Emerson Electric (EMR) Q2 FY2026 earnings: revenue $4.6 billion, up 2.9% on the year

Emerson Electric Co. (EMR) reported revenue of $4.6 billion for Q2 FY2026, the quarter ended 31 March 2026, up 2.9% on the same quarter a year earlier. Net income was $618 million, up 27.4% on the year, and diluted earnings per share $1.10. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue

$4.6 billion

+2.9% on the year · +5.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$618 million

+27.4% on the year · +2.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.10

+27.9% on the year · +2.8% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 lowered, 2 narrowed, 9 new, 7 kept.

Net sales rose 3 percent reported: Net sales were $4,562 million against $4,432 million, up 3% reported and 0.5% underlying. Six-month net sales were $8,908 million against $8,608 million.
GAAP and adjusted EPS both grew: GAAP diluted EPS was $1.10 against $0.86, up 28%. Adjusted EPS was $1.54 against $1.48, up 4%. Six-month diluted EPS was $2.17 against $1.88.
Test & Measurement sales grew most: Test & Measurement sales were $414 million, up 16% reported and 12% underlying. Its adjusted segment margin was 26.3% against 24.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	4,562	4,346	4,432	+5.0%	+2.9%
Cost of revenue	2,140	2,035	2,061	+5.2%	+3.8%
Gross profit	2,422	2,311	2,371	+4.8%	+2.2%
Gross margin	53.1%	53.2%	53.5%
Selling, general and administrative	1,316	1,242	1,283	+6.0%	+2.6%
Interest expense	84.0	90.0	41.0	-6.7%	+104.9%
Pre-tax income	793	775	629	+2.3%	+26.1%
Income tax	175	169	199	+3.6%	-12.1%
Effective tax rate	22.1%	21.8%	31.6%
Net income	618	605	485	+2.1%	+27.4%
Net margin	13.5%	13.9%	10.9%
Diluted EPS	$1.10	$1.07	$0.86	+2.8%	+27.9%

$ million except per share.

Free 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

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	779	699	241	+11.4%	+223.2%
Capital expenditure	85.0	97.0	87.0	-12.4%	-2.3%
Free cash flow	694	602	154	+15.3%	+350.6%
Free cash flow margin	15.2%	13.9%	3.5%
Cash from investing	-81.0	-125	-122
Cash from financing	-649	-364	-1,091
Depreciation and amortisation	369	359	384	+2.8%	-3.9%
Share-based compensation	4.0	55.0	9.0	-92.7%	-55.6%
Buybacks	292	250	223	+16.8%	+30.9%
Dividends paid	312	312	297	0.0%	+5.1%
Dividend per share	$0.56	$0.56	$0.53	0.0%	+5.2%
Diluted shares, weighted	563m	564m	565m	-0.2%	-0.4%
Shares outstanding at period end	560m	562m	562m	-0.3%	-0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	20,303	20,277	19,249	+0.1%	+5.5%
Non-controlling interest	16.0	15.0	17.0	+6.7%	-5.9%
Debt	13,359	13,407	14,363	-0.4%	-7.0%
Operating lease liabilities	554	513	488	+8.0%	+13.5%
Other liabilities	7,856	7,727	7,861	+1.7%	-0.1%
Total liabilities and equity	42,088	41,939	41,978	+0.4%	+0.3%
Fixed assets	2,850	2,867	2,757	-0.6%	+3.4%
Goodwill	18,153	18,182	17,999	-0.2%	+0.9%
Intangible assets	8,954	9,205	9,823	-2.7%	-8.8%
Cash and equivalents	1,791	1,748	1,887	+2.5%	-5.1%
Receivables	3,158	2,972	2,901	+6.3%	+8.9%
Inventory	2,452	2,353	2,216	+4.2%	+10.6%
Other assets	4,730	4,612	4,395	+2.6%	+7.6%
Total assets	42,088	41,939	41,978	+0.4%	+0.3%

Questions

What was Emerson Electric's revenue in Q2 FY2026?

Emerson Electric (EMR) reported revenue of $4.6 billion for Q2 FY2026, the quarter ended 31 March 2026, up 2.9% on the same quarter a year earlier.

How much did Emerson Electric earn in Q2 FY2026?

Net income for Q2 FY2026 was $618 million, up 27.4% on the year, and diluted earnings per share $1.10.

When did Emerson Electric report Q2 FY2026 results?

Emerson Electric filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 5 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,947	3,156	3,291	3,465	3,892	3,373	3,756	3,946	4,090	4,117	4,376	4,380	4,619	4,175	4,432	4,553	4,855	4,346	4,562	4,873
Cost of revenue	2,951	1,741	1,815	1,879	3,043	1,753	1,955	1,952	2,078	2,201	2,092	2,066	2,248	1,940	2,061	2,160	2,336	2,035	2,140	2,218
Gross profit	1,996	1,415	1,476	1,586	1,829	1,620	1,801	1,994	2,012	1,916	2,284	2,314	2,371	2,235	2,371	2,393	2,520	2,311	2,422	2,655
Gross margin	40%	45%	45%	46%	47%	48%	48%	51%	49%	47%	52%	53%	51%	54%	53%	53%	52%	53%	53%	54%
SG&A	1,054	849	888	894	1,136	1,030	1,000	1,042	1,114	1,277	1,296	1,254	1,315	1,224	1,283	1,266	1,330	1,242	1,316	1,343
Interest expense	n/a	39.0	51.0	50.0	53.0	48.0	53.0	10.0	-77.0	44.0	57.0	56.0	18.0	8.0	41.0	95.0	93.0	90.0	84.0	85.0
Pre-tax income	828	942	509	378	904	422	639	822	904	175	711	455	679	775	629	734	796	775	793	916
Tax rate	19%	21%	16%	33%	22%	23%	21%	20%	23%	9%	23%	19%	22%	23%	32%	21%	20%	22%	22%	22%
Net income	670	896	674	921	740	2,331	792	9,352	744	142	501	329	996	585	485	586	637	605	618	718
Net margin	14%	28%	20%	27%	19%	69%	21%	237%	18%	3%	11%	8%	22%	14%	11%	13%	13%	14%	14%	15%
Diluted EPS	$1.11	$1.50	$1.13	$1.54	$1.24	$3.97	$1.38	$16.28	$1.29	$0.25	$0.87	$0.57	$1.73	$1.02	$0.86	$1.04	$1.12	$1.07	$1.10	$1.28
Operating cash flow	855	523	442	740	1,217	418	68.0	794	-643	415	743	1,090	1,084	777	241	1,070	1,010	699	779	1,424
Capital expenditure	231	73.0	109	110	196	59.0	62.0	73.0	169	77.0	82.0	92.0	168	83.0	87.0	93.0	168	97.0	85.0	102
Free cash flow	624	450	333	630	1,021	359	6.0	721	-812	338	661	998	916	694	154	977	842	602	694	1,322
Buybacks	232	253	32.0	133	82.0	2,000	0.0	0.0	0.0	175	0.0	0.0	260	899	223	25.0	20.0	250	292	356
Dividends paid	301	307	306	305	305	306	297	297	298	300	300	301	300	301	297	297	297	312	312	311
Shares outstanding	596m	594m	594m	592m	591m	571m	572m	572m	572m	572m	572m	573m	570m	564m	562m	563m	563m	562m	560m	558m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 5 May 2026: the filing.