Jun 2026 (Q2 FY26) — Aug 5, 2026
Motorola Solutions Q2 FY26 — Record Sales, Earnings, and Backlog Drive Raised Full-Year Guidance
Read the full callMotorola Solutions (MSI) earnings
- Jul 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Motorola Solutions earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,133 | +13.3% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 25.8 | +0.8 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 557 | +8.6% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
29 of 30 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly non-GAAP EPS | $3.82 and $3.88 per share | Mar 2026 | Non-GAAP EPS was $4.41, up $0.84 or 24% from $3.57 last year. | Achieved |
| Mission Critical Networks (MCN) technology revenue growth | 7% and 8% | Dec 2025 | MCN is now expected to grow between 10% and 11%, up from our prior expectations of 8% to 9% | Revised Up |
| APX NEXT devices with app subscription (North America) | 300,000 APX NEXT devices by the end of '26 | Sep 2025 | We expect 300,000 subscribers by the year-end '26. That would be up from about 200,000 by end of '25. | On Track |
1 of Motorola Solutions, Inc.'s 49 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 46 more targets are in the full ledger.
Claimed
- Q2 revenue grew 13% YoY, exceeding guidance, driven by double-digit growth in both segments and all three technologies.
- Non-GAAP operating margin expanded 140 basis points (excluding IEEPA refunds) to 32.9%, reflecting improved operating leverage.
- Achieved record Q2 orders and an ending backlog of $15.6 billion, up 11% YoY, providing strong momentum for H2.
- Non-GAAP EPS increased 24% YoY to $4.41, driven by higher operating earnings.
- Full-year revenue guidance raised by $175 million to $12.975 billion, and non-GAAP EPS guidance raised to $17.62-$17.72.
Qualified
- Memory costs are expected to increase significantly, from $50 million in FY25 to $150 million in FY26, with a large portion impacting H2.
- Sequential product backlog decreased by $99 million in Products and SI segment, driven by strong MCN shipments.
Price
$458.9 −0.92% · −$4.25
Performance +3.1% 1Y
1Y: $445 on 17 Oct 2025 → $458.9. High $491.24 (1 Sept 2026), low $363.83 (16 Dec 2025).
- Previous close
- $463.15
- 52-week range
- $363.83 – $491.24
- One year
- +2.33%
Overview
- Symbol
- MSI
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
29 of 30 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly non-GAAP EPS | $3.82 and $3.88 per share | Mar 2026 | Non-GAAP EPS was $4.41, up $0.84 or 24% from $3.57 last year. | Achieved |
| Mission Critical Networks (MCN) technology revenue growth | 7% and 8% | Dec 2025 | MCN is now expected to grow between 10% and 11%, up from our prior expectations of 8% to 9% | Revised Up |
| APX NEXT devices with app subscription (North America) | 300,000 APX NEXT devices by the end of '26 | Sep 2025 | We expect 300,000 subscribers by the year-end '26. That would be up from about 200,000 by end of '25. | On Track |
Claimed
- Q2 revenue grew 13% YoY, exceeding guidance, driven by double-digit growth in both segments and all three technologies.
- Non-GAAP operating margin expanded 140 basis points (excluding IEEPA refunds) to 32.9%, reflecting improved operating leverage.
- Achieved record Q2 orders and an ending backlog of $15.6 billion, up 11% YoY, providing strong momentum for H2.
- Non-GAAP EPS increased 24% YoY to $4.41, driven by higher operating earnings.
- Full-year revenue guidance raised by $175 million to $12.975 billion, and non-GAAP EPS guidance raised to $17.62-$17.72.
Qualified
- Memory costs are expected to increase significantly, from $50 million in FY25 to $150 million in FY26, with a large portion impacting H2.
- Sequential product backlog decreased by $99 million in Products and SI segment, driven by strong MCN shipments.
