Motorola Solutions, Inc.

MSI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$63,844	$77,248	$51,963	$43,090	$45,889	$28,723	$27,216	$19,430	$15,258	$14,000	$11,561	$16,463	$17,955	$16,264	$15,452	$12,093	$10,179	$5,735	$21,198	$28,741	$31,901	$23,093	$17,148	$10,398	$17,499	$23,156	$47,113	$19,315	$18,009	$19,154	$15,415	$18,091	$14,243	$7,444	$4,498	$3,595	$4,000	$2,839	$3,373	$2,341	$2,464
Enterprise value	$72,462	$81,713	$56,823	$48,331	$50,162	$33,189	$31,980	$23,510	$18,539	$17,441	$13,981	$15,694	$16,989	$16,682	$15,164	$10,777	$11,317	$6,718	$22,157	$17,894	$21,370	$17,680	$16,703	$12,650	$21,064	$30,670	$49,146	$23,233	$19,655	$20,656	$17,894	$19,393	$14,914	$8,462	$6,002	$5,117	$5,311	$3,880	$3,839	$3,208	$3,284
P/E (TTM) at period end	29.64×	48.98×	30.41×	31.61×	36.86×	30.27×	31.36×	20.11×	–	25.00×	18.95×	12.67×	16.34×	18.46×	13.34×	19.10×	–	–	–	7.85×	6.97×	15.07×	19.20×	–	–	17.57×	57.67×	–	15.26×	16.60×	8.66×	11.60×	13.94×	16.43×	9.91×	7.21×	8.03×	6.38×	10.95×	12.07×	34.23×
P/S (TTM) at period end	5.47×	7.14×	5.21×	4.73×	5.62×	3.87×	3.45×	2.65×	2.39×	2.32×	2.03×	2.80×	2.88×	2.59×	2.69×	1.59×	1.47×	0.70×	0.58×	0.67×	0.90×	0.78×	0.74×	0.38×	0.57×	0.62×	1.42×	0.62×	0.60×	0.68×	0.57×	0.81×	0.84×	0.56×	0.40×	0.33×	0.42×	0.34×	0.50×	0.40×	0.45×
P/B at period end	26.49×	45.36×	71.77×	371.46×	–	–	–	–	–	–	–	6.02×	4.91×	4.98×	2.96×	1.11×	1.04×	0.60×	1.37×	1.68×	1.91×	1.73×	1.35×	0.93×	1.28×	1.24×	2.88×	1.58×	1.36×	1.62×	1.40×	1.99×	2.22×	1.45×	0.97×	0.84×	1.05×	0.84×	1.12×	0.85×	1.08×
EV / EBITDA (TTM)	21.23×	27.02×	21.44×	23.00×	23.83×	18.52×	16.19×	14.56×	11.39×	12.99×	12.22×	–	15.37×	15.58×	20.74×	9.76×	11.85×	–	63.30×	3.85×	4.15×	4.84×	7.99×	42.88×	–	8.98×	13.23×	7.78×	4.59×	4.83×	3.68×	4.70×	5.21×	4.26×	3.69×	3.22×	3.72×	–	–	–	–
EV / Sales (TTM)	6.20×	7.55×	5.69×	5.30×	6.14×	4.48×	4.05×	3.20×	2.91×	2.89×	2.45×	2.67×	2.73×	2.66×	2.64×	1.41×	1.63×	0.83×	0.61×	0.42×	0.61×	0.60×	0.72×	0.46×	0.69×	0.82×	1.49×	0.74×	0.66×	0.74×	0.66×	0.87×	0.88×	0.64×	0.53×	0.47×	0.55×	0.47×	0.57×	0.54×	0.60×
Returns
Return on equity	89.4%	92.6%	236.0%	1175.0%	–	–	–	–	–	–	–	47.5%	30.0%	27.0%	22.2%	5.8%	(0.5%)	(44.6%)	(0.3%)	21.4%	27.5%	11.5%	7.0%	(22.1%)	(28.8%)	7.1%	5.0%	(7.9%)	8.9%	9.8%	16.1%	17.2%	15.9%	8.8%	9.8%	11.7%	13.1%	13.2%	10.2%	7.0%	3.2%
Return on invested capital	20.8%	35.0%	32.8%	28.0%	31.7%	28.7%	33.9%	39.6%	–	28.2%	30.1%	(27.3%)	32.4%	19.0%	12.1%	3.1%	3.7%	(6.3%)	(0.8%)	15.5%	18.9%	25.0%	6.9%	(9.6%)	(23.9%)	2.0%	4.9%	2.8%	8.3%	9.4%	13.5%	15.9%	15.0%	11.2%	9.0%	10.4%	11.7%	11.7%	10.5%	7.1%	3.9%
Dividend yield	1.1%	0.8%	1.1%	1.2%	1.1%	1.5%	1.4%	1.7%	2.0%	2.0%	2.4%	1.9%	1.6%	1.7%	0.1%	–	1.1%	7.9%	2.2%	1.5%	1.2%	1.6%	2.2%	3.5%	2.0%	1.4%	0.6%	1.5%	1.6%	1.4%	1.5%	0.8%	0.8%	1.3%	2.2%	2.8%	2.5%	–	–	–	–
Financial health
Current ratio	1.04×	1.28×	1.00×	1.15×	1.33×	1.24×	1.21×	1.38×	1.35×	1.30×	2.11×	3.06×	2.18×	2.22×	2.30×	1.97×	1.94×	1.63×	1.78×	2.01×	2.23×	1.99×	1.90×	1.75×	1.77×	1.22×	1.33×	1.18×	1.46×	1.42×	1.35×	1.51×	1.53×	1.56×	1.46×	1.46×	1.42×	1.26×	1.62×	1.63×	1.78×
Debt / equity	3.49×	3.52×	8.31×	51.84×	(142.32×)	(9.27×)	(7.33×)	(4.11×)	(2.57×)	(4.56×)	(41.03×)	1.24×	0.67×	0.57×	0.29×	0.25×	0.39×	0.44×	0.28×	0.26×	0.26×	0.40×	0.60×	0.78×	0.68×	0.57×	0.34×	0.45×	0.26×	0.28×	0.32×	0.22×	0.30×	0.33×	0.39×	0.42×	0.41×	0.41×	0.24×	0.38×	0.44×
Effective tax rate	23.2%	19.8%	20.1%	9.8%	19.5%	18.8%	13.0%	12.1%	114.0%	33.4%	29.9%	40.1%	(6.7%)	24.0%	(19.8%)	60.7%	29.7%	(248.8%)	75.8%	29.3%	29.5%	32.6%	32.6%	27.9%	28.6%	40.9%	30.6%	29.1%	35.0%	35.0%	36.0%	36.0%	33.0%	28.0%	25.9%	25.1%	22.9%	27.3%	26.0%	26.8%	(60.0%)
Share count
Diluted shares outstanding	169	171	172	172	174	174	176	172	163	173	202	246	270	297	340	338	330	324	2,313	358	361	353	336	326	316	322	315	296	259	262	225	254	250	231	224	223	222	219	220	213	206

