Emerson Reports Fourth Quarter and Full Year 2025 Results; Provides Initial 2026 Outlook
Emerson (NYSE: EMR) reported fiscal Q4 and full-year 2025 results for the period ended Sept. 30, 2025, and provided initial 2026 guidance. Q4 net sales were $4,855 million, up 5% year-over-year; FY sales were $18,016 million, up 3% year-over-year. GAAP EPS was $1.12 in Q4 and $4.03 for FY 2025; Adjusted EPS was $1.62 in Q4 and $6.00 for FY 2025. Emerson reported margin expansion (FY adjusted segment EBITA margin to 27.6%) and FY free cash flow of $3,245 million.
The board approved a 5% quarterly dividend increase to $0.555 per share (payable Dec. 10, record Nov. 14) and authorized repurchases of up to 50 million shares, in addition to ~20 million shares remaining from a prior authorization. 2026 guidance: Adjusted EPS $6.35–$6.55, GAAP EPS $4.73–$4.93, operating cash flow $4.0–$4.1B, free cash flow $3.5–$3.6B, and planned cash returns of ~$2.2B (~$1.0B repurchases, ~$1.2B dividends).
Emerson (NYSE: EMR) ha riportato i risultati fiscali del Q4 e dell'intero anno 2025 per il periodo terminato il 30 settembre 2025, e ha fornito una prima guidance per il 2026. Le vendite nette del Q4 sono state di 4.855 milioni di dollari, in aumento del 5% su base annua; le vendite FY sono state di 18.016 milioni, in aumento del 3% su base annua. l'EPS GAAP è stato di 1,12 dollari nel Q4 e 4,03 per l'anno fiscale 2025; l'EPS rettificato è stato di 1,62 nel Q4 e 6,00 per l'anno fiscale 2025. Emerson ha registrato un'espansione della redditività (margine EBITA rettificato per l'anno al 27,6%) e un flusso di cassa libero annuale di 3.245 milioni di dollari.
Il consiglio di amministrazione ha approvato un aumento del dividendo trimestrale del 5% a 0,555 dollari per azione (pagamento 10 dicembre, record 14 novembre) e ha autorizzato riacquisti di fino a 50 milioni di azioni, oltre alle circa 20 milioni di azioni residue dall'autorizzazione precedente. Guida per il 2026: EPS rettificato 6,35–6,55 dollari, EPS GAAP 4,73–4,93, flusso di cassa operativo 4,0–4,1 miliardi, flusso di cassa libero 3,5–3,6 miliardi, e piani di ritorno di capitale di circa 2,2 miliardi di dollari (circa 1,0 miliardo di riacquisti, circa 1,2 miliardi di dividendi).
Emerson (NYSE: EMR) presentó resultados del cuarto trimestre y del año completo 2025 para el periodo terminado el 30 de septiembre de 2025, y proporcionó una guía inicial para 2026. Las ventas netas del Q4 fueron de 4.855 millones de dólares, un aumento del 5% interanual; las ventas del año fiscal fueron de 18.016 millones, un aumento del 3% interanual. EL EPS GAAP fue de 1,12 dólares en el Q4 y 4,03 para el año fiscal 2025; EL EPS ajustado fue de 1,62 en el Q4 y 6,00 para el año fiscal 2025. Emerson reportó expansión de márgenes (margen EBITA ajustado por segmento para el año del 27,6%) y un flujo de caja libre anual de 3.245 millones de dólares.
La junta directiva aprobó un aumento del dividendo trimestral del 5% a 0,555 dólares por acción (pago el 10 de diciembre, registro el 14 de noviembre) y autorizó recompras de hasta 50 millones de acciones, además de las ~20 millones de acciones que quedan de una autorización previa. Guía para 2026: EPS ajustado 6,35–6,55, EPS GAAP 4,73–4,93, flujo de efectivo operativo 4,0–4,1 mil millones, flujo de efectivo libre 3,5–3,6 mil millones, y planes de retornos de efectivo de ~2,2 mil millones (~1,0 mil millones en recompras, ~1,2 mil millones en dividendos).
에머슨(NYSE: EMR)은 2025년 9월 30일로 종료된 기간에 대한 2025 회계연도 4분기(Q4) 및 연간 실적과 2026년 초기 전망을 발표했습니다. Q4 매출은 48억 5,500만 달러로 전년 대비 5% 증가했으며; FY 매출은 180억 1,6천만 달러로 전년 대비 3% 증가했습니다. GAAP EPS는 Q4에서 1.12달러, 2025 회계연도 전체에서 4.03달러였고; 조정된 EPS는 Q4에서 1.62달러, 2025 회계연도 전체에서 6.00달러였습니다. 에머슨은 마진 확장(FY 조정된 부문 EBITA 마진 27.6%)과 연간 자유 현금 흐름 324.5억 달러를 보고했습니다.
이사회는 분기 배당 5% 인상을 주당 0.555달러로 승인했고(12월 10일 지급, 11월 14일 기록), 추가로 최대 5천만 주의 자사주 매입을 승인했습니다. 이전 승인으로 남아 있는 약 2천만 주를 포함합니다. 2026년 가이던스: 조정 EPS 6.35~6.55, GAAP EPS 4.73~4.93, 영업 현금 흐름 40억~41억 달러, 자유 현금 흐름 35억~36억 달러, 현금 배당 및 자본 반환 계획 약 22억 달러(약 10억 달러 자사주 매입, 약 12억 달러 배당).
Emerson (NYSE: EMR) a publié les résultats du T4 et de l'exercice 2025 dans son ensemble pour la période se terminant le 30 septembre 2025 et a fourni une première orientation pour 2026. Les ventes nettes du Q4 se sont élevées à 4 855 millions de dollars, en hausse de 5 % en glissement annuel ; les ventes de l'exercice se sont élevées à 18 016 millions, en hausse de 3 % en glissement annuel. EPS GAAP était de 1,12 $ au Q4 et 4,03 $ pour l'exercice 2025 ; EPS ajusté était de 1,62 $ au Q4 et 6,00 $ pour l'exercice 2025. Emerson a enregistré une expansion des marges (marge EBITA ajustée du segment pour l'année à 27,6 %) et un flux de trésorerie disponible annuel de 3 245 millions de dollars.
