Motorola Solutions, Inc. (MSI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.85	$4.41	+14.5%	—	—	—
Q4 26	$3.25	$3.37	+3.7%	—	—	—
Q3 26	$4.35	$4.59	+5.5%	—	—	—
Q2 26	$3.85	$4.06	+5.5%	—	—	—
Q1 26	$3.36	$3.57	+6.2%	—	—	—
Q4 25	$3.01	$3.18	+5.6%	—	—	—
Q3 25	$3.89	$4.04	+3.9%	—	—	—
Q2 25	$3.38	$3.74	+10.7%	—	—	—
Q1 25	$3.01	$3.24	+7.6%	—	—	—
Q4 24	$2.53	$2.81	+11.1%	—	—	—
Q3 24	$3.63	$3.9	+7.4%	—	—	—
Q2 24	$3.02	$3.19	+5.6%	—	—	—
Q1 24	$2.51	$2.65	+5.6%	—	—	—
Q4 23	$2.05	$2.22	+8.3%	—	—	—
Q3 23	$3.43	$3.6	+5.0%	—	—	—
Q2 23	$2.88	$3	+4.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$12.9	—	—	$11.7B	—
FY24	—	$9.45	—	—	$10.8B	—
FY23	—	$10.2	—	—	$10B	—
FY22	—	$8.14	—	—	$9.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6B	$6.4B	$7.3B	$7.9B	$7.4B	$8.2B	$9.1B	$10B	$10.8B	$11.7B
YoY change	+6.02%	+5.66%	+15.1%	+7.41%	-6%	+10.2%	+11.5%	+9.5%	+8.41%	+8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6B	6.4B	7.3B	7.9B	7.4B	8.2B	9.1B	10B	10.8B	11.7B
Cost of revenue	3.2B	3.4B	3.9B	4B	3.8B	4.1B	4.9B	5B	5.3B	5.6B
Gross profit	2.9B	3B	3.5B	3.9B	3.6B	4B	4.2B	5B	5.5B	6B
Gross margin	47.5%	47.4%	47.4%	49.8%	48.7%	49.4%	46.4%	49.8%	51%	51.7%
Research & development	553M	568M	637M	687M	686M	734M	779M	858M	917M	970M
Selling, general & administrative	1B	1B	1.3B	1.4B	1.3B	1.4B	1.4B	1.6B	1.8B	1.9B
Operating expenses	1.6B	1.5B	1.9B	2.1B	2B	2.1B	2.2B	2.4B	2.7B	2.8B
Operating income	1.2B	1.3B	1.3B	1.6B	1.4B	1.7B	1.7B	2.4B	2.7B	3B
Operating margin	19.2%	20.1%	18.3%	20.7%	19.1%	21%	19.1%	23.6%	24.9%	25.3%
Non-operating income, net	-110M	-3M	-20M	-412M	-20M	43M	-2M	3M	-490M	155M
Pretax income	844M	1.1B	1.1B	1B	1.2B	1.6B	1.5B	2.1B	2B	2.8B
Income tax	282M	1.2B	133M	130M	221M	302M	148M	432M	390M	652M
Net income	562M	-151M	969M	871M	953M	1.3B	1.4B	1.7B	1.6B	2.2B
Net margin	9.31%	-2.37%	13.2%	11%	12.9%	15.3%	15%	17.2%	14.6%	18.5%
EBITDA	1.5B	1.6B	1.8B	2.1B	1.9B	2.3B	2.3B	2.9B	3.2B	3.6B
EPS	3.3	-0.95	5.95	5.21	5.58	7.36	8.14	10.2	9.45	12.9
Diluted EPS	3.24	-0.95	5.62	4.95	5.45	7.17	7.93	9.93	9.23	12.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.6B	2.8B	2.4B	2.6B	2.8B	3B	2.5B	2.8B	3B	3.4B	2.7B	3.1B
Cost of revenue	1.3B	1.4B	1.2B	1.3B	1.4B	1.5B	1.2B	1.4B	1.5B	1.6B	1.4B	1.5B
Gross profit	1.3B	1.5B	1.2B	1.3B	1.4B	1.5B	1.3B	1.4B	1.6B	1.8B	1.4B	1.7B
Gross margin	50.1%	51.1%	49.9%	51%	51.4%	51.4%	51.4%	51.1%	51.6%	52.3%	50.2%	53.6%
Research & development	215M	218M	218M	220M	234M	246M	233M	231M	237M	270M	252M	260M
Selling, general & administrative	380M	423M	397M	430M	439M	487M	436M	450M	485M	499M	439M	496M
Operating expenses	595M	641M	615M	650M	673M	733M	669M	681M	722M	769M	691M	756M
Operating income	646M	774M	538M	653M	722M	776M	594M	693M	766M	905M	581M	827M
Operating margin	25.3%	27.2%	22.5%	24.8%	25.9%	25.8%	23.5%	25.1%	25.5%	26.8%	21.4%	26.4%
Non-operating income, net	-1M	-14M	-584M	-4M	31M	68M	4M	42M	45M	65M	-36M	18M
Pretax income	592M	708M	-90M	580M	695M	788M	547M	680M	725M	860M	441M	742M
Income tax	127M	111M	-52M	135M	132M	176M	115M	165M	161M	210M	73M	184M
Net income	465M	597M	-38M	445M	563M	612M	432M	515M	564M	650M	368M	558M
Net margin	18.2%	21%	-1.59%	16.9%	20.2%	20.3%	17.1%	18.6%	18.7%	19.2%	13.6%	17.8%
EBITDA	762M	924M	671M	761M	858M	912M	716M	846M	935M	1.1B	753M	1B
EPS	2.78	3.58	-0.23	2.65	3.36	3.66	2.58	3.08	3.37	3.9	2.21	3.36
Diluted EPS	2.7	3.47	-0.23	2.6	3.29	3.56	2.53	3.04	3.33	3.86	2.18	3.33

