MSI Motorola Solutions (MSI) Q4 FY24 earnings call
Motorola Solutions delivered a strong Q4 and full-year 2024, achieving record revenue and backlog driven by robust demand across its Safety and Security ecosystem, particularly in Video and Command Center. The company is well-positioned for continued growth in 2025, anticipating another year of double-digit operating cash flow expansion despite foreign exchange headwinds and increased interest/tax expenses, supported by a healthy balance sheet and strategic acquisitions.
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MSI operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Backlog | $14.7BAdditionally, we generated Q4 record operating earnings in both segments and ended the year with record backlog of $14.7 billion, up $438 million, inclusive of $226 million of unfavorable currency rates.Source: earnings call transcript | $14.1BEnding backlog for Q1 was $14.1 billion, down $306 million or 2% versus last year, driven by strong LMR shipments and revenue recognition from the UK Home Office, partially offset by strong growth across all 3 technologies within software and services.Source: earnings call transcript | $14.1BEnding backlog for Q2 was $14.1 billion, up $150 million versus last year and up $19 million sequentially driven by strong demand, including record Q2 orders, which were up double digits in both of our segments.Source: earnings call transcript | $14.6BWe also ended the quarter with our highest Q3 ending backlog ever of $14.6 billion, up $467 million versus last year, which included a record $11 billion of S&S backlog that is increasingly driven by our Command Center and video solutions.Source: earnings call transcript | $15.7BWe also grew orders by 26% and ended the year with our highest ever backlog of $15.7 billion, up $1 billion year-over-year.Source: earnings call transcript | $15.7BOur record Q1 orders grew 38%, contributing to a record Q1 ending backlog position of $15.7 billion, up 11% versus a year ago.Source: earnings call transcript | $15.6BAs a result, we achieved a record Q2 ending backlog of $15.6 billion, which is up 11% versus a year ago.Source: earnings call transcript | -0.6% |
| Backlog Software and Services | $10.6BWe also finished the year with S&S backlog of $10.6 billion, up 14%, including record backlog in all three technologies, which is informing our guide for another strong year of growth in 2025.Source: earnings call transcript | — | $10.7BSecond, investments in public safety and security continue to be a priority for our customers, highlighted by our record Q2 orders, up 27% versus last year, inclusive of 10% growth in products, we also ended the quarter with over $14.1 billion of backlog, including $10.7 billion of software and services backlog, which is our highest S&S backlog ever and up $1 billion versus last year.Source: earnings call transcript | $11BWe also ended the quarter with our highest Q3 ending backlog ever of $14.6 billion, up $467 million versus last year, which included a record $11 billion of S&S backlog that is increasingly driven by our Command Center and video solutions.Source: earnings call transcript | — | — | — | +2.8% |
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