10-K 0000068505-26-000010 (2026-02-12) vs 10-K 0000068505-25-000012 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 11,561 |
13.2% |
| MD&A | Item 7 | 11,774 |
27.4% |
| Legal Proceedings | Item 3, via Note 12 – Commitments and Contingencies | 990 |
45.9% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 6,052 |
9.2% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 280 words changed in this paragraph; it is 51% similar to last year's version.
Segment Technology Acquisition Description Purchase Price Date of Acquisition Software and Services Video Security and Access Control Blue Eye Provider of AI-powered enterprise remote video monitoring ("RVM") services. $79 million and share-based compensation of $1 million November 18, 2025 Products and Systems Integration Mission Critical Networks Silvus Designer and developer of software-defined high-speed MANET technology. $4.4 billion and share-based compensation of $20 million August 6, 2025 & Software and Services Software and Services Command Center Theatro Creator of AI and voice-powered communication and digital workflow software for frontline workers. $174 million and share-based compensation of $5 million March 6, 2025 Software and Services Command Center RapidDeploy Provider of cloud-native 911 solutions. $240 million and share-based compensation of $6 million February 21, 2025 Software and Services Command Center 3tc Software Provider of control room software solutions. $22 $23 million and share-based compensation of $4 million October 29, 2024 Software and Services Command Center Noggin Provider of cloud-based business continuity planning, operational resilience and critical event management software. $91 $92 million and share-based compensation of $19 million July 1, 2024 Software and Services Video Security and Access Control Unnamed vehicle location and management solutions business Provider of vehicle location and management solutions. $132 million and share-based compensation of $3 million July 1, 2024 Products and Systems Integration Video Security and Access Control Silent Sentinel Provider of specialized, long-range cameras. $37 million February 13, 2024 Products and Systems Integration Video Security and Access Control IPVideo Creator of a multifunctional safety and security device. $170 million and share-based compensation of $5 million December 15, 2023 Software and Services Command Center Rave Mobile Provider of mass notification and incident management services. $553 million and share-based compensation of $2 million December 14, 2022 Products and Systems Integration LMR Communications Futurecom Provider of radio coverage extension solutions. $30 million October 25, 2022 Products and Systems Integration LMR Communications Barrett Communications Provider of specialized radio communications. $18 million August 8, 2022 Products and Systems Integration Video Security and Access Control Videotec Provider of ruggedized video security solutions. $23 million and share-based compensation of $4 million May 12, 2022 Software and Services Video Security and Access Control Calipsa Provider of cloud-native advanced video analytics. $39 million and share-based compensation of $4 million April 19, 2022 Software and Services LMR Communications TETRA Ireland Provider of Ireland's National Digital Radio Service. $120 million March 23, 2022 Products and Systems Integration Video Security and Access Control Ava Provider of cloud-native video security and analytics. $388 million and share-based awards and compensation of $7 million March 3, 2022 Software and Services
Source: Item 7, 10-K 0000068505-26-000010 vs Item 7, 10-K 0000068505-25-000012
Legal Proceedings 234 words changed in this paragraph; it is 34% similar to last year's version.
On December 17, 2020, Subsequently, the District Court held that ordered Hytera must to pay the Company a forward-looking reasonable royalty on products ("I-Series") that use the Company’s stolen trade secrets, and on December 15, 2021, set setting royalty rates for Hytera's sale of relevant products from July 1, 2019 forward. On July 5, 2022, the District Court ordered that Hytera pay into a third-party escrow on July 31, 2022, the royalties owed to the Company based on the sale of relevant products from July 1, 2019 to June 30, 2022. Hytera failed to make the required royalty payment on July 31, 2022. On August 1, 2022, Hytera filed a motion to modify or stay the District Court's previous July 5, 2022 royalty order, which the District Court denied on July 11, 2023. On August 3, 2022, the Company filed a motion seeking to hold Hytera in civil contempt for violating the royalty order by not making the required royalty payment on July 31, 2022. On August 26, 2023, the District Court granted the Company's contempt motion. As a result, on September 1, 2023, Hytera made a payment of $56 million into the third-party escrow. In addition to the September 1, 2023 payment of $56 million, Hytera has made de minimis quarterly royalty payments into the third-party escrow from October 2022 up through November 2024. Future royalty payments are expected to be paid directly to the Company. The aggregate amount 2024, amounts paid into escrow of approximately $61 million was were released to the Company on November 26, 2024 and was recorded as a gain within Other Charges (Income) charges within the Consolidated Statement of Operations. Hytera made quarterly de minimis royalty payments related to the I-Series products directly to the Company in 2025.
