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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- Other
- United States Operations
- China
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Other | $8.59B | $8.10B | $7.74B |
| United States Operations | $4.19B | $4.24B | $4.03B |
| China | $1.65B | $1.92B | $2.44B |
As the company reported it, from the “Segment Financial Data - Schedule of Geographic External Sales (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $12.91B | $13.12B | $12.76B | $14.30B | $13.69B | $14.21B | $14.26B | $14.43B |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | $1.05B | $1.12B | $906.0M | $1.25B | $1.25B | $1.41B | $1.65B | $1.38B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3600
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GE | GENERAL ELECTRIC CO | $299.26B | 35.4x | 18.5% |
| GEV | GE Vernova Inc. | $227.75B | 48.3x | 9.0% |
| EMR | EMERSON ELECTRIC CO | $90.20B | 40.0x | 3.0% |
| TRNR | Interactive Strength, Inc. | $2.7M | — | 114.3% |
| MKDW | MKDWELL Tech Inc. | — | — | 51.6% |
| FXHO | UTime Ltd | — | — | -17.7% |