $1,062 | $1,425 | 34 % |
| Free Cash Flow | $970 | $1,323 | 36 % |
Management Commentary
"Emerson had an outstanding third quarter with sales, margin expansion, earnings and cash flow all exceeding expectations," said Emerson President and Chief Executive Officer Lal Karsanbhai. "Demand was robust, with underlying orders up 7%, led by Software & Systems and broad-based growth in North America and Asia. The conflict in the Middle East remains fluid, and I am proud of our team's ability to deliver results and support our customers around the world."
Karsanbhai continued, "We are raising our full year guidance, reflecting our strong third quarter performance and healthy demand. Secular tailwinds continue to support sustained investment in our growth verticals and provide a solid foundation as we finish 2026 and look ahead to 2027."
2026 Outlook
The following tables summarize the fiscal year 2026 guidance framework. As we pivot capital allocation to returning cash to shareholders, the 2026 outlook assumes returning ~$2.2B through ~$1B share repurchases and ~$1.2B of dividends. Guidance figures are approximate. 2026 Q4 2026
| Net Sales Growth | ~5% | ~5% |
|---|---|---|
| Underlying Sales Growth | ~5% | ~3.5% |
| Earnings Per Share | ~$1.45 | ~$4.89 |
| Amortization of intangibles | ~$0.34 | ~$1.39 |
| Restructuring and related costs | ~$0.03 | ~$0.24 |
| Acquisition/divestiture fees and related costs | ~$0.01 | ~$0.09 |
| Discrete taxes | ~$0.02 | ~$0.05 |
| IEEPA tariff refunds | - | ~($0.11) |
| Adjusted Earnings Per Share | ~$1.85 | ~$6.55 |
| Operating Cash Flow | ~$4.1B | |
| Free Cash Flow | ~$3.6B |
(1) Results are presented on a continuing operations basis. (2) Underlying orders do not include AspenTech. (3) Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures. (4) Adjusted segment EBITA represents segment earnings excluding restructuring 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, discrete taxes and certain gains, losses or impairments.
Conference Call
Today, beginning at 3:30 p.m. Central Time / 4:30 p.m. Eastern Time, Emerson management will discuss the third quarter 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. Investors: Media: Doug Ashby Joseph Sala / Greg Klassen (314) 553-2197 Joele 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 June | Nine Months Ended |
|---|---|
| 30, | June 30, |
2025 2026 2025 2026
| Net sales | $4,553 | $4,873 | $13,161 | $13,781 |
| Cost of sales | 2,160 | 2,218 | 6,161 | 6,393 |
| SG&A expenses | 1,266 | 1,343 | 3,773 | 3,902 |
| Other deductions, net | 298 | 311 | 944 | 744 |
| Interest expense, net | 95 | 85 | 145 | 258 |
| Earnings from continuing operations before income taxes | 734 | 916 | 2,138 | 2,484 |
| Income taxes | 154 | 198 | 536 | 542 |
| Earnings from continuing operations | 580 | 718 | 1,602 | 1,942 |
| Discontinued operations, net of tax | 6 | — | 7 | — |
| Net earnings | 586 | 718 | 1,609 | 1,942 |
| Less: | ||||
| Noncontrolling interests in subsidiaries | — | — | (48) | 1 |
| Net earnings common stockholders | $586 | $718 | $1,657 | $1,941 |
Earnings common stockholders Earnings from continuing operations 580 718 1,650 1,941 Discontinued operations 6 — 7 — Net earnings common stockholders $ 586 $ 718 $ 1,657 $ 1,941
Diluted avg. shares outstanding 564.7 561.1 567.1 562.7
Diluted earnings per share common stockholders Earnings from continuing operations $ 1.03 $ 1.28 $ 2.91 $ 3.45 Discontinued operations 0.01 — 0.01 — Diluted earnings per common share $ 1.04 $ 1.28 $ 2.92 $ 3.45
| Quarter Ended June | Nine Months Ended |
|---|---|
| 30, | June 30, |
| 2025 | 2026 | 2025 | 2026 | |