The full ledger
Open Motorola Solutions, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 49 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Motorola Solutions Q1 FY26 — Record Revenue and Backlog Driven by Strong Demand
Read the full callDec 2025 (Q4 FY25) — Feb 11, 2026
Motorola Solutions Q4 FY25 — Record Backlog and Strong Orders Drive Outlook
Read the full callEvery analysed call
Motorola Solutions earnings calls (MSI)
Financials
What the filings say
Net profit, year on year: +9% (quarter to jul 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,790 | 3,010 | 2,528 | 2,765 | 3,009 | 3,380 | 2,714 | 3,133 |
| Operating profit | 711 | 814 | 582 | 692 | 770 | 944 | 525 | 809 |
| Operating margin | 25.5% | 27.0% | 23.0% | 25.0% | 25.6% | 27.9% | 19.3% | 25.8% |
| Other income | -16 | -27 | -35 | -12 | -45 | -84 | -84 | -67 |
| Interest | 58 | 56 | 51 | 55 | 86 | 110 | 104 | 103 |
| Profit before tax | 695 | 787 | 547 | 680 | 725 | 860 | 441 | 742 |
| Tax rate | 19.0% | 22.2% | 21.0% | 24.3% | 22.2% | 24.5% | 16.6% | 24.8% |
| Net profit | 562 | 611 | 430 | 513 | 562 | 649 | 366 | 557 |
| EPS ($ per share) | 3.36 | — | 2.58 | 3.08 | 3.37 | — | 2.21 | 3.36 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 1,051 | 1,239 | 1,127 | 1,350 | 1,343 | 1,640 | 2,300 | 2,549 |
| Total liabilities | 10,685 | 11,325 | 11,417 | 12,212 | 12,683 | 12,597 | 12,876 | 16,962 |
| Fixed assets | 895 | 992 | 1,022 | 1,042 | 927 | 964 | 1,022 | 1,165 |
| Total assets | 9,409 | 10,642 | 10,876 | 12,189 | 12,814 | 13,336 | 14,595 | 19,389 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,075 | 1,823 | 1,613 | 1,837 | 1,823 | 2,044 | 2,391 | 2,837 |
| Cash from investing | -1,266 | -934 | -437 | -742 | -1,387 | -414 | -507 | -5,164 |
| Cash from financing | 220 | -1,144 | -966 | -429 | -906 | -1,295 | -1,448 | 1,309 |
| Net cash flow | -11 | -256 | 253 | 620 | -549 | 380 | 397 | -937 |
| Capital expenditure | -197 | -248 | -217 | -243 | -256 | -253 | -257 | -265 |
| Free cash flow | 878 | 1,575 | 1,396 | 1,594 | 1,567 | 1,791 | 2,134 | 2,572 |
MSI revenue by segment
Services and Software grew from 36% to 39% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product and Systems Integration | 64% | 65% | 61% | 60% | 63% | 64% | 57% | 61% | +15.4% |
| Services and Software | 36% | 35% | 39% | 40% | 37% | 36% | 43% | 39% | +10.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MSI operating KPIs by quarter
| KPI | 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 | $14.1BEnding 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 | — | $10.7BSecond, 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% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- North America 71% ↓ 1 pt
- International 29% ↑ 1 pt
As MSI cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
176 filings between Nov 18, 2025 and Oct 2, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$101.48M
80 sales by 8 insiders
Compensation
not trading decisions- 25
- Award — granted as compensation
- 34
- Option exercise — converted options into shares
- 33
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| BROWN GREGORY Q | — | $87.43M | Sep 2, 2026 |
| YAZDI CYNTHIA | — | $6.78M | Feb 27, 2026 |
| WINKLER JASON J | — | $4.22M | Feb 27, 2026 |
| SAPTHARISHI MAHESH | — | $1.04M | Feb 25, 2026 |
| MAHER KATHERINE A | — | $824.0K | Aug 7, 2026 |
| MOORE KATHRYN A | — | $673.0K | Aug 21, 2026 |
| Howard Ayanna | — | $321.6K | Aug 12, 2026 |
| DENMAN KENNETH D | — | $204.0K | Feb 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 2, 2026 | Lashier Mark E Director | Award | 62 | $27.7K |
| Sep 3, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Tax withheld | 38 | $17.8K |
