Emerson Reports Fourth Quarter and Full Year 2026 Results;
(November 4, 2026) - Emerson (NYSE: EMR) today reported results 1 for its fourth quarter and fiscal year ended September 30, 2026. Emerson also declared a 7% quarterly cash dividend increase to $0.595 per share of common stock payable December 10, 2026 to stockholders of record November 13, 2026.
"Emerson capped a strong 2026 with fourth quarter sales and profitability exceeding expectations," said Emerson President and Chief Executive Officer Lal Karsanbhai. "Underlying orders were up 14%, supported by exceptional long-cycle project activity in our growth verticals. Demand was broad-based, with substantial growth across all business groups and regions."
Karsanbhai continued, "Emerson has a resilient portfolio with an unparalleled software-defined technology stack aligned with long-term secular trends. We have confidence in our 2027 plans given our robust backlog and favorable demand trends in our growth verticals."
The following tables summarize the fiscal year 2027 guidance framework, which assumes returning ~$3.8B through ~$2.5B of share repurchases and ~$1.3B of dividends.
Guidance figures are approximate. 2027 Q1 2027 Net Sales Growth ~5% ~5% Underlying Sales Growth ~5% ~5% Earnings Per Share $1.19 - $1.23 ~$5.70 Amortization of intangibles ~$0.35 ~$1.41 Restructuring and related costs ~$0.04 ~$0.14 Adjusted Earnings Per Share $1.58 - $1.62 ~$7.25 Operating Cash Flow $4.3B - $4.4B Free Cash Flow $3.8B - $3.9B Share Repurchase ~$1.5B ~$2.5B
3 Underlying sales exclude the impact of currency translation, and significant acquisitions and divestitures.
4 Adjusted segment EBITA represents segment earnings excluding restructuring and related costs and intangibles amortization expense.
5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, first year purchase accounting related items and transaction- related costs, the mark-to-market adjustment on pension and other postretirement plans, discrete taxes, and certain gains, losses or impairments.
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 2026 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.
Emerson (NYSE: EMR) is a global automation leader delivering solutions for the most demanding technology challenges. Headquartered in St. Louis, Missouri, Emerson is engineering the autonomous future, enabling customers to optimize operations and accelerate innovation. For more information, visit Emerson.com.
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 Russia- Ukraine, Middle East and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.
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.
Investors: Media: Carl Schumacher Joseph Sala / Greg Klassen / Connor Murphy (314) 553-2197 Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
EMERSON AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS, UNAUDITED) Year Ended Sept 30, Table 2 Assets 2025 2026 ────────────────────────────────────────────────────────────────────────────── Cash and equivalents $ 1,544 $ 1,806 Receivables, net 3,101 3,317 Inventories 2,213 2,432 Other current assets 1,725 1,962 Total current assets 8,583 9,517 Property, plant & 2,871 2,859 equipment, net Goodwill 18,193 18,104 Other intangible assets 9,458 8,442 Other 2,859 2,892 Total assets $ 41,964 $ 41,814 Liabilities and equity Short-term borrowings and current maturities of long-term $ 4,797 $ 4,667 debt Accounts payable 1,384 1,698 Accrued expenses 3,616 3,753 Total current liabilities 9,797 10,118 Long-term debt 8,319 7,508 Other liabilities 3,550 3,432 Equity Common stockholders' 20,282 20,740 equity Noncontrolling interests 16 16 in subsidiaries Total equity 20,298 20,756 Total liabilities and $ 41,964 $ 41,814 equity
EMERSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN MILLIONS, UNAUDITED) Operating Table 3 activities Year Ended Sept 30, 2025 2026 ────────────────────────────────────────────────────────────────────────────── Net earnings $ 2,223 $ 2,693 Earnings from discontinued -8 — operations, net of tax Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and 1,518 1,478 amortization Stock compensation 263 237 Pension expense 9 -25 (income) Pension funding -46 -38 Changes in operating working -9 -338 capital Other, net -274 -29 Cash from continuing 3,676 3,978 operations Cash from discontinued -578 — operations Cash provided by operating 3,098 3,978 activities Investing activities Capital -431 -443 expenditures Purchases of businesses, net of cash and -37 -6 equivalents acquired Other, net -125 -6 Cash used in investing -593 -455 activities Financing activities Net increase in short-term 1,110 2,051 borrowings Proceeds from short-term borrowings 8,008 7,058 greater than three months Payments of short-term borrowings -4,918 -9,388 greater than three months Proceeds from 1,544 — long-term debt Payments of -503 -588 long-term debt Dividends paid -1,192 -1,244 Purchases of -1,167 -1,000 common stock Purchase of noncontrolling -7,244 — interest Repurchase of AspenTech share -76 — awards Other, net -72 -111 Cash used in financing -4,510 -3,222 activities Effect of exchange rate changes on -39 -39 cash and equivalents Increase (Decrease) in cash -2,044 262 and equivalents Beginning cash and 3,588 1,544 equivalents Ending cash and $ 1,544 $ 1,806 equivalents
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 supplement the Company's results of operations, including its segment earnings which are defined as earnings before interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA, and adjusted segment and total segment EBITA margin are measures used by management and may be useful for investors to evaluate the Company's segments' operational performance.
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. The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year purchase accounting related items and transaction fees, the mark-to-market adjustment on pension and other postretirement plans, and certain gains, losses or impairments. These metrics are useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.