|---|---|---|---|---|
| Other deductions, net Amortization of intangibles | $219 | $204 | $677 | $613 |
| Restructuring costs | 37 | 87 | 70 | 141 |
| Other | 42 | 20 | 197 | (10) |
| Total | $298 | $311 | $944 | $744 |
Table 2 EMERSON AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS, UNAUDITED)
| Sept 30, | 2025 | |
| June 30, | 2026 | |
| Assets Cash and equivalents | $1,544 | $2,180 |
| Receivables, net | 3,101 | 3,057 |
| Inventories | 2,213 | 2,513 |
| Other current assets | 1,725 | 1,905 |
| Total current assets | 8,583 | 9,655 |
| Property, plant & equipment, net | 2,871 | 2,861 |
| Goodwill | 18,193 | 18,122 |
| Other intangible assets | 9,458 | 8,686 |
| Other | 2,859 | 2,884 |
| Total assets | $41,964 | $42,208 |
| Liabilities and equity | ||
| Short-term borrowings and current maturities of long-term debt | $4,797 | $5,587 |
| Accounts payable | 1,384 | 1,613 |
| Accrued expenses | 3,616 | 3,572 |
| Total current liabilities | 9,797 | 10,772 |
| Long-term debt | 8,319 | 7,526 |
| Other liabilities | 3,550 | 3,516 |
| Equity Common stockholders' equity | 20,282 | 20,379 |
| Noncontrolling interests in subsidiaries | 16 | 15 |
| Total equity | 20,298 | 20,394 |
| Total liabilities and equity | $41,964 | $42,208 |
Table 3 EMERSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN MILLIONS, UNAUDITED)
| Nine Months Ended June 30, | 2025 | 2026 |
|---|---|---|
| Operating activities Net earnings | $1,609 | $1,942 |
| Earnings from discontinued operations, net of tax | (7) | — |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,139 | 1,105 |
| Stock compensation | 198 | 181 |
| Changes in operating working capital | (80) | (320) |
| Other, net | (195) | (6) |
| Cash from continuing operations | 2,664 | 2,902 |
| Cash from discontinued operations | (576) | — |
| Cash provided by operating activities | 2,088 | 2,902 |
Investing activities Capital expenditures (263) (284) Purchases of businesses, net of cash and equivalents acquired (36) — Other, net (94) (38) Cash used in investing activities (393) (322)
| Financing activities Net increase in short-term borrowings | 1,419 | 1,434 |
| Proceeds from short-term borrowings greater than three months | 5,292 | 6,229 |
| Payments of short-term borrowings greater than three months | (1,349) | (7,028) |
| Proceeds from long-term debt | 1,544 | — |
| Payments of long-term debt | (503) | (588) |
| Dividends paid | (895) | (935) |
| Purchases of common stock | (1,147) | (898) |
| Purchase of noncontrolling interest | (7,244) | — |
| Settlement of Aspen Tech share awards | (76) | — |
| Other, net | (60) | (134) |
| Cash used in financing activities | (3,019) | (1,920) |
| Effect of exchange rate changes on cash and equivalents | (45) | (24) | |
|---|---|---|---|
| Increase (decrease) in cash and equivalents | (1,369) | 636 | |
| Beginning cash and equivalents | 3,588 | 1,544 | |
| Ending cash and equivalents $ | 2,219 | $ | 2,180 |
Table 4 EMERSON AND SUBSIDIARIES SEGMENT SALES AND EARNINGS (DOLLARS 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 June 30, | 2025 | 2026 | ||
|---|---|---|---|---|
| Reported Underlying Sales Control Systems & Software | $1,120 | $1,199 | 7% | 7% |
| Test & Measurement | 360 | 445 | 23% | 23% |
| Software & Systems | $1,480 | $1,644 | 11% | 11% |
| Sensors | 1,013 | 1,091 | 8 % | 7 % |
|---|---|---|---|---|
| Final Control | 1,522 | 1,586 | 4 % | 3 % |
| Intelligent Devices $ 2,535 $ | 2,677 | 6 % | 5 % |
Safety & Productivity $ 538 $ 552 3 % 2 %
Total $ 4,553 $ 4,873 7 % 6 %
Sales Growth by Geography Quarter Ended June 30, Americas 8 % Europe (1) % Asia, Middle East & Africa 8 %
Table 4 cont.
