Emerson Electric Co.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 August 2026: press release. Guidance figures: 10 raised, 9 new, 2 kept. The quarter’s numbers.

Key takeaways

Sales up 7%, underlying up 6%: Net sales were $4,873 million, up 7% from $4,553 million. Underlying sales rose 6%, excluding currency and significant acquisitions and divestitures. Source
Pretax margin up 270 basis points: Pretax earnings were $916 million against $734 million, giving an 18.8% margin against 16.1% a year earlier. Source
Adjusted EPS up 13%: Adjusted EPS was $1.71 against $1.52. GAAP diluted EPS was $1.28 against $1.03, up 24%. Source
Software & Systems sales up 11%: Software & Systems sales were $1,644 million, up 11%. Test & Measurement rose 23% to $445 million; Control Systems & Software rose 7% to $1,199 million. Source
Segment EBITA margin reached 28.5%: Adjusted total segment EBITA was $1,387 million, a 28.5% margin against 27.1% a year earlier, up 140 basis points. Source
Underlying orders up 7%: Underlying orders rose 7%, excluding AspenTech, with Software & Systems leading the growth according to management. Source
Operating cash flow up 34%: Operating cash flow was $1,425 million against $1,062 million. Free cash flow was $1,323 million against $970 million, up 36%. Source

“Emerson had an outstanding third quarter with sales, margin expansion, earnings and cash flow all exceeding expectations”
Emerson President and Chief Executive Officer Lal Karsanbhai

Guidance

Area	Period	Figure	Against last quarter
Net sales growth Source	Fiscal 2026	~5%	Raised from ~4.5%
Net sales growth Source	Fourth quarter of 2026	~5%	New
Underlying sales growth Source	Fiscal 2026	~3.5%	Raised from ~3%
Underlying sales growth Source	Fourth quarter of 2026	~5%	New
Diluted EPS (GAAP) Source	Fiscal 2026	~$4.89	Raised from $4.79 - $4.89
Diluted EPS (GAAP) Source	Fourth quarter of 2026	~$1.45	New
Adjusted EPS Source	Fiscal 2026	~$6.55	Raised from $6.45 - $6.55
Adjusted EPS Source	Fourth quarter of 2026	~$1.85	New
Amortization of intangibles per share Source	Fiscal 2026	~$1.39	Raised from ~$1.38
Amortization of intangibles per share Source	Fourth quarter of 2026	~$0.34	New
Restructuring and related costs per share Source	Fiscal 2026	~$0.24	Raised from ~$0.18
Restructuring and related costs per share Source	Fourth quarter of 2026	~$0.03	New
Acquisition/divestiture fees per share Source	Fiscal 2026	~$0.09	Raised from ~$0.06
Acquisition/divestiture fees per share Source	Fourth quarter of 2026	~$0.01	New
Discrete taxes per share Source	Fiscal 2026	~$0.05	Raised from ~$0.04
Discrete taxes per share Source	Fourth quarter of 2026	~$0.02	New
IEEPA tariff refunds per share Source	Fiscal 2026	~($0.11)	New
Operating cash flow Source	Fiscal 2026	~$4.1B	Raised from $4.0B - $4.1B
Free cash flow Source	Fiscal 2026	~$3.6B	Raised from $3.5B - $3.6B
Capital expenditures Source	Fiscal 2026	~(0.45)	Kept
Capital returned to shareholders Source	Fiscal 2026	~$2.2B through ~$1B share repurchases and ~$1.2B of dividends	Kept

What changed from last quarter

Guidance raised: Full-year 2026 guidance raised across net sales, underlying sales, EPS and cash flow. Source
New guidance: Fourth-quarter 2026 guidance columns added to the guidance table; the prior release showed third-quarter guidance. Source
New: IEEPA tariff refunds added as an adjusted EPS reconciling item of about $0.11 per share for the full year. Source

Results and growth drivers

Sales up 7%, underlying up 6%: Net sales were $4,873 million, up 7% from $4,553 million. Underlying sales rose 6%, excluding currency and significant acquisitions and divestitures. Source
Pretax margin up 270 basis points: Pretax earnings were $916 million against $734 million, giving an 18.8% margin against 16.1% a year earlier. Source
Adjusted EPS up 13%: Adjusted EPS was $1.71 against $1.52. GAAP diluted EPS was $1.28 against $1.03, up 24%. Source
Nine-month sales up 5%: Nine-month net sales were $13,781 million against $13,161 million, up 5% reported and 3% underlying. Source