Source: Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000068505-26-000010 vs Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000068505-25-000012
Risk Factors 230 words changed in this paragraph; it is 54% similar to last year's version.
There is increasing scrutiny are evolving and evolving sometimes conflicting expectations from investors, customers, lawmakers, regulators and other stakeholders on ESG-related practices social and sustainability considerations and disclosures, including those related to environmental stewardship, climate change, diversity, equity and inclusion ("DEI"), human capital, forced labor, and workplace conduct. conduct and the use cases of our products. Regulators have imposed, and likely will may continue to impose, ESG-related social and sustainability-related legislation, rules and guidance, which may conflict with one another and impose additional costs on us or expose us to new or additional risks, including requiring additional reporting that will expand the public's access to our programs and metrics. In addition, recent "anti-ESG" sentiment has gained momentum in the U.S., metrics or impose changes to our manufacturing practices, operations and/or product designs. Additionally, some stakeholders may disagree with certain lawmakers our goals, initiatives and interest groups having proposed or enacted "anti-ESG" policies, legislation, or initiatives or issued related legal opinions. Furthermore, President Trump recently issued a series of executive orders, some of which target programs related to DEI and climate change. The Trump Administration has indicated that it will continue to scrutinize these programs. Moreover, certain organizations that provide information to investors have developed ratings for evaluating companies on their approach to different ESG-related matters, and unfavorable ratings of us or our industries may lead to negative investor sentiment other actions and the diversion focus of investment to other companies or industries. We have elected to share publicly our ongoing ESG-related efforts in our proxy statement, Corporate Responsibility Report, TCFD Report, and on our corporate website. stakeholders may evolve over time. Our business may face higher expectations as well as increased scrutiny related to these activities. Our failure or perceived failure to achieve our goals, further our initiatives, adhere to our public statements, comply with sustainability laws and regulations, or meet or maintain ESG-related goals or otherwise respond to anti-ESG efforts evolving and varied stakeholder expectations and standards could harm our reputation, adversely impact our ability to attract and retain employees or customers, expose us to increased scrutiny from the investment community or enforcement authorities or otherwise adversely affect our business and results of operations.
Source: Item 1A, 10-K 0000068505-26-000010 vs Item 1A, 10-K 0000068505-25-000012
Accounting Policies 113 words changed in this paragraph; it is 32% similar to last year's version.
In December 2023, September 2025, the FASB Financial Accounting Standards Board ("FASB") issued ASU Accounting Standard Update ("ASU") No. 2023-09, “Income Taxes (Topic 740): 2025-06, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to Income Tax Disclosures,” which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. This Accounting for Internal-Use Software" to modernize the accounting for internal-use software costs. The ASU is effective for fiscal years beginning after December 15, 2024, 2027 and interim periods with annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company anticipates that it will have additional disclosures regarding cash taxes is still evaluating the complete impact of the adoption of this ASU on its financial statements and the income tax rate reconciliation once it adopts this ASU. disclosures.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000068505-26-000010 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000068505-25-000012
Every change, by type
Sentences and paragraphs of MSI's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our business with U.S. government customers depends, in part, upon our customers’ continued expenditures on programs in areas we support such as law enforcement and national security. These expenditures have not remained constant over time, have been and in the future may be reduced in certain periods, and have been and in the future may be affected by efforts to reduce costs generally. Our business with U.S. government customers has been negatively impacted in the past, and may continue to be negatively impacted in the future, by certain of the following factors, among others:
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
•Government budgetary constraints and decreases or changes in available funding;
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
•Budget uncertainty, government shutdowns and other potential delays or changes in appropriations or other funding authorization processes;
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
•Reductions in overall defense spending or a shift in expenditures away from the government customers we support;
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
•The political environment, changes in national and international priorities and macroeconomic conditions; and
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
•Changes in public perception of the accuracy of our technology and the appropriate use of our technology by government customers.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
While the 2025 enactment of the One Big Beautiful Bill Act (“OBBBA”) introduced several taxpayer-favorable provisions, such as the restoration of immediate expensing for qualified domestic research and experimental expenditures, it has also added complexity to the U.S. tax code. For example, the interplay between new domestic incentives and modified international provisions, without future comprehensive administrative guidance, creates complexity with respect to our compliance with the OBBBA. Any future guidance or interpretations of the OBBBA, or any actual or perceived noncompliance with the OBBBA by us, could result in an increase to our U.S. tax liability and a resulting adverse impact on our future operating results.