Quarter Ended Sept 30, 2025 2026 ──────────────────────────────────────────────────────────────────────────── Corporate and other (GAAP) $ -89 $ -110 Corporate restructuring and related 16 10 costs Acquisition/divestiture fees and related 39 28 costs IEEPA tariff refunds net of charitable — -9 trust contribution Adjusted corporate and other (Non-GAAP) $ -34 $ -81
Quarter Ended Sept 30, 2025 2026 ─────────────────────────────────────────────────────────────────────────── Pension income (expense) (GAAP)2 $ -9 $ 33 Pension and OPEB mark-to-market 34 -2 adjustment Adjusted pension income (expense) $ 25 $ 31 (Non-GAAP) 1Integration-related stock compensation expense relates to NI and AspenTech and includes $4 reported as restructuring costs 2Pension income (expense) includes the unallocated pension and postretirement costs and the pension and OPEB mark-to market adjustment
Year Ended Sept 30, 2025 2026 ────────────────────────────────────────────────────────────────────────────── Corporate and other (GAAP) $ -455 $ -211 Corporate restructuring and related 25 23 costs Acquisition/divestiture fees and related 255 70 costs IEEPA tariff refunds net of charitable — -91 trust contribution Adjusted corporate and other $ -175 $ -209 (Non-GAAP)
Year Ended Sept 30, 2025 2026 ────────────────────────────────────────────────────────────────────────────── Pension income (expense) (GAAP)5 $ 80 $ 127 Pension and OPEB mark-to-market 34 -2 adjustment Adjusted pension income (expense) $ 114 $ 125 (Non-GAAP) 3Integration-related stock compensation expense relates to NI and AspenTech and includes $25 reported as restructuring costs 4Integration-related stock compensation expense relates to NI and AspenTech and includes $1 reported as restructuring costs 5Pension income (expense) includes the unallocated pension and postretirement costs and the pension and OPEB mark-to market adjustment
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, are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, the mark-to-market adjustment on pension and other postretirement plans, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, the mark-to-market adjustment on pension and other postretirement plans, discrete taxes, and certain gains, losses or impairments. Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for investors to evaluate the Company's operational performance.
Quarter Ended Sept 30, 2025 2026 ────────────────────────────────────────────────────────────────────────────── Pretax earnings $ 760 $ 997 Percent of sales 15.6 % 19.2 % Interest expense, 92 76 net Amortization of 257 251 intangibles Restructuring and 81 63 related costs Acquisition/divest… fees and related 45 32 costs Pension and OPEB mark-to-market 34 -2 adjustment IEEPA tariff refunds net of — -9 charitable trust contribution Adjusted EBITA $ 1,269 $ 1,408 Percent of sales 26.1 % 27.1 % Quarter Ended Sept 30, 2025 2026 GAAP earnings from continuing $ 1.07 $ 1.33 operations per share Amortization of 0.35 0.34 intangibles Restructuring and 0.11 0.14 related costs Acquisition/divest… fees and related 0.06 0.05 costs Pension and OPEB mark-to-market 0.05 -0.01 adjustment IEEPA tariff refunds net of — -0.01 charitable trust contribution Discrete taxes -0.02 0.02 Adjusted earnings from continuing $ 1.62 $ 1.86 operations per share
Year Ended Sept 30, 2025 2026 ────────────────────────────────────────────────────────────────────────────── Pretax earnings $ 2,905 $ 3,489 Percent of sales 16.1% 18.4% Interest expense, 237 334 net Amortization of 1,083 1,013 intangibles Restructuring and 162 227 related costs Acquisition/divest… fees and related 277 84 costs Pension and OPEB mark-to-market 34 -2 adjustment IEEPA tariff refunds net of — -91 charitable trust contribution Adjusted EBITA $ 4,698 $ 5,054 Percent of sales 26.1 % 26.6 % Year Ended Sept 30, 2025 2026 GAAP earnings from continuing $ 3.99 $ 4.79 operations per share Amortization of 1.35 1.38 intangibles Restructuring and 0.23 0.36 related costs Acquisition/divest… fees and related 0.33 0.14 costs Discrete taxes 0.06 0.05 Pension and OPEB mark-to-market 0.05 -0.01 adjustment IEEPA tariff refunds net of — -0.12 charitable trust contribution Adjusted earnings from continuing $ 6.01 $ 6.59 operations per share
Reconciliations of Non-GAAP Financial Measures & Table 7 Other Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables4 through 7 for additional non-GAAP reconciliations.
Underlying Growth Guidance 2027 Q1 2027 Guidance Guidance Reported (GAAP) ~5% ~5% (Favorable) / Unfavorable FX - - (Acquisitions) / Divestitures - - Underlying (non-GAAP) ~5% ~5%
Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures. Note 2: All fiscal year 2027E figures are approximate, except where range is given.
Full text with the tables
Emerson Reports Fourth Quarter and Full Year 2026 Results;
Provides Initial 2027 Outlook
ST. LOUIS
(November 4, 2026) - Emerson (NYSE: EMR) today reported results 1 for its fourth
quarter and fiscal year ended September 30, 2026. Emerson also declared a 7%
quarterly cash dividend increase to $0.595 per share of common stock payable
December 10, 2026 to stockholders of record November 13, 2026.
