NYSE : MSI
Motorola Solutions, Inc. — Financial statements
Technology · Communication Equipment · United States
Last price 491.53 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 81.35B
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Financial statements
Motorola Solutions, Inc. (MSI) reported revenue of 12.24B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.24B | 11.68B | 10.82B | 9.98B | 9.11B | 8.17B |
| Cost of Revenue | 5.86B | 5.63B | 5.29B | 5.00B | 4.72B | 4.12B |
| Gross Profit | 6.38B | 6.05B | 5.52B | 4.98B | 4.39B | 4.05B |
| Selling, General & Admin | 1.80B | 1.75B | 1.62B | 1.46B | 1.33B | 1.23B |
| Research & Development | 1.02B | 970.00M | 917.00M | 858.00M | 779.00M | 734.00M |
| Other Operating Expenses | 346.00M | 237.00M | 155.00M | 191.00M | 254.00M | 234.00M |
| Operating Expenses | 3.17B | 2.95B | 2.69B | 2.51B | 2.36B | 2.20B |
| Operating Income | 3.21B | 3.10B | 2.83B | 2.47B | 2.03B | 1.85B |
| Interest Expense | -441.00M | -360.00M | -295.00M | -249.00M | -240.00M | -215.00M |
| Interest & Investment Income | 37.00M | 58.00M | 68.00M | 33.00M | 14.00M | 7.00M |
| Earnings From Equity Investments | -3.00M | 5.00M | ||||
| Currency Exchange Gain (Loss) | -8.00M | -13.00M | -17.00M | -33.00M | -24.00M | -13.00M |
| Other Non Operating Income (Expenses) | 6.00M | -11.00M | 5.00M | -3.00M | 3.00M | |
| EBT Excluding Unusual Items | 2.80B | 2.78B | 2.58B | 2.22B | 1.78B | 1.64B |
| Merger & Restructuring Charges | -130.00M | -126.00M | -58.00M | -60.00M | -206.00M | -47.00M |
| Gain (Loss) on Sale of Investments | 10.00M | 15.00M | -8.00M | -3.00M | -7.00M | -7.00M |
| Asset Writedown | -8.00M | -2.00M | -8.00M | -9.00M | -36.00M | -10.00M |
| Legal Settlements | 183.00M | 142.00M | 54.00M | -4.00M | -8.00M | -3.00M |
| Other Unusual Items | -91.00M | -585.00M | -6.00M | -18.00M | ||
| Pretax Income | 2.77B | 2.81B | 1.97B | 2.15B | 1.51B | 1.55B |
| Income Tax Expense | 628.00M | 652.00M | 390.00M | 432.00M | 148.00M | 302.00M |
| Earnings From Continuing Operations | 2.14B | 2.16B | 1.58B | 1.71B | 1.37B | 1.25B |
| Net Income to Company | 2.14B | 2.16B | 1.58B | 1.71B | 1.37B | 1.25B |
| Minority Interest in Earnings | -5.00M | -6.00M | -5.00M | -5.00M | -4.00M | -5.00M |
| Net Income | 2.13B | 2.15B | 1.58B | 1.71B | 1.36B | 1.25B |
| Net Income to Common | 2.13B | 2.15B | 1.58B | 1.71B | 1.36B | 1.25B |
| Shares Outstanding (Basic) | 166.10M | 166.60M | 166.80M | 167.00M | 167.50M | 169.20M |
| Shares Outstanding (Diluted) | 168.10M | 169.00M | 170.80M | 172.10M | 171.90M | 173.60M |
| EPS (Basic) | 12.85 | 12.93 | 9.45 | 10.23 | 8.14 | 7.36 |