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedRisk Factors
With respect to the financial and political or regulatory risks of such contracts, in 2023 the CMA imposed a legal order on Airwave, which implemented the Charge Control. After the Competition Appeal Tribunal ("CAT") dismissed our appeal of the Charge Control, we appealed the CAT's judgment to the United Kingdom Court of Appeal, which denied our application for permission to appeal the CAT's judgment on January 30, 2025. With the United Kingdom Court of Appeal's ruling, revenue will continue to be recognized in accordance with the Charge Control.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
In addition, after our receipt in March 2024 of the Deferred National Shutdown Notice from the Home Office, we recorded additional backlog of $748 million to reflect the incremental three years of services related to the extension of the "national shutdown target date" on the Airwave services to December 31, 2029. In April 2024 we filed proceedings in the U.K. High Court challenging the decision of the Home Office to issue the Deferred National Shutdown Notice as being in breach of applicable U.K. procurement and public law, and a hearing on this matter has been set to commence on April 22, 2025. The backlog related to the incremental years of service contemplated in the Deferred National Shutdown Notice could change depending on the outcome of the proceedings.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Increased focus on climate change has contributed to an evolving state of environmental regulation and uncertainty related to such regulation, as well as physical risks of climate change, could impact our business, results of operations, financial or competitive position.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Increased public awareness and worldwide focus on climate change has led to legislative and regulatory efforts to limit greenhouse gas emissions, which has resulted in and may continue to result in, more international, federal or regional requirements or industry standards to reduce or mitigate global warming. There continues to be a lack of consistent climate legislation, which creates economic and regulatory uncertainty. Additionally, legislative and regulatory efforts have focused on carbon taxes in certain areas where we operate. As a result, we may become subject to new or strengthened regulations, legislation or other governmental requirements or industry standards, and we anticipate that we will need to meet criteria related to reduction of greenhouse gas emissions, the elimination of certain constituents from products and increasing energy efficiency requirements. For example, the EU's Corporate Sustainability Reporting Directive, EU's Corporate Sustainability Due Diligence Directive and EU taxonomy initiatives will introduce, in staggered timelines, additional due diligence and disclosure requirements addressing sustainability that will apply to us in the coming years. These requirements will, and other increased regulation of climate change concerns could, subject us to additional costs, disclosures and restrictions, and could require us to make certain changes to our manufacturing practices, operations, and/or product designs, which could negatively impact our business, results of operations, financial condition and competitive position.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
In addition, the physical risks of climate change (such as extreme weather conditions or rising sea levels) may impact the availability and cost of materials and natural resources, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs. This may include, potentially, costs associated with repairing damage as a result of extreme weather events or renovating or retrofitting facilities to better withstand extreme events. Many of our facilities around the world, as well as our customers' and suppliers' operations, are in locations that may be impacted by the physical risks of climate change, and we face the risk of losses incurred as a result of physical damage to our facilities or those of our suppliers or customers such as loss or spoilage of inventory and business interruption caused by such events.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedRisk Factors
Since our 2022 tax year, the Tax Cuts and Jobs Act of 2017 has required that we capitalize and amortize our research and experimental expenditures over five or fifteen years, as applicable. This change in law had a materially negative impact on our cash tax liability in 2024, and we expect such change to continue to impact our cash tax liability through 2026, unless the provisions are repealed or deferred by Congress.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedRisk Factors
In addition, global conflicts, including the China-Taiwan conflict and those in the Middle East, as well as the results of elections or other political conditions, conditions such as government shutdowns, have created, and could create in the future, many economic and political uncertainties that impact worldwide markets, including impacts relating to new, trade policy decisions, such as new or increased tariffs or retaliatory tariffs (including recent U.S. tariffs measures imposed or threatened to be imposed on China, Canada proposed by governments and Mexico and other countries and any retaliatory actions taken by such countries) and their trade partners, potential trade wars, wars and related legal challenges or prolonged uncertainty in trade relationships, and threats to national security vulnerabilities linked to country of origin.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Catastrophic events The occurrence of any such catastrophic event, and the measures taken in response thereto, could have varied impacts such as those experienced during the COVID-19 pandemic, and adversely impact our operations, including through impacts to our workforce and supply chain, inflationary pressures and increased costs, costs (including increased insurance costs), impacts to sources or supply of energy, schedule or production delays, loss of spoilage of inventory, market volatility volatility, physical damage to our facilities or those of our suppliers or customers, and other financial impacts.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