Le conseil d'administration a approuvé une hausse du dividende trimestriel de 5 % à 0,555 $ par action (paiement le 10 décembre, ex-date le 14 novembre) et a autorisé des rachats d'au plus 50 millions d'actions, en plus des environ 20 millions d'actions restantes d'une autorisation précédente. Orientation 2026 : EPS ajusté 6,35–6,55, EPS GAAP 4,73–4,93, flux de trésorerie opérationnel 4,0–4,1 milliards, flux de trésorerie disponible 3,5–3,6 milliards, et programmes de rendement du capital d'environ 2,2 milliards (environ 1,0 milliard de rachats, environ 1,2 milliard de dividendes).
Emerson (NYSE: EMR) hat die Ergebnisse des vierten Quartals (Q4) und des Geschäftsjahres 2025 für den Zeitraum bis zum 30. September 2025 gemeldet und eine erste Prognose für 2026 gegeben. Q4-Nettoverkäufe betrugen 4.855 Mio. USD, ein Anstieg von 5 % gegenüber dem Vorjahr; Jahresumsatz betrug 18.016 Mio. USD, ein Anstieg von 3 % gegenüber dem Vorjahr. GAAP EPS betrug im Q4 1,12 USD und 4,03 USD für das Geschäftsjahr 2025; angepasstes EPS betrug 1,62 im Q4 und 6,00 für das Geschäftsjahr 2025. Emerson meldete Margenexpansion (FY angepasstes Segment-EBITA-Marge 27,6 %) und einen freien Cashflow des Geschäftsjahres von 3.245 Mio. USD.
Der Vorstand hat eine Erhöhung der vierteljährlichen Dividende um 5 % auf 0,555 USD pro Aktie genehmigt (Zahlung am 10. Dezember, Ex-Tag 14. November) und den Rückkauf von bis zu 50 Mio. Aktien genehmigt, zusätzlich zu ca. 20 Mio. Aktien, die noch aus einer früheren Genehmigung verbleiben. Ausblick 2026: angepasstes EPS 6,35–6,55, GAAP EPS 4,73–4,93, operativer Cashflow 4,0–4,1 Mrd. USD, freier Cashflow 3,5–3,6 Mrd. USD, und geplante Kapitalrückflüsse von ca. 2,2 Mrd. USD (~1,0 Mrd. USD Reaukauf, ~1,2 Mrd. USD Dividenden).
إمرسون (بورصة نيويورك: EMR) أصدرت نتائج الربع الرابع للسنة المالية 2025 والسنة المالية كاملة حتى 30 سبتمبر 2025، وقدمت توجيهات أولية لعام 2026. صافي المبيعات للربع الرابع بلغ 4,855 مليون دولار، بارتفاع 5% على أساس سنوي؛ مبيعات السنة المالية بلغت 18,016 مليون دولار، بارتفاع 3% على أساس سنوي. EPS GAAP كان 1.12 دولار في الربع الرابع و4.03 دولار للسنة المالية 2025؛ EPS المعدل كان 1.62 في الربع الرابع و6.00 للسنة المالية 2025. ذكرت إمرسون توسع الهامش (الهامش المعدل لـ EBITA للقطاعات للسنة عند 27.6%) وتدفق نقدي حر للسنة قدره 3,245 مليون دولار.
وافقت المجلس على زيادة توزيعات الأرباح الربعية بنسبة 5% إلى 0.555 دولار للسهم (الدفع 10 ديسمبر، التسجيل 14 نوفمبر) وسمحت بإعادة شراء أسهم حتى 50 مليون سهم، بالإضافة إلى نحو 20 مليون سهم متبقية من تفويض سابق. التوجيه لعام 2026: EPS المعدل 6.35–6.55، EPS GAAP 4.73–4.93، التدفق النقدي التشغيلي 4.0–4.1 مليار دولار، التدفق النقدي الحر 3.5–3.6 مليار دولار، وخطط عودة النقد بقيمة نحو 2.2 مليار دولار (حوالي 1.0 مليار إعادة شراء أسهم، حوالي 1.2 مليار دولار توزيعات).
- FY adjusted segment EBITA margin expanded to 27.6%
- GAAP EPS FY 2025 increased to $4.03 (+43% YoY)
- Adjusted EPS FY 2025 of $6.00 (+9% YoY)
- FY free cash flow of $3,245 million (+12% YoY)
- Board-authorized buyback of up to 50 million shares plus ~20 million remaining
- Quarterly dividend increased 5% to $0.555 per share
- None.
Insights
Emerson shows margin expansion, higher EPS and stronger cash returns with a bigger buyback and dividend hike ahead of fiscal 2026.
Emerson reported year-over-year improvements: net sales rose to
Cash generation remains central: fiscal 2025 operating cash flow was
Key dependencies and risks are explicit in the disclosure: achievement of the
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(dollars in millions, except per share) |
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2024 Q4 |
2025 Q4 |
Change |
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2024 |
2025 |
Change |
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Underlying Orders2 |
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6 % |
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4 % |
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Net Sales |
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5 % |
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3 % |
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Underlying Sales3 |
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4 % |
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3 % |
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Pretax Earnings |
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Margin |
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14.7 % |
16.4 % |
170 bps |
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11.5 % |
16.3 % |
480 bps |
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Adjusted Segment EBITA4 |
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Margin |
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26.2 % |
27.5 % |
130 bps |
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26.0 % |
27.6 % |
160 bps |
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15 % |
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43 % |
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Adjusted Earnings Per Share5 |
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9 % |
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9 % |
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Operating Cash Flow |
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(6) % |
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11 % |
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Free Cash Flow |
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(7) % |
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12 % |
Management Commentary
"Emerson delivered a solid fiscal 2025, marked by continued margin expansion, robust cash generation and strong execution. The dedication of our global teams was instrumental in driving our performance and advancing Emerson's position as the leading automation company," said Emerson President and Chief Executive Officer Lal Karsanbhai. "We are proud of the meaningful progress we have made integrating AspenTech and of completing the Test & Measurement integration – delivering on our commitment to achieve
Karsanbhai continued, "Our portfolio is aligned with long-term secular trends positioned to drive sustainable growth into the future. These trends have driven mid-single-digit underlying orders growth for three consecutive quarters, supporting our sales expectations for 2026 and beyond. We remain confident in our operational execution and ability to return cash to shareholders, accelerating further value creation."
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
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2026 Q1 |
2026 |
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Net Sales Growth |
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Underlying Sales Growth |
~ |
~ |
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Earnings Per Share |
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Amortization of intangibles |
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Restructuring and related costs |
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Acquisition/divestiture fees and related costs |
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Adjusted Earnings Per Share |
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Operating Cash Flow |
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Free Cash Flow |
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Share Repurchase |
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1 Results are presented on a continuing operations basis. |
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2 Underlying orders do not include AspenTech. |
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3 Underlying sales exclude the impact of currency translation, and significant acquisitions and divestitures. |
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4 Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense. |
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5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, acquisition/divestiture gains, losses, fees and related costs, and discrete taxes. |
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 2025 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.