(dollars
in
millions, 2025 Q4 2026 Q4 Change 2025 2026 Change
except per
share)
Underlying 14% 9%
Orders2
Net Sales $4,855 $5,201 7% $18,016 $18,982 5%
Underlying 7% 4%
Sales3
Pretax $760 $997 $2,905 $3,489
Earnings
Margin 15.6% 19.2% 360 bps 16.1% 18.4% 230 bps
Adjusted
Segment $1,333 $1,511 $4,975 $5,360
EBITA4
Margin 27.5% 29.1% 160 bps 27.6% 28.2% 60 bps
GAAP
Earnings $1.07 $1.33 24% $3.99 $4.79 20%
Per Share
Adjusted
Earnings $1.62 $1.86 15% $6.01 $6.59 10%
Per Share5
Operating $1,011 $1,075 6% $3,676 $3,978 8%
Cash Flow
Free Cash $843 $916 9% $3,245 $3,535 9%
Flow
Management Commentary
"Emerson capped a strong 2026 with fourth quarter sales and profitability
exceeding expectations," said Emerson President and Chief Executive Officer Lal
Karsanbhai. "Underlying orders were up 14%, supported by exceptional long-cycle
project activity in our growth verticals. Demand was broad-based, with
substantial growth across all business groups and regions."
Karsanbhai continued, "Emerson has a resilient portfolio with an unparalleled
software-defined technology stack aligned with long-term secular trends. We have
confidence in our 2027 plans given our robust backlog and favorable demand
trends in our growth verticals."
2027 Outlook
The following tables summarize the fiscal year 2027 guidance framework, which
assumes returning ~$3.8B through ~$2.5B of share repurchases and ~$1.3B of
dividends.
Guidance figures are approximate. 2027 Q1 2027
Net Sales Growth ~5% ~5%
Underlying Sales Growth ~5% ~5%
Earnings Per Share $1.19 - $1.23 ~$5.70
Amortization of intangibles ~$0.35 ~$1.41
Restructuring and related costs ~$0.04 ~$0.14
Adjusted Earnings Per Share $1.58 - $1.62 ~$7.25
Operating Cash Flow $4.3B - $4.4B
Free Cash Flow $3.8B - $3.9B
Share Repurchase ~$1.5B ~$2.5B
1 Results are presented on a continuing operations basis.
2 Underlying orders do not include AspenTech.
3 Underlying sales exclude the impact of currency translation, and significant
acquisitions and divestitures.
4 Adjusted segment EBITA represents segment earnings excluding restructuring and
related costs and intangibles amortization expense.
5 Adjusted EPS excludes intangibles amortization expense, restructuring and
related costs, first year purchase accounting related items and transaction-
related costs, the mark-to-market adjustment on pension and other postretirement
plans, discrete taxes, and certain gains, losses or impairments.
Page 2
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 2026 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.
About Emerson
Emerson (NYSE: EMR) is a global automation leader delivering solutions for the
most demanding technology challenges. Headquartered in St. Louis, Missouri,
Emerson is engineering the autonomous future, enabling customers to optimize
operations and accelerate innovation. For more information, visit Emerson.com.
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 Russia-
Ukraine, Middle East and other global conflicts, as well as economic and
currency conditions, market demand, pricing, protection of intellectual
property, cybersecurity, tariffs, competitive and technological factors,
inflation, among others, as set forth in the Company's most recent Annual Report
on Form 10-K and subsequent reports filed with the SEC. The outlook contained
herein represents the Company's expectation for its consolidated results, other
than as noted herein.
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.
Contacts
Investors: Media:
Carl Schumacher Joseph Sala / Greg Klassen / Connor Murphy
(314) 553-2197 Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
(tables attached)
Page 3
EMERS…
AND
SUBSI…
CONSO…
OPERA…
RESUL…
(AMOU…
IN
MILLI…
EXCEPT
PER
SHARE,
UNAUD…
Net
sales
Costs
and
expen…
Cost
of
sales
SG&A
expen…
Other
deduc…
net
Inter…
expen…
net
Earni…
from
conti…
opera…
before
income
taxes
Income
taxes
Earni…
from
conti…
opera…
Disco…
opera…
net of
tax
Net
earni…
Less: 4,855 5,201 18,016 18,982
Nonco… 2,335 2,461 8,497 8,854
inter… 1,330 1,393 5,103 5,296
in 338 274 1,274 1,009
subsi… 92 76 237 334
Net 760 997 2,905 3,489
earni… 152 253 690 796
common Quarter 608 744 Year 2,215 2,693
stock… Ended 1 — Ended 8 —
Earni… Septem… 609 744 Septem… 2,223 Table 2,693
common 30, — — 30, (47) 1 2
stock… 2025 609 2026 744 2025 2,270 2026 2,691
──────────────────────────────────────────────────────────────────────────────
Earni…
from $ 608 $ 744 $ 2,262 $ 2,691
conti…
opera…
Disco… 1 — 8 —
opera…
Net
earni… $ 609 $ 744 $ 2,270 $ 2,691
common
stock…
Dilut…
avg. 565.5 559.7 566.7 562.0
shares
outst…
Dilut…
earni…
per
share
common
stock…
Earni…
from $ 1.07 $ 1.33 $ 3.99 $ 4.79
conti…
opera…
Disco… 0.01 — 0.01 —
opera…