(i) the inability to realize our business plan with respect to the acquired businesses, (ii) the difficulty or inability in integrating newly-acquired businesses and operations in an efficient and effective manner, including ensuring proper integration of acquired businesses’ legal and regulatory compliance programs, information technology systems and financial reporting and internal control systems, (iii) the challenges in integrating acquired businesses to create the operating platform for physical security, (iv) the challenges in achieving strategic objectives, cost savings and other benefits from acquisitions, (v) the risk that our contractual relationships or the markets served do not evolve as anticipated and that the technologies acquired do not prove to be those needed to be successful in those markets, (vi) the potential loss of key employees of the acquired businesses, (vii) the risk of diverting the attention of senior management from our operations, (viii) the risks of entering new markets in which we have limited experience, (ix) future impairments of goodwill, (x) the potential loss of intellectual property due to actions of employees in connection with such acquisitions, (xi) the risks of exposure to new patent assertions by third-parties directed at the technologies of the newly acquired businesses, and (xii) the potential identified or unknown security vulnerabilities in acquired products that expose us to additional security risk. risk, (xiii) the inability to retain customers, distributors, vendors and other business partners of the acquired businesses, (xiv) potential negative reactions from stakeholders, and (xv) exposure to litigation, regulatory or other claims in connection with, or inheritance of claims or other litigation risk as a result of, an acquisition.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If demand for our products or services increases from our current expectations or if, as we have experienced in the past, suppliers are unable to meet our demand for other reasons, including as a result of supply chain constraints; natural disasters (including events related to climate change); import/export restrictions, disasters; trade policy decisions, such as new, expanded or retaliatory tariffs, sanctions, quotas quotas, import/export restrictions or trade barriers (including recent U.S. tariffs imposed or threatened to be imposed on China, Canada and Mexico and other countries and any retaliatory actions taken by such countries); restrictions around rare earth minerals); financial issues or other factors, we have, and could continue to experience an interruption in supply or a significant increase in the price of supply.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Increasing scrutiny Evolving and evolving sometimes conflicting expectations from investors, customers, lawmakers, regulators and other stakeholders regarding environmental, social and governance (“ESG”)-related practices sustainability considerations and disclosures, as well as recent U.S. based anti-ESG efforts, disclosures may adversely affect our reputation, adversely impact our ability to attract and retain employees or customers, expose us to potential liabilities, increased costs, reputational harm, increased scrutiny from the investment community or enforcement authorities or otherwise adversely impact our business and results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Our failure or perceived failure to achieve our goals, further our initiatives, adhere to our public statements, comply with sustainability laws and regulations, or meet or maintain ESG-related goals or otherwise respond to anti-ESG efforts evolving and varied stakeholder expectations and standards could harm our reputation, adversely impact our ability to attract and retain employees or customers, expose us to increased scrutiny from the investment community or enforcement authorities or otherwise adversely affect our business and results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Failure to comply with such restrictions or obligations requirements could result in liabilities, including potential enforcement actions, fines, penalties penalties, product bans or reputational harm, or increase the costs of doing business or delay or limit the range of new products and services we may be able to offer. harm.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
(i) currency fluctuations, including but not limited to increased pressure to agree to established currency conversion rates and cost of living adjustments as a result of foreign currency fluctuations, (ii) import/export regulations, tariffs, trade barriers and trade disputes (including recent U.S. tariffs imposed or threatened to be imposed on China, Canada and Mexico and other countries and any retaliatory actions taken by such countries), disputes, customs classifications and certifications, including but not limited to changes in classifications or errors or omissions related to such classifications and certifications, (iii) compliance with and changes in U.S. and non-U.S. laws or regulations related to antitrust and competition (such as the CMA’s Charge Control and the EU Foreign Subsidies Regulation), anti-corruption (such as the Foreign Corrupt Practices Act and the U.K.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Expansion of our products and services may also result in the applicability of new legal and regulatory requirements and restrictions compliance obligations, which may increase the costs of doing business or delay or limit the range of new products and compliance obligations. services we may be able to offer.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If the quality of our products does not meet our customers' expectations or regulatory or industry standards, or our products and services suffer from an actual or perceived systems or service failure, then our sales and operating earnings, and ultimately our reputation, results of operations, financial condition, or reputation could be negatively impacted.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
There is increasing scrutiny are evolving and evolving sometimes conflicting expectations from investors, customers, lawmakers, regulators and other stakeholders on ESG-related practices social and sustainability considerations and disclosures, including those related to environmental stewardship, climate change, diversity, equity and inclusion ("DEI"), human capital, forced labor, and workplace conduct. conduct and the use cases of our products.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
These proposals, This, as well as other standalone federal bills, could restrict the ability of companies to collect, store and sell certain types of data, as well as restrict the ability of law enforcement to collect, use and purchase data from private companies. companies (for example, ALPR data).