Segments and geography

Software & Systems sales up 11%: Software & Systems sales were $1,644 million, up 11%. Test & Measurement rose 23% to $445 million; Control Systems & Software rose 7% to $1,199 million. Source
Intelligent Devices up 6%: Intelligent Devices sales were $2,677 million, up 6% reported and 5% underlying. Sensors rose 8% reported and Final Control rose 4% reported. Source
Safety & Productivity up 3%: Safety & Productivity sales were $552 million, up 3% reported and 2% underlying. Source
Americas and Asia up 8%: Quarterly sales growth by geography was 8% in the Americas, down 1% in Europe, and 8% in Asia, Middle East & Africa, all shown as reported. Source

“Demand was robust, with underlying orders up 7%, led by Software & Systems and broad-based growth in North America and Asia.”
Emerson President and Chief Executive Officer Lal Karsanbhai

Margins and cost lines

Segment EBITA margin reached 28.5%: Adjusted total segment EBITA was $1,387 million, a 28.5% margin against 27.1% a year earlier, up 140 basis points. Source
Test & Measurement margin up sharply: Test & Measurement adjusted EBITA margin was 29.6% against 22.4%. Control Systems & Software margin fell to 32.6% from 35.2%. Source
Intelligent Devices margin 27.9%: Intelligent Devices adjusted EBITA margin was 27.9% against 25.5%. Sensors was 29.7% and Final Control was 26.7%. Source
Tariff refunds lowered corporate costs: Corporate and other included an $82 million benefit from IEEPA tariff refunds. Acquisition and divestiture costs were $28 million. Source
Restructuring costs rose to $99 million: Restructuring and related costs were $99 million against $41 million a year earlier. Final Control accounted for $48 million of the segment total. Source

Demand and orders

Underlying orders up 7%: Underlying orders rose 7%, excluding AspenTech, with Software & Systems leading the growth according to management. Source
Secular tailwinds support growth verticals: Management said secular tailwinds continue to support sustained investment in its growth verticals. Source
Second-quarter orders up 5%: In the second quarter, underlying orders were up 5%, led by Software & Systems, with sustained momentum in growth verticals.
Middle East conflict hit second-quarter sales: In the second quarter, management said sales were impacted by the conflict in the Middle East, while margins exceeded expectations.

“We are raising our full year guidance, reflecting our strong third quarter performance and healthy demand.”
Emerson President and Chief Executive Officer Lal Karsanbhai

Cash flow and capital returns

Operating cash flow up 34%: Operating cash flow was $1,425 million against $1,062 million. Free cash flow was $1,323 million against $970 million, up 36%. Source
Nine-month capital expenditures rose: Nine-month capital expenditures were $284 million against $263 million a year earlier. Source
Nine-month buybacks and dividends: Purchases of common stock were $898 million for the nine months against $1,147 million. Dividends paid were $935 million against $895 million. Source
Working capital absorbed cash: Changes in operating working capital used $320 million in the nine months against $80 million a year earlier. Cash from continuing operations was $2,902 million. Source

Balance sheet and debt

Cash rose to $2.18 billion: Cash and equivalents were $2,180 million at June 30, 2026, against $1,791 million at March 31, 2026 and $1,544 million at September 30, 2025. Source
Short-term borrowings reduced: Short-term borrowings and current maturities were $5,587 million, against $5,804 million at March 31. Long-term debt was $7,526 million against $7,555 million. Source
Intangible assets declined: Other intangible assets were $8,686 million at June 30, against $8,954 million at March 31. Source

Coming up, as management said on 4 August 2026

Quarterly dividend payable September 10: Quarterly dividend of $0.555 per share, record date August 14, payment date September 10, 2026. Source
Fiscal 2027 look-ahead: Management said the company will look ahead to 2027 from a solid foundation as 2026 ends. Source

Figures management reported

Figure	Reported
Underlying orders Source	7%
Underlying sales growth Source	6%

Risks management discussed

External: Management described the Middle East conflict as fluid and said the company is supporting customers around the world. Source

Earlier plans management reported on

Not stated: The second-quarter release said 2026 was developing largely as expected, with a second half supported by orders momentum and backlog.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Emerson Reports Third Quarter 2026 Results; Raises 2026 Outlook

ST. LOUIS, August 4, 2026 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results for its third quarter ended June 30, 2026 and updated its full year outlook for fiscal 2026. Emerson also declared a quarterly cash dividend of $0.555 per share of common stock payable September 10, 2026 to stockholders of record on August 14, 2026.

