Pricing Log in Create free account
Friday 6 November 2026 Export MSI’s income statement to Excel — free account

Motorola Solutions, Inc.

MSI Technology Communication Equipment

Motorola Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.7 billion, up 8.00% from fiscal 2024.

Revenue
+12.2%
EPS
−8.31%
Free cash flow
−9.56%
Total debt
+0.24%

Quarter to September 2026, against a year earlier

515.48 1.53 −0.30%
Market cap
$85.6B
P/E
41.3×
Fwd P/E
35.6×
Dividend yield
0.93%
F-score
6/9
Altman Z
3.57
Beneish M
−2.44
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Products and Systems Integration
  • Software and Services

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 86.93
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 6 1 — — — — 3 1 — —
Insider Ownership 0.39%

Capital & Financial Ratios $m

Size
Market Cap 85,560.00
Revenue ttm 12,603.00
Net income ttm 2,090.00
Free cash flow ttm 2,838.00
Net debt Q 8,587.00
Valuation
P/E 41.25 (above 35: high)
Forward P/E 35.60 (above 35: high)
Price / sales 6.80
Forward P/S Powerpack
Price / FCF 33.73
Price / book 27.79 (above 6: high)
Financial health
Current ratio Q 1.10
Debt / equity Q 3.03 (above 2: weak)
Interest coverage Q 7.26
Growth
Revenue growth Q +12.20% (above 0%: growing)
Operating income growth Q +0.91% (above 0%: growing)
EPS, this year +16.65% (at or above 15%: strong)
EPS, next year A +9.23%
Revenue, next year A +11.48% (at or above 10%: strong)
EPS, past 5 yrs +18.53% (at or above 15%: strong)
EPS, next 5 yrs A +11.88%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.5×, against a ten-year median of 4.9×; over the ten years it ranged from 2.6× in 2016 to 8.3× in 2024.
P/E against its own 10 years 90.27%
10-year low 10-year high
P/S against its own 10 years 94.06%
10-year low 10-year high
P/B against its own 10 years 14.92%
10-year low 10-year high
EV/Sales against its own 10 years 96.37%
10-year low 10-year high
EV/FCF against its own 10 years 89.92%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.93%
Annual rate
4.84
Payout ratio
38.9%
Growth, 2017–25
+11.1%/yr
  1. 1.93 ’17
  2. 2.13 ’18 +10
  3. 2.35 ’19 +10
  4. 2.63 ’20 +12
  5. 2.92 ’21 +11
  6. 3.25 ’22 +11
  7. 3.62 ’23 +11
  8. 4.03 ’24 +11
  9. 4.48 ’25 +11
  10. 4.82 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,705 2,102 1,165 774
Receivables 1,710 1,952 2,200 2,441
Inventory 827 766 983 1,511
Other 1,483 1,659 1,952 1,987
5,725 6,479 6,300 6,713
2023 2024 2025 Q'26
Payables 881 1,018 1,134 1,049
ST’ Debt 1,313 322 749 —
Other 2,038 2,072 2,265 2,481
5,736 5,055 6,078 6,119

Compound Annual Growth %

10y 5y 3y
Sales 7.45% 9.52% 8.63%
Cash Flow 10.76% 11.96% 15.88%
Earnings 13.45% 17.81% 16.48%
Book Value 0.00% 0.00% 164.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.41 Actual 4.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.36 4.59 Beat by 0.23
Q1 FY26 3.25 3.37 Beat by 0.12
Q2 FY26 3.86 4.41 Beat by 0.55
Q3 FY26 4.41 4.69 Beat by 0.28
Q4 FY26 5.49 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.18 3.33 3.06 — —
’25 2.53 3.04 3.33 3.86 12.75
’24 (0.23) 2.60 3.29 3.56 9.23
’23 1.61 2.15 2.70 3.47 9.93
’22 1.54 1.33 1.63 3.43 7.93
’21 1.41 1.69 1.76 2.30 7.17
’20 1.12 0.78 1.18 2.37 5.45
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,714 3,133 3,376 — —
’25 2,528 2,765 3,009 3,380 11,682
’24 2,389 2,628 2,790 3,010 10,817
’23 2,171 2,403 2,556 2,848 9,978
’22 1,892 2,140 2,373 2,707 9,112
’21 1,773 1,971 2,107 2,320 8,171
’20 1,655 1,618 1,868 2,273 7,414
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 451 469 662 — —
’25 510 273 798 1,256 2,837
’24 382 180 759 1,070 2,391
’23 (8) 93 714 1,245 2,044
’22 152 10 388 1,273 1,823
’21 370 388 376 703 1,837
’20 308 209 392 704 1,613
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 390 414 662 — —
’25 473 225 732 1,142 2,572
’24 336 112 702 984 2,134
’23 (62) 40 649 1,164 1,791
’22 98 (49) 318 1,200 1,567
’21 318 332 315 635 1,600
’20 316 155 343 638 1,452
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.5% a year for ten years. It grew 10.7% a year over the last ten.