Nine Months Ended June 30, 2025 2026 Reported Underlying
Sales Control Systems & Software $ 3,235 $ 3,332 3 % 2 % Test & Measurement 1,077 1,268 18 % 15 % Software & Systems $ 4,312 $ 4,600 7 % 5 %
| Sensors | 2,986 | 3,111 | 4 % | 2 % |
|---|---|---|---|---|
| Final Control | 4,315 | 4,469 | 4 % | 2 % |
| Intelligent Devices $ 7,301 $ | 7,580 | 4 % | 2 % |
Safety & Productivity $ 1,548 $ 1,601 3 % 2 %
Total $ 13,161 $ 13,781 5 % 3 %
Sales Growth by Geography Nine Months Ended June 30, Americas 6 % Europe (1) % Asia, Middle East & Africa 1 %
Table 4 cont.
| Quarter Ended June 30, Quarter Ended June 30, | 2025 | 2026 | ||
|---|---|---|---|---|
| As Reported Adjusted As Adjusted (GAAP) EBITA Reported EBITA (Non-GAAP) (GAAP) (Non-GAAP) Earnings Control Systems & Software | $271 | $393 | $285 | $391 |
| Margins | 24.2% | 35.2% | 23.8% | 32.6% |
| Test & Measurement | (26) | 81 | 11 | 132 |
| Margins | (7.2)% | 22.4% | 2.6% | 29.6% |
| Software & Systems | $245 | $474 | $296 | $523 |
| Margins | 16.6% | 32.1% | 18.0% | 31.8% |
| Sensors | 246 | 259 | 303 | 323 | |
|---|---|---|---|---|---|
| Margins | 24.2 % | 25.5 % | 27.7 % | 29.7 % | |
| Final Control | 351 | 389 | 349 | 424 | |
| Margins | 23.1 % | 25.5 % | 22.0 % | 26.7 % | |
| Intelligent Devices $ 597 $ | 648 | $ | 652 | $ | 747 |
| Margins | 23.5 % | 25.5 % | 24.3 % | 27.9 % |
Safety & Productivity $ 103 $ 110 $ 93 $ 117 Margins 19.2 % 20.4 % 16.9 % 21.2 %
| Corporate items and interest expense, net: | ||||
| Stock compensation | (71) | (45) | (68) | (64) |
| Unallocated pension and postretirement costs | 27 | 27 | 29 | 29 |
| Corporate and other | (72) | (31) | (1) | (49) |
| Interest expense, net | (95) | — | (85) | — |
| Pretax Earnings / Adjusted EBITA | $734 | $1,183 | $916 | $1,303 |
| Margins | 16.1% | 26.0% | 18.8% | 26.7% |
Supplemental Total Segment Earnings: Adjusted Total Segment EBITA $ 1,232 $ 1,387 Margins 27.1 % 28.5 %
Table 4 cont.
| Quarter Ended June 30, Quarter Ended June 30, | 2025 | 2026 | ||
|---|---|---|---|---|
| Amortization of Restructuring Amortization of Restructuring Intangibles | (1) | |||
| and Intangibles | (1) | |||
| and Related Costs | (2) | |||
| Related Costs | (2) | |||
| Control Systems & Software | $114 | $8 | $100 | $6 |
| Test & Measurement | 107 | — | 108 | 13 |
| Software & Systems | $221 | $8 | $208 | $19 |
| Sensors | 11 | 2 | 11 | 9 | |
|---|---|---|---|---|---|
| Final Control | 30 | 8 | 27 | 48 | |
| Intelligent Devices $ 41 $ | 10 | $ | 38 | $ | 57 |
Safety & Productivity $ 7 $ — $ 7 $ 17
Corporate — 23(3) — 6 Total $ 269 $ 41 $ 253 $ 99
(1 )Amortization of intangibles includes $50 and $49 reported in cost of sales for the three months ended June 30, 2025 and 2026, respectively. (2 )Restructuring and related costs includes $4 and $12 reported in cost of sales and selling, general and administrative expenses for the three months ended June 30, 2025 and 2026, respectively. (3 )Corporate restructuring and related costs of $23 for the three months ended June 30, 2025 includes $20 related to integration-related stock compensation expense attributable to AspenTech.