Dilut…
earni…
per $ 1.08 $ 1.33 $ 4.00 $ 4.79
common
share
Quarter Year
Ended Ended
Septem… Septem…
30, 30,
2025 2026 2025 2026
Other
deduc…
net
Amort…
of $ 208 $ 203 $ 884 $ 816
intan…
Restr… 66 46 136 187
costs
Other 64 25 254 6
Total $ 338 $ 274 $ 1,274 $ 1,009
Page 4
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(DOLLARS IN MILLIONS,
UNAUDITED) Year Ended Sept 30, Table 2
Assets 2025 2026
──────────────────────────────────────────────────────────────────────────────
Cash and equivalents $ 1,544 $ 1,806
Receivables, net 3,101 3,317
Inventories 2,213 2,432
Other current assets 1,725 1,962
Total current assets 8,583 9,517
Property, plant & 2,871 2,859
equipment, net
Goodwill 18,193 18,104
Other intangible assets 9,458 8,442
Other 2,859 2,892
Total assets $ 41,964 $ 41,814
Liabilities and equity
Short-term borrowings and
current
maturities of long-term $ 4,797 $ 4,667
debt
Accounts payable 1,384 1,698
Accrued expenses 3,616 3,753
Total current liabilities 9,797 10,118
Long-term debt 8,319 7,508
Other liabilities 3,550 3,432
Equity
Common stockholders' 20,282 20,740
equity
Noncontrolling interests 16 16
in subsidiaries
Total equity 20,298 20,756
Total liabilities and $ 41,964 $ 41,814
equity
Page 5
EMERSON AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH
FLOWS
(DOLLARS IN
MILLIONS,
UNAUDITED)
Operating Table 3
activities Year Ended Sept 30, 2025 2026
──────────────────────────────────────────────────────────────────────────────
Net earnings $ 2,223 $ 2,693
Earnings from
discontinued -8 —
operations,
net of tax
Adjustments to
reconcile net
earnings to
net cash provided
by operating
activities:
Depreciation and 1,518 1,478
amortization
Stock compensation 263 237
Pension expense 9 -25
(income)
Pension funding -46 -38
Changes in
operating working -9 -338
capital
Other, net -274 -29
Cash from
continuing 3,676 3,978
operations
Cash from
discontinued -578 —
operations
Cash provided by
operating 3,098 3,978
activities
Investing
activities
Capital -431 -443
expenditures
Purchases of
businesses, net of
cash and -37 -6
equivalents
acquired
Other, net -125 -6
Cash used in
investing -593 -455
activities
Financing
activities
Net increase in
short-term 1,110 2,051
borrowings
Proceeds from
short-term
borrowings 8,008 7,058
greater than three
months
Payments of
short-term
borrowings -4,918 -9,388
greater than three
months
Proceeds from 1,544 —
long-term debt
Payments of -503 -588
long-term debt
Dividends paid -1,192 -1,244
Purchases of -1,167 -1,000
common stock
Purchase of
noncontrolling -7,244 —
interest
Repurchase of
AspenTech share -76 —
awards
Other, net -72 -111
Cash used in
financing -4,510 -3,222
activities
Effect of exchange
rate changes on -39 -39
cash
and equivalents
Increase
(Decrease) in cash -2,044 262
and
equivalents
Beginning cash and 3,588 1,544
equivalents
Ending cash and $ 1,544 $ 1,806
equivalents
Page 6
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 supplement the Company's results of
operations, including its segment earnings which are defined as earnings before
interest and taxes. The Company defines adjusted segment and total segment EBITA
as segment earnings excluding intangibles amortization expense, and
restructuring and related expense. Adjusted segment and total segment EBITA, and
adjusted segment and total segment EBITA margin are measures used by management
and may be useful for investors to evaluate the Company's segments' operational
performance.
Quarter
Ended Sept
30, 2025 2026 Reported Underlyi…
──────────────────────────────────────────────────────────────────────────────
Sales
Control
Systems 1,099 $ 1,247 14 % 14 %
&
Software
Test & 407 465 14 % 15 %
Measure…
Software
& $ 1,506 $ 1,712 14 % 14 %
Systems
Sensors 1,149 1,191 4 % 3 %
Final 1,637 1,725 5 % 5 %
Control
Intelli… $ 2,786 $ 2,916 5 % 4 %
Devices
Safety & $ 563 $ 573 2 % 2 %
Product…
Total $ 4,855 $ 5,201 7 % 7 %
Sales Growth by Geography Quarter Ended Sept 30,
────────────────────────────────────────────────────────────
Americas 9 %
Europe 1 %
Asia, Middle East & Africa 7 %
Page 7
Table 4 cont.
Year
Ended
Sept 30, 2025 2026 Reported Underlyi…
──────────────────────────────────────────────────────────────────────────────
Sales
Control
Systems 4,334 $ 4,580 6 % 5 %
&
Software
Test & 1,485 1,732 17 % 15 %
Measure…
Software
& $ 5,819 $ 6,312 8 % 7 %
Systems
Sensors 4,135 4,302 4 % 3 %
Final 5,952 6,194 4 % 2 %
Control
Intelli… $ 10,087 $ 10,496 4 % 3 %
Devices
Safety & $ 2,110 $ 2,174 3 % 2 %
Product…
Total $ 18,016 $ 18,982 5 % 4 %
Sales Growth by Geography Year Ended Sept 30,
──────────────────────────────────────────────────────────
Americas 7 %
Europe -1 %
Asia, Middle East & Africa 3 %
Page 8
Table 4 cont.