Upcoming Event
Emerson will hold an in-person and virtual investor conference on Thursday, Nov. 20 in
About Emerson
Emerson (NYSE: EMR) is a global industrial technology leader that provides advanced automation. With an unmatched portfolio of intelligent devices, controls systems, and industrial software, Emerson delivers solutions that automate and optimize business performance. Headquartered in
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
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.
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Contacts |
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Investors: |
Media: |
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Colleen Mettler |
Joseph Sala / Greg Klassen / Connor Murphy |
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(314) 553-2197 |
Joele Frank, Wilkinson Brimmer Katcher |
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(212) 355-4449 |
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(tables attached)
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Table 1 |
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EMERSON AND SUBSIDIARIES |
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CONSOLIDATED OPERATING RESULTS |
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(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) |
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Quarter Ended |
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Year Ended |
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2024 |
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2025 |
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2024 |
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2025 |
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Net sales |
$ 4,619 |
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$ 4,855 |
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$ 17,492 |
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$ 18,016 |
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Costs and expenses: |
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Cost of sales |
2,248 |
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2,335 |
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8,607 |
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8,497 |
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SG&A expenses |
1,315 |
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1,330 |
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5,142 |
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5,103 |
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Gain on subordinated interest |
— |
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— |
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(79) |
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— |
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Loss on Copeland note receivable |
— |
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— |
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279 |
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— |
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Other deductions, net |
359 |
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302 |
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1,434 |
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1,245 |
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Interest expense, net |
18 |
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92 |
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175 |
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237 |
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Interest income from related party1 |
— |
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— |
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(86) |
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— |
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Earnings from continuing operations before income taxes |
679 |
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796 |
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2,020 |
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2,934 |
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Income taxes |
149 |
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160 |
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415 |
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696 |
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Earnings from continuing operations |
530 |
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636 |
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1,605 |
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2,238 |
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Discontinued operations, net of tax |
438 |
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1 |
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350 |
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8 |
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Net earnings |
968 |
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637 |
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1,955 |
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2,246 |
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Less: Noncontrolling interests in subsidiaries |
(28) |
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— |
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(13) |
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(47) |
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Net earnings common stockholders |
$ 996 |
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$ 637 |
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$ 1,968 |
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$ 2,293 |
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Earnings common stockholders |
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Earnings from continuing operations |
$ 558 |
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$ 636 |
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$ 1,618 |
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$ 2,285 |
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Discontinued operations |
438 |
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1 |
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350 |
