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Emerson Electric (EMR) FY2025 results: revenue $18.0 billion, up 3.0% on the year

Emerson Electric Co. (EMR) reported revenue of $18.0 billion for fiscal 2025, the year ended 30 September 2025, up 3.0% on the year before. Net income was $2.3 billion, up 16.5%, and diluted earnings per share $4.04. The figures are the company's own, from the 10-K it filed with the SEC on 10 November 2025.

Revenue
$18.0 billion
+3.0% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$2.3 billion
+16.5% on the year
FY2018FY2025
Diluted EPS
$4.04
+17.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Emerson sells industrial automation: the instruments that measure what is happening inside a plant, the valves and actuators that act on it, and the control systems and software that sit between them. Its customers are process, hybrid and discrete manufacturers. The financial year ends on 30 September. Sales by destination in 2025 were 51 percent in the Americas, 30 percent in Asia, the Middle East and Africa, of which China was 10 percent, and 19 percent in Europe. There are six segments in two business groups: Intelligent Devices holds Final Control, Measurement and Analytical, Discrete Automation and Safety and Productivity; Software and Control holds Control Systems and Software and Test and Measurement.

Emerson Electric Co., the 10-K for 2025

Emerson sells industrial automation: the instruments that measure what is happening inside a plant, the valves and actuators that act on it, and the control systems and software that sit between them. Its customers are process, hybrid and discrete manufacturers. The financial year ends on 30 September. Sales by destination in 2025 were 51 percent in the Americas, 30 percent in Asia, the Middle East and Africa, of which China was 10 percent, and 19 percent in Europe. There are six segments in two business groups: Intelligent Devices holds Final Control, Measurement and Analytical, Discrete Automation and Safety and Productivity; Software and Control holds Control Systems and Software and Test and Measurement.

Intelligent Devices

Final Control makes the equipment that moves fluid on command from a control system: control, isolation and shutoff valves, pressure relief and pressure safety valves, actuators and regulators, under brands including Fisher, Crosby, Bettis, Keystone, Anderson Greenwood, KTM and Vanessa. Measurement and Analytical makes the instruments that read the physical properties of liquids and gases, covering pressure, temperature, level, flow, acoustics, corrosion, pH, conductivity, water quality, toxic gases and flame, and passes that data to the control systems; brands include Rosemount, Micro Motion and Flexim. Discrete Automation serves factory rather than process industries with solenoid and pneumatic valves, cylinders and actuators, air preparation equipment, pressure and temperature switches, electric linear motion, programmable automation control, electrical distribution equipment and materials joining, under brands including ASCO, Aventics, Branson, PACSystems, Appleton, TopWorx, TESCOM, Afag, Movicon and SolaHD. Safety and Productivity sells hand and power tools to trades and homeowners: pipe wrenches and cutters, threading and roll grooving equipment, battery hydraulic press tools, drain cleaners, sewer inspection cameras, conduit benders, cable pulling and crimping equipment, hole-making tools, water jetters and vacuums, under RIDGID, Greenlee, Klauke and ProTeam.

Software and Control

Control Systems and Software is the layer that reads the measurements, works out the right settings and moves the valves, pumps, motors and drives: distributed control systems, safety instrumented systems, SCADA, application software, digital twins, asset performance management and cybersecurity, sold as DeltaV and Ovation. AspenTech sits in this segment and supplies asset optimisation software, applying modelling, simulation, optimisation and analytics so a plant can be designed, run and maintained against its own performance targets. Test and Measurement is the former National Instruments business, supplying software-connected automated test and measurement systems, modular instrumentation, data acquisition and control, and general-purpose development software.

How the portfolio got here

Four transactions reshaped the company. In October 2022 the InSinkErator food waste disposer business was sold to Whirlpool for $3.0 billion. In May 2023 a majority stake in Climate Technologies, renamed Copeland, went to private equity funds managed by Blackstone in a $14.0 billion transaction, bringing roughly $9.7 billion of upfront pre-tax cash and a note with a face value of $2.25 billion while Emerson kept 40 percent of the new joint venture; in August 2024 that 40 percent was sold to the same funds for $1.5 billion and the note was sold back to Copeland for $1.9 billion. In October 2023 National Instruments was bought at an equity value of $8.2 billion. In March 2025 Emerson bought the AspenTech shares it did not already own for approximately $7.2 billion, making it a wholly owned subsidiary and folding what had been a separate segment into Control Systems and Software.

The order book, selling and supply

Total backlog was $8,448 million at the end of 2025 against $8,629 million a year earlier, split $4,491 million in Intelligent Devices and $3,957 million in Software and Control. Most products go out through a direct sales force, with independent sales representatives and, to a smaller extent, distributors buying for resale. Research and development, engineering expense and customer-funded engineering together came to 8.1 percent of sales in both 2025 and 2024, against 6.9 percent in 2023. The main raw materials are steel, cast iron, electronics, rare earth metals, aluminium and brass, with plastics and petroleum-based chemicals behind them, and the company deliberately keeps several sources for each so it does not depend on one supplier. No single company competes with Emerson across all its product lines, and the number of competitors varies line by line. There were approximately 71,000 employees at 30 September 2025.

From Emerson's annual report on Form 10-K for the year ended 30 September 2025. The filing

Written from the 10-K filed 10 November 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue18,01617,49215,165+3.0%
Cost of revenue8,4978,6077,738-1.3%
Gross profit9,5198,8857,427+7.1%
Gross margin52.8%50.8%49.0%
Research and development771781523-1.3%
Selling, general and administrative5,1035,1424,186-0.8%
Interest expense23717534.0+35.4%
Pre-tax income2,9342,0202,903+45.2%
Income tax696415642+67.7%
Effective tax rate23.7%20.5%22.1%
Net income2,2931,96813,219+16.5%
Net margin12.7%11.3%87.2%
Diluted EPS$4.04$3.43$22.88+17.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,0983,332637-7.0%
Capital expenditure431419363+2.9%
Free cash flow2,6672,913274-8.4%
Free cash flow margin14.8%16.7%1.8%
Cash from investing-593-5,36012,415
Cash from financing-4,510-2,455-6,823
Depreciation and amortisation1,5181,6891,051-10.1%
Share-based compensation263260250+1.2%
Buybacks1,1674352,000+168.3%
Dividends paid1,1921,2011,198-0.7%
Dividend per share$2.11$2.10$2.08+0.5%
Diluted shares, weighted567m574m577m-1.3%
Shares outstanding at period end563m570m572m-1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity20,28221,63620,689-6.3%
Non-controlling interest16.05,8735,909-99.7%
Debt13,1167,6878,156+70.6%
Operating lease liabilities505511404-1.2%
Other liabilities8,0458,5397,588-5.8%
Total liabilities and equity41,96444,24642,746-5.2%
Fixed assets2,8712,8072,363+2.3%
Goodwill18,19318,06714,480+0.7%
Intangible assets9,45810,4366,263-9.4%
Cash and equivalents1,5443,5888,051-57.0%
Receivables3,1012,9272,518+5.9%
Inventory2,2132,1802,006+1.5%
Other assets4,5844,2417,065+8.1%
Total assets41,96444,24642,746-5.2%

10-K for the year ended 30 September 2025, filed 10 November 2025: the filing.