Qu… Qua…
En… End…
Se… Sept
30, 30,
20… 2026
──────────────────────────────────────────────────────────────────────────────
As Ad… As Ad…
Re… EB… Rep… EB…
(G… (N… (GA… (N…
Ea…
Co…
Sy… $ 186 $ 298 $ 297 $ 412
&
So…
Ma… 16.9 % 27.0 % 23… % 33.1 %
Te…
& -4 116 26 141
Me…
Ma… -1.1 % 28.5 % 5.6 % 30.3 %
So…
& $ 182 $ 414 $ 323 $ 553
Sy…
Ma… 12.0 % 27.4 % 18… % 32.3 %
Se… 317 348 339 357
Ma… 27.6 % 30.3 % 28… % 30.0 %
Fi… 403 444 426 470
Co…
Ma… 24.6 % 27.2 % 24… % 27.2 %
In… $ 720 $ 792 $ 765 $ 827
De…
Ma… 25.8 % 28.5 % 26… % 28.4 %
Sa…
& 113 127 119 131
Pr…
Ma… 20.1 % 22.6 % 20… % 22.9 %
Co…
it…
and
in…
ex…
ne…
St… $ -65 $ -55 $ -57 $ -53
co…
Un…
pe…
and 25 25 31 31
po…
co…
Pe…
and
OP… -34 — 2 —
ma…
ad…
Co…
and -89 -34 -110 -81
ot…
In…
ex… -92 — -76 —
net
Pr…
Ea…
/ $ 760 $ 1,… $ 997 $ 1,…
Ad…
EB…
Ma… 15.6 % 26.1 % 19… % 27.1 %
Su…
To…
Se…
Ea…
Ad…
To… $ 1,… $ 1,…
Se…
EB…
Ma… 27.5 % 29.1 %
Page 9
Year Year
End… End…
Sept Sept
30, 30,
2025 2026
──────────────────────────────────────────────────────────────────────────────
As Ad… As Ad…
Rep… EB… Rep… EB…
(GA… (N… (GA… (N…
E…
C…
S… $ 903 $ 1,… $ 1,0… $ 1,…
&
S…
M… 20… % 32.4 % 22… % 32.0 %
T…
& -68 375 47 503
M…
M… -4… % 25.3 % 2.7 % 29.0 %
S…
& $ 835 $ 1,… $ 1,0… $ 1,…
S…
M… 14… % 30.6 % 17… % 31.2 %
S… 1,1… 1,… 1,1… 1,…
M… 26… % 28.6 % 27… % 29.3 %
F… 1,4… 1,… 1,4… 1,…
C…
M… 23… % 26.2 % 23… % 26.8 %
I… $ 2,5… $ 2,… $ 2,6… $ 2,…
D…
M… 25… % 27.2 % 25… % 27.8 %
S…
& 418 455 416 471
P…
M… 19… % 21.5 % 19… % 21.7 %
C…
i…
a…
i…
e…
n…
S… -263 -2… -237 -2…
c…
U…
p…
a… 114 114 125 125
p…
c…
P…
a…
O… -34 — 2 —
m…
a…
C…
a… -455 -1… -211 -2…
o…
I…
e… -237 — -334 —
n…
P…
E…
/ $ 2,9… $ 4,… $ 3,4… $ 5,…
A…
E…
M… 16… % 26.1 % 18… % 26.6 %
S…
T…
S…
E…
A…
T… $ 4,… $ 5,…
S…
E…
M… 27.6 % 28.2 %
Page 10
Table 4 cont.
Quarter Quarter
Ended Ended
Sept Sept
2025 30, 2026 30,
──────────────────────────────────────────────────────────────────────────────
Amorti… Restru… Amorti… Restru…
of and of and
Intang… Related Intang… Related
Costs2 Costs2
Contr…
Syste… $ 102 $ 10 $ 99 $ 16
&
Softw…
Test & 107 13 107 8
Measu…
Softw…
& $ 209 $ 23 $ 206 $ 24
Syste…
Senso… 12 19 11 7
Final 29 12 27 17
Contr…
Intel… $ 41 $ 31 $ 38 $ 24
Devic…
Safety
& 7 7 7 5
Produ…
Corpo… — 20 — 10
Total $ 257 $ 81 $ 251 $ 63
1Amor…
of
intan…
inclu…
$49
and
$49
repor…
in
cost
of
sales
for
the
three
months
ended
Septe…
30,
2025
and
2026,
respe…
2Rest…
and
relat…
costs
inclu…
$15
and
$17 of
restr…
costs
for
the
three
months
ended
Septe…
30,
2025
and
2026,
respe…
Year Year
Ended Ended
Sept Sept
2025 30, 2026 30,
──────────────────────────────────────────────────────────────────────────────
Amorti… Restr… Amorti… Restru…
of and of and
Intang… Relat… Intang… Related
Costs2 Costs2
Contr…
Syste… $ 471 $ 29 $ 402 $ 27
&
Softw…
Test & 425 18 429 27
Measu…
Softw…
& $ 896 $ 47 $ 831 $ 54
Syste…
Senso… 45 25 46 29
Final 115 30 108 93
Contr…
Intel… $ 160 $ 55 $ 154 $ 122
Devic…
Safety
& 27 10 28 27
Produ…
Corpo… — 50 — 24
Total $ 1,083 $ 162 $ 1,013 $ 227
1Amor…
of
intan…
inclu…
$199
and
$197
repor…
in
cost
of
sales
for
the
twelve
months
ended
Septe…
30,
2025
and
2026,
respe…
2Rest…
and
relat…
costs
inclu…
$26
and
$40 of
restr…
costs
for
the
twelve
months
ended
Septe…
30,
2025
and
2026,
respe…
Page 11
Quarter Ended Sept
30, 2025 2026
──────────────────────────────────────────────────────────────────────
Depreciation and Amortization
Control Systems & Software $ 125 $ 128
Test & Measurement 120 120
Software & Systems 245 248
Sensors 45 35
Final Control 58 57
Intelligent Devices 103 92
Safety & Productivity 19 21
Corporate 12 12
Total $ 379 $ 373
Year Ended Sept
30, 2025 2026
─────────────────────────────────────────────────────────────────────
Depreciation and Amortization
Control Systems & Software $ 557 $ 502
Test & Measurement 476 479
Software & Systems 1,033 981
Sensors 140 136
Final Control 227 227
Intelligent Devices 367 363
Safety & Productivity 74 87
Corporate 44 47
Total $ 1,518 $ 1,478
Page 12
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. The Company's definition of adjusted stock
compensation excludes integration-related stock compensation expense. The
Company's definition of adjusted corporate and other excludes corporate
restructuring and related costs, first year purchase accounting related items
and transaction fees, the mark-to-market adjustment on pension and other
postretirement plans, and certain gains, losses or impairments. These metrics
are useful for reconciling from total adjusted segment EBITA to the Company's
consolidated adjusted EBITA.
