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Otis Worldwide Corporation reported higher sales and profits for the quarter and six months ended June 30, 2026. Net sales rose 7% to $3,859 million in the quarter and to $7,425 million year-to-date, driven by strong Service growth that more than offset softer New Equipment demand.
Net income attributable to Otis increased to $428 million in the quarter and $768 million year-to-date, with diluted EPS of $1.12 and $1.99. This reflected lower restructuring and transformation costs and a reduced effective tax rate, while gross margin percentage declined modestly on higher labor and material costs.
Operating cash flow strengthened to $680 million from $405 million, funding $800 million of share repurchases, $330 million of dividends and a $170 million Service acquisition in France. Cash was $813 million and long-term debt including current portion $8,226 million. Remaining performance obligations were about $19.7 billion, roughly 75% expected to convert to sales within 24 months, and Otis continued to realize UpLift savings and benefits from a favorable German tax ruling while noting potential impacts from tariffs and geopolitical conflicts.
Otis Worldwide Corporation reported second quarter 2026 net sales of $3.9 billion, up 7% year over year, with organic sales up 6%. Growth came from the Service segment, where net sales rose 11% and organic sales 9%, including 6% organic maintenance and repair growth and 24% organic modernization growth. New Equipment net sales were flat, with weakness in China and EMEA offsetting growth in the Americas and Asia Pacific.
GAAP operating profit increased $28 million to $575 million, but adjusted operating profit declined $25 million to $587 million and adjusted operating margin fell 180 basis points to 15.2%. GAAP EPS rose 13% to $1.12, while adjusted EPS decreased 4% to $1.01. Operating cash flow was $267 million, free cash flow $223 million and adjusted free cash flow $290 million, alongside approximately $400 million of share repurchases in the quarter. For full-year 2026, Otis now expects net sales of $15.1–$15.3 billion, adjusted operating profit of about $2.4 billion, adjusted EPS of $4.01–$4.05, and adjusted free cash flow of $1.50–1.55 billion.
Otis Worldwide Corp reported that President, Otis Americas, Joseph Jay Armas exercised restricted stock units into common stock and had shares withheld to cover taxes. On the transaction date, 1,680 restricted stock units converted into common shares, and 421 common shares were used to satisfy tax obligations.
Following these transactions, Armas directly held 2,990.377 common shares. The restricted stock units were granted on June 2, 2025 and vest in three substantially equal annual installments, with the first installment vesting on the transaction date.
Otis Worldwide Corp director Thomas A. Bartlett received a grant of 2,716.256 deferred stock units (DSUs) tied to Otis common stock. These units were awarded as part of his annual compensation for service as a non-employee director and reference a price of $71.79 per unit.
After this grant, Bartlett holds 8,174.262 DSUs. Under the Board of Directors Deferred Stock Unit Plan, these DSUs convert into an equal number of common shares when he retires or his service ends, with distribution in a lump sum or installments. The DSUs also accrue dividend equivalents, mirroring dividends paid on Otis common stock.
Otis Worldwide director Christopher J. Kearney reported a compensation-related grant of deferred stock units (DSUs). He acquired 2,590.890 DSUs for his service as a non-employee director under the Board of Directors Deferred Stock Unit Plan at a reference price of $71.7900 per unit.
Following this grant, his holdings under this plan increased to 19,544.490 DSUs. Each DSU is tied to an equal number of Otis common shares and converts into common stock upon retirement or termination, with distribution in a lump-sum or installments as previously elected. These DSUs also accrue dividend equivalents, mirroring dividends on Otis common stock.
Otis Worldwide Corp director Shelley Stewart Jr. received a grant of deferred stock units as part of his non-employee director compensation. He acquired 2,590.890 deferred stock units, which are tied to common stock and valued at $71.79 per unit on the grant date.
Following this award, he holds 18,600.568 deferred stock units directly. These units are issued under the Board of Directors Deferred Stock Unit Plan, convert into an equal number of common shares upon retirement or termination, and accrue dividend equivalents over time.
Otis Worldwide Corp director John H. Walker reported receiving a grant of deferred stock units as part of his compensation for service as a non-employee director. On May 27, 2026, he was awarded 4,805.683 deferred stock units, each tied to Otis common stock.
These units were granted under the Board of Directors Deferred Stock Unit Plan, which allows directors to take a portion or all of their annual compensation in deferred stock units. Upon retirement or termination, the units convert on a one-for-one basis into shares of common stock, which can be distributed in a lump sum or in installments. Following this grant, Walker’s deferred stock unit balance increased to 34,456.943 units, and the units also accrue dividend equivalents over time.
Otis Worldwide Corp director Margaret M. V. Preston received a grant of 4,596.740 Deferred Stock Units (DSUs) valued at $71.79 per unit for service as a non-employee director. Under the Board of Directors Deferred Stock Unit Plan, these DSUs convert into an equal number of common shares upon retirement or termination and accrue dividend equivalents. Following this award, Preston holds a total of 25,777.476 DSUs directly.
Otis Worldwide Corporation reported the results of its 2026 Annual Meeting of Shareholders held on May 27, 2026. As of March 30, 2026, 385,710,610 common shares were outstanding, and a quorum of 345,588,993 shares was represented.
Shareholders elected ten directors to serve until the 2027 annual meeting or until their successors are elected and qualified. They also approved, on an advisory basis, the compensation of Otis’ named executive officers and ratified the appointment of PricewaterhouseCoopers LLP as independent auditor for 2026.
A shareholder proposal requesting reporting on political contributions and expenditures did not pass, receiving fewer votes in favor than against, with additional broker non-votes recorded.
Hannan Kathy Hopinkah reported acquisition or exercise transactions in this Form 4 filing.
Otis Worldwide Corp director Kathy Hopinkah Hannan received a grant of 2,758.044 Deferred Stock Units as non-employee director compensation. These units were awarded under the Board of Directors Deferred Stock Unit Plan and bring her total deferred units to 18,957.977. Each unit represents one share of common stock to be delivered in stock after retirement or termination, and the units accrue dividend equivalents over time.