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8 |
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Net earnings common stockholders |
$ 996 |
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$ 637 |
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$ 1,968 |
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$ 2,293 |
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Diluted avg. shares outstanding |
573.9 |
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565.5 |
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574.0 |
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566.7 |
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Diluted earnings per share common stockholders |
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Earnings from continuing operations |
$ 0.97 |
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$ 1.12 |
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$ 2.82 |
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$ 4.03 |
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Discontinued operations |
0.76 |
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— |
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0.61 |
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0.01 |
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Diluted earnings per common share |
$ 1.73 |
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$ 1.12 |
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$ 3.43 |
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$ 4.04 |
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Quarter Ended |
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Year Ended |
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2024 |
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2025 |
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2024 |
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2025 |
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Other deductions, net |
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Amortization of intangibles |
$ 266 |
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$ 208 |
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$ 1,077 |
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$ 884 |
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Restructuring costs |
58 |
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66 |
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228 |
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136 |
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Other |
35 |
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28 |
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129 |
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225 |
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Total |
$ 359 |
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$ 302 |
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$ 1,434 |
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$ 1,245 |
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1 Represents interest on the Copeland note receivable. |
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Table 2 |
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EMERSON AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS |
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(DOLLARS IN MILLIONS, UNAUDITED) |
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Year Ended Sept 30, |
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2024 |
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2025 |
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Assets |
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Cash and equivalents |
$ 3,588 |
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$ 1,544 |
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Receivables, net |
2,927 |
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3,101 |
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Inventories |
2,180 |
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2,213 |
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Other current assets |
1,497 |
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1,725 |
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Total current assets |
10,192 |
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8,583 |
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Property, plant & equipment, net |
2,807 |
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2,871 |
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Goodwill |
18,067 |
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18,193 |
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Other intangible assets |
10,436 |
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9,458 |
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Other |
2,744 |
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2,859 |
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Total assets |
$ 44,246 |
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$ 41,964 |
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Liabilities and equity |
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Short-term borrowings and current |
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maturities of long-term debt |
$ 532 |
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$ 4,797 |
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Accounts payable |
1,335 |
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1,384 |
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Accrued expenses |
3,875 |
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3,616 |
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Total current liabilities |
5,742 |
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9,797 |
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Long-term debt |
7,155 |
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8,319 |
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Other liabilities |
3,840 |
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3,550 |
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Equity |
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Common stockholders' equity |
21,636 |
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20,282 |