Quarter Ended Sept 30, 2025 2026
──────────────────────────────────────────────────────────────────────────────
Stock compensation $ -65 $ -57
(GAAP)
Integration-related
stock compensation 10 1 4
expense
Adjusted stock $ -55 $ -53
compensation (non-GAAP)
Quarter Ended
Sept 30, 2025 2026
────────────────────────────────────────────────────────────────────────────
Corporate and other (GAAP) $ -89 $ -110
Corporate restructuring and related 16 10
costs
Acquisition/divestiture fees and related 39 28
costs
IEEPA tariff refunds net of charitable — -9
trust contribution
Adjusted corporate and other (Non-GAAP) $ -34 $ -81
Quarter Ended
Sept 30, 2025 2026
───────────────────────────────────────────────────────────────────────────
Pension income (expense) (GAAP)2 $ -9 $ 33
Pension and OPEB mark-to-market 34 -2
adjustment
Adjusted pension income (expense) $ 25 $ 31
(Non-GAAP)
1Integration-related stock compensation
expense relates to NI and AspenTech and
includes $4 reported as restructuring
costs
2Pension income (expense) includes the
unallocated pension and postretirement
costs and the pension and OPEB mark-to
market adjustment
Page 13
Table 5 cont.
Year Ended Sept 30, 2025 2026
──────────────────────────────────────────────────────────────────────────────
Stock compensation $ -263 $ -237
(GAAP)
Integration-related
stock compensation 47 3 15 4
expense
Adjusted stock
compensation $ -216 $ -222
(non-GAAP)
Year Ended Sept 30, 2025 2026
──────────────────────────────────────────────────────────────────────────────
Corporate and other (GAAP) $ -455 $ -211
Corporate restructuring and
related 25 23
costs
Acquisition/divestiture fees
and related 255 70
costs
IEEPA tariff refunds net of
charitable — -91
trust contribution
Adjusted corporate and other $ -175 $ -209
(Non-GAAP)
Year Ended Sept 30, 2025 2026
──────────────────────────────────────────────────────────────────────────────
Pension income (expense) (GAAP)5 $ 80 $ 127
Pension and OPEB mark-to-market 34 -2
adjustment
Adjusted pension income (expense) $ 114 $ 125
(Non-GAAP)
3Integration-related stock
compensation
expense relates to NI and AspenTech
and
includes $25 reported as
restructuring
costs
4Integration-related stock
compensation
expense relates to NI and AspenTech
and
includes $1 reported as
restructuring
costs
5Pension income (expense) includes
the
unallocated pension and
postretirement
costs and the pension and OPEB
mark-to
market adjustment
Page 14
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, are intended to supplement the
Company's discussion of its results of operations herein. The Company defines
adjusted EBITA as earnings excluding interest expense, net, income taxes,
intangibles amortization expense, restructuring expense, first year purchase
accounting related items and transaction fees, the mark-to-market adjustment on
pension and other postretirement plans, and certain gains, losses or
impairments. Adjusted earnings per share excludes intangibles amortization
expense, restructuring expense, first year purchase accounting related items and
transaction-related costs, the mark-to-market adjustment on pension and other
postretirement plans, discrete taxes, and certain gains, losses or impairments.
Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are
measures used by management and may be useful for investors to evaluate the
Company's operational performance.