Implied
14.5%
10 years, reported
10.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,038 6,380 7,343 7,887 7,414 8,171 9,112 9,978 10,817 11,682 12,603 +7.6% 13,023 14,184 15,160 +9.1%
Gross margin, % 47.52 47.40 47.39 49.84 48.66 49.44 46.41 49.81 50.96 51.66 52.18 +4.1 pt
EBT 844 1,076 1,102 1,001 1,174 1,552 1,515 2,146 1,972 2,812 2,721 +14.3%
EBT margin, % 13.98 16.87 15.01 12.69 15.83 18.99 16.63 21.51 18.23 24.07 21.59 +10.1 pt
Net income 560 (155) 969 871 953 1,250 1,367 1,714 1,582 2,160 2,090 +16.2%
Per share, $
Per share, $ Revenue 35.60 39.17 45.22 47.34 43.61 48.29 54.40 59.75 64.85 70.12 76.15 +7.8%
Earnings 3.30 (0.95) 5.95 5.21 5.58 7.36 8.14 10.23 9.45 12.93 12.56 +16.4%
Cash flow 6.87 8.26 6.62 10.94 9.49 10.86 10.88 12.24 14.33 17.03 17.15 +10.6%
Capex (1.17) (1.39) (1.21) (1.45) (0.95) (1.40) (1.53) (1.51) (1.54) (1.59) 0.00 +3.5%
Free cash flow 5.70 6.87 5.41 9.50 8.54 9.46 9.36 10.72 12.79 15.44 17.15 +11.7%
Book value (5.61) (10.60) (7.86) (4.10) (3.18) (0.14) 0.78 4.43 10.31 14.57 18.65 n/m
Shares, m 170 163 162 167 170 169 168 167 167 167 166 (0.2%)
Valuation, ×
Valuation, × P/E 25.03 0.00 19.37 30.99 30.48 36.92 31.62 30.46 48.97 29.65 41.25 28.3
P/S 2.35 2.31 2.54 3.40 3.90 5.63 4.73 5.22 7.13 5.47 6.80 4.3
P/B 0.00 0.00 0.00 0.00 0.00 0.00 329.12 70.42 44.85 26.31 27.79 47.1
EV/Sales 2.91 2.81 3.10 3.93 4.43 6.09 5.25 5.65 7.49 6.15 7.53 4.8
EV/FCF 18.14 16.04 25.91 19.58 22.61 31.12 30.51 31.47 37.95 27.94 37.35 26.1
Cash, $m
Cash, $m Operating cash flow 1,165 1,346 1,075 1,823 1,613 1,837 1,823 2,044 2,391 2,837 2,838 +10.4%
Capex (198) (227) (197) (241) (161) (237) (256) (253) (257) (265) (296) +3.3%
Free cash flow 967 1,119 878 1,582 1,452 1,600 1,567 1,791 2,134 2,572 2,838 +11.5%
Balance, $m
Balance, $m Working capital 800 1,019 1,176 739 838 1,349 695 (11) 1,424 222 594 (13.3%)
Net debt 3,366 3,203 4,063 4,128 3,921 3,819 4,689 4,313 3,895 7,997 8,587 +10.1%
Shareholders’ equity (952) (1,727) (1,276) (683) (541) (23) 131 739 1,719 2,427 3,086 n/m
Returns, %
Returns, % ROA 6.66 (1.86) 10.97 8.66 8.82 10.80 10.90 13.07 11.29 12.68 10.44 +6.0 pt
ROIC 27.13 54.37 28.14 28.68 25.57 27.45 21.54 28.38 29.93 17.92 16.36 (9.2) pt
ROE (106.87) 11.57 (64.34) (88.62) (155.07) (441.49) 2,524.07 392.87 128.32 103.91 76.76 +210.8 pt
People
People Employees 14,000 15,000 16,000 17,000 18,000 18,700 20,000 21,000 21,000 23,000 — +5.7%
Revenue/emp, $m 0.43 0.43 0.46 0.46 0.41 0.44 0.46 0.48 0.52 0.51 — +1.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Motorola Solutions sells safety and security technology to public safety agencies, governments, defense organizations and businesses. Its products help customers communicate, monitor places and coordinate responses to incidents. The company is based in Chicago and is the successor to Motorola, Inc., which was organized in 1928. Greg Brown is its chairman and chief executive officer.