(dollars in millions, except per share)	2025 Q3	2026 Q3	Change
Underlying Orders			7%
Net Sales	$4,553	$4,873	7%
Underlying Sales			6%
Pretax Earnings	$734	$916
Margin	16.1%	18.8%	270 bps
Adjusted Segment EBITA	$1,232	$1,387
Margin	27.1%	28.5%	140 bps
GAAP Earnings Per Share	$1.03	$1.28	24%
Adjusted Earnings Per Share	$1.52	$1.71	13%
Operating Cash Flow	$1,062	$1,425	34%
Free Cash Flow	$970	$1,323	36%

Management Commentary

“Emerson had an outstanding third quarter with sales, margin expansion, earnings and cash flow all exceeding expectations," said Emerson President and Chief Executive Officer Lal Karsanbhai. "Demand was robust, with underlying orders up 7%, led by Software & Systems and broad-based growth in North America and Asia. The conflict in the Middle East remains fluid, and I am proud of our team's ability to deliver results and support our customers around the world."

Karsanbhai continued, "We are raising our full year guidance, reflecting our strong third quarter performance and healthy demand. Secular tailwinds continue to support sustained investment in our growth verticals and provide a solid foundation as we finish 2026 and look ahead to 2027."

2026 Outlook

The following tables summarize the fiscal year 2026 guidance framework. As we pivot capital allocation to returning cash to shareholders, the 2026 outlook assumes returning ~$2.2B through ~$1B share repurchases and ~$1.2B of dividends.

Guidance figures are approximate.	2026 Q4	2026
Net Sales Growth	~5%	~5%
Underlying Sales Growth	~5%	~3.5%
Earnings Per Share	~$1.45	~$4.89
Amortization of intangibles	~$0.34	~$1.39
Restructuring and related costs	~$0.03	~$0.24
Acquisition/divestiture fees and related costs	~$0.01	~$0.09
Discrete taxes	~$0.02	~$0.05
IEEPA tariff refunds	-	~($0.11)
Adjusted Earnings Per Share	~$1.85	~$6.55
Operating Cash Flow		~$4.1B
Free Cash Flow		~$3.6B

Results are presented on a continuing operations basis.

Underlying orders do not include AspenTech.

Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures.

Adjusted segment EBITA represents segment earnings excluding restructuring and intangibles amortization expense.

Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, first year purchase accounting related items and transaction-related costs, discrete taxes and certain gains, losses or impairments.

Conference Call

Today, beginning at 3:30 p.m. Central Time / 4:30 p.m. Eastern Time, Emerson management will discuss the third quarter results during an investor conference call. Participants can access a live webcast available at https://ir.emerson.com at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

About Emerson

Emerson (NYSE: EMR) is a global automation leader delivering solutions for the most demanding technology challenges. Headquartered in St. Louis, Missouri, Emerson is engineering the autonomous future, enabling customers to optimize operations and accelerate innovation. For more information, visit Emerson.com.

Forward-Looking and Cautionary Statements

Forward-looking statements notice

Statements in this press release that are not strictly historical may be “forward-looking” statements, which represent management’s expectations, based on currently available information. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Any forward-looking statements in this press release speak only as of the date of this press release. Emerson undertakes no obligation to update any such statements to reflect new information or later developments. Examples of risks and uncertainties that may cause our actual results or performance to be materially different from those expressed or implied by forward looking statements include the scope, duration and ultimate impacts of the Russia-Ukraine, Middle East and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

Emerson uses our Investor Relations website, https://ir.emerson.com, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation

FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases,

SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

(tables attached)

							Table 1
	Quarter Ended June 30,				Nine Months Ended June 30,
	2025		2026		2025		2026
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
Net sales	$4,553		$4,873		$13,161		$13,781
Cost of sales	2,160		2,218		6,161		6,393
SG&A expenses	1,266		1,343		3,773		3,902
Other deductions, net	298		311		944		744
Interest expense, net	95		85		145		258
Earnings from continuing operations before income taxes	734		916		2,138		2,484
Income taxes	154		198		536		542
Earnings from continuing operations	580		718		1,602		1,942
Discontinued operations, net of tax	6		-		7		-
Net earnings	586		718		1,609		1,942
Less: Noncontrolling interests in subsidiaries	-		-		(48)		1
Net earnings common stockholders	$586		$718		$1,657		$1,941
Earnings common stockholders
Earnings from continuing operations	580		718		1,650		1,941
Discontinued operations	6		-		7		-
Net earnings common stockholders	$586		$718		$1,657		$1,941
Diluted avg. shares outstanding	564.7		561.1		567.1		562.7
Diluted earnings per share common stockholders
Earnings from continuing operations	$1.03		$1.28		$2.91		$3.45
Discontinued operations	0.01		-		0.01		-
Diluted earnings per common share	$1.04		$1.28		$2.92		$3.45
	Quarter Ended June 30,				Nine Months Ended June 30,
		2025		2026		2025		2026
Other deductions, net
Amortization of intangibles	$219		$204		$677		$613
Restructuring costs	37		87		70		141
Other	42		20		197		(10)
Total	$298		$311		$944		$744