| Sep 2, 2026 | BROWN GREGORY Q Chairman and CEO | Option exercise | 14,220 | $1.16M |
| Sep 2, 2026 | BROWN GREGORY Q Chairman and CEO | Sale | 2,400 | $1.17M |
| Sep 2, 2026 | BROWN GREGORY Q Chairman and CEO | Sale | 1,600 | $776.3K |
| Sep 2, 2026 | BROWN GREGORY Q Chairman and CEO | Sale | 4,650 | $2.26M |
| Sep 2, 2026 | BROWN GREGORY Q Chairman and CEO | Sale | 5,570 | $2.69M |
| Aug 21, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Sale | 818 | $390.0K |
| Aug 21, 2026 | BROWN GREGORY Q Chairman and CEO | Gift | 4,404 | $0 |
| Aug 21, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Option exercise | 349 | $85.2K |
| Aug 21, 2026 | BROWN GREGORY Q Chairman and CEO | Gift | 8,808 | $0 |
| Aug 21, 2026 | BROWN GREGORY Q Chairman and CEO | Gift | 4,404 | $0 |
| Aug 21, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Option exercise | 317 | $70.5K |
| Aug 21, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Sale | 166 | $79.5K |
| Aug 21, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Option exercise | 152 | $32.9K |
| Aug 21, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Sale | 19 | $9.2K |
| Aug 12, 2026 | Howard Ayanna Director | Sale | 685 | $321.6K |
| Aug 7, 2026 | MAHER KATHERINE A CVP and CAO | Sale | 54 | $25.3K |
| Aug 7, 2026 | MAHER KATHERINE A CVP and CAO | Sale | 637 | $299.6K |
| Aug 7, 2026 | MAHER KATHERINE A CVP and CAO | Sale | 1,062 | $498.8K |
| Aug 7, 2026 | MAHER KATHERINE A CVP and CAO | Option exercise | 427 | $176.8K |
| Aug 7, 2026 | MAHER KATHERINE A CVP and CAO | Sale | 1 | $334 |
| Aug 7, 2026 | MAHER KATHERINE A CVP and CAO | Option exercise | 635 | $168.4K |
| Jul 3, 2026 | Lashier Mark E Director | Award | 66 | $27.9K |
| May 18, 2026 | NIEWIARA JAMES A SVP, GENERAL COUNSEL | Gift | 166 | $0 |
| May 18, 2026 | Mann Elizabeth Director | Award | 598 | $0 |
| May 18, 2026 | TUCCI JOSEPH M Director | Award | 598 | $0 |
| May 18, 2026 | Howard Ayanna Director | Award | 598 | $0 |
| May 18, 2026 | ANASENES NICOLE Director | Award | 598 | $0 |
| May 18, 2026 | Leav Peter Director | Award | 598 | $0 |
| May 18, 2026 | Lashier Mark E Director | Award | 598 | $0 |
| May 18, 2026 | DENMAN KENNETH D Director | Award | 598 | $0 |
| Apr 3, 2026 | Mondre Greg Director | Award | 63 | $27.7K |
| Apr 3, 2026 | Lashier Mark E Director | Award | 63 | $27.7K |
| Mar 14, 2026 | BROWN GREGORY Q Chairman and CEO | Tax withheld | 4,333 | $2.05M |
| Mar 14, 2026 | BROWN GREGORY Q Chairman and CEO | Option exercise | 8,961 | $0 |
| Mar 14, 2026 | WINKLER JASON J EVP and CFO | Tax withheld | 781 | $369.7K |
| Mar 14, 2026 | WINKLER JASON J EVP and CFO | Option exercise | 1,764 | $0 |
| Mar 14, 2026 | YAZDI CYNTHIA SVP, COS to the Chairman & CEO | Tax withheld | 316 | $149.6K |
| Mar 14, 2026 | YAZDI CYNTHIA SVP, COS to the Chairman & CEO | Option exercise | 725 | $0 |
| Mar 14, 2026 | NAIK RAJAN SVP, Strategy & Ventures | Tax withheld | 398 | $188.2K |
| Mar 14, 2026 | MOORE KATHRYN A SVP, HUMAN RESOURCES | Tax withheld | 88 | $41.7K |
| Mar 14, 2026 | NAIK RAJAN SVP, Strategy & Ventures | Option exercise | 882 | $0 |
| Mar 14, 2026 | SAPTHARISHI MAHESH EVP and CTO | Tax withheld | 853 | $403.5K |
| Mar 14, 2026 | MOLLOY JOHN P EVP and COO | Tax withheld | 851 | $402.4K |
| Mar 14, 2026 | MAHER KATHERINE A CVP and CAO | Tax withheld | 59 | $28.1K |
| Mar 14, 2026 | MOLLOY JOHN P EVP and COO | Option exercise | 1,920 | $0 |
| Mar 14, 2026 | SAPTHARISHI MAHESH EVP and CTO | Option exercise | 1,764 | $0 |
| Mar 14, 2026 | NIEWIARA JAMES A SVP, GENERAL COUNSEL | Option exercise | 705 | $0 |
| Mar 13, 2026 | SAPTHARISHI MAHESH EVP and CTO | Tax withheld | 613 | $289.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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