Otis Worldwide Corp OTIS
Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company. We serve customers in over 200 countries and territories around the world. Otis has global scale and local focus, with more than 1,400 branches and offices, and a direct physical presence in more than 70 countries.
The following description of our business should be read in conjunction with Item 7 in this Form 10-K, including the information contained therein under the heading "Business Overview."
Our Company is organized into two segments, New Equipment and Service, which, for 2025, contributed 35% and 65% of our net sales, and 9% and 91% of our segment operating profit, respectively. Our international operations represented approximately 71% of our net sales for 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.43B | $14.26B | $14.21B | $13.69B | $14.30B | $12.76B | $13.12B | $12.91B | — |
| R&D | $152.0M | $152.0M | $144.0M | $150.0M | $159.0M | $152.0M | $163.0M | $181.0M | — |
| SG&A | $1.98B | $1.86B | $1.88B | $1.76B | $1.95B | $1.92B | $1.81B | $1.74B | — |
| Total operating expenses | $12.19B | $12.02B | $12.04B | $11.68B | $12.21B | $11.05B | $11.27B | $11.11B | — |
| Operating income | $2.13B | $2.01B | $2.19B | $2.03B | $2.11B | $1.64B | $1.81B | $1.83B | — |
| Interest expense | — | — | $150.0M | $143.0M | $136.0M | $122.0M | $14.0M | $14.0M | — |
| Pre-tax income | $1.93B | $2.04B | $2.03B | $1.89B | $1.96B | $1.51B | $1.86B | $1.89B | — |
| Income tax | $479.0M | $305.0M | $533.0M | $519.0M | $541.0M | $455.0M | $594.0M | $683.0M | — |
| Net income | $1.38B | $1.65B | $1.41B | $1.25B | $1.25B | $906.0M | $1.12B | $1.05B | — |
| EPS, basic | 3.52 | 4.10 | 3.42 | 2.98 | 2.91 | 2.09 | 2.55 | 2.42 | — |
| EPS, diluted | 3.50 | 4.07 | 3.39 | 2.96 | 2.89 | 2.08 | 2.55 | 2.42 | — |
| Shares, diluted (wtd. avg.) | $394.9M | $404.4M | $414.6M | $423.0M | $431.4M | $434.6M | $433.1M | $433.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.10B | $2.30B | $1.27B | $1.20B | $3.48B | $1.80B | $1.46B | $1.35B | $1.57B |
| Receivables | $3.69B | $3.43B | $3.54B | $3.36B | $3.23B | $3.15B | $2.86B | — | — |
| Inventory | $613.0M | $557.0M | $612.0M | $617.0M | $622.0M | $659.0M | $571.0M | — | — |
| Total current assets | $6.50B | $7.67B | $6.40B | $6.14B | $8.26B | $6.49B | $5.66B | — | — |
| Property, plant and equipment | $743.0M | $701.0M | $727.0M | $719.0M | $774.0M | $774.0M | $721.0M | $678.0M | — |
| Goodwill | $1.70B | $1.55B | $1.59B | $1.57B | $1.67B | $1.77B | $1.65B | $1.69B | — |
| Other intangibles | $343.0M | $311.0M | $335.0M | $369.0M | $419.0M | $484.0M | $490.0M | — | — |
| Total assets | $10.65B | $11.32B | $10.12B | $9.82B | $12.28B | $10.71B | $9.69B | — | — |
| Accounts payable | $2.14B | $1.88B | $1.88B | $1.72B | $1.56B | $1.45B | $1.33B | — | — |
| Short-term debt | $841.0M | $1.30B | $0 | $531.0M | $0 | $0 | $0 | — | — |
| Total current liabilities | $7.66B | $7.75B | $6.48B | $6.84B | $6.25B | $6.67B | $5.37B | — | — |
| Long-term debt | $6.90B | $6.97B | $6.87B | $6.10B | $7.25B | $5.26B | $5.0M | — | — |
| Total liabilities | $15.92B | $16.04B | $14.84B | $14.48B | $15.26B | $13.91B | $7.36B | — | — |
| Retained earnings | $188.0M | -$978.0M | -$2.00B | -$2.87B | -$2.26B | -$3.11B | $0 | — | — |
| Total equity | -$5.39B | -$4.85B | -$4.86B | -$4.80B | -$3.14B | -$3.40B | $2.13B | $2.01B | $2.53B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.60B | $1.56B | $1.63B | $1.56B | $1.75B | $1.48B | $1.47B | $1.55B | — |
| Depreciation and amortisation | $175.0M | $181.0M | $193.0M | $191.0M | $203.0M | $191.0M | $180.0M | $190.0M | — |
| Stock-based compensation | $80.0M | $73.0M | $64.0M | $67.0M | $65.0M | $63.0M | $37.0M | $38.0M | — |
| Capital expenditure | $152.0M | $126.0M | $138.0M | $115.0M | $156.0M | $183.0M | $145.0M | $172.0M | — |
| Investing cash flow | -$406.0M | -$164.0M | -$183.0M | -$33.0M | -$89.0M | -$353.0M | -$203.0M | -$201.0M | — |
| Financing cash flow | -$2.42B | -$309.0M | -$1.35B | -$3.65B | $58.0M | -$844.0M | -$1.13B | -$1.50B | — |
| Dividends paid | $647.0M | $606.0M | $539.0M | $465.0M | $393.0M | $260.0M | $0 | $0 | — |
| Buybacks | $809.0M | $1.01B | $800.0M | $850.0M | $725.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015389.
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