		Table 2
	Sept 30, 2025	June 30, 2026
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS, UNAUDITED)
Assets
Cash and equivalents	$1,544	$2,180
Receivables, net	3,101	3,057
Inventories	2,213	2,513
Other current assets	1,725	1,905
Total current assets	8,583	9,655
Property, plant & equipment, net	2,871	2,861
Goodwill	18,193	18,122
Other intangible assets	9,458	8,686
Other	2,859	2,884
Total assets	$41,964	$42,208
Liabilities and equity
Short-term borrowings and current maturities of long-term debt	$4,797	$5,587
Accounts payable	1,384	1,613
Accrued expenses	3,616	3,572
Total current liabilities	9,797	10,772
Long-term debt	8,319	7,526
Other liabilities	3,550	3,516
Equity
Common stockholders' equity	20,282	20,379
Noncontrolling interests in subsidiaries	16	15
Total equity	20,298	20,394
Total liabilities and equity	$41,964	$42,208

			Table 3
	Nine Months Ended June 30,
	2025		2026
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS, UNAUDITED)
Operating activities
Net earnings	$1,609		$1,942
Earnings from discontinued operations, net of tax	(7)		-
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,139		1,105
Stock compensation	198		181
Changes in operating working capital	(80)		(320)
Other, net	(195)		(6)
Cash from continuing operations		2,664		2,902
Cash from discontinued operations		(576)		-
Cash provided by operating activities		2,088		2,902
Investing activities
Capital expenditures	(263)		(284)
Purchases of businesses, net of cash and equivalents acquired	(36)		-
Other, net	(94)		(38)
Cash used in investing activities	(393)		(322)
Financing activities
Net increase in short-term borrowings	1,419		1,434
Proceeds from short-term borrowings greater than three months	5,292		6,229
Payments of short-term borrowings greater than three months	(1,349)		(7,028)
Proceeds from long-term debt	1,544		-
Payments of long-term debt	(503)		(588)
Dividends paid	(895)		(935)
Purchases of common stock	(1,147)		(898)
Purchase of noncontrolling interest	(7,244)		-
Settlement of AspenTech share awards	(76)		-
Other, net	(60)		(134)
Cash used in financing activities	(3,019)		(1,920)
Effect of exchange rate changes on cash and equivalents	(45)		(24)
Increase (decrease) in cash and equivalents	(1,369)		636
Beginning cash and equivalents	3,588		1,544
Ending cash and equivalents	$2,219		$2,180

Table 4

SEGMENT SALES AND EARNINGS

(DOLLARS IN MILLIONS, UNAUDITED)

The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended to supplement the Company's results of operations, including its segment earnings which are defined as earnings before interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA, and adjusted segment and total segment EBITA margin are measures used by management and may be useful for investors to evaluate the Company's segments' operational performance.

	Quarter Ended June 30,
	2025	2026	Reported	Underlying
Sales
Control Systems & Software	$1,120	$1,199	7%	7%
Test & Measurement	360	445	23%	23%
Software & Systems	$1,480	$1,644	11%	11%
Sensors	1,013	1,091	8%	7%
Final Control	1,522	1,586	4%	3%
Intelligent Devices	$2,535	$2,677	6%	5%
Safety & Productivity	$538	$552	3%	2%
Total	$4,553	$4,873	7%	6%

	Quarter Ended June 30,
Sales Growth by Geography
Americas	8%
Europe	(1)%
Asia, Middle East & Africa	8%

	Nine Months Ended June 30,
	2025	2026	Reported	Underlying
Sales
Control Systems & Software	$3,235	$3,332	3%	2%
Test & Measurement	1,077	1,268	18%	15%
Software & Systems	$4,312	$4,600	7%	5%
Sensors	2,986	3,111	4%	2%
Final Control	4,315	4,469	4%	2%
Intelligent Devices	$7,301	$7,580	4%	2%
Safety & Productivity	$1,548	$1,601	3%	2%
Total	$13,161	$13,781	5%	3%