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Noncontrolling interests in subsidiaries |
5,873 |
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16 |
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Total equity |
27,509 |
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20,298 |
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Total liabilities and equity |
$ 44,246 |
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$ 41,964 |
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Table 3 |
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EMERSON AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(DOLLARS IN MILLIONS, UNAUDITED) |
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Year Ended Sept 30, |
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2024 |
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2025 |
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Operating activities |
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Net earnings |
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$ 1,955 |
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$ 2,246 |
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Earnings from discontinued operations, net of tax |
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(350) |
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(8) |
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Adjustments to reconcile net earnings to net cash provided by operating activities: |
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Depreciation and amortization |
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1,689 |
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1,518 |
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Stock compensation |
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260 |
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263 |
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Amortization of acquisition-related inventory step-up |
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231 |
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— |
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Pension expense (income) |
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(79) |
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(12) |
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Pension funding |
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(38) |
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(46) |
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Changes in operating working capital |
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(151) |
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(9) |
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Gain on subordinated interest |
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(79) |
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— |
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Loss on Copeland note receivable |
|
279 |
|
— |
|
|
Other, net |
|
(400) |
|
(276) |
|
|
Cash from continuing operations |
|
3,317 |
|
3,676 |
|
|
Cash from discontinued operations |
|
15 |
|
(578) |
|
|
Cash provided by operating activities |
|
3,332 |
|
3,098 |
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Capital expenditures |
|
(419) |
|
(431) |
|
|
Purchases of businesses, net of cash and equivalents acquired |
|
(8,342) |
|
(37) |
|
|
Proceeds from subordinated interest |
|
79 |
|
— |
|
|
Other, net |
|
(114) |
|
(125) |
|
|
Cash from continuing operations |
|
(8,796) |
|
(593) |
|
|
Cash from discontinued operations |
|
3,436 |
|
— |
|
|
Cash used in investing activities |
|
(5,360) |
|
(593) |
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
Net increase (decrease) in short-term borrowings |
|
(15) |
|
1,110 |
|
|
Proceeds from short-term borrowings greater than three months |
|
322 |
|
8,008 |
|
|
Payments of short-term borrowings greater than three months |
|
(327) |
|
(4,918) |
|
|
Proceeds from long-term debt |
|
— |
|
1,544 |
|
|
Payments of long-term debt |
|
(547) |
|
(503) |
|
|
Dividends paid |
|
(1,201) |
|
(1,192) |
|
|
Purchases of common stock |
|
(435) |
|
(1,167) |
|
|
AspenTech purchases of common stock |
|
(208) |
|
— |
|
|
Purchase of noncontrolling interest |
|
— |
|
(7,244) |
|
|
Repurchase of AspenTech share awards |
|
— |
|
(76) |
|
|
Other, net |
|
(44) |
|
(72) |
|
|
Cash used in financing activities |
|
(2,455) |
|
(4,510) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and equivalents |
|
20 |
|
(39) |
|
|
Decrease in cash and equivalents |
|
(4,463) |
|
(2,044) |
|
|
Beginning cash and equivalents |
|
8,051 |
|
3,588 |
|
|
Ending cash and equivalents |
|
$ 3,588 |
|
$ 1,544 |
|
|
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 |
||||||||
|
|
||||||||
|
|
Quarter Ended Sept 30, |
|
||||||
|
|
2024 |
|
2025 |
|
Reported |
|
Underlying |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
|
|
|
Final Control |
$ 1,167 |
|
$ 1,215 |
|
4 % |
|
3 % |
|
|
Measurement & Analytical |
1,119 |
|
1,152 |
|
3 % |
|
2 % |
|
|
Discrete Automation |
643 |
|
676 |
|
5 % |
|
4 % |
|
|
Safety & Productivity |
352 |
|
360 |
|
2 % |
|
1 % |
|
|
Intelligent Devices |
$ 3,281 |
|
$ 3,403 |
|
4 % |
|
3 % |
|
|
|
|
|
|
|
|
|
|
|
|
Control Systems & Software |
995 |
|
1,067 |
|
7 % |
|
6 % |
|
|
Test & Measurement |
360 |
|
408 |
|
13 % |
|
12 % |
|
|
Software and Control |
$ 1,355 |
|
$ 1,475 |
|
9 % |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations |
(17) |
|
(23) |
|
|
|
|
|
|
Total |
$ 4,619 |
|
$ 4,855 |
|
5 % |
|
4 % |
|
|
|
|
|
Sales Growth by Geography |
|
|
|
Quarter Ended |
|
|
6 % |
|
|
3 % |
|
|
2 % |
|
|
|||||||
|
Table 4 cont. |
|||||||
|
|
|||||||
|
|
Year Ended Sept 30, |
||||||
|
|
2024 |
|
2025 |
|
Reported |
|
Underlying |
|
|
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
|
|
Final Control |
$ 4,204 |
|
$ 4,380 |
|
4 % |
|
4 % |
|
Measurement & Analytical |
4,061 |
|
4,143 |
|
2 % |
|
2 % |
|
Discrete Automation |
2,506 |
|
2,521 |
|
1 % |
|
1 % |
|
Safety & Productivity |
1,390 |
|
1,356 |
|
(2) % |
|
(3) % |
|
Intelligent Devices |
$ 12,161 |
|
$ 12,400 |
|
2 % |
|
2 % |
|
|
|
|
|
|
|
|
|
|
Control Systems & Software |
3,935 |
|
4,205 |
|
7 % |
|
7 % |
|
Test & Measurement |
1,464 |
|
1,486 |
|
2 % |
|
1 % |
|
Software and Control |
$ 5,399 |
|
$ 5,691 |
|
5 % |
|
5 % |
|
|
|
|
|
|
|
|
|
|
Eliminations |
(68) |
