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Otis Worldwide Corporation reported higher earnings for the quarter ended March 31, 2026. Net sales rose to $3,566 million from $3,350 million, driven by 11% growth in the Service segment, while New Equipment sales declined 1%.
Net income attributable to Otis increased to $340 million from $243 million, with diluted EPS up to $0.87 from $0.61. Operating cash flow strengthened to $413 million from $190 million, supporting $163 million of dividends and $400 million of share repurchases. Service margins remained strong despite cost pressures, and total remaining performance obligations reached about $19.8 billion, with roughly 75% expected as sales over the next 24 months.
Otis Worldwide Corporation reported first quarter 2026 results showing modest growth driven by its Service business. Net sales reached $3.6 billion, up 6% year over year, with organic sales up 1%. Service net sales rose 11% with 5% organic growth, while New Equipment net sales declined 1%.
GAAP operating profit increased to $539 million, lifting operating margin to 15.1%, but adjusted operating profit slipped to $550 million with margin down to 15.4%. GAAP EPS climbed 43% to $0.87, while adjusted EPS fell 3% to $0.89 as higher costs, interest and taxes weighed on results.
Operating cash flow improved sharply to $413 million and adjusted free cash flow to $272 million, supporting approximately $400 million of share repurchases. Modernization orders rose 11% at constant currency, with modernization backlog up 30% at constant currency, and New Equipment backlog increased 3% at constant currency. Otis revised its 2026 outlook to net sales of $15.1–$15.3 billion, adjusted operating profit of about $2.5 billion and adjusted EPS of $4.20–$4.24.
Otis Worldwide Corporation presents its 2026 proxy, combining strong 2025 execution with detailed governance and compensation disclosures. In 2025, sales were $14.4 billion, with Service organic sales up 5% and modernization organic sales up 9%. Modernization orders rose 26% and backlog increased 30% at constant currency, while the maintenance portfolio grew 4% to about 2.5 million units, reinforcing recurring revenue.
GAAP EPS was $3.50, down 14%, and adjusted EPS was $4.05, up 6%. Otis generated $1.6 billion of operating cash flow and adjusted free cash flow, raised its quarterly dividend by 8%, and returned about $1.45 billion via dividends and share repurchases.
The 2026 virtual annual meeting on May 27, 2026 will ask shareholders to elect 10 director nominees, approve an advisory vote on executive compensation, ratify PricewaterhouseCoopers LLP as 2026 auditor, and consider one shareholder proposal that the Board recommends voting against.
The Vanguard Group filed Amendment No. 2 to a Schedule 13G/A reporting its position in Otis Worldwide Corp. The filing states amount beneficially owned: 0 and percent of class: 0%. It explains an internal realignment effective January 12, 2026, that led certain Vanguard subsidiaries to report separately.
Otis Worldwide Corp reported that Nicolas Eduardo Lopez, President of Otis Asia Pacific, received an award of 4,685 Restricted Stock Units (RSUs) on the reported transaction date. The RSUs were granted at a price of $0.00 per unit as part of his equity compensation.
Each RSU converts into one share of Otis common stock and includes the right to receive dividend equivalents credited as additional RSUs. The award vests in three substantially equal annual installments beginning on the first anniversary of the transaction date, so the value to the executive depends on future share price and continued service.
Otis Worldwide President, Otis Greater China, Sally Loh reported equity award activity involving restricted stock units and common shares. On March 1, 2026, 1,256 restricted stock units were exercised and converted into 1,256 shares of common stock at a stated price of $0.00 per share.
In a related tax-withholding disposition, 264 common shares were delivered at $92.56 per share to satisfy tax obligations tied to this vesting and conversion. After these transactions, Loh directly owned 45,507 shares of Otis Worldwide common stock. The RSUs were part of a March 1, 2023 grant that vested in three substantially equal annual installments, with the third and final installment vesting on the transaction date.
Otis Worldwide Corp executive Nicolas Eduardo Lopez, President of Otis Asia Pacific, filed an initial ownership report showing his equity-based holdings in the company. The filing lists 4,444 shares of common stock held directly.
He also holds several awards of Restricted Stock Units (RSUs), which each convert into common stock on a one-for-one basis and accrue dividend equivalents. These RSUs total 1,298 units from a grant dated February 3, 2026, 885 units from a February 4, 2025 grant, and 291 units from a February 6, 2024 grant, with various multi‑year vesting schedules.
In addition, Lopez holds Stock Appreciation Rights (SARs), including 3,125 SARs from a February 6, 2024 grant and 682 SARs from a February 7, 2023 grant. Portions of these SARs are already exercisable, while the remaining amounts are scheduled to become exercisable on future anniversaries of their grant dates.
Otis Worldwide Corporation and its Luxembourg subsidiary Highland Holdings S.à r.l. have filed a shelf registration on Form S-3 that allows them to offer and sell various securities over time. Otis may issue common stock, debt securities, preferred stock, units and warrants, and certain selling securityholders may also resell Otis securities under this framework.
Highland may issue debt securities that will be fully and unconditionally guaranteed on an unsecured, unsubordinated basis by Otis. The specific terms, pricing and intended use of any net proceeds will be described in future prospectus supplements. Investors are directed to Otis’ incorporated Form 10-K and other Exchange Act reports for summarized financial information, detailed risk factors and additional disclosures that will automatically update this base prospectus.
Otis Worldwide Corporation is registering 251,914 shares of common stock for issuance under its 2020 Long-Term Incentive Plan. These shares may be issued to plan participants when equity-based awards, such as stock options or other awards, are settled on or after the prospectus date.
The registration specifically covers awards granted under the plan to certain former United Technologies employees and related permitted transferees, rather than current Otis or Carrier insiders. Any cash Otis receives from the exercise of stock options under the plan will be used for general corporate purposes.