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
We support public safety and defense agencies in their mission to help protect communities and countries. We additionally serve our growing base of enterprise customers, including schools, hospitals, businesses and stadiums, as the criticality of safety and security becomes increasingly important. Across these diverse sectors, our technologies facilitate the connection between those in need and those who can help, enabling the collaboration that is critical for a more proactive approach to safety and security.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Our Command Center portfolio offers cloud-native, on-premises and hybrid software solutions that support the entire public safety workflow, from the initial 911 call through case closure. Our portfolio includes software applications and AI-powered capabilities that unify voice and data from public safety agencies, enterprises and the community, enabling a broad informational view of operations and incidents while helping to accelerate workflows and improve the accuracy, speed and trust of decisions. Our software serves call takers, dispatchers, first responders, intelligence analysts, records and evidence specialists, detectives, crime analysts, and corrections officers.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Command Center also includes interoperability solutions, ensuring communication across LMR and broadband networks, enabling critical connectivity solutions for both public safety and enterprise customers. We provide flexibility with both cloud-native applications for the command center and devices, as well as cloud features that augment existing on-premises applications, allowing customers to optimize technology investments and adopt a hybrid approach.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The current global trade environment is complex and evolving. In 2025, the U.S. initiated a series of trade actions which imposed new tariffs and increased existing tariffs on goods imported from various countries, contributing to a global trade landscape subject to evolving tariffs, import/export regulations, including restrictions around rare earth minerals, trade barriers and trade disputes. We continue to monitor the impact of the current trade environment, including tariffs implemented under the International Emergency Economic Powers Act (IEEPA), for the impacts of policy volatility, pending judicial outcomes, and evolving geopolitical events that may impact our supply chain costs and operational efficiency. In addition, we are observing shifting dynamics in the memory market driven by substantial demand from the AI data center sector. As a result, we continue to observe elevated volatility and uncertainty around the global supply chain.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
We engage with global suppliers across a diverse network of locations around the world. We continue to work with our global supply base to mitigate our exposure to the risks to global reciprocal (and sectoral) tariffs, navigate import/export regulations that have developed, and which may continue to develop, and mitigate our exposure to rising costs to facilitate continued supply at levels in order to meet our current customer demand. As a result of the dynamic global supply chain environment, we have experienced increased costs on materials and components, which we have substantially mitigated during 2025 and for which we expect to continue to develop mitigation actions going forward.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
We continue to see demand for our products and services supported by a multitude of funding sources. In July 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was enacted into law by the President of the United States, which provided a number of changes including funding over the next four years for border security, national security and other opportunities. We expect OBBBA to provide an additional source of funding to our federal government customers over the four-year period available through OBBBA.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
We expect continued growth opportunities spanning public safety, government, including defense, and enterprise industries, driven by investments, including acquisitions, in our integrated ecosystem of MCN, Video and Command Center technologies. We believe uniting these safety and security technologies into a tightly integrated workflow enables better outcomes and drives long-term growth. We expect customers will increasingly turn to these integrated solutions to modernize operations and bridge data silos, streamlining workflows to enhance productivity, speed and safety.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
As global threats and large-scale incidents rise, we believe our foundational communications backbone provides the scale, security and reliability that our customers depend on. Grounded in our mission-critical communications expertise, we enable the connectivity platform and services that integrate LMR, broadband and MANET that allows customers to operationalize intelligence across diverse environments, underscoring the necessity for secure, resilient networks. We further expect our investments in our intelligent network footprint will position us well within the defense sector as global investments in drones, unmanned systems and resilient tactical networks rise.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
We believe our Command Center portfolio will continue to serve as the central operational hub for our customers, unifying technologies to streamline workflows from "911 call to case closure" and across complex enterprise environments, while accelerating the transition to our cloud solutions. Assist, our mission-critical AI, operationalizes intelligence across the command center to enable automation and deliver high-fidelity insights. In public safety, Assist enables 911 transcription, live translation and narrative development to accelerate response and enhance reporting accuracy. In enterprise settings, Assist enables proactive threat detection and operational efficiency to help protect personnel and assets.
