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Refer to Note 16, "Restructuring and Transformation Costs" for more information about restructuring and UpLift transformation costs.
Read in the filing ↗ Also in 10-Q of Jul 24, 2025, 10-Q of Oct 30, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions beginning in 2023, as follows:
Read in the filing ↗ Also in 10-K of Feb 5, 2026
Restructuring Accruals. The following table summarizes the accrual balance and utilization for restructuring actions, which are primarily for severance costs:
Read in the filing ↗ Also in 10-Q of Oct 30, 2025, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
Restructuring Accruals. The following table summarizes the accrual balance and utilization for the restructuring actions, which are primarily for severance costs:
Read in the filing ↗ Also in 10-K of Feb 5, 2026
For additional discussion of restructuring and transformation costs, see "Note 16: Restructuring and Transformation Costs" in Item 8 in this Form 10-K.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
During the quarters ended March 31, 2026 and 2025, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions, as follows:
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Other Restructuring Actions. The other restructuring expenses incurred during 2024, 2023 and 2022 were primarily the result of restructuring programs initiated related to severance and facility exit costs. We are targeting to complete in 2025 the majority of the remaining restructuring actions initiated in 2024 and 2023, with certain utilization beyond 2025 due to contractual obligations or legal requirements in the applicable jurisdictions. Expected total costs and remaining costs to incur for the other restructuring actions initiated are $ 101 million and $ 29 million, respectively. Remaining costs are expected to be approximately 90 % New Equipment and 10 % Service.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
During the quarters and six months ended June 30, 2025 and 2024, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions, as follows:
Read in the filing ↗ Also in 10-Q of Jul 23, 2026
During the quarters and nine months ended September 30, 2025 and 2024, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions, as follows:
Read in the filing ↗ Also in 10-Q of Oct 29, 2026
Other Restructuring Actions. The Other restructuring expenses incurred during the quarters and six months ended June 30, 2026 and 2025, were primarily the result of restructuring programs initiated during 2026 and 2025 related to severance and facility exit costs. We are targeting to complete in 2026 the majority of the remaining restructuring actions initiated in the quarter and six months ended June 30, 2026 and the full year 2025, with certain utilization beyond 2026 due to contractual obligations or legal requirements in the applicable jurisdictions. Expected total costs and remaining costs to incur for the other restructuring actions initiated are $ 71 million and $ 17 million, respectively.
Read in the filing ↗ Also in 10-Q of Jul 24, 2025
Other Restructuring Actions. The Other restructuring expenses incurred during the quarters and nine months ended September 30, 2026 and 2025, were primarily the result of restructuring programs initiated during 2026 and 2025 related to severance and facility exit costs. We are targeting to complete in 2026 the majority of the remaining restructuring actions initiated in the quarter and nine months ended September 30, 2026 and the full year 2025, with certain utilization beyond 2026 due to contractual obligations or legal requirements in the applicable jurisdictions. Expected total costs and remaining costs to incur for the other restructuring actions initiated are $ 81 million and $ 22 million, respectively.
Read in the filing ↗ Also in 10-Q of Oct 30, 2025
During 2023, the Company announced UpLift to transform the Company's operating model. UpLift includes, among other aspects, the standardization of processes and improvement of supply chain procurement, as well as organizational changes which result in restructuring actions. See Note 16, "Restructuring and Transformation Costs" for information regarding UpLift restructuring actions and related costs incurred.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
Restructuring costs incurred and expected, unless otherwise indicated, are approximately 30 % New Equipment and 70 % Service. Although this reflects the segments to which the restructuring costs relate, refer to Note 22 for more information about our measure of segment performance (segment operating profit), which no longer includes restructuring costs, among other items, beginning in 2024.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
Other Restructuring Actions. The Other restructuring expenses incurred during the quarters ended March 31, 2026 and 2025, were primarily the result of restructuring programs initiated during 2026 and 2025 related to severance and facility exit costs. We are targeting to complete in 2026 the majority of the remaining restructuring actions initiated in the quarter ended March 31, 2026 and the full year 2025, with certain utilization beyond 2026 due to contractual obligations or legal requirements in the applicable jurisdictions. Expected total costs and remaining costs to incur for the other restructuring actions initiated are $ 54 million and $ 11 million, respectively. Expected total and remaining costs are related to approximately 30 % to New Equipment and 70 % to Service.
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For further details, refer to the discussion on restructuring costs in the "Results of Operations," as well as "Note 16: Restructuring and Transformation Costs" to the Consolidated Financial Statements in Item 8 in this Form 10-K.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
UpLift Restructuring Actions and Transformation Costs. In 2023, we announced UpLift to transform our operating model. UpLift includes, among other aspects, the standardization of our processes and improvement of our supply chain procurement, as well as organizational changes which result in restructuring actions.
Read in the filing ↗ Also in 10-Q of Jul 24, 2025, 10-Q of Oct 30, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
Most of the expected restructuring charges will require cash payments, which we have funded and expect to continue to fund with cash generated from operations. The table below presents approximate cash outflows related to the restructuring actions during 2024, and the expected cash payments to complete the actions announced:
Read in the filing ↗ Also in 10-K of Feb 5, 2026
Announced in July 2023, UpLift is a program with the goal of transforming our operating model. UpLift includes the standardization of our processes and improvement of our supply chain procurement, among other aspects of the program, as well as organizational changes which result in restructuring actions. The annual run-rate savings generated by UpLift are approximately $200 million. As of 2025, total restructuring and other incremental costs to complete the transformation ("UpLift transformation costs") are approximately $300 million, including trailing restructuring costs expected in 2026 of $18 million.