| EPS (Diluted) | 12.70 | 12.75 | 9.23 | 9.93 | 7.93 | 7.17 |
| Free Cash Flow | 2.68B | 2.57B | 2.13B | 1.79B | 1.57B | 1.59B |
| Free Cash Flow Per Share | 15.93 | 15.22 | 12.49 | 10.41 | 9.12 | 9.18 |
| Dividend Per Share | 4.72 | 4.48 | 4.03 | 3.62 | 3.25 | 2.92 |
| Gross Margin | 52.11% | 51.80% | 51.07% | 49.88% | 48.22% | 49.54% |
| Operating Margin | 26.22% | 26.52% | 26.18% | 24.71% | 22.32% | 22.64% |
| Profit Margin | 17.44% | 18.44% | 14.58% | 17.13% | 14.96% | 15.24% |
| Free Cash Flow Margin | 21.88% | 22.02% | 19.73% | 17.95% | 17.20% | 19.51% |
| EBITDA | 3.76B | 3.52B | 3.17B | 2.82B | 2.47B | 2.29B |
| EBITDA Margin | 30.71% | 30.16% | 29.29% | 28.28% | 27.15% | 28.00% |
| D&A For EBITDA | 549.00M | 425.00M | 336.00M | 356.00M | 440.00M | 438.00M |
| EBIT | 3.21B | 3.10B | 2.83B | 2.47B | 2.03B | 1.85B |
| EBIT Margin | 26.22% | 26.52% | 26.18% | 24.71% | 22.32% | 22.64% |
| Effective Tax Rate | 22.70% | 23.19% | 19.78% | 20.13% | 9.77% | 19.46% |
| Revenue as Reported | 12.24B | 11.68B | 10.82B | 9.98B | 9.11B | 8.17B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 710.00M | 1.17B | 2.10B | 1.71B | 1.32B | 1.87B |
| Cash & Short-Term Investments | 710.00M | 1.17B | 2.10B | 1.71B | 1.32B | 1.87B |
| Accounts Receivable | 3.62B | 3.77B | 3.18B | 2.81B | 2.49B | 2.49B |
| Other Receivables | 16.00M | 19.00M | 44.00M | 40.00M | 47.00M | 7.00M |
| Receivables | 3.63B | 3.79B | 3.23B | 2.85B | 2.54B | 2.50B |
| Inventory | 1.33B | 983.00M | 766.00M | 827.00M | 1.05B | 788.00M |
| Other Current Assets | 458.00M | 359.00M | 385.00M | 341.00M | 336.00M | 252.00M |
| Total Current Assets | 6.13B | 6.30B | 6.48B | 5.72B | 5.25B | 5.41B |
| Property, Plant & Equipment | 1.74B | 1.75B | 1.55B | 1.46B | 1.41B | 1.42B |
| Long-Term Investments | 211.00M | 104.00M | 60.00M | 69.00M | 78.00M | 128.00M |
| Goodwill | 6.88B | 6.80B | 3.53B | 3.40B | 3.31B | 2.56B |
| Other Intangible Assets | 2.95B | 3.10B | 1.25B | 1.25B | 1.34B | 1.10B |
| Long-Term Accounts Receivable | 44.00M | 59.00M | 41.00M | |||
| Long-Term Deferred Tax Assets | 733.00M | 761.00M | 1.28B | 1.06B | 1.04B | 916.00M |
| Long-Term Deferred Charges | 150.00M | 152.00M | 141.00M | 119.00M | 130.00M | 124.00M |
| Other Long-Term Assets | 400.00M | 363.00M | 268.00M | 246.00M | 249.00M | 515.00M |
| Total Assets | 19.24B | 19.39B | 14.60B | 13.34B | 12.81B | 12.19B |
| Accounts Payable | 1.13B | 1.33B | 1.18B | 1.02B | 1.21B | 1.09B |
| Accrued Expenses | 982.00M | 1.18B | 957.00M | 845.00M | 860.00M | 881.00M |
| Short-Term Debt | 615.00M | 749.00M | ||||
| Current Portion of Long-Term Debt | 322.00M | 1.31B | 1.00M | 1.00M | ||