Quarter Ended Sept
30, 2025 2026
──────────────────────────────────────────────────────────────────────────────
Pretax earnings $ 760 $ 997
Percent of sales 15.6 % 19.2 %
Interest expense, 92 76
net
Amortization of 257 251
intangibles
Restructuring and 81 63
related costs
Acquisition/divest…
fees and related 45 32
costs
Pension and OPEB
mark-to-market 34 -2
adjustment
IEEPA tariff
refunds net of — -9
charitable
trust contribution
Adjusted EBITA $ 1,269 $ 1,408
Percent of sales 26.1 % 27.1 %
Quarter Ended Sept
30,
2025 2026
GAAP earnings from
continuing $ 1.07 $ 1.33
operations
per share
Amortization of 0.35 0.34
intangibles
Restructuring and 0.11 0.14
related costs
Acquisition/divest…
fees and related 0.06 0.05
costs
Pension and OPEB
mark-to-market 0.05 -0.01
adjustment
IEEPA tariff
refunds net of — -0.01
charitable
trust contribution
Discrete taxes -0.02 0.02
Adjusted earnings
from continuing $ 1.62 $ 1.86
operations per
share
Page 15
Year Ended Sept 30,
2025 2026
──────────────────────────────────────────────────────────────────────────────
Pretax earnings $ 2,905 $ 3,489
Percent of sales 16.1% 18.4%
Interest expense, 237 334
net
Amortization of 1,083 1,013
intangibles
Restructuring and 162 227
related costs
Acquisition/divest…
fees and related 277 84
costs
Pension and OPEB
mark-to-market 34 -2
adjustment
IEEPA tariff
refunds net of — -91
charitable
trust contribution
Adjusted EBITA $ 4,698 $ 5,054
Percent of sales 26.1 % 26.6 %
Year Ended Sept 30,
2025 2026
GAAP earnings from
continuing $ 3.99 $ 4.79
operations
per share
Amortization of 1.35 1.38
intangibles
Restructuring and 0.23 0.36
related costs
Acquisition/divest…
fees and related 0.33 0.14
costs
Discrete taxes 0.06 0.05
Pension and OPEB
mark-to-market 0.05 -0.01
adjustment
IEEPA tariff
refunds net of — -0.12
charitable
trust contribution
Adjusted earnings
from continuing $ 6.01 $ 6.59
operations per
share
Page 16
Table 6 cont.
Q…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
Ea… Net Di…
Pr… In… fr… No… Ea… Ea…
Ea… Ta… Co… In… Co… Per
Op… St… Sh…
As
r… $ 997 $ 253 $ 744 $ — $ 744 $ 1…
(…
A…
of 251 1 59 192 — 192 0.…
i…
R…
a… 63 2 -16 79 — 79 0.…
r…
c…
A…
f…
a… 32 3 29 — 29 0.…
r…
c…
P…
a…
O… -2 1 -3 — -3 -…
m…
a…
I…
t…
r…
n… -9 -2 -7 — -7 -…
of
c…
t…
c…
D… — -10 10 — 10 0…
t…
A… $ 1,… $ 288 $ 1,… $ — $ 1,… $ 1…
(…
I…
e… $ 76
n…
A…
E… $ 1,…
(…
1…
of
i…
i…
$…
r…
in
c…
of
s…
2…
a…
r…
c…
i…
$…
of
r…
c…
3…
I…
f…
A…
c…
as
of
M…
1…
2…
w…
t…
c…
of
t…
b…
Page 17
Y…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
Ea… Net Di…
Pr… In… fr… No… Ea… Ea…
Ea… Ta… Co… In… Co… Per
Op… St… Sh…
As
r… $ 3,… $ 796 $ 2,… $ 2 $ 2,… $ 4…
(…
A…
of 1,… 1 236 777 — 777 1…
i…
R…
a… 227 2 24 203 — 203 0…
r…
c…
A…
f…
a… 84 8 76 — 76 0…
r…
c…
P…
a…
O… -2 1 -3 — -3 -…
m…
a…
I…
t…
r…
n… -91 -21 -70 — -70 -…
of
c…
t…
c…
D… — -28 28 — 28 0…
t…
A… $ 4,… $ 1,… $ 3,… $ 2 $ 3,… $ 6…
(…
I…
e… 334
n…
A…
E… $ 5,…
(…
1…
of
i…
i…
$…
r…
in
c…
of
s…
2…
a…
r…
c…
i…
$…
of
r…
c…
3…
I…
f…
A…
c…
as
of
M…
1…
2…
w…
t…
c…
of
t…
b…
Page 18
Reconciliations of Non-GAAP Financial Measures & Table 7
Other
Reconciliations of Non-GAAP measures with the most
directly comparable GAAP measure (dollars in
millions, except per share amounts). See tables4
through 7 for additional non-GAAP reconciliations.
