Motorola Solutions (MSI) financials

NYSE · Technology · Communication Equipment · 23,000 employees · CEO Gregory Q. Brown

Price: $491.53 -0.11%
Market cap: $81.3B
Enterprise value: $90.3B
Last report: Q2 '26 filed 2026-08-05
Next report: 2026-11-04 EPS est. $4.42

Revenue (TTM)$12.2B+10.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)25.0%-0.2 pp vs a year agoOperating income $3.07B

Net income (TTM)$2.13B+0.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.68B+12.3% vs a year agoCapex $297M

Diluted EPS (TTM)$12.70+2.3% vs a year agoSum of the last 4 quarters

Net cash-$8.91B-73.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $81.3B
Revenue: $12.2B
Revenue growth: +11%
Profit margin: 17.4%
P/E: 38.3×
P/S: 6.6×
EV / EBITDA: 24.0×
Free cash flow: $2.68B
Net income: $2.13B
Revenue estimate: $13B
Earnings: 2026-11-04
Dividend: $4.84

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 4.4%, EPS beat by 14.5%Revenue $3.13B vs $3B expected (+4.4%); EPS $4.41 vs $3.85 (+14.5%).
Revenue growth accelerating: 13.3% year on yearQ2 '26 revenue $3.13B, against an average of 8.2% over the four quarters before.
Operating margin 25.0% (TTM), -0.2 pp on a year agoOperating income grew 9.5% while revenue grew 10.3%.
10.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.77B vs operating income $3.07B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 2.4% of revenue (a year ago 2.1%)$297M invested in the last 4 quarters (+30.3% on a year earlier). Free cash flow $2.68B = 125.4% of net income.
Returned $1.79B to shareholders = 66.9% of free cash flowBuybacks $1.03B (a year earlier $717M), dividends $766M, stock-based pay $357M (TTM).
Diluted share count down 0.9% in a year167M diluted shares in Q2 '26, 169M a year earlier.
Net debt $8.91BCash + short-term investments $710M, debt incl. leases $9.62B; a year ago net debt $5.13B.
Product And Systems Integration Segment: revenue +15.4%, margin 23.7% (was 22.0%)Fastest-growing reported segment in Q2 '26: operating income $453M on revenue $1.91B (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-07-04. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$3.13B	$2.77B	+13.3%
Gross margin	53.6%	51.1%	+2.5 pp
Operating income	$809M	$692M	+16.9%
Operating margin	25.8%	25.0%	+0.8 pp
Net income	$557M	$513M	+8.6%
Diluted EPS	$3.33	$3.04	+9.5%
Operating cash flow	$469M	$273M	+71.8%
Capex	$55M	$48M	+14.6%
Free cash flow	$414M	$225M	+84.0%
R&D	$260M	$231M	+12.6%
Stock-based compensation	$104M	$74M	+40.5%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$3.13B	$3B	+4.4%
EPS (as estimated)	$4.41	$3.85	+14.5%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Product	$1.82B	+18.6%	58.0%	$7.09B	+9.6%
Service	$1.32B	+6.7%	42.0%	$5.15B	+11.3%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
North America	$2.21B	+9.0%	70.5%	$8.55B	+5.7%
International	$923M	+25.1%	29.5%	$3.08B	+2.6%
United Kingdom	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Product And Systems Integration Segment	$1.91B	+15.4%	$453M	+24.8%	23.7%	22.0%	$1.71B
Services And Software Segment	$1.23B	+10.2%	$356M	+8.2%	29.1%	29.6%	$1.34B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $2.97B
Capex: -$297M
Buybacks: -$1.03B
Dividends: -$766M
Acquisitions: $365M
Net debt issued: $1.29B
Stock-based compensation: $357M
Free cash flow: $2.68B
Returned to shareholders / FCF: 66.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	38.3×	35.5×	29.6× – 48.9×
EV / EBITDA	24.0×	23.5×	20.7× – 31.3×
EV / Sales	7.4×	6.2×	5.3× – 7.5×
Price / FCF	30.4×	29.3×	24.8× – 36.1×
Price / Book	30.5×	129.0× 4 of 5 years	26.4× – 372.1×
FCF yield	3.3%	3.5%	2.8% – 4.0%
Return on invested capital	16.4%	18.4%	15.9% – 21.6%
Return on equity	85.8%	-303.9%	-3,112.5% – 1,175.0%