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	14.7B	18.7B	26.8B	28.9B	46B	43.2B	52.3B	77.1B	63.9B	74.8B
Enterprise value	—	18B	22.7B	31.6B	33.4B	50.2B	48.4B	57.1B	81.5B	72.5B	84.5B
Shares outstanding	169.6M	162.9M	162.4M	166.6M	170M	169.2M	167.5M	167M	166.8M	166.6M	166.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	19.3	30.8	30.3	36.8	31.6	30.5	48.7	29.6	35.6
P/S	—	2.31	2.54	3.4	3.9	5.63	4.74	5.24	7.13	5.47	6.11
P/B	—	-8.52	-14.6	-39.3	-53.4	-2K	329.5	70.8	44.9	26.3	28
EV/EBITDA	—	10.9	12.6	14.8	17.4	21.9	20.7	20	25.4	20.3	22.5
EV/Sales	—	2.82	3.1	4.01	4.5	6.15	5.31	5.73	7.54	6.2	6.91
Earnings yield	—	—	5.19%	3.24%	3.3%	2.72%	3.17%	3.28%	2.05%	3.38%	2.81%
FCF yield	—	7.6%	4.7%	5.87%	4.83%	3.47%	3.63%	3.43%	2.77%	4.03%	2.65%
PEG	—	—	—	—	—	—	—	—	—	—	3.92

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	47.5%	47.4%	47.4%	49.8%	48.7%	49.4%	46.4%	49.8%	51%	51.7%	53.6%
Operating margin	19.2%	20.1%	18.3%	20.7%	19.1%	21%	19.1%	23.6%	24.9%	25.3%	27.4%
Net margin	9.31%	-2.37%	13.2%	11%	12.9%	15.3%	15%	17.2%	14.6%	18.5%	17.4%
ROE	-59%	8.74%	-75.9%	-127.5%	-176.2%	-5.4K%	1K%	231.9%	92%	89%	91.6%
ROA	6.64%	-1.84%	10.3%	8.18%	8.76%	10.3%	10.7%	12.9%	10.8%	11.1%	11.3%
ROIC	31.7%	0%	42.4%	35%	29.4%	32.7%	29.4%	33.7%	35%	20.6%	20.5%
Return on tangible assets	10.5%	-3.28%	24.7%	22.6%	24%	25.8%	39%	42.6%	31.4%	-515.5%	-502.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.3	1.35	1.38	1.21	1.24	1.33	1.15	1	1.28	1.04	1.1
Quick ratio	1.2	1.24	1.26	1.08	1.09	1.14	0.92	0.85	1.13	0.87	0.86
Debt / equity	-4.62	-2.59	-4.17	-8.42	-10.5	-266.5	50	8.86	3.81	4.02	3.58
Debt / assets	0.52	0.54	0.57	0.54	0.52	0.5	0.51	0.49	0.45	0.5	0.5
Net debt / EBITDA	2.24	1.99	2.26	2.22	2.32	1.85	2.24	1.7	1.38	2.41	2.35
Interest coverage	4.75	6	5.59	5.22	6.04	8.22	7.31	9.62	7.68	8.81	7.29
Effective tax rate	33.4%	100%	12.1%	13%	18.8%	19.5%	9.77%	20.1%	19.8%	23.2%	22.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	35.6	39.2	45.2	47.3	43.6	48.3	54.4	59.7	64.9	70.1	73.7
EPS (basic)	3.3	-0.95	5.95	5.21	5.58	7.36	8.14	10.2	9.45	12.9	12.9
EPS (diluted)	3.24	-0.95	5.62	4.95	5.45	7.17	7.93	9.93	9.23	12.8	12.7
Book value per share	-5.61	-10.6	-7.86	-4.1	-3.18	-0.14	0.78	4.43	10.3	14.6	16.1
FCF per share	5.27	6.87	5.41	9.45	8.21	9.42	9.36	10.7	12.8	15.4	16
Cash per share	5.97	7.4	7.74	6.01	7.38	11.1	7.91	10.2	12.6	6.98	4.29
Capex per share	0.43	0	0	0.04	0.33	0.04	0	0	—	1.59	1.78