Q4 FY26 (Favora… (Acquis…
Underl… Reported / / Underly…
Sales Unfavor… Divesti…
Change FX
Control
Systems 14 % — % — % 14 %
&
Softwa…
Test & 14 % 1 % — % 15 %
Measur…
Softwa…
& 14 % — % — % 14 %
Systems
Sensors 4 % -1 % — % 3 %
Final 5 % — % — % 5 %
Control
Intell… 5 % -1 % — % 4 %
Devices
Safety
& 2 % — % — % 2 %
Produc…
Emerson 7 % — % — % 7 %
Year
Ended
Sept
30,
2026 (Favora…
Underl… / (Acquis…
Sales Unfavor… /
Change Reported FX Divesti… Underly…
──────────────────────────────────────────────────────────────────────────────
Control
Systems 6 % -1 % — % 5 %
&
Softwa…
Test & 17 % -2 % — % 15 %
Measur…
Softwa…
& 8 % -1 % — % 7 %
Systems
Sensors 4 % -1 % — % 3 %
Final 4 % -2 % — % 2 %
Control
Intell… 4 % -1 % — % 3 %
Devices
Safety
& 3 % -1 % — % 2 %
Produc…
Emerson 5 % -1 % — % 4 %
Underlying Growth Guidance 2027 Q1 2027
Guidance Guidance
Reported (GAAP) ~5% ~5%
(Favorable) / Unfavorable FX - -
(Acquisitions) / Divestitures - -
Underlying (non-GAAP) ~5% ~5%
Page 19
2…
Q4 Re… Ad…
A… Am… and Ad… Se…
S… EB… of Re… Se… EB…
E… EB… Ma… In… Co… EB… Ma…
──────────────────────────────────────────────────────────────────────────────
C…
S… $ 186 16… % $ 102 $ 10 $ 298 2… %
&
S…
T…
& -4 -1… % 107 13 116 2… %
M…
S…
& $ 182 12… % $ 209 $ 23 $ 414 2… %
S…
S… 317 27… % 12 19 348 3… %
F… 403 24… % 29 12 444 2… %
C…
I… $ 720 25… % $ 41 $ 31 $ 792 2… %
D…
S…
& $ 113 20… % $ 7 $ 7 $ 127 2… %
P…
2…
Q4 Re… Ad…
A… Am… and Ad… Se…
S… EB… of Re… Se… EB…
E… EB… Ma… In… Co… EB… Ma…
──────────────────────────────────────────────────────────────────────────────
C…
S… $ 297 23… % $ 99 $ 16 $ 412 3… %
&
S…
T…
& 26 5.6 % 107 8 141 3… %
M…
S…
& $ 323 18… % $ 206 $ 24 $ 553 3… %
S…
S… 339 28… % 11 7 357 3… %
F… 426 24… % 27 17 470 2… %
C…
I… $ 765 26… % $ 38 $ 24 $ 827 2… %
D…
S…
& $ 119 20… % $ 7 $ 5 $ 131 2… %
P…
Total Adjusted
Segment EBITA 2025 Q4 2026 Q4
──────────────────────────────────────────────────────────────────────────────
Pretax earnings (GAAP) $ 760 $ 997
Margin 15.6 % 19.2 %
Corporate items and
interest expense, 255 210
net
Amortization of 257 251
intangibles
Restructuring and 61 53
related costs
Adjusted segment EBITA $ 1,333 $ 1,511
(non-GAAP)
Margin 27.5 % 29.1 %
Page 20
2025 Res… Adj…
Adj… Amo… and Adju… Seg…
Seg… EBIT of Rel… Segm… EBI…
EBI… EBIT Mar… Int… Cos… EBITA Mar…
──────────────────────────────────────────────────────────────────────────────
Co…
Sy… $ 903 20.8 % $ 471 $ 29 $ 1,403 32.4 %
&
So…
Te…
& -68 -4.5 % 425 18 375 25.3 %
Me…
So…
& $ 835 14.4 % $ 896 $ 47 $ 1,778 30.6 %
Sy…
Se… 1,1… 26.9 % 45 25 1,182 28.6 %
Fi… 1,4… 23.8 % 115 30 1,560 26.2 %
Co…
In… $ 2,5… 25.1 % $ 160 $ 55 $ 2,742 27.2 %
De…
Sa…
& $ 418 19.8 % $ 27 $ 10 $ 455 21.5 %
Pr…
2026 Res… Adj…
Adj… Amo… and Adju… Seg…
Seg… EBIT of Rel… Segm… EBI…
EBI… EBIT Mar… Int… Cos… EBITA Mar…
──────────────────────────────────────────────────────────────────────────────
Co…
Sy… $ 1,0… 22.7 % $ 402 $ 27 $ 1,467 32.0 %
&
So…
Te…
& 47 2.7 % 429 27 503 29.0 %
Me…
So…
& $ 1,0… 17.2 % $ 831 $ 54 $ 1,970 31.2 %
Sy…
Se… 1,1… 27.5 % 46 29 1,259 29.3 %
Fi… 1,4… 23.6 % 108 93 1,660 26.8 %
Co…
In… $ 2,6… 25.2 % $ 154 $ 122 $ 2,919 27.8 %
De…
Sa…
& $ 416 19.2 % $ 28 $ 27 $ 471 21.7 %
Pr…
Total Adjusted
Segment EBITA 2025 2026
──────────────────────────────────────────────────────────────────────────────
Pretax earnings (GAAP) $ 2,905 $ 3,489
Margin 16.1 % 18.4 %
Corporate items and interest
expense, 875 655
net
Amortization of intangibles 1,083 1,013
Restructuring and related 112 203
costs
Adjusted segment EBITA $ 4,975 $ 5,360
(non-GAAP)
Margin 27.6 % 28.2 %
Free Cash Flow 2025 Q4 2026 Q4
──────────────────────────────────────────────────────────────────────
Operating cash flow (GAAP) $ 1,011 $ 1,075
Capital expenditures -168 -159
Free cash flow (non-GAAP) $ 843 $ 916
2027E
Free Cash ($ in
Flow FY25 FY26 billions)
──────────────────────────────────────────────────────────────────────────────
Operating
cash flow $ 3,676 $ 3,978 $4.3 - $4.4
(GAAP)
Capital -431 -443 ~(0.5)
expenditures
Free cash
flow $ 3,245 $ 3,535 $3.8 - $3.9
(non-GAAP)
Note 1: Underlying sales and orders exclude the
impact of currency translation and significant
acquisitions and divestitures.
Note 2:
All fiscal year 2027E figures are approximate,
except where range is given.