|
(75) |
|
|
|
|
|
Total |
$ 17,492 |
|
$ 18,016 |
|
3 % |
|
3 % |
|
|
|
|
Sales Growth by Geography |
|
|
|
Year Ended |
|
|
5 % |
|
|
(2) % |
|
|
3 % |
|
|
|||||||
|
Table 4 cont. |
|||||||
|
|
|||||||
|
|
Quarter Ended Sept 30, |
|
Quarter Ended Sept 30, |
||||
|
|
2024 |
|
2025 |
||||
|
|
As |
|
Adjusted |
|
As |
|
Adjusted |
|
Earnings |
|
|
|
|
|
|
|
|
Final Control |
$ 271 |
|
$ 305 |
|
$ 310 |
|
$ 335 |
|
Margins |
23.2 % |
|
26.1 % |
|
25.6 % |
|
27.6 % |
|
Measurement & Analytical |
295 |
|
326 |
|
317 |
|
348 |
|
Margins |
26.4 % |
|
29.2 % |
|
27.5 % |
|
30.2 % |
|
Discrete Automation |
144 |
|
154 |
|
134 |
|
154 |
|
Margins |
22.3 % |
|
23.9 % |
|
19.9 % |
|
22.9 % |
|
Safety & Productivity |
78 |
|
90 |
|
77 |
|
89 |
|
Margins |
22.2 % |
|
25.4 % |
|
21.0 % |
|
24.3 % |
|
Intelligent Devices |
$ 788 |
|
$ 875 |
|
$ 838 |
|
$ 926 |
|
Margins |
24.0 % |
|
26.6 % |
|
24.6 % |
|
27.2 % |
|
|
|
|
|
|
|
|
|
|
Control Systems & Software |
98 |
|
239 |
|
181 |
|
291 |
|
Margins |
9.8 % |
|
24.0 % |
|
17.0 % |
|
27.3 % |
|
Test & Measurement |
(45) |
|
96 |
|
(4) |
|
116 |
|
Margins |
(12.4) % |
|
26.7 % |
|
(1.1) % |
|
28.5 % |
|
Software and Control |
$ 53 |
|
$ 335 |
|
$ 177 |
|
$ 407 |
|
Margins |
3.9 % |
|
24.7 % |
|
12.0 % |
|
27.6 % |
|
|
|
|
|
|
|
|
|
|
Corporate items and interest expense, net: |
|
|
|
|
|
|
|
|
Stock compensation |
$ (57) |
|
$ (52) |
|
$ (65) |
|
$ (55) |
|
Unallocated pension and postretirement costs |
37 |
|
37 |
|
27 |
|
27 |
|
Corporate and other |
(124) |
|
(60) |
|
(89) |
|
(34) |
|
Interest (expense) income, net |
(18) |
|
— |
|
(92) |
|
— |
|
|
|
|
|
|
|
|
|
|
Pretax Earnings / Adjusted EBITA |
$ 679 |
|
$ 1,135 |
|
$ 796 |
|
$ 1,271 |
|
Margins |
14.7 % |
|
24.6 % |
|
16.4 % |
|
26.2 % |
|
|
|
|
|
|
|
|
|
|
Supplemental Total Segment Earnings: |
|
|
|
|
|
|
|
|
Adjusted Total Segment EBITA |
|
|
$ 1,210 |
|
|
|
$ 1,333 |
|
Margins |
|
|
26.2 % |
|
|
|
27.5 % |
|
|
|||||||
|
|
Year Ended Sept 30, |
|
Year Ended Sept 30, |
||||
|
|
2024 |
|
2025 |
||||
|
|
As |
|
Adjusted |
|
As |
|
Adjusted |
|
Earnings |
|
|
|
|
|
|
|
|
Final Control |
$ 977 |
|
$ 1,081 |
|
$ 1,081 |
|
$ 1,176 |
|
Margins |
23.2 % |
|
25.7 % |
|
24.7 % |
|
26.9 % |
|
Measurement & Analytical |
1,056 |
|
1,137 |
|
1,112 |
|
1,182 |
|
Margins |
26.0 % |
|
28.0 % |
|
26.9 % |
|
28.5 % |
|
Discrete Automation |
466 |
|
535 |
|
469 |
|
531 |
|
Margins |
18.6 % |
|
21.3 % |
|
18.6 % |
|
21.0 % |
|
Safety & Productivity |
308 |
|
341 |
|
291 |
|
323 |
|
Margins |
22.2 % |
|
24.5 % |
|
21.5 % |
|
23.8 % |
|
Intelligent Devices |
$ 2,807 |
|
$ 3,094 |
|
$ 2,953 |
|
$ 3,212 |
|
Margins |
23.1 % |
|
25.4 % |
|
23.8 % |
|
25.9 % |
|
|
|
|
|
|
|
|
|
|
Control Systems & Software |
572 |
|
1,107 |
|
895 |
|
1,388 |
|
Margins |
14.5 % |
|
28.1 % |
|
21.3 % |
|
33.0 % |
|
Test & Measurement |
(290) |
|
351 |
|
(68) |
|
375 |
|
Margins |
(19.8) % |
|
24.0 % |
|
(4.5) % |
|
25.3 % |
|
Software and Control |
$ 282 |
|
$ 1,458 |
|
$ 827 |
|
$ 1,763 |
|
Margins |
5.2 % |
|
27.0 % |
|
14.5 % |
|
31.0 % |
|
|
|
|
|
|
|
|
|
|
Corporate items and interest expense, net: |
|
|
|
|
|
|
|
|
Stock compensation |
(260) |
|
(202) |
|
(263) |
|
(216) |
|
Unallocated pension and postretirement costs |
144 |
|
144 |
|
109 |
|
109 |
|
Corporate and other |
(664) |
|
(168) |
|
(455) |
|
(175) |
|
Gain on subordinated interest |
79 |
|
— |
|
— |
|
— |
|
Loss on Copeland note receivable |
(279) |
|
— |
|
— |
|
— |
|
Interest (expense) income, net |
(175) |
|
— |
|
(237) |
|
— |
|
Interest income from related party1 |
86 |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
Pretax Earnings / Adjusted EBITA |
$ 2,020 |
|
$ 4,326 |
|
$ 2,934 |
|
$ 4,693 |
|
Margins |
11.5 % |
|
24.7 % |
|
16.3 % |
|
26.0 % |
|
|
|
|
|
|
|
|
|
|
Supplemental Total Segment Earnings: |
|
|
|
|
|
|
|
|
Adjusted Total Segment EBITA |
|
|
$ 4,552 |
|
|
|
$ 4,975 |
|
Margins |
|
|
26.0 % |
|
|
|
27.6 % |
|
|
|
|
|
|
|
|
|
|
1 Represents interest on the Copeland note receivable. |
|||||||
|
|
|||||||
|
Table 4 cont. |
|||||||
|
|
|||||||
|
|
Quarter Ended Sept 30, |
|
Quarter Ended Sept 30, |
||||
|
|
2024 |
|
2025 |
||||
|
|
Amortization of Intangibles1 |
|
Restructuring and Related Costs2 |
|
Amortization of Intangibles1 |
|
Restructuring and Related Costs2 |
|
Final Control |
$ 22 |
|
$ 12 |
|
$ 22 |
|
$ 3 |
|
Measurement & Analytical |
12 |
|
19 |
|
12 |
|
19 |
|
Discrete Automation |
8 |
|
2 |
|
8 |
|
12 |
|
Safety & Productivity |
7 |
|
5 |
|
7 |
|
5 |
|
Intelligent Devices |
$ 49 |
|
$ 38 |
|
$ 49 |
|
$ 39 |
|
|
|
|
|
|
|
|
|
|
Control Systems & Software |
126 |
|
15 |
|
101 |
|
9 |
|
Test & Measurement |
141 |
|
— |
|
107 |
|
13 |
|
Software and Control |
$ 267 |
|
$ 15 |
|
$ 208 |
|
$ 22 |
|
|
|
|
|
|
|
|
|
|
Corporate |
— |
|
11 |
|
— |
|
20 |
|
Total |
$ 316 |
|
$ 64 |
|
$ 257 |
|
$ 81 |
|
|
|
|
|
|
|
|
|
|
1 Amortization of intangibles includes |
|||||||
|
2 Restructuring and related costs includes |
|||||||
|
|
|||||||
|
|
Year Ended Sept 30, |
|
Year Ended Sept 30, |
||||
|
|
2024 |
|
2025 |
||||
|
|
Amortization of Intangibles1 |
|
Restructuring and Related Costs2 |
|
Amortization of Intangibles1 |
|
Restructuring and Related Costs2 |
|
Final Control |
$ 87 |
|
$ 17 |
|
$ 86 |
|
$ 9 |
|
Measurement & Analytical |
55 |
|
26 |
|
45 |
|
25 |
|
Discrete Automation |
34 |
|
35 |
|
32 |
|
30 |
|
Safety & Productivity |
26 |
|
7 |
|
27 |
|
5 |
|
Intelligent Devices |
$ 202 |
|
$ 85 |
|
$ 190 |
|
$ 69 |
|
|
|
|
|
|
|
|
|
|
Control Systems & Software |
512 |
|
23 |
|
468 |
|
25 |
|
Test & Measurement |
560 |
|
81 |
|
425 |
|
18 |
|
Software and Control |
$ 1,072 |
|
$ 104 |
|
$ 893 |
|
$ 43 |
|
|
|
|
|
|
|
|
|
|
Corporate |
— |
|
55 |
|
— |
|
50 |
|
Total |
$ 1,274 |
|
$ 244 |
|
$ 1,083 |
|
$ 162 |
|
|
|
|
|
|
|
|
|
|
1 Amortization of intangibles includes |
|||||||
|
2 Restructuring and related costs includes |
|||||||
|
|
|||
|
|
Quarter Ended Sept 30, |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
Depreciation and Amortization |
|
|
|
|
Final Control |
$ 39 |
|
$ 41 |
|
Measurement & Analytical |
33 |
|
45 |
|
Discrete Automation |
22 |
|
23 |
|
Safety & Productivity |
15 |
|
15 |
|
Intelligent Devices |
109 |
|
124 |
|
|
|
|
|
|
Control Systems & Software |
150 |
|
123 |
|
Test & Measurement |
153 |
|
120 |
|
Software and Control |
303 |
|
243 |
|
|
|
|
|
|
Corporate |
14 |
|
12 |
|
Total |
$ 426 |
|