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AddedMD&A
We expect that our customers will continue to turn to cloud-based integrated solutions which will drive increased growth across our portfolio of native cloud and hybrid solutions. We remain focused on providing customers the flexibility to deploy technology with the model that best fits their sovereignty and operational needs. As the digital threat landscape evolves, we expect customers to increasingly rely on our cybersecurity protection and 24/7 managed and support services.
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AddedMD&A
The information set forth above in "Effective Tax Rate" has been revised to reflect our election to apply the retrospective transition method of ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosure."
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Years Ended December 31 2025 2024 2023 Cash flows provided by (used for): Operating activities $ 2,837 $ 2,391 $ 2,044 Investing activities (5,164) (507) (414) Financing activities 1,309 (1,448) (1,295) Effect of exchange rates on cash and cash equivalents 81 (39) 45 Increase (decrease) in cash and cash equivalents $ (937) $ 397 $ 380
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
We manage our business organizationally through two segments: “Products and Systems Integration” and “Software and Services.” Within these segments, we have three principal product lines in which we report net sales: LMR Communications, Video and Command Center.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Our Command Center portfolio consists of cloud-native, on-premises and hybrid software solutions that support the complex process of the public safety workflow from "911 call to case closure." From the moment a person contacts 911, an array of individuals engage to gather information, coordinate a response and manage the incident to resolution. These individuals include call takers who answer and triage 911 calls; dispatchers who route calls to police, fire and emergency medical services to manage the response; first responders who support on scene; intelligence analysts who support the incident; records and evidence specialists who preserve information and evidence; detectives who manage cases; crime analysts who identify patterns and accelerate investigations; and corrections officers who oversee jail and inmate management.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
To help ensure that individuals within the public safety workflow can work as efficiently, effectively and safely as possible, we believe it’s important that individuals within enterprises and communities can communicate and collaborate directly with public safety agencies, particularly during emergencies. Our Command Center portfolio offers solutions that are designed to help community members, enterprises and public safety agencies work together and share information in an effort to help prevent critical events from escalating and better inform an emergency response when an incident unfolds.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Our Command Center software is designed to support an emergency response. In the 911 communications center, we offer call taking and management software (including multimedia communication capabilities and AI-powered call transcription and language translation) and voice and computer-aided dispatch software to assign first responders to incidents. For emergency management teams, we offer mass notification and alerting (including panic button mobile applications) and incident collaboration software that aids in coordinating a multi-disciplinary response. In the field, we offer mobile applications that help first responders to collaborate with each other, remain connected to the information they need, manage an incident, capture critical information to support investigations, and remotely file reports. For information and support services teams, we offer integrated records and evidence management software, as well as solutions for managing tips and publishing crime maps to aid community engagement. For intelligence and investigations teams, we offer software that can unify voice, video and data in order to increase situational awareness from a single map-based view during a real-time incident response, and investigative tools to help uncover connections across records to generate leads and help close cases. For enterprises, we provide incident management and business resilience solutions that help secure people and facilities, as well as share information with public safety when an incident necessitates it.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Another area of public safety evolution is the increasing adoption of Next Generation 911 Core Services (“NGCS”), a group of products and services needed to create infrastructure connectivity in order to process a 911 call using Next Generation (“NG”) technology. The NG infrastructure is an Emergency Service IP Network ("ESInet"), which can carry voice, data and multimedia. ESInet enables 911 call takers at public safety answering points to respond to text, video and data. Our NGCS can be offered as a managed service and includes call routing, ESInet, location services, geographic information services, cybersecurity and our continuous communications network and security operations center dedicated to public safety.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Command Center also includes interoperability solutions that provide connectivity across LMR and broadband networks to help ensure that communication is not limited by coverage area, network technology or device type. Additionally, Command Center includes push-to-talk ("PTT") devices that deliver voice communications over LTE and Wi-Fi, and advanced back-end systems that enable and manage interoperable communications, capable of scaling from small enterprises to nationwide cellular networks. For example, a two-way radio network can connect with an LTE network, assisting individuals in communicating securely and more easily across technologies. These solutions can provide our public safety customers with the critical interoperability between multiple agencies' networks, facilitating a coordinated response.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