	Nine Months Ended June 30,
Sales Growth by Geography
Americas	6%
Europe	(1)%
Asia, Middle East & Africa	1%

	Quarter Ended June 30,				Quarter Ended June 30,
	2025				2026
	As Reported (GAAP)		Adjusted EBITA (Non-GAAP)		As Reported (GAAP)		Adjusted EBITA (Non-GAAP)
Earnings
Control Systems & Software		$271		$393		$285		$391
Margins	24.2%		35.2%		23.8%		32.6%
Test & Measurement	(26)		81		11		132
Margins	(7.2)%		22.4%		2.6%		29.6%
Software & Systems		$245		$474		$296		$523
Margins	16.6%		32.1%		18.0%		31.8%
Sensors	246		259		303		323
Margins	24.2%		25.5%		27.7%		29.7%
Final Control	351		389		349		424
Margins	23.1%		25.5%		22.0%		26.7%
Intelligent Devices		$597		$648		$652		$747
Margins	23.5%		25.5%		24.3%		27.9%
Safety & Productivity		$103		$110		$93		$117
Margins	19.2%		20.4%		16.9%		21.2%
Corporate items and interest expense, net:
Stock compensation	(71)		(45)		(68)		(64)
Unallocated pension and postretirement costs	27		27		29		29
Corporate and other	(72)		(31)		(1)		(49)
Interest expense, net	(95)		-		(85)		-
Pretax Earnings / Adjusted EBITA		$734		$1,183		$916		$1,303
Margins	16.1%		26.0%		18.8%		26.7%
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA				$1,232				$1,387
Margins			27.1%				28.5%

	Quarter Ended June 30,			Quarter Ended June 30,
	2025			2026
	Amortization of Intangibles	Restructuring and Related Costs		Amortization of Intangibles	Restructuring and Related Costs
Control Systems & Software	$114	$8		$100	$6
Test & Measurement	107	-		108	13
Software & Systems	$221	$8		$208	$19
Sensors	11	2		11	9
Final Control	30	8		27	48
Intelligent Devices	$41	$10		$38	$57
Safety & Productivity	$7	$ -		$7	$17
Corporate	-	23	3	-	6
Total	$269	$41		$253	$99
Amortization of intangibles includes $50 and $49 reported in cost of sales for the three months ended June 30, 2025 and 2026, respectively.
Restructuring and related costs includes $4 and $12 reported in cost of sales and selling, general and administrative expenses for the three months ended June 30, 2025 and 2026, respectively.
Corporate restructuring and related costs of $23 for the three months ended June 30, 2025 includes $20 related to integration-related stock compensation expense attributable to AspenTech.

	Quarter Ended June 30,
Depreciation and Amortization		2025		2026
Control Systems & Software	$135		$128
Test & Measurement	119		120
Software & Systems	254		248
Sensors	32		34
Final Control	56		56
Intelligent Devices	88		90
Safety & Productivity	19		27
Corporate	11		12
Total	$372		$377

Table 5

ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL

(DOLLARS IN MILLIONS, UNAUDITED)

The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis. The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. This metric is useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.

	Quarter Ended June 30,
	2025	2026
Stock compensation (GAAP)	$(71)	$(68)
Integration-related stock compensation expense	26	4
Adjusted stock compensation (non-GAAP)	$(45)	$(64)

	Quarter Ended June 30,
	2025		2026
Corporate and other (GAAP)	$(72)		$(1)
Corporate restructuring and related costs	3		6
Acquisition / divestiture costs	38		28
IEEPA tariff refunds		-	(82)
Adjusted corporate and other (non-GAAP)	$(31)		$(49)
Integration-related stock compensation expense for the three months ended June 30, 2025 includes $24 related to AspenTech of which $20 is reported as restructuring costs, and $2 related to NI.

Table 6

ADJUSTED EBITA & EPS SUPPLEMENTAL

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis, are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring and related costs, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring and related costs, first year purchase accounting related items and transaction-related costs, discrete taxes, and certain gains, losses or impairments. Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for investors to evaluate the Company's operational performance.