$ 379 |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended Sept 30, |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
Depreciation and Amortization |
|
|
|
|
Final Control |
$ 159 |
|
$ 161 |
|
Measurement & Analytical |
138 |
|
140 |
|
Discrete Automation |
87 |
|
87 |
|
Safety & Productivity |
58 |
|
60 |
|
Intelligent Devices |
442 |
|
448 |
|
|
|
|
|
|
Control Systems & Software |
594 |
|
550 |
|
Test & Measurement |
607 |
|
476 |
|
Software and Control |
1,201 |
|
1,026 |
|
|
|
|
|
|
Corporate |
46 |
|
44 |
|
Total |
$ 1,689 |
|
$ 1,518 |
|
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. |
||||||||
|
|
||||||||
|
|
|
|
|
|
Quarter Ended Sept 30, |
|
||
|
|
|
|
|
|
2024 |
|
2025 |
|
|
Stock compensation (GAAP) |
|
|
|
|
$ (57) |
|
$ (65) |
|
|
Integration-related stock compensation expense |
|
|
|
|
5 |
1 |
10 |
3 |
|
Adjusted stock compensation (non-GAAP) |
|
|
|
|
$ (52) |
|
$ (55) |
|
|
|
|
|||||||
|
|
|
|
|
|
Quarter Ended Sept 30, |
|
||
|
|
|
|
|
|
2024 |
|
2025 |
|
|
Corporate and other (GAAP) |
|
|
|
|
$ (124) |
|
$ (89) |
|
|
Corporate restructuring and related costs |
|
|
|
|
9 |
|
16 |
|
|
Acquisition/divestiture fees and related costs |
|
|
|
|
46 |
|
39 |
|
|
Loss on divestiture of business |
|
|
|
|
9 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted corporate and other (Non-GAAP) |
|
|
|
|
$ (60) |
|
$ (34) |
|
|
|
|
|||||||
|
|
|
|
|
|
Year Ended Sept 30, |
|
||
|
|
|
|
|
|
2024 |
|
2025 |
|
|
Stock compensation (GAAP) |
|
|
|
|
$ (260) |
|
$ (263) |
|
|
Integration-related stock compensation expense |
|
|
|
|
58 |
2 |
47 |
4 |
|
Adjusted stock compensation (non-GAAP) |
|
|
|
|
$ (202) |
|
$ (216) |
|
|
|
|
|||||||
|
|
|
|
|
|
Year Ended Sept 30, |
|
||
|
|
|
|
|
|
2024 |
|
2025 |
|
|
Corporate and other (GAAP) |
|
|
|
|
$ (664) |
|
$ (455) |
|
|
Corporate restructuring and related costs |
|
|
|
|
12 |
|
25 |
|
|
Loss on divestiture of businesses |
|
|
|
|
48 |
|
— |
|
|
Acquisition/divestiture fees and related costs |
|
|
|
|
205 |
|
255 |
|
|
Amortization of acquisition-related inventory step-up |
|
|
|
|
231 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted corporate and other (Non-GAAP) |
|
|
|
|
$ (168) |
|
$ (175) |
|
|
|
|
|
|
|
|
|
|
|
1 Integration-related stock compensation expense relates to NI and includes |
|||||||
|
2
Integration-related stock compensation expense relates to NI and includes |
|||||||
|
3 Integration-related stock compensation expense relates to NI & AspenTech and includes |
|||||||
|
4
Integration-related stock compensation expense relates to NI & AspenTech and includes |
|||||||
|
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, |
|||
|
|
|||
|
|
Quarter Ended Sept 30, |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
Pretax earnings |
$ 679 |
|
$ 796 |
|
Percent of sales |
14.7 % |
|
16.4 % |
|
Interest expense, net |
18 |
|
92 |
|
Amortization of intangibles |
316 |
|
257 |
|
Restructuring and related costs |
64 |
|
81 |
|
Acquisition/divestiture fees and related costs |
49 |
|
45 |
|
Loss on divestiture of business |
9 |
|
— |
|
Adjusted EBITA |
$ 1,135 |
|
$ 1,271 |
|
Percent of sales |
24.6 % |
|
26.2 % |
|
|
|
|
|
|
|
Quarter Ended Sept 30, |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
GAAP earnings from continuing operations per share |
$ 0.97 |
|
$ 1.12 |
|
|
|
|
|
|
Amortization of intangibles |
0.35 |
|
0.35 |
|
Restructuring and related costs |
0.08 |
|
0.11 |
|
Acquisition/divestiture fees and related costs |
0.06 |
|
0.06 |
|
Loss on divestiture of business |
0.02 |
|
— |
|
Discrete taxes |
— |
|
(0.02) |
|
|
|
|
|
|
Adjusted earnings from continuing operations per share |
$ 1.48 |
|
$ 1.62 |
|
|
|||
|
|
Year Ended Sept 30, |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
Pretax earnings |
$ 2,020 |
|
$ 2,934 |
|
Percent of sales |
11.5 % |
|
16.3 % |
|
Interest expense, net |
175 |
|
237 |
|
Interest income from related party1 |
(86) |
|
— |
|
Amortization of intangibles |
1,274 |
|
1,083 |
|
Restructuring and related costs |
244 |
|
162 |
|
Acquisition/divestiture fees and related costs |
220 |
|
277 |
|
Amortization of acquisition-related inventory step-up |
231 |
|
— |
|
Loss on Copeland note receivable |
279 |
|
— |
|
Loss on divestiture of businesses |
48 |
|
— |
|
Gain on subordinated interest |
(79) |
|
— |
|
Adjusted EBITA |
$ 4,326 |
|
$ 4,693 |
|
Percent of sales |
24.7 % |
|
26.0 % |
|
|
|
|
|
|
|
Year Ended Sept 30, |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
GAAP earnings from continuing operations per share |
$ 2.82 |
|
$ 4.03 |
|
|
|
|
|
|
Amortization of intangibles |
1.43 |
|
1.35 |
|
Restructuring and related costs |
0.33 |
|
0.23 |
|
Acquisition/divestiture fees and related costs |
0.26 |
|
0.33 |
|
Discrete taxes |
(0.10) |
|
0.06 |
|
Amortization of acquisition-related inventory step-up |
0.38 |
|
— |
|
Loss on Copeland note receivable |
0.38 |
|
— |
|
Loss on divestiture of businesses |
0.09 |
|
— |
|
Gain on subordinated interest |
(0.10) |
|
— |
|
|
|
|
|
|
Adjusted earnings from continuing operations per share |
$ 5.49 |
|
$ 6.00 |
|
|
|
|
|
|
1 Represents interest on the Copeland note receivable |
|||
|
|
|||||||||||
|
Table 6 cont. |
|||||||||||
|
Quarter Ended September 30, 2025 |
|||||||||||
|
|
Pretax |
|
Income |
|
Earnings |
|
Non- Interests3 |
|
Net |
|
Diluted |
|
As reported (GAAP) |
$ 796 |
|
$ 160 |
|
$ 636 |
|
$ — |
|
$ 636 |
|
$ 1.12 |
|
Amortization of intangibles |
257 |
1 |
59 |
|
198 |
|
— |
|
198 |
|
0.35 |
|
Restructuring and related |
81 |
2 |
19 |
|
62 |
|
— |
|
62 |
|
0.11 |
|
Acquisition/divestiture fees |
45 |
|
9 |
|
36 |
|
— |
|
36 |
|
0.06 |
|
Discrete taxes |
— |
|
13 |
|
(13) |
|
— |
|
(13) |
|
(0.02) |
|
Adjusted (Non-GAAP) |
$ 1,179 |
|
$ 260 |
|
$ 919 |
|
$ — |
|
$ 919 |
|
$ 1.62 |
|
Interest expense, net |
$ 92 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITA (Non- |
$ 1,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Amortization of intangibles includes |
|||||||||||
|
2 Restructuring and related costs includes |
|||||||||||
|
3 Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in. |
|||||||||||
|
|
|||||||||||
|
Year Ended September 30, 2025 |
|||||||||||
|
|
Pretax |
|
Income |
|
Earnings |
|
Non- Interests3 |
|
Net |
|
Diluted |
|
As reported (GAAP) |
$ 2,934 |
|
$ 696 |
|
$ 2,238 |
|
$ (47) |
|
$ 2,285 |
|
$ 4.03 |
|
Amortization of intangibles |
1,083 |
1 |
246 |
|
837 |
|
73 |