Analysts

Consensus target $525.86 (+7.0%)
range $476.00 – $550.00 · rating Buy

Strong buy0

Buy24

Hold6

Sell4

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$13B	+11.0%	$17.71	+38.8%	27.8×	5
FY2027	$13.8B	+6.5%	$19.18	+8.3%	25.6×	5
FY2028	$14.7B	+6.7%	$21.23	+10.7%	23.2×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 295 figures Motorola Solutions, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$55M	$48M	+14.6%	–	–	–
Accounts Payable, Current	$957M	$913M	+4.8%	$1.13B	$1.02B	+11.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$2.16B	$1.85B	+16.6%	$2.2B	$1.95B	+12.7%
Accounts Receivable, Allowance for Credit Loss, Current	$83M	$75M	+10.7%	$83M	$83M	0.0%
Accounts Receivable, Allowance for Credit Loss, Noncurrent	$2M2025-12-31	$2M	0.0%	$2M	$2M	0.0%
Accounts Receivable, before Allowance for Credit Loss, Current	$2.24B	$1.93B	+16.4%	$2.28B	$2.04B	+12.2%
Accrued Environmental Loss Contingencies, Noncurrent	$119M	$119M	0.0%	$119M	$119M	0.0%
Accrued Income Taxes, Current	$164M	$161M	+1.9%	$225M	$217M	+3.7%
Accrued Liabilities, Current	$1.67B	$1.47B	+13.7%	$1.93B	$1.64B	+17.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.97B2025-12-31	$1.67B	+18.4%	$1.97B	$1.67B	+18.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$2.43B	-$2.41B	-0.5%	-$2.42B	-$2.54B	+4.7%
Additional Paid in Capital, Common Stock	$2.47B	$2.04B	+20.8%	$2.28B	$1.94B	+17.5%
Amortization of Intangible Assets	$95M	$39M	+143.6%	$234M	$152M	+53.9%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	800K	200K	+300.0%	8.6M2011-12-31	14.6M	-41.1%
Asset Impairment Charges	–	–	–	$0	$2M	-100.0%
Assets	$19.2B	$16.4B	+17.2%	$19.4B	$14.6B	+32.8%
Assets for Plan Benefits, Defined Benefit Plan	$259M	$201M	+28.9%	$228M	$162M	+40.7%
Assets, Current	$6.13B	$7.71B	-20.5%	$6.3B	$6.48B	-2.8%
Business Combination, Acquisition Related Costs	$5M	$2M	+150.0%	$66M	$20M	+230.0%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$16M	$0	–	–	–	–
Capitalized Contract Cost, Amortization	$13M	$13M	0.0%	$52M	$51M	+2.0%
Capitalized Contract Cost, Net, Current	$100M	$69M	+44.9%	$72M	$70M	+2.9%
Capitalized Contract Cost, Net, Noncurrent	$150M	$130M	+15.4%	$152M	$141M	+7.8%
Cash and Cash Equivalents, at Carrying Value	$710M	$3.21B	-77.9%	$1.17B	$2.1B	-44.6%
Cash Surrender Value of Life Insurance	$89M	$77M	+15.6%	$83M	$75M	+10.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$710M	$3.21B	-77.9%	$1.17B	$2.1B	-44.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$176M	$1.64B	-110.7%	-$937M	$397M	-336.0%
Common Stock, Dividends, Per Share, Declared	$1.21	$1.09	+11.0%	$4.48	$4.03	+11.2%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	600M	600M	0.0%	600M	600M	0.0%
Common Stock, Shares, Issued	167M	168M	-0.5%	167M	169M	-0.7%
Common Stock, Shares, Outstanding	166M	167M	-0.7%	166M	167M	-0.8%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$555M	$601M	-7.7%	$2.27B	$1.58B	+44.0%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$556M	$603M	-7.8%	$2.28B	$1.58B	+44.0%
Construction Contractor, Receivable, Retainage	$16M	$34M	-52.9%	$19M	$44M	-56.8%
Contract with Customer, Asset, after Allowance for Credit Loss	$1.46B	$1.38B	+5.4%	$933M2020-12-31	$1.05B	-10.8%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$1.46B	$1.38B	+5.4%	$1.57B	$1.23B	+28.0%
Contract with Customer, Asset, Credit Loss Expense (Reversal)	$0	$0	–	$0	$0	–
Contract with Customer, Liability, Current	$2.34B	$2.02B	+16.1%	$2.27B	$2.07B	+9.3%
Contract with Customer, Liability, Noncurrent	$844M	$616M	+37.0%	$751M	$496M	+51.4%
Contract with Customer, Liability, Revenue Recognized	$796M	$663M	+20.1%	$1.3B	$1.3B	0.0%
Contract with Customer, Performance Obligation Satisfied in Previous Period	-$1M	$5M	-120.0%	$7M	$28M	-75.0%
Cost of Goods and Services Sold	$1.46B	$1.35B	+7.6%	$5.65B	$5.31B	+6.4%
Current Federal Tax Expense (Benefit)	–	–	–	$259M	$410M	-36.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$183M	$62M	+195.2%
Current Income Tax Expense (Benefit)	–	–	–	$558M	$605M	-7.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$116M	$133M	-12.8%
Debt, Current	–	–	–	$322M2024-12-31	$1.31B	-75.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$101M	-$207M	+148.8%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$7M	$23M	-69.6%
Deferred Income Tax Assets, Net	$733M	$1.23B	-40.4%	$761M	$1.28B	-40.5%
Deferred Income Tax Expense (Benefit)	$10M	$0	–	$94M	-$215M	+143.7%
Deferred Income Tax Liabilities, Net	$122M	$91M	+34.1%	$124M	$87M	+42.5%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$14M	-$31M	+54.8%
Deferred Tax Assets, Deferred Income	$457M2025-12-31	$420M	+8.8%	$457M	$420M	+8.8%
Deferred Tax Assets, Gross	$2.5B2025-12-31	$2.4B	+4.2%	$2.5B	$2.4B	+4.2%
Deferred Tax Assets, Inventory	$30M2025-12-31	$30M	0.0%	$30M	$30M	0.0%
Deferred Tax Assets, Net	$637M2025-12-31	$1.19B	-46.6%	$637M	$1.19B	-46.6%
Deferred Tax Assets, Net of Valuation Allowance	$2.4B2025-12-31	$2.4B	0.0%	$2.4B	$2.4B	0.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-04, 10-Q 2026-04-04, 10-K 2025-12-31, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-31, 10-Q 2024-09-28, 10-Q 2024-06-29

Data as of 2026-11-01