| Current Portion of Leases | 145.00M | 133.00M | 127.00M | 125.00M | 118.00M | 128.00M |
| Current Income Taxes Payable | 164.00M | 225.00M | 217.00M | 231.00M | 367.00M | 183.00M |
| Current Unearned Revenue | 2.34B | 2.27B | 2.07B | 2.04B | 1.86B | 1.65B |
| Other Current Liabilities | 200.00M | 201.00M | 182.00M | 164.00M | 148.00M | 134.00M |
| Total Current Liabilities | 5.58B | 6.08B | 5.05B | 5.74B | 4.56B | 4.06B |
| Long-Term Debt | 8.42B | 8.41B | 5.67B | 4.71B | 6.01B | 5.69B |
| Long-Term Leases | 442.00M | 471.00M | 427.00M | 407.00M | 419.00M | 313.00M |
| Long-Term Unearned Revenue | 844.00M | 751.00M | 496.00M | 424.00M | 363.00M | 306.00M |
| Pension & Post-Retirement Benefits | 611.00M | 683.00M | 768.00M | 939.00M | 1.00B | 1.39B |
| Long-Term Deferred Tax Liabilities | 122.00M | 124.00M | 87.00M | 55.00M | 73.00M | 183.00M |
| Other Long-Term Liabilities | 539.00M | 442.00M | 368.00M | 331.00M | 251.00M | 269.00M |
| Total Liabilities | 16.55B | 16.96B | 12.88B | 12.60B | 12.68B | 12.21B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 2.47B | 2.28B | 1.94B | 1.62B | 1.31B | 987.00M |
| Retained Earnings | 2.63B | 2.55B | 2.30B | 1.64B | 1.34B | 1.35B |
| Comprehensive Income & Other | -2.42B | -2.42B | -2.54B | -2.54B | -2.54B | -2.38B |
| Total Common Equity | 2.67B | 2.41B | 1.70B | 724.00M | 116.00M | -40.00M |
| Minority Interest | 16.00M | 17.00M | 16.00M | 15.00M | 15.00M | 17.00M |
| Shareholders' Equity | 2.69B | 2.43B | 1.72B | 739.00M | 131.00M | -23.00M |
| Total Liabilities & Equity | 19.24B | 19.39B | 14.60B | 13.34B | 12.81B | 12.19B |
| Total Debt | 9.62B | 9.77B | 6.55B | 6.55B | 6.55B | 6.13B |
| Net Cash (Debt) | -8.91B | -8.60B | -4.45B | -4.84B | -5.23B | -4.26B |
| Net Cash Per Share | -53.00 | -50.89 | -26.05 | -28.15 | -30.40 | -24.52 |
| Filing Date Shares Outstanding | 165.49M | 165.66M | 166.94M | 166.13M | 167.25M | 168.21M |
| Total Common Shares Outstanding | 165.50M | 165.70M | 167.10M | 166.20M | 167.50M | 168.70M |
| Working Capital | 553.00M | 222.00M | 1.42B | -11.00M | 695.00M | 1.35B |
| Book Value Per Share | 16.15 | 14.54 | 10.19 | 4.36 | 0.69 | -0.24 |
| Tangible Book Value | -7.16B | -7.49B | -3.07B | -3.93B | -4.54B | -3.71B |
| Tangible Book Value Per Share | -43.27 | -45.23 | -18.38 | -23.66 | -27.09 | -21.99 |
| Land | 5.00M | 5.00M | 5.00M | 5.00M | 5.00M | 5.00M |
| Machinery | 2.72B | 2.65B | 2.24B | 2.40B | 2.30B | 2.44B |
| Leasehold Improvements | 517.00M | 479.00M | 441.00M | 448.00M | 456.00M | 474.00M |
| Order Backlog | 15.74B | 14.70B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.13B | 2.15B | 1.58B | 1.71B | 1.36B | 1.25B |