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$12,236	$11,682	$10,817	$9,978	$9,112	$8,171	$7,414	$7,887	$7,343	$6,380	$6,038	$5,695	$5,881	$6,227	$6,269	$5,738	$7,617	$6,947	$8,140	$36,622	$42,879	$35,262	$29,663	$23,155	$27,279	$30,486	$37,346	$33,075	$31,340	$29,794	$27,973	$27,037	$22,245	$16,963	$13,303	$11,341	$10,885	$9,620	$8,250	$6,707	$5,888	$5,443
Cost of revenue	($5,874)	($5,647)	($5,305)	($5,008)	($4,883)	($4,131)	($3,806)	($3,956)	($3,863)	($3,356)	($3,169)	($2,976)	($3,050)	($3,118)	($3,075)	($2,811)	($3,805)	($3,470)	($4,051)	($26,670)	($30,152)	($23,833)	($19,698)	($15,652)	($18,307)	($23,121)	($25,168)	($20,631)	($19,396)	($19,993)	($18,982)	($17,533)	($13,760)	($10,351)	($8,479)	($7,245)	($6,882)	($5,905)	($5,040)	($4,059)	($3,647)	($3,406)
Gross profit	$6,362	$6,035	$5,512	$4,970	$4,229	$4,040	$3,608	$3,931	$3,480	$3,024	$2,869	$2,719	$2,831	$3,109	$3,194	$2,927	$3,812	$3,477	$4,089	$9,952	$12,727	$11,429	$9,965	$7,503	$8,972	$7,365	$12,178	$12,444	$11,944	$9,801	$8,991	$9,504	$8,485	$6,612	$4,824	$4,096	$4,003	$3,715	$3,210	$2,648	$2,241	$2,037
Operating expenses
Research and development	($1,019)	($970)	($917)	($858)	($779)	($734)	($686)	($687)	($637)	($568)	($553)	($620)	($681)	($761)	($790)	($778)	($1,037)	($993)	($1,106)	($4,429)	($4,106)	($3,600)	($3,316)	($2,979)	($3,716)	($4,275)	($4,437)	($3,560)	($3,118)	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,919)	($1,870)	($1,752)	($1,561)	($1,450)	($1,353)	($1,293)	($1,403)	($1,254)	($1,025)	($1,044)	($1,021)	($1,184)	($1,330)	($1,472)	($1,422)	($1,874)	($1,662)	($1,845)	($5,092)	($4,504)	($3,628)	($3,508)	($3,285)	($4,472)	($4,919)	($5,733)	($5,220)	($5,807)	($5,515)	($4,715)	($4,642)	($4,381)	($3,776)	($2,838)	($2,468)	($2,414)	($2,289)	($1,957)	($1,659)	($1,431)	($1,475)
Total operating expenses	($3,314)	($3,047)	($2,824)	($2,676)	($2,568)	($2,373)	($2,225)	($2,350)	($2,225)	($1,740)	($1,821)	($1,725)	($3,837)	($2,162)	($2,274)	($2,329)	($3,061)	($2,910)	($4,768)	($10,505)	($8,635)	($6,824)	($6,973)	($6,230)	($10,785)	($13,168)	($11,283)	($11,090)	($11,289)	($7,854)	($7,031)	($6,573)	($5,906)	($4,946)	($3,867)	($3,354)	($3,204)	($2,939)	($2,500)	($2,153)	($1,890)	($1,916)
Total costs and expenses	($9,188)	($8,694)	($8,129)	($7,684)	($7,451)	($6,504)	($6,031)	($6,306)	($6,088)	($5,096)	($4,990)	($4,701)	($6,887)	($5,280)	($5,349)	($5,140)	($6,866)	($6,380)	($8,819)	($37,175)	($38,787)	($30,657)	($26,671)	($21,882)	($29,092)	($36,289)	($36,451)	($31,721)	($30,685)	($27,847)	($26,013)	($24,106)	($19,666)	($15,297)	($12,346)	($10,599)	($10,086)	($8,844)	($7,540)	($6,212)	($5,537)	($5,322)
Operating income	$3,048	$2,988	$2,688	$2,294	$1,661	$1,667	$1,383	$1,581	$1,255	$1,284	$1,048	$994	($1,006)	$947	$920	$598	$751	$567	($679)	($553)	$4,092	$4,605	$2,992	$1,273	($1,813)	($5,803)	$895	$1,354	$655	$1,947	$1,960	$2,931	$2,579	$1,666	$957	$742	$799	$776	$710	$495	$351	$121
Earnings