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.21%	0%	0%	0.09%	0.76%	0.07%	0%	0%	—	2.27%	2.43%
Capex / operating cash flow	6.45%	0%	0%	0.49%	3.6%	0.32%	0%	0%	—	9.34%	9.99%
Payout ratio	49.8%	-203.3%	34.8%	43.5%	45.8%	38.6%	38.8%	34.4%	41.3%	33.7%	37.2%
Dividend yield	—	2.09%	1.8%	1.41%	1.51%	1.05%	1.23%	1.13%	0.85%	1.14%	1.07%

Yield

1.07%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.21

ex-dividend Sep 16, 2026

Payout ratio

37%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$1.21
Jun 17, 2026	$1.21
Mar 20, 2026	$1.21

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.6B	$2.8B	$2.4B	$2.6B	$2.8B	$3B	$2.5B	$2.8B	$3B	$3.4B	$2.7B	$3.1B
YoY change	+7.71%	+5.25%	+10%	+9.36%	+9.15%	+5.69%	+5.82%	+5.21%	+7.85%	+12.3%	+7.36%	+13.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1.2B	1.3B	1B	1.3B	1.9B	1.3B	1.7B	2.1B	1.2B
Receivables	1.4B	1.5B	1.3B	1.4B	1.4B	1.4B	1.5B	1.7B	2B	2.2B
Inventory	273M	327M	356M	447M	508M	788M	1.1B	827M	766M	983M
Total current assets	3.5B	4B	4.3B	4.2B	4.3B	5.4B	5.3B	5.7B	6.5B	6.3B
Property, plant & equipment	483M	856M	895M	1.5B	1.5B	1.4B	1.4B	1.5B	1.6B	1.7B
Goodwill & intangibles	3.1B	3.6B	5.5B	6.8B	6.9B	7.3B	9.3B	9.3B	9.6B	19.8B
Total assets	8.5B	8.2B	9.4B	10.6B	10.9B	12.2B	12.8B	13.3B	14.6B	19.4B
Accounts payable	733M	744M	777M	779M	776M	1.1B	1.2B	1B	1.2B	1.3B
Short-term debt	4M	52M	31M	138M	138M	129M	119M	1.4B	449M	882M
Total current liabilities	2.7B	2.9B	3.1B	3.4B	3.5B	4.1B	4.6B	5.7B	5.1B	6.1B
Long-term debt	4.4B	4.4B	5.3B	5.6B	5.6B	6B	6.4B	5.1B	6.1B	8.9B
Total liabilities	9.4B	9.9B	10.7B	11.3B	11.4B	12.2B	12.7B	12.6B	12.9B	17B
Shareholders' equity	-952M	-1.7B	-1.3B	-683M	-541M	-23M	131M	739M	1.7B	2.4B
Total debt	4.4B	4.5B	5.3B	5.7B	5.7B	6.1B	6.6B	6.5B	6.6B	9.8B
Net debt	3.4B	3.3B	4.1B	4.7B	4.4B	4.3B	5.2B	4.8B	4.4B	8.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	910M	1.7B	1.5B	1.4B	1.4B	2.1B	1.6B	3.2B	894M	1.2B	886M	710M
Receivables	1.7B	1.7B	1.6B	1.8B	1.8B	2B	1.8B	1.9B	2B	2.2B	2B	2.2B
Inventory	959M	827M	840M	803M	816M	766M	833M	861M	943M	983M	1.2B	1.3B
Total current assets	5B	5.7B	5.5B	5.6B	5.8B	6.5B	5.9B	7.7B	5.8B	6.3B	6B	6.1B
Property, plant & equipment	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B	1.8B	1.7B
Goodwill & intangibles	9B	9.3B	9.3B	9.2B	9.6B	9.6B	10.4B	10.4B	19.8B	19.8B	19.9B	19.7B
Total assets	12.4B	13.3B	13.3B	13.3B	13.9B	14.6B	14.4B	16.4B	18.8B	19.4B	19.1B	19.2B
Accounts payable	859M	1B	963M	1B	1B	1.2B	1B	1.1B	1.1B	1.3B	1.1B	1.1B
Short-term debt	1.4B	1.4B	435M	689M	453M	449M	436M	199M	1.1B	882M	680M	760M