The business has three main technology lines. Mission Critical Networks includes two-way radios, communications infrastructure and mobile networks used where reliable voice and data connections matter. Some of its mobile networking technology supports communications in remote or contested environments without fixed infrastructure. Video Security and Access Control includes fixed, body-worn and vehicle cameras, sensors, access controls and software for managing footage. Command Center provides software for public safety work, from an emergency call through dispatch, response and case closure.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Products and Systems Integration 7,253 62.09%
Software and Services 4,429 37.91%
Gross margin 51.66%
Operating margin 25.58%
Pre-tax margin 24.07%

Revenue by segment since 2008

Motorola Solutions, Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CSCO Cisco Systems, Inc. $376.9B 28.7× 25.5× +17.58% (above 0%: growing) +52.22% (above 0%: growing) +24.37% (above 0%: growing) 64.13% 24.72% Compare
MSI Motorola Solutions, Inc. $85.6B 41.3× 35.6× +12.20% (above 0%: growing) −8.31% (below 0%: shrinking) −9.56% (below 0%: shrinking) 52.37% 23.02%
HPE Hewlett Packard Enterprise Company $58.6B 22.3× 19.7× +33.68% (above 0%: growing) +438.10% (above 0%: growing) +20.63% (above 0%: growing) 40.11% 11.41% Compare
LITE Lumentum Holdings Inc. $46.2B — (loss-making) 39.4× +136.53% (above 0%: growing) +6,391.83% (above 0%: growing) +337.70% (above 0%: growing) 51.01% 28.50% Compare
NOK Nokia Corporation $42.2B 47.1× — +5.12% (above 0%: growing) +73.41% (above 0%: growing) −112.32% (below 0%: shrinking) 42.20% 3.78% Compare
CIEN Ciena Corporation $32.7B 50.6× 55.3× +37.05% (above 0%: growing) +437.14% (above 0%: growing) −13.59% (below 0%: shrinking) 45.43% 18.02% Compare
ERIC Ericsson $31.3B 17.2× — +4.35% (above 0%: growing) −48.57% (below 0%: shrinking) −30.00% (below 0%: shrinking) 47.06% 14.90% Compare
UI Ubiquiti Inc. $31.1B 32.4× 28.0× +23.47% (above 0%: growing) +6.80% (above 0%: growing) +134.17% (above 0%: growing) 45.80% 36.27% Compare
ZBRA Zebra Technologies Corporation $15.2B 25.9× 24.3× +22.27% (above 0%: growing) +75.19% (above 0%: growing) +38.89% (above 0%: growing) 45.72% 14.68% Compare
Median of peers $37.5B 28.7× 26.8× +22.87% +74.30% +22.50% 45.76% 16.46%

All 46 Communication Equipment stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.56%
Held by the ten largest 41.53%
Holder Shares Stake Change
Vanguard 22.29m 13.47% +187.25k
BlackRock 15.90m 9.61% −543.84k
State Street 7.85m 4.74% +323.73k
Geode Capital Management 4.14m 2.50% +41.68k
Fidelity (FMR) 3.93m 2.38% +472.27k
AllianceBernstein 3.47m 2.10% +672.75k
Raymond James 3.30m 1.99% −62.53k
Ameriprise (Columbia Threadneedle) 2.93m 1.77% +316.65k
UBS 2.53m 1.53% +173.73k
Orbis Allan Gray Ltd 2.39m 1.44% +519.69k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 34.45m (34.86m) 239.54
2024 30.85m 145.50m 285.73
2023 28.18m 57.78m 191.61
2022 21.02m 19.82m 155.74
2021 19.98m 86.44m 161.91

Ownership

Directors and executive officers, together 1.28%
The Vanguard Group 13.34%
BlackRock, Inc. 8.02%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Motorola Solutions, Inc. (MSI) Latest News

6 Nov

Impact 3 · · TIKR

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · GuruFocus.com

4 Nov

Impact 3 · · StockStory
Impact 3 · · Associated Press

23 Oct

Impact 3 · · Trefis

19 Oct

Impact 4 · · Insider Monkey

15 Oct

Impact 3 · · Simply Wall St.

14 Oct

Impact 3 · · Barchart

6 Oct

Impact 3 · · Insider Monkey

2 Oct

Impact 4 · · Zacks

29 Sep

Impact 3 · · PR Newswire

28 Sep

Impact 4 ·
Impact 4 · · Zacks

23 Sep

Impact 3 ·

21 Sep

Impact 3 · · Insider Monkey

19 Sep

Impact 4 · · MarketBeat
Impact 3 ·

15 Sep

Impact 3 ·

14 Sep

Impact 3 ·

5 Sep

Impact 3 ·

24 Aug

Impact 3 ·

21 Aug

Impact 3 ·

20 Aug

Impact 4 ·
Impact 3 ·

15 Aug

Impact 3 ·

14 Aug

Impact 3 ·

12 Aug

Impact 4 · · The Motley Fool transcript

MSI metrics, ten years each

stockrow.com/MSI · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com