| Depreciation & Amortization | 549.00M | 425.00M | 336.00M | 356.00M | 440.00M | 438.00M |
| Asset Writedown & Restructuring Costs | 24.00M | 147.00M | ||||
| Loss (Gain) From Sale of Investments | -3.00M | -1.00M | ||||
| Stock-Based Compensation | 357.00M | 293.00M | 243.00M | 212.00M | 172.00M | 129.00M |
| Other Operating Activities | 104.00M | 9.00M | 606.00M | 19.00M | 33.00M | 26.00M |
| Change in Accounts Receivable | -356.00M | -394.00M | -459.00M | -262.00M | -113.00M | -202.00M |
| Change in Inventory | -416.00M | -145.00M | 62.00M | 200.00M | -242.00M | -284.00M |
| Change in Accounts Payable | 527.00M | 280.00M | 302.00M | -144.00M | 451.00M | 578.00M |
| Change in Other Net Operating Assets | -12.00M | 121.00M | -61.00M | -38.00M | -91.00M | -126.00M |
| Operating Cash Flow | 2.97B | 2.84B | 2.39B | 2.04B | 1.82B | 1.84B |
| Capital Expenditures | -297.00M | -265.00M | -257.00M | -253.00M | -256.00M | -243.00M |
| Sale of Property, Plant & Equipment | 1.00M | 6.00M | ||||
| Cash Acquisitions | -4.68B | -4.92B | -290.00M | -180.00M | -1.18B | -521.00M |
| Investment in Securities | 11.00M | 17.00M | 40.00M | 19.00M | 46.00M | 16.00M |
| Investing Cash Flow | -4.96B | -5.16B | -507.00M | -414.00M | -1.39B | -742.00M |
| Short-Term Debt Issued | 923.00M | |||||
| Long-Term Debt Issued | 2.73B | 1.29B | 595.00M | 844.00M | ||
| Total Debt Issued | 1.74B | 3.66B | 1.29B | 595.00M | 844.00M | |
| Short-Term Debt Repaid | -179.00M | |||||
| Long-Term Debt Repaid | -322.00M | -1.91B | -1.00M | -285.00M | -353.00M | |
| Total Debt Repaid | -449.00M | -501.00M | -1.91B | -1.00M | -285.00M | -353.00M |
| Net Debt Issued (Repaid) | 1.29B | 3.15B | -618.00M | -1.00M | 310.00M | 491.00M |
| Issuance of Common Stock | 46.00M | 46.00M | 75.00M | 104.00M | 156.00M | 102.00M |
| Repurchase of Common Stock | -1.06B | -1.15B | -247.00M | -804.00M | -836.00M | -528.00M |
| Common Dividends Paid | -766.00M | -728.00M | -654.00M | -589.00M | -530.00M | -482.00M |
| Other Financing Activities | 23.00M | -10.00M | -4.00M | -5.00M | -6.00M | -12.00M |
| Financing Cash Flow | -468.00M | 1.31B | -1.45B | -1.29B | -906.00M | -429.00M |
| Foreign Exchange Rate Adjustments | -41.00M | 81.00M | -39.00M | 45.00M | -79.00M | -46.00M |
| Net Cash Flow | -2.50B | -937.00M | 397.00M | 380.00M | -549.00M | 620.00M |
| Free Cash Flow | 2.68B | 2.57B | 2.13B | 1.79B | 1.57B | 1.59B |
| Free Cash Flow Margin | 21.88% | 22.02% | 19.73% | 17.95% | 17.20% | 19.51% |
| Free Cash Flow Per Share | 15.93 | 15.22 | 12.49 | 10.41 | 9.12 | 9.18 |
| Levered Free Cash Flow | 1.98B | 2.00B | 1.86B | 1.47B | 1.59B | 1.46B |
