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Otis Worldwide Corporation reported Q3 2025 results with net sales of $3.69 billion, up from $3.55 billion, driven by higher service sales ($2.43B vs $2.24B) offsetting lower product sales ($1.26B vs $1.31B). Operating profit rose to $586 million from $363 million, while net income attributable to Otis was $374 million versus $540 million, reflecting higher income tax expense and interest expense versus a prior-year benefit.
Diluted EPS was $0.95 compared with $1.34. For the first nine months, sales were $10.64 billion and diluted EPS was $2.55 (vs $10.59 billion and $3.23). Cash and cash equivalents were $840 million, down from $2.30 billion at year-end, after repaying $1.3 billion notes due 2025, issuing $500 million notes due 2035 at 5.131%, paying $483 million in dividends, and repurchasing $800 million of shares (8.6 million YTD; 2.8 million in Q3 for $247 million). Remaining performance obligations were about $19.0 billion, with roughly 75% expected to convert to sales over the next 24 months.
Otis Worldwide Corporation reported that it furnished a press release announcing its third quarter 2025 results. The press release, dated October 29, 2025, is included as Exhibit 99 and is furnished, not filed, under the Exchange Act. The company’s common stock trades on the NYSE under OTIS, alongside certain listed notes. The report is signed by Executive Vice President and Chief Financial Officer Cristina Méndez.
Maria Cristina Mendez Echevarria, Executive Vice President & Chief Financial Officer of Otis Worldwide Corp (OTIS), reported equity transactions on 10/02/2025. She received 1,099 restricted stock units (RSUs) that converted to 1,099 common shares upon vesting and now holds 3,316 shares in total. Separately, she disposed of 430 common shares in an open-market sale at a price of $92.24 per share, leaving 5,235 beneficially owned shares recorded after the sale. The filing states the RSUs carry dividend equivalents and that one installment of the RSU grant vested on the transaction date under a multi-year vesting schedule.
Otis Worldwide Corporation issued $500 million of 5.131% senior unsecured notes due 2035. The notes were sold under an existing shelf registration and detailed in a prospectus supplement dated September 2, 2025.
Otis expects net proceeds of about $495.2 million. It plans to use part of this to repay its 0.370% notes due March 18, 2026, of which ¥21.5 billion (approximately $147 million as of June 30, 2025) is outstanding, and to repay some commercial paper borrowings, with any remainder for general corporate purposes.
The notes pay interest at 5.131% per year, with payments on March 4 and September 4, starting March 4, 2026, and mature on September 4, 2035. Otis may redeem them at a make-whole price before June 4, 2035 and at par plus interest on or after that date. Holders can require Otis to repurchase the notes at 101% plus interest if a defined change of control triggering event occurs. The indenture includes customary covenants limiting additional liens, fundamental changes and sale-leaseback transactions, and sets standard events of default.
JPMorgan Chase & Co. reports beneficial ownership of 9,490,997 shares of Otis Worldwide common stock, representing 2.4% of the class. The filing breaks down voting and dispositive powers: sole voting power on 8,073,891 shares and shared voting power on 126,740 shares; sole dispositive power on 9,412,172 shares and shared dispositive power on 68,936 shares. The statement indicates these securities are held in the ordinary course of business and not for the purpose of changing control. Several J.P. Morgan affiliates and subsidiaries are identified as entities through which holdings are held, including trust, securities, banking and asset management entities.
Gosk Kimberly Shannon, EVP & CPO of Otis Worldwide Corp (OTIS), was granted 2,750 restricted stock units (RSUs) on 09/02/2025. The RSUs convert one-for-one into common stock and include dividend equivalents credited as additional RSUs. Following the grant, Ms. Shannon beneficially owns 2,750 shares attributable to these RSUs. The RSUs vest in three substantially equal annual installments beginning on the first anniversary of the grant. The reported grant shows a price of $0 and the Form 4 was signed by an attorney-in-fact on 09/03/2025.
Otis Worldwide Corporation reported that board member Shailesh Jejurikar, who also serves as Chair of the Compensation Committee, has notified the company he will resign from the Board effective September 9, 2025. The company states his resignation is not due to any disagreement regarding its operations, policies, or practices.
Following this decision, the Board approved a reduction in its size from eleven to ten directors, effective the same date. Kathy Hopinkah Hannan rotated off the Audit Committee and the Nominations and Governance Committee and was appointed to replace Mr. Jejurikar as Chair of the Compensation Committee. All other committee assignments remain unchanged.
Maria Cristina Mendez Echevarria, Executive Vice President & Chief Financial Officer of Otis Worldwide Corp (OTIS), reported insider transactions dated 08/23/2025. She had 2,092 Restricted Stock Units (RSUs) that converted into common stock on a one-for-one basis and the first installment of a 2024 RSU grant vested on that date. The filing also shows a disposition of 820 shares sold at $88.58. Following the reported transactions, the filing lists 4,566 shares of common stock beneficially owned and 4,193 derivative securities (RSUs) beneficially owned as of the report.
Otis Worldwide Corporation entered into a new unsecured $1,500 million revolving credit agreement dated August 8, 2025, which matures on August 8, 2030, and replaces the prior facility that had been scheduled to expire March 10, 2028. The facility names Otis Intercompany Lending Designated Activity Company as a subsidiary borrower, is administered by JPMorgan Chase Bank, N.A., is guaranteed by Otis for subsidiary borrowings, and is available for general corporate purposes.
U.S. dollar borrowings may be at term SOFR or a base rate and euro borrowings at EURIBO or daily simple ESTR, with initial margins of 1.125% for term SOFR/EURIBO/ESTR and 0.125% for base rate borrowings; margins can fluctuate with Otis’ public debt rating. The agreement permits an aggregate upsize of up to $500 million and contains customary affirmative and negative covenants, including a consolidated leverage ratio financial covenant; breaches could lead to acceleration or termination of commitments.
Kimberly Shannon Gosk, EVP & CPO of Otis Worldwide (OTIS), reported direct ownership of 5,688 common shares and disclosed equity awards representing 21,055 underlying shares: 2,245 restricted stock units (RSUs) that convert one-for-one into common stock and 18,810 stock appreciation rights (SARs) with specified exercise prices. The RSUs vest in scheduled annual installments and several SAR tranches are fully or partially exercisable, as detailed in the filing.