Quarter Ended June 30, Depreciation and Amortization 2025 2026 Control Systems & Software $ 135 $ 128 Test & Measurement 119 120 Software & Systems 254 248
| Sensors | 32 | 34 |
|---|---|---|
| Final Control | 56 | 56 |
| Intelligent Devices | 88 | 90 |
Safety & Productivity 19 27
Corporate 11 12 Total $ 372 $ 377
Table 5 EMERSON AND SUBSIDIARIES ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL (DOLLARS 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, and certain gains, losses or impairments. This metric is useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.
Quarter Ended June 30, 2025 2026 Stock compensation (GAAP) $ (71) $ (68) Integration-related stock compensation expense 26(1) 4 Adjusted stock compensation (non-GAAP) $ (45) $ (64)
Quarter Ended June 30, 2025 2026 Corporate and other (GAAP) $ (72) $ (1) Corporate restructuring and related costs 3 6 Acquisition / divestiture costs 38 28 IEEPA tariff refunds — (82) Adjusted corporate and other (non-GAAP) $ (31) $ (49)
(1 )Integration-related stock compensation expense for the three months ended June 30, 2025 includes $24 related to AspenTech of which $20 is reported as restructuring costs, and $2 related to NI
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 and related costs, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring and related costs, first year purchase accounting related items and transaction-related costs, 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 June 30, | 2025 | 2026 |
|---|---|---|
| Pretax earnings | $734 | $916 |
| Percent of sales | 16.1% | 18.8% |
| Interest expense, net | 95 | 85 |
| Amortization of intangibles | 269 | 253 |
| Restructuring and related costs | 41 | 99 |
| Acquisition/divestiture fees and related costs | 44 | 32 |
| IEEPA tariff refunds | — | (82) |
| Adjusted EBITA | $1,183 | $1,303 |
| Percent of sales | 26.0% | 26.7% |
| Quarter Ended June 30, | 2025 | 2026 |
|---|---|---|
| GAAP earnings from continuing operations per share | $1.03 | $1.28 |
| Amortization of intangibles | 0.37 | 0.35 |
| Restructuring and related costs | 0.06 | 0.13 |
| Acquisition/divestiture fees and related costs | 0.06 | 0.05 |
| Discrete taxes | — | 0.01 |
| IEEPA tariff refunds | — | (0.11) |
| Adjusted earnings from continuing operations per share | $1.52 | $1.71 |
Table 6 cont.
| Quarter Ended June 30, | 2026 | ||||||
| Pretax Income Earnings Non- Net Diluted Earnings Taxes from Cont. Controlling Earnings Earnings Ops. Interests Common Per Stockholders Share As reported (GAAP) | $916 | $198 | $718 | ||||
| $— | $718 | $1.28 | |||||
| Amortization of intangibles | 253 | (1) | 59 | 194 | — | 194 | 0.35 |
| Restructuring and related costs | 99 | (2) | 25 | 74 | — | 74 | 0.13 |
| Acquisition/divestiture fees and related costs | 32 | 2 | 30 | — | 30 | 0.05 | |
| Discrete taxes | — | (7) | 7 | — | 7 | 0.01 | |
| IEEPA tariff refunds | (82) | (19) | (63) | — | (63) | (0.11) | |
| Adjusted (non-GAAP) | $1,218 | $258 | $960 | ||||
| $— | $960 | $1.71 | |||||
| Interest expense, net | 85 | ||||||
| Adjusted EBITA (non-GAAP) | $1,303 |
(1) Amortization of intangibles includes $49 reported in cost of sales. (2) Restructuring and related costs includes $12 reported in cost of sales and selling, general and administrative expenses.