Total current liabilities	5.3B	5.7B	4.6B	4.6B	4.7B	5.1B	4.9B	4.5B	5.7B	6.1B	5.6B	5.6B
Long-term debt	5.1B	5.1B	6.4B	6.2B	6.1B	6.1B	6.1B	8.1B	8.9B	8.9B	8.9B	8.9B
Total liabilities	12.1B	12.6B	12.8B	12.5B	12.5B	12.9B	12.8B	14.4B	16.5B	17B	16.5B	16.6B
Shareholders' equity	376M	739M	537M	817M	1.3B	1.7B	1.7B	2B	2.3B	2.4B	2.6B	2.7B
Total debt	6.5B	6.5B	6.9B	6.9B	6.6B	6.6B	6.5B	8.3B	9.9B	9.8B	9.6B	9.6B
Net debt	5.6B	4.8B	5.4B	5.5B	5.2B	4.4B	5B	5.1B	9B	8.6B	8.7B	8.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	562M	-151M	969M	871M	953M	1.3B	1.4B	1.7B	1.6B	2.2B
Depreciation & amortization	295M	343M	360M	394M	409M	438M	440M	356M	336M	425M
Stock-based compensation	68M	66M	73M	118M	129M	129M	172M	212M	243M	293M
Change in working capital	-61M	-89M	-370M	89M	102M	0	-329M	-276M	-371M	-44M
Operating cash flow	1.1B	1.3B	1.1B	1.4B	1.6B	1.9B	1.7B	2B	1.8B	2.8B
Capital expenditure	73M	0	0	7M	56M	6M	0	0	—	-265M
Investing cash flow	-731M	-221M	-1.1B	-686M	-220M	-499M	-1.1B	-161M	-250M	-5.2B
Dividends paid	-280M	-307M	-337M	-379M	-436M	-482M	-530M	-589M	-654M	-728M
Share repurchases	-842M	-483M	-132M	-315M	-612M	-528M	-836M	-804M	-247M	-1.2B
Financing cash flow	-1B	-722M	-180M	-1.1B	-1.8B	-429M	-906M	-1.3B	-1.4B	1.1B
Net change in cash	-642M	358M	-152M	-407M	-431M	926M	-364M	588M	108M	-1.2B
Free cash flow	894M	1.1B	878M	1.6B	1.4B	1.6B	1.6B	1.8B	2.1B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	465M	597M	-38M	445M	563M	612M	432M	515M	563M	650M	368M	558M
Depreciation & amortization	86M	85M	83M	83M	84M	86M	81M	86M	115M	143M	143M	148M
Stock-based compensation	52M	52M	56M	63M	61M	63M	66M	74M	73M	80M	100M	104M
Change in working capital	98M	481M	-307M	-423M	54M	305M	-76M	-390M	46M	376M	-243M	-349M
Operating cash flow	713M	1.2B	-203M	180M	759M	1.1B	510M	273M	798M	1.3B	451M	469M
Capital expenditure	—	—	—	—	—	—	—	-48M	-66M	-114M	-62M	-55M
Investing cash flow	4M	-161M	-1M	-3M	-226M	-22M	-440M	-60M	-4.4B	-195M	-184M	-151M
Dividends paid	-147M	-146M	-163M	-163M	-164M	-164M	-182M	-182M	-182M	-182M	-201M	-201M
Share repurchases	-306M	-134M	-44M	-66M	-31M	-106M	-415M	-165M	-87M	-487M	-124M	-334M
Financing cash flow	-414M	-252M	-512M	-229M	-491M	-214M	-597M	1.4B	1.3B	-1B	-725M	-270M
Net change in cash	303M	832M	-716M	-52M	42M	834M	-527M	1.6B	-2.3B	34M	-458M	48M
Free cash flow	649M	1.2B	336M	112M	702M	984M	473M	225M	732M	1.1B	389M	414M

Date	Ratio
Jan 4, 2011	10000:40425
Dec 3, 2004	1000:895
Jun 2, 2000	3:1
Apr 19, 1994	2:1
Jan 19, 1993	2:1
Jun 4, 1984	3:1
Jun 4, 1973	2:1
May 26, 1970	2:1

Motorola Solutions, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history