| Unlevered Free Cash Flow | 2.25B | 2.22B | 2.04B | 1.62B | 1.74B | 1.60B |
| Cash Interest Paid | 379.00M | 285.00M | 253.00M | 234.00M | 226.00M | 207.00M |
| Cash Income Tax Paid | 530.00M | 569.00M | 627.00M | 587.00M | 307.00M | 257.00M |
| Change in Working Capital | -170.00M | -44.00M | -371.00M | -276.00M | -329.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 81.35B | 63.84B | 77.25B | 51.96B | 43.09B | 45.89B |
| Enterprise Value | 90.25B | 72.90B | 82.43B | 57.57B | 48.67B | 50.39B |
| Last Close Price | 491.53 | 380.18 | 453.49 | 304.11 | 247.17 | 256.97 |
| PE Ratio | 38.71 | 29.64 | 48.98 | 30.41 | 31.61 | 36.86 |
| Forward PE | 27.10 | 24.37 | 32.57 | 25.77 | 23.55 | 28.97 |
| PS Ratio | 6.65 | 5.46 | 7.14 | 5.21 | 4.73 | 5.62 |
| PB Ratio | 30.44 | 26.31 | 44.94 | 70.31 | 328.93 | -1,995.19 |
| P/FCF Ratio | 30.39 | 24.82 | 36.20 | 29.01 | 27.50 | 28.79 |
| P/OCF Ratio | 27.35 | 22.50 | 32.31 | 25.42 | 23.64 | 24.98 |
| PEG Ratio | 2.57 | 3.03 | 3.58 | 3.06 | 3.92 | 7.24 |
| EV/Sales Ratio | 7.38 | 6.24 | 7.62 | 5.77 | 5.34 | 6.17 |
| EV/EBITDA Ratio | 24.02 | 20.69 | 26.02 | 20.40 | 19.67 | 22.02 |
| EV/EBIT Ratio | 28.13 | 23.53 | 29.11 | 23.35 | 23.93 | 27.24 |
| EV/FCF Ratio | 33.71 | 28.34 | 38.63 | 32.14 | 31.06 | 31.61 |
| Debt / Equity Ratio | 3.58 | 4.02 | 3.81 | 8.86 | 50.01 | -266.52 |
| Debt / EBITDA Ratio | 2.44 | 2.63 | 1.95 | 2.19 | 2.49 | 2.50 |
| Debt / FCF Ratio | 3.59 | 3.80 | 3.07 | 3.66 | 4.18 | 3.85 |
| Net Debt / Equity Ratio | 3.31 | 3.54 | 2.59 | 6.56 | 39.89 | -185.04 |
| Net Debt / EBITDA Ratio | 2.37 | 2.44 | 1.40 | 1.72 | 2.11 | 1.86 |
| Net Debt / FCF Ratio | 3.33 | 3.34 | 2.08 | 2.71 | 3.33 | 2.67 |
| Asset Turnover | 0.69 | 0.69 | 0.78 | 0.76 | 0.73 | 0.71 |
| Inventory Turnover | 5.34 | 6.44 | 6.64 | 5.32 | 5.12 | 6.36 |
| Quick Ratio | 0.78 | 0.82 | 1.05 | 0.79 | 0.85 | 1.08 |
| Current Ratio | 1.10 | 1.04 | 1.28 | 1.00 | 1.15 | 1.33 |
| Return on Equity (ROE) | 91.57% | 104.20% | 128.72% | 394.02% | 2,531.48% | |
| Return on Assets (ROA) | 11.25% | 11.39% | 12.67% | 11.79% | 10.17% | 10.03% |
| Return on Invested Capital (ROIC) | 21.70% | 27.68% | 38.66% | 36.00% | 27.22% | 19.21% |
| Return on Capital Employed (ROCE) | 23.50% | 23.30% | 29.70% | 32.40% | 24.60% | 22.80% |
| Earnings Yield | 2.58% | 3.37% | 2.04% | 3.29% | 3.16% | 2.71% |
| FCF Yield | 3.29% | 4.03% | 2.76% | 3.45% | 3.64% | 3.47% |
| Dividend Yield | 0.98% | 1.16% | 0.87% | 1.16% | 1.26% | 1.07% |
| Payout Ratio | 38.11% | 33.80% | 41.47% | 34.47% | 38.88% | 38.71% |
| Buyback Yield / Dilution | 1.32% | 1.05% | 0.76% | -0.12% | 0.98% | 0.29% |
| Total Shareholder Return | 2.31% | 2.22% | 1.63% | 1.04% | 2.24% | 1.36% |