Finally, as the Command Center market continues to evolve from on-premises to hybrid and cloud technologies to improve their operations, we offer both cloud-native applications and cloud features that enhance on-premises applications. We believe this flexibility helps our customers to optimize their investments and enhance their systems with the technologies of their choice.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
In October 2021, the Competition and Markets Authority ("CMA") opened a market investigation into the Mobile Radio Network Services market. This investigation included Airwave, our private mobile radio communications network that we acquired in 2016. Airwave provides mission-critical voice and data communications to emergency services and other agencies in Great Britain.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
In 2023, the CMA imposed a legal order on Airwave which implemented a prospective price control on Airwave (the "Charge Control"). After the Competition Appeal Tribunal ("CAT") dismissed our appeal of the CMA's final decision, we appealed the CAT's judgment to the United Kingdom Court of Appeal. On January 30, 2025, the United Kingdom Court of Appeal denied our application for permission to appeal the CAT's judgment. Since August 1, 2023, revenue under the Airwave contract has been, and will continue to be, recognized in accordance with the Charge Control.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On March 13, 2024, we received a notice of contract extension (the “Deferred National Shutdown Notice”) from the Home Office of the United Kingdom (the "Home Office"). The Deferred National Shutdown Notice extends the “national shutdown target date” of the Airwave service from December 31, 2026 to December 31, 2029, at the Charge Control rates. Our backlog for Airwave services contracted with the Home Office through December 31, 2026 was previously reduced by $777 million to align with the Charge Control. In 2024, as a result of the Home Office's notice of a contract extension pursuant to their Deferred National Shutdown Notice, we recorded additional backlog of $748 million to reflect the incremental three years of services. On April 11, 2024, we filed proceedings in the U.K. High Court challenging the decision of the Home Office to issue the Deferred National Shutdown Notice as being in breach of applicable U.K. procurement and public law. The hearing on this matter has been set to commence on April 22, 2025. The backlog related to the incremental years of service contemplated in the Deferred National Shutdown Notice could change depending on the outcome of the proceedings.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
On December 5, 2024, a proposed class representative filed a claim with the CAT to bring collective proceedings against us, alleging that users of Airwave services during the period January 1, 2020 through July 31, 2023 suffered financial harm as a result of the pricing in effect during such time (the "Collective Proceeding"). The initial stage of the Collective Proceeding will involve "Certification" of the claim by the CAT, which we expect to be heard in 2025.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
We expect that our operations and supply chain will become increasingly subject to federal, state, local and foreign laws, regulations and international treaties and industry standards relating to climate change and other environmental and social impacts, risks and opportunities. For example, in the European Union (the “EU”), the EU Corporate Sustainability Reporting Directive, EU Corporate Sustainability Due Diligence Directive and EU taxonomy initiatives will introduce, in staggered timelines, additional due diligence and disclosure requirements addressing sustainability that will apply or we expect will apply, as applicable, to us in the coming years.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
Segment Technology Acquisition Description Purchase Price Date of Acquisition Software and Services Video Security and Access Control Blue Eye Provider of AI-powered enterprise remote video monitoring ("RVM") services. $79 million and share-based compensation of $1 million November 18, 2025 Products and Systems Integration Mission Critical Networks Silvus Designer and developer of software-defined high-speed MANET technology. $4.4 billion and share-based compensation of $20 million August 6, 2025 & Software and Services Software and Services Command Center Theatro Creator of AI and voice-powered communication and digital workflow software for frontline workers. $174 million and share-based compensation of $5 million March 6, 2025 Software and Services Command Center RapidDeploy Provider of cloud-native 911 solutions. $240 million and share-based compensation of $6 million February 21, 2025 Software and Services Command Center 3tc Software Provider of control room software solutions. $22 $23 million and share-based compensation of $4 million October 29, 2024 Software and Services Command Center Noggin Provider of cloud-based business continuity planning, operational resilience and critical event management software. $91 $92 million and share-based compensation of $19 million July 1, 2024 Software and Services Video Security and Access Control Unnamed vehicle location and management solutions business Provider of vehicle location and management solutions. $132 million and share-based compensation of $3 million July 1, 2024 Products and Systems Integration Video Security and Access Control Silent Sentinel Provider of specialized, long-range cameras. $37 million February 13, 2024 Products and Systems Integration Video Security and Access Control IPVideo Creator of a multifunctional safety and security device. $170 million and share-based compensation of $5 million December 15, 2023 Software and Services Command Center Rave Mobile Provider of mass notification and incident management services. $553 million and share-based compensation of $2 million December 14, 2022 Products and Systems