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Quarter Ended March 31, (dollars in millions) 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────── General corporate expenses and other $ 44 $ 43 UpLift restructuring — 20 Other restructuring 7 23 UpLift transformation costs — 23 Separation-related adjustments 5 52 Litigation-related settlement costs — 21 Held for sale impairment — 10 Other, net (1) — Total Corporate and Unallocated $ 55 $ 192
Read in the filing ↗
For additional discussion of restructuring, see Note 12 to the Condensed Consolidated Financial Statements.
Read in the filing ↗ Also in 10-Q of Oct 30, 2025, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
Adjusted net income represents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects. Adjusted EPS represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects.
Read in the filing ↗
Announced in July 2023, UpLift is a program to transform our operating model. As of December 31, 2025, total restructuring and other incremental costs to complete the transformation ("UpLift transformation costs") were approximately $300 million, including trailing restructuring costs expected in 2026 of $18 million. The Company generated run-rate savings of approximately $200 million.
Read in the filing ↗ Also in 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
In January 2025, we announced the reorganization of our operations in China. Among other aspects, this reorganization resulted in restructuring actions of approximately $ 30 million. These actions included severance related costs, and these actions were substantially completed as of December 31, 2025. Amounts related to the reorganization of operations in China are included within Other restructuring.
Read in the filing ↗ Also in 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026, 10-K of Feb 5, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 24, 2025, 10-Q of Jul 24, 2025, 10-Q of Oct 30, 2025, 10-Q of Oct 30, 2025
(dollars in millions) 2025 2024 2023 ───────────────────────────────────────────────────────────────────────────────── General corporate expenses and other $ 180 $ 158 $ 126 UpLift restructuring 76 31 25 Other restructuring 54 40 42 UpLift transformation costs 69 65 16 Separation-related adjustments 70 177 — Litigation-related settlement costs 21 18 — Held for sale impairment 10 18 — Other, net 1 (1) — Total Corporate and Unallocated $ 481 $ 506 $ 209
Read in the filing ↗ Also in 10-K of Feb 4, 2025
Selling, general and administrative expenses increased $46 million for the quarter ended March 31, 2026, when compared to the same period in 2025, driven by annual wage increases, higher costs resulting from organizational initiatives, costs to support ongoing operational execution and the impacts from foreign exchange, partially offset by savings resulting from restructuring actions and lower restructuring costs.
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Adjusted SG&A expense represents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items.
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Adjusted operating profit represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.
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Restructuring costs incurred and expected, unless otherwise indicated, are related approximately 30 % to New Equipment and 70 % to Service.
Read in the filing ↗ Also in 10-Q of Oct 30, 2025, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
Selling, general and administrative expenses decreased $(15) million for the quarter ended September 30, 2026, when compared to the same period in 2025, driven by lower restructuring costs, savings resulting from restructuring actions and lower other employment related costs, partially offset by higher labor costs including the impact of ongoing costs to support operational execution and higher costs resulting from organizational initiatives.
Read in the filing ↗
Selling, general and administrative expenses increased $21 million and $67 million for the quarter and six months ended June 30, 2026, respectively, when compared to the same periods in 2025, driven by annual wage increases, higher costs resulting from organizational initiatives, costs to support ongoing operational execution and the impacts from foreign exchange, partially offset by savings resulting from restructuring actions and lower restructuring costs.
Read in the filing ↗
Total UpLift costs incurred to date are $137 million, including $56 million of restructuring costs and $81 million of transformation costs.
Read in the filing ↗ Also in 10-K of Feb 5, 2026
For additional discussion of the Separation-related adjustments, Litigation-related settlement costs, and Held for sale impairment, see "Note 21: Segment Financial Data" to the Consolidated Financial Statements in Item 8 in this Form 10-K. For additional discussion of the restructuring and UpLift transformation costs, see "Note 15: Restructuring and Transformation Costs" to the Consolidated Financial Statements in Item 8 in this Form 10-K.
Read in the filing ↗
We initiate restructuring actions to keep our cost structure competitive. Charges generally arise from severance related to workforce reductions and, to a lesser degree, facility exit and lease termination costs associated with the consolidation of office and manufacturing operations. We continue to closely monitor the economic environment and may undertake further restructuring actions to keep our cost structure aligned with the demands of the prevailing market conditions.
Read in the filing ↗ Also in 10-Q of Jul 24, 2025, 10-Q of Oct 30, 2025, 10-K of Feb 5, 2026, 10-Q of Apr 23, 2026, 10-Q of Jul 23, 2026, 10-Q of Oct 29, 2026
For additional discussion of the Separation-related adjustments, litigation-related settlement costs, held for sale impairment and Russia, see "Note 22: Segment Financial Data" to the Consolidated Financial Statements in Item 8 in this Form 10-K. For additional discussion of the restructuring and UpLift transformation costs, see "Note 16: Restructuring and Transformation Costs" to the Consolidated Financial Statements in Item 8 in this Form 10-K.
Read in the filing ↗
Adjusted general corporate expenses and other represents general corporate expenses and other (a GAAP measure), excluding restructuring costs and other significant items.
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… Adjusted selling, general and Represents SG&A expense (a GAAP administrative (“SG&A”) expense measure), excluding restructuring costs and other significant items. Represents income from continuing Adjusted operating profit operations (a GAAP measure), excluding restructuring costs and other significant items. Represents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition Adjusted net interest expense related …
Read in the filing ↗ Also in 8-K of Oct 30, 2024, 8-K of Apr 23, 2025, 8-K of Jul 23, 2025, 8-K of Oct 29, 2025, 8-K of Apr 22, 2026, 8-K of Jul 22, 2026, 8-K of Oct 28, 2026
Total UpLift costs incurred to date are $223 million, including $101 million of UpLift restructuring costs and $122 million of UpLift transformation costs.
Read in the filing ↗