EBITDA	$3,597	$3,413	$3,024	$2,650	$2,101	$2,105	$1,792	$1,975	$1,615	$1,627	$1,343	$1,144	($833)	$1,105	$1,071	$731	$1,104	$955	($276)	$350	$4,650	$5,145	$3,651	$2,091	$295	($3,251)	$3,417	$3,714	$2,986	$4,286	$4,276	$4,862	$4,126	$2,862	$1,986	$1,628	$1,589	$1,426	–	–	–	–
Interest income	$37	$58	$68	$33	$14	$7	$13	$17	$18	$14	$20	$13	$21	$19	$42	$58	$88	$79	$272	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($403)	($302)	($227)	($249)	($240)	($215)	($233)	($237)	($240)	($215)	($225)	($186)	($147)	($132)	($108)	($132)	($217)	($207)	($210)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,768	$2,812	$1,972	$2,146	$1,515	$1,552	$1,174	$1,001	$1,102	$1,076	$844	$917	($1,161)	$880	$881	$481	$664	$633	($997)	($376)	$4,610	$6,412	$3,112	$1,376	($3,446)	($5,511)	$2,231	$1,283	($1,280)	$1,816	$1,775	$2,782	$2,437	$1,525	$800	$613	$666	$646	$612	$416	$265	$45
Income tax expense	($628)	($652)	($390)	($432)	($148)	($302)	($221)	($130)	($133)	($1,227)	($282)	($274)	$465	$59	($211)	$95	($403)	($188)	($2,481)	$285	($1,349)	($1,893)	($1,013)	($448)	$961	$1,574	($913)	($392)	$373	($636)	($621)	($1,001)	($877)	($503)	($224)	($159)	($167)	($148)	($167)	($108)	($71)	$27
Net income	$2,134	$2,154	$1,577	$1,709	$1,363	$1,245	$949	$868	$966	($155)	$560	$610	$1,299	$1,099	$881	$1,158	$633	($51)	($4,244)	($49)	$3,661	$4,578	$1,532	$893	($2,485)	($3,937)	$1,318	$817	($962)	$1,180	$1,154	$1,781	$1,560	$1,022	$453	$454	$499	$498	$445	$308	$194	$72
Per share
Diluted EPS (GAAP)	$12.70	$12.75	$9.23	$9.93	$7.93	$7.17	$5.45	$4.95	$5.62	($0.95)	$3.24	$3.02	$5.29	$4.06	$2.96	$3.41	$1.87	($0.15)	($13.11)	($0.02)	$10.22	$12.67	$4.38	$2.66	($7.62)	($12.45)	$4.06	$2.87	($3.25)	$4.55	$4.41	$7.91	$6.18	$4.13	$1.96	$2.03	$2.24	$2.24	$2.03	$1.40	$0.91	$0.35
Basic EPS (GAAP)	$12.84	$12.93	$9.45	$10.23	$8.14	$7.36	$5.58	$5.21	$5.95	($0.95)	$3.30	$3.06	$5.29	$4.13	$3.02	$3.47	$1.90	($0.16)	($13.11)	($0.02)	$10.50	$12.95	$4.38	$2.67	($7.65)	($12.50)	$4.21	$3.39	($3.75)	$4.62	$4.55	$8.12	$6.18	$4.13	$1.96	$2.03	$2.24	$2.24	$2.03	$1.40	$0.91	$0.35
Basic shares outstanding	166	167	167	167	168	169	170	167	162	163	170	200	246	266	292	334	333	328	324	2,313	349	353	336	331	325	315	309	260	257	255	254	219	253	250	231	224	223	222	219	220	213	206
Margins
Gross margin	52.0%	51.7%	51.0%	49.8%	46.4%	49.4%	48.7%	49.8%	47.4%	47.4%	47.5%	47.7%	48.1%	49.9%	50.9%	51.0%	50.0%	50.1%	50.2%	27.2%	29.7%	32.4%	33.6%	32.4%	32.9%	24.2%	32.6%	37.6%	38.1%	32.9%	32.1%	35.2%	38.1%	39.0%	36.3%	36.1%	36.8%	38.6%	38.9%	39.5%	38.1%	37.4%
Operating margin	24.9%	25.6%	24.8%	23.0%	18.2%	20.4%	18.7%	20.0%	17.1%	20.1%	17.4%	17.5%	(17.1%)	15.2%	14.7%	10.4%	9.9%	8.2%	(8.3%)	(1.5%)	9.5%	13.1%	10.1%	5.5%	(6.6%)	(19.0%)	2.4%	4.1%	2.1%	6.5%	7.0%	10.8%	11.6%	9.8%	7.2%	6.5%	7.3%	8.1%	8.6%	7.4%	6.0%	2.2%
Net margin	17.4%	18.4%	14.6%	17.1%	15.0%	15.2%	12.8%	11.0%	13.2%	(2.4%)	9.3%	10.7%	22.1%	17.6%	14.1%	20.2%	8.3%	(0.7%)	(52.1%)	(0.1%)	8.5%	13.0%	5.2%	3.9%	(9.1%)	(12.9%)	3.5%	2.5%	(3.1%)	4.0%	4.1%	6.6%	7.0%	6.0%	3.4%	4.0%	4.6%	5.2%	5.4%	4.6%	3.3%	1.3%