|
764 |
|
1.35 |
|
Restructuring and related |
162 |
2 |
29 |
|
133 |
|
— |
|
133 |
|
0.23 |
|
Acquisition/divestiture fees |
277 |
|
43 |
|
234 |
|
48 |
|
186 |
|
0.33 |
|
Discrete taxes |
— |
|
(36) |
|
36 |
|
— |
|
36 |
|
0.06 |
|
Adjusted (Non-GAAP) |
$ 4,456 |
|
$ 978 |
|
$ 3,478 |
|
$ 74 |
|
$ 3,404 |
|
$ 6.00 |
|
Interest expense, net |
237 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITA (Non- |
$ 4,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Amortization of intangibles includes |
|||||||||||
|
2 Restructuring and related costs includes |
|||||||||||
|
3 Represents the non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results. Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in. |
|||||||||||
|
Table 7 |
||||
|
Reconciliations of Non-GAAP Financial Measures & Other |
||||
|
|
||||
|
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, |
||||
|
|
||||
|
Q4 FY25 Underlying Sales Change |
Reported |
(Favorable) / |
(Acquisitions) / Divestitures |
Underlying |
|
Final Control |
4 % |
(1) % |
— % |
3 % |
|
Measurement & Analytical |
3 % |
(1) % |
— % |
2 % |
|
Discrete Automation |
5 % |
(1) % |
— % |
4 % |
|
Safety & Productivity |
2 % |
(1) % |
— % |
1 % |
|
Intelligent Devices |
4 % |
(1) % |
— % |
3 % |
|
Control Systems & Software |
7 % |
(1) % |
— % |
6 % |
|
Test & Measurement |
13 % |
(1) % |
— % |
12 % |
|
Software and Control |
9 % |
(1) % |
— % |
8 % |
|
Emerson |
5 % |
(1) % |
— % |
4 % |
|
|
||||
|
Year Ended Sept 30, 2025 Underlying Sales Change |
Reported |
(Favorable) / |
(Acquisitions) / Divestitures |
Underlying |
|
Final Control |
4 % |
— % |
— % |
4 % |
|
Measurement & Analytical |
2 % |
— % |
— % |
2 % |
|
Discrete Automation |
1 % |
— % |
— % |
1 % |
|
Safety & Productivity |
(2) % |
(1) % |
— % |
(3) % |
|
Intelligent Devices |
2 % |
— % |
— % |
2 % |
|
Control Systems & Software |
7 % |
— % |
— % |
7 % |
|
Test & Measurement |
2 % |
(1) % |
— % |
1 % |
|
Software and Control |
5 % |
— % |
— % |
5 % |
|
Emerson |
3 % |
— % |
— % |
3 % |
|
|
||
|
Underlying Growth Guidance |
2026 Q1 Guidance |
2026 Guidance |
|
Reported (GAAP) |
~ |
~ |
|
(Favorable) / Unfavorable FX |
~(2) pts |
~(1.5) pts |
|
(Acquisitions) / Divestitures |
- |
- |
|
Underlying (non-GAAP) |
~ |
~ |
|
|
||||||
|
2024 Q4 Adjusted Segment EBITA |
EBIT |
EBIT Margin |
Amortization of Intangibles |
Restructuring |
Adjusted |
Adjusted |
|
Final Control |
$ 271 |
23.2 % |
$ 22 |
$ 12 |
$ 305 |
26.1 % |
|
Measurement & Analytical |
295 |
26.4 % |
12 |
19 |
326 |
29.2 % |
|
Discrete Automation |
144 |
22.3 % |
8 |
2 |
154 |
23.9 % |
|
Safety & Productivity |
78 |
22.2 % |
7 |
5 |
90 |
25.4 % |
|
Intelligent Devices |
$ 788 |
24.0 % |
$ 49 |
$ 38 |
$ 875 |
26.6 % |
|
Control Systems & Software |
98 |
9.8 % |
126 |
15 |
239 |
24.0 % |
|
Test & Measurement |
(45) |
(12.4) % |
141 |
— |
96 |
26.7 % |
|
Software and Control |
$ 53 |
3.9 % |
$ 267 |
$ 15 |
$ 335 |
24.7 % |
|
|
||||||
|
2025 Q4 Adjusted Segment EBITA |
EBIT |
EBIT Margin |
Amortization
|
Restructuring |
Adjusted |
Adjusted |
|
Final Control |
$ 310 |
25.6 % |
$ 22 |
$ 3 |
$ 335 |
27.6 % |
|
Measurement & Analytical |
317 |
27.5 % |
12 |
19 |
348 |
30.2 % |
|
Discrete Automation |
134 |
19.9 % |
8 |
12 |
154 |
22.9 % |
|
Safety & Productivity |
77 |
21.0 % |
7 |
5 |
89 |
24.3 % |
|
Intelligent Devices |
$ 838 |
24.6 % |
$ 49 |
$ 39 |
$ 926 |
27.2 % |
|
Control Systems & Software |
181 |
17.0 % |
101 |
9 |
291 |
27.3 % |
|
Test & Measurement |
(4) |
(1.1) % |
107 |
13 |
116 |
28.5 % |
|
Software and Control |
$ 177 |
12.0 % |
$ 208 |
$ 22 |
$ 407 |
27.6 % |
|
|
|||
|
Total Adjusted Segment EBITA |
|
2024 Q4 |
2025 Q4 |
|
Pretax earnings (GAAP) |
|
$ 679 |
$ 796 |
|
Margin |
|
14.7 % |
16.4 % |
|
Corporate items and interest expense, net |
|
162 |
219 |
|
Amortization of intangibles |
|
316 |
257 |
|
Restructuring and related costs |
|
53 |
61 |
|
Adjusted segment EBITA (non-GAAP) |
|
$ 1,210 |
$ 1,333 |
|
Margin |
|
26.2 % |
27.5 % |
|
|
||||||
|
2024 Adjusted Segment EBITA |
EBIT |
EBIT Margin |
Amortization of Intangibles |
Restructuring |
Adjusted |
Adjusted |
|
Final Control |
$ 977 |
23.2 % |
$ 87 |
$ 17 |
$ 1,081 |
25.7 % |
|
Measurement & Analytical |
1,056 |
26.0 % |
55 |
26 |
1,137 |
28.0 % |
|
Discrete Automation |
466 |
18.6 % |
34 |
35 |
535 |
21.3 % |
|
Safety & Productivity |
308 |
22.2 % |
26 |
7 |
341 |
24.5 % |
|
Intelligent Devices |
$ 2,807 |
23.1 % |
$ 202 |
$ 85 |
$ 3,094 |
25.4 % |
|
Control Systems & Software |
572 |
14.5 % |
512 |
23 |
1,107 |
28.1 % |
|
Test & Measurement |
(290) |
(19.8) % |
560 |
81 |
351 |
24.0 % |
|
Software and Control |
$ 282 |
5.2 % |
$ 1,072 |
$ 104 |
$ 1,458 |
27.0 % |
|
|
||||||
|
2025 Adjusted Segment EBITA |
EBIT |
EBIT Margin |
Amortization
|
Restructuring |
Adjusted |
Adjusted |
|
Final Control |
$ 1,081 |
24.7 % |
$ 86 |
$ 9 |
$ 1,176 |
26.9 % |
|
Measurement & Analytical |
1,112 |
26.9 % |
45 |
25 |
1,182 |
28.5 % |
|
Discrete Automation |
469 |
18.6 % |
32 |
30 |
531 |
21.0 % |
|
Safety & Productivity |
291 |
21.5 % |
27 |
5 |
323 |
23.8 % |
|
Intelligent Devices |
$ 2,953 |
23.8 % |
$ 190 |
$ 69 |
$ 3,212 |
25.9 % |
|
Control Systems & Software |
895 |
21.3 % |
468 |
25 |
1,388 |
33.0 % |
|
Test & Measurement |
(68) |
(4.5) % |
425 |
18 |
375 |
25.3 % |
|
Software and Control |
$ 827 |
14.5 % |
$ 893 |
$ 43 |
$ 1,763 |
31.0 % |
|
|
|||
|
Total Adjusted Segment EBITA |
|
2024 |
2025 |
|
Pretax earnings (GAAP) |
|
$ 2,020 |
$ 2,934 |
|
Margin |
|
11.5 % |
16.3 % |
|
Corporate items and interest expense, net |
|
1,069 |
846 |
|
Amortization of intangibles |
|
1,274 |
1,083 |
|
Restructuring and related costs |
|
189 |
112 |
|
Adjusted segment EBITA (non-GAAP) |
|
$ 4,552 |
$ 4,975 |
|
Margin |
|
26.0 % |
27.6 % |
|
|
||||||
|
Free Cash Flow |
|
2024 Q4 |
2025 Q4 |
|
|
|
|
Operating cash flow (GAAP) |
|
$ 1,073 |
$ 1,011 |
|
|
|
|
Capital expenditures |
|
(168) |
(168) |
|
|
|
|
Free cash flow (non-GAAP) |
|
$ 905 |
$ 843 |
|
|
|
|
|
||||||
|
Free Cash Flow |
|
FY24 |
FY25 |
|
2026E ($ in billions) |
|
|
Operating cash flow (GAAP) |
|
$ 3,317 |
$ 3,676 |
|
|
|
|
Capital expenditures |
|
(419) |
(431) |
|
~(0.45) |
|
|
Free cash flow (non-GAAP) |
|
$ 2,898 |
$ 3,245 |
|
|
|
|
|
|
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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SOURCE Emerson
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