Integration LMR Communications Futurecom Provider of radio coverage extension solutions. $30 million October 25, 2022 Products and Systems Integration LMR Communications Barrett Communications Provider of specialized radio communications. $18 million August 8, 2022 Products and Systems Integration Video Security and Access Control Videotec Provider of ruggedized video security solutions. $23 million and share-based compensation of $4 million May 12, 2022 Software and Services Video Security and Access Control Calipsa Provider of cloud-native advanced video analytics. $39 million and share-based compensation of $4 million April 19, 2022 Software and Services LMR Communications TETRA Ireland Provider of Ireland's National Digital Radio Service. $120 million March 23, 2022 Products and Systems Integration Video Security and Access Control Ava Provider of cloud-native video security and analytics. $388 million and share-based awards and compensation of $7 million March 3, 2022 Software and Services
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Financial Statements and Supplementary Data" of this Form 10-K), improved gross margins driven by lower direct material costs, despite higher tariffs, partially offset by higher employee incentive costs, including share-based compensation, higher expenses compensation and investments in video, an increase in intangible amortization expense, an increase in acquisition related transaction fees, primarily related to legal matters, including Hytera related expenses, the Silvus acquisition, and higher expenses associated with acquired businesses; partially offset by businesses.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Income tax expense increased by $284 $262 million in 2023 2025 compared to 2022, 2024, for an effective tax rate of 20.1%, 23.2%, which is lower higher than the current U.S. federal statutory rate of 21% primarily due to: to $80 million of tax expense for estimated 2025 U.S. state income taxes, partially offset by $38 million of benefits due to the recognition of excess tax benefits on share-based compensation.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
As new system releases and data security updates become available, we work with our customers to upgrade software, hardware, or both, with respect to site controllers, comparators, routers, LAN switches, servers, dispatch consoles, logging equipment, network management terminals, network security devices such as firewalls and intrusion detection sensors, on-site or remotely. both.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The $11 $75 million increase in net interest expense in 2024 2025 compared to 2023 2024 was primarily driven by higher interest rates on outstanding debt and an partially offset by interest accrual accruals related to audits with taxing authorities in foreign jurisdictions, partially offset by higher interest income. jurisdictions in 2024, which did not recur in 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Pension Benefit Plans, plans, a 25 bps increase change in expected return on plan assets would result in $10 a $9 million of additional net periodic pension benefit and a 25 bps decrease would result in a $10 million reduction $4 million, respectively, change in net periodic period pension benefit in 2024. 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
When a teacher presses a panic button on a phone, this button, our technologies can automatically notify local law enforcement of an emergency, enforcement, trigger a lockdown to secure all entries, share live video feeds with first responders and send mass notifications to key stakeholders inside and outside the school, helping schools to detect, respond and resolve safety and security threats. stakeholders.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
For example, AI-powered analytics can highlight a person at a facility out of hours (unusual activity), locate a missing child at a theme park (appearance search), automate video verification workflows for building access (site protection), flag a vehicle of interest at a school (license plate recognition), send an alert if doors to a restricted area are propped open at a hospital (access control), or trigger a school's customized lockdown plan while simultaneously alerting first responders and sharing the school's video footage from inside the school. (decision management) or redact people and objects in video evidence for investigations (digital evidence management).
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We Grounded in nearly 100 years of close customer and community collaboration, we design and advance technology for more than 100,000 public safety and enterprise customers in over 100 countries, driven by our commitment to help make with the goal of making everywhere safer for all.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Years ended December 31 2025 2024 2023 2022 Contract-specific discounting facility $ — $ — $ 49 Accounts receivable sales proceeds 15 96 179 $156 $15 $96 Long-term receivables sales proceeds 258 205 182 204 Total proceeds from receivable sales $ 220 $ 278 $ 432 $414 $220 $278
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We also offer Additionally, through our MANET and High Frequency (HF) and Very High Frequency (VHF) communications technology to military, technologies, we support defense, government and disaster relief agency customers who that require dynamic dynamic, mobile and mobile tactical point-to-point voice and data communications in remote or contested environments without the need for fixed infrastructure.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
We believe other growth drivers include the expansion of advanced analytics and "video-as-a-service" beyond traditional video sales beyond enterprise customers markets to governments government, including defense, and public safety customers. customers, and the continued adoption of cloud video security solutions.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
We recognized net proceeds of $1.3 approximately $2.0 billion after debt issuance costs and discounts.
Read it in 10-K 2026-02-12 at sec.gov ↗