Analyst consensus

Buy34 analysts

Bearish · 4 · Hold · 6 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$3.74	$3.38	Beat
Q4 2024	$4.04	$3.89	Beat
Q1 2025	$3.18	$3.01	Beat
Q2 2025	$3.57	$3.35	Beat
Q3 2025	$4.06	$3.85	Beat
Q4 2025	$4.59	$4.35	Beat
Q1 2026	$3.37	$3.24	Beat
Q2 2026	$4.41	$3.85	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOGregory Q. Brown

Employees23,000

SectorTechnology

IndustryCommunication Equipment

CountryUS

ExchangeNew York Stock Exchange

Websitewww.motorolasolutions.com

Motorola Solutions, Inc. delivers essential communication and data analysis capabilities vital for critical operations across the United States, the United Kingdom, Canada, and other international markets. The company structures its extensive operations into two primary segments: Products and Systems Integration, and Software and Services. The Products and Systems Integration division offers a comprehensive suite of infrastructure, various devices, accessories, and video security solutions, alongside expert services for the deployment and seamless integration of systems, hardware, software, and specialized applications. This segment caters to governmental bodies, public safety agencies, and commercial enterprises that rely on private communication networks, advanced video security systems, and robust tools for managing mobile workforces. Their product portfolio spans land mobile radio (LMR) communication equipment, such as portable and vehicle-mounted two-way radios, as well as video security and access control hardware, including fixed and mobile cameras. It also encompasses core radio network software and central processing systems, base stations, consoles, and repeaters, in addition to sophisticated video analytics, network video management hardware and software, and access control solutions. Conversely, the Software and Services segment focuses on providing critical support and advanced software. This includes hardware repair, comprehensive technical assistance, and ongoing maintenance. Furthermore, the segment delivers proactive monitoring, regular software updates, and robust cybersecurity services. It develops specialized public safety and enterprise command center software, unified communications applications, and video software solutions, which are accessible through both on-premise installations and cloud-based "as a service" models. Like the product division, this segment also serves government, public safety, and commercial clientele. Motorola Solutions, Inc. was established in 1928, initially operating as Motorola, Inc. before adopting its current name in January 2011. Its corporate headquarters are situated in Chicago, Illinois.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.