Reconciliations of Non-GAAP Financial Measures & Other Table 7
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 6 for additional non-GAAP reconciliations.
| 2026 Q3 Underlying Sales Change | Reported | (Favorable) / | (Acquisitions) / | Underlying |
|---|---|---|---|---|
| Unfavorable FX | Divestitures | |||
| Control Systems & Software | 7 % | — % | — % | 7 % |
| Test & Measurement | 23 % | — % | — % | 23 % |
| Software & Systems | 11 % | — % | — % | 11 % |
| Sensors | 8 % | (1) % | — % | 7 % |
| Final Control | 4 % | (1) % | — % | 3 % |
| Intelligent Devices | 6 % | (1) % | — % | 5 % |
| Safety & Productivity | 3 % | (1) % | — % | 2 % |
| Emerson | 7 % | (1) % | — % | 6 % |
| Nine Months Ended June 30, 2026 Underlying Sales | Reported | (Favorable) / | (Acquisitions) / | Underlying |
|---|---|---|---|---|
| Change | Unfavorable FX | Divestitures | ||
| Control Systems & Software | 3 % | (1) % | — % | 2 % |
| Test & Measurement | 18 % | (3) % | — % | 15 % |
| Software & Systems | 7 % | (2) % | — % | 5 % |
| Sensors | 4 % | (2) % | — % | 2 % |
| Final Control | 4 % | (2) % | — % | 2 % |
| Intelligent Devices | 4 % | (2) % | — % | 2 % |
| Safety & Productivity | 3 % | (1) % | — % | 2 % |
| Emerson | 5 % | (2) % | — % | 3 % |
| Underlying Growth Guidance | 2026 Q4 | 2026 |
|---|---|---|
| Guidance | ||
| Guidance | ||
| Reported (GAAP) | ~5% | ~5% |
| (Favorable) / Unfavorable FX | - | ~(1.5 pts) |
| (Acquisitions) / Divestitures | - | - |
| Underlying (non-GAAP) | ~5% | ~3.5% |
2025 Q3 Adjusted Segment EBITA EBIT EBIT Amortization Restructuring Adjusted Adjusted
Margin of and Related Segment Segment
| Intangibles Costs EBITA EBITA Margin Control Systems & Software | $271 | 24.2% | $114 | $8 | $393 | 35.2% |
| Test & Measurement | (26) | (7.2)% | 107 | — | 81 | 22.4% |
| Software & Systems | $245 | 16.6% | $221 | $8 | $474 | 32.1% |
| Sensors | 246 | 24.2% | 11 | 2 | 259 | 25.5% |
| Final Control | 351 | 23.1% | 30 | 8 | 389 | 25.5% |
| Intelligent Devices | $597 | 23.5% | $41 | $10 | $648 | 25.5% |
| Safety & Productivity | $103 | 19.2% | $7 | |||
| $— | $110 | 20.4% |
2026 Q3 Adjusted Segment EBITA EBIT EBIT Amortization Restructuring Adjusted Adjusted
| Margin of and Related Segment Segment Intangibles Costs EBITA EBITA Margin Control Systems & Software | $285 | 23.8% | $100 | $6 | $391 | 32.6% |
| Test & Measurement | 11 | 2.6% | 108 | 13 | 132 | 29.6% |
| Software & Systems | $296 | 18.0% | $208 | $19 | $523 | 31.8% |
| Sensors | 303 | 27.7% | 11 | 9 | 323 | 29.7% |
| Final Control | 349 | 22.0% | 27 | 48 | 424 | 26.7% |
| Intelligent Devices | $652 | 24.3% | $38 | $57 | $747 | 27.9% |
| Safety & Productivity | $93 | 16.9% | $7 | $17 | $117 | 21.2% |
| Total Adjusted Segment EBITA | 2025 Q3 | 2026 Q3 | |
|---|---|---|---|
| Pretax earnings (GAAP) $ | 734 | $ | 916 |
| Margin | 16.1 % | 18.8 % | |
| Corporate items and interest expense, net | 211 | 125 | |
| Amortization of intangibles | 269 | 253 | |
| Restructuring and related costs | 18 | 93 | |
| Adjusted segment EBITA (non-GAAP) $ | 1,232 | $ | 1,387 |
| Margin | 27.1 % | 28.5 % |
Free Cash Flow 2025 Q3 2026 Q3 2026E
($ in billions) Operating cash flow (GAAP) $ 1,062 $ 1,425 ~$4.1 Capital expenditures (92) (102) ~(0.45) Free cash flow (non-GAAP) $ 970 $ 1,323 ~$3.6
Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures. Note 2: All fiscal year 2026E figures are approximate, except where range is given.
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