	Quarter Ended June 30,
	2025		2026
Pretax earnings		$734		$916
Percent of sales	16.1%		18.8%
Interest expense, net		95		85
Amortization of intangibles		269		253
Restructuring and related costs		41		99
Acquisition/divestiture fees and related costs		44		32
IEEPA tariff refunds		-		(82)
Adjusted EBITA		$1,183		$1,303
Percent of sales	26.0%		26.7%
	Quarter Ended June 30,
		2025		2026
GAAP earnings from continuing operations per share		$1.03		$1.28
Amortization of intangibles		0.37		0.35
Restructuring and related costs		0.06		0.13
Acquisition/divestiture fees and related costs		0.06		0.05
Discrete taxes		-		0.01
IEEPA tariff refunds		-		(0.11)
Adjusted earnings from continuing operations per share		$1.52		$1.71

Table 6 cont.

	Pretax Earnings		Income Taxes		Earnings from Cont. Ops.		Non-Controlling Interests	Net Earnings Common Stockholders		Diluted Earnings Per Share
Quarter Ended June 30, 2026
As reported (GAAP)	$916		$198		$718		$ -	$718		$1.28
Amortization of intangibles		253		59		194	-		194		0.35
Restructuring and related costs		99		25		74	-		74		0.13
Acquisition/divestiture fees and related costs		32		2		30	-		30		0.05
Discrete taxes		-		(7)		7	-		7		0.01
IEEPA tariff refunds		(82)		(19)		(63)	-		(63)		(0.11)
Adjusted (non-GAAP)	$1,218		$258		$960		$ -	$960		$1.71
Interest expense, net	85
Adjusted EBITA (non-GAAP)	$1,303
Amortization of intangibles includes $49 reported in cost of sales.
Restructuring and related costs includes $12 reported in cost of sales and selling, general and administrative expenses.

Reconciliations of Non-GAAP Financial Measures & Other	Table 7
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 6 for additional non-GAAP reconciliations.

2026 Q3 Underlying Sales Change	Reported	(Favorable) / Unfavorable FX	(Acquisitions) / Divestitures	Underlying
Control Systems & Software	7%	- %	- %	7%
Test & Measurement	23%	- %	- %	23%
Software & Systems	11%	- %	- %	11%
Sensors	8%	(1)%	- %	7%
Final Control	4%	(1)%	- %	3%
Intelligent Devices	6%	(1)%	- %	5%
Safety & Productivity	3%	(1)%	- %	2%
Emerson	7%	(1)%	- %	6%

Nine Months Ended June 30, 2026 Underlying Sales Change	Reported	(Favorable) / Unfavorable FX	(Acquisitions) / Divestitures	Underlying
Control Systems & Software	3%	(1)%	- %	2%
Test & Measurement	18%	(3)%	- %	15%
Software & Systems	7%	(2)%	- %	5%
Sensors	4%	(2)%	- %	2%
Final Control	4%	(2)%	- %	2%
Intelligent Devices	4%	(2)%	- %	2%
Safety & Productivity	3%	(1)%	- %	2%
Emerson	5%	(2)%	- %	3%

Underlying Growth Guidance	2026 Q4 Guidance	2026 Guidance
Reported (GAAP)	~5%	~5%
(Favorable) / Unfavorable FX	-	~(1.5 pts)
(Acquisitions) / Divestitures	-	-
Underlying (non-GAAP)	~5%	~3.5%

2025 Q3 Adjusted Segment EBITA	EBIT	EBIT Margin	Amortization of Intangibles	Restructuring and Related Costs	Adjusted Segment EBITA	Adjusted Segment EBITA Margin
Control Systems & Software	$271	24.2%	$114	$8	$393	35.2%
Test & Measurement	(26)	(7.2)%	107	-	81	22.4%
Software & Systems	$245	16.6%	$221	$8	$474	32.1%
Sensors	246	24.2%	11	2	259	25.5%
Final Control	351	23.1%	30	8	389	25.5%
Intelligent Devices	$597	23.5%	$41	$10	$648	25.5%
Safety & Productivity	$103	19.2%	$7	$ -	$110	20.4%

2026 Q3 Adjusted Segment EBITA	EBIT	EBIT Margin	Amortization of Intangibles	Restructuring and Related Costs	Adjusted Segment EBITA	Adjusted Segment EBITA Margin
Control Systems & Software	$285	23.8%	$100	$6	$391	32.6%
Test & Measurement	11	2.6%	108	13	132	29.6%
Software & Systems	$296	18.0%	$208	$19	$523	31.8%
Sensors	303	27.7%	11	9	323	29.7%
Final Control	349	22.0%	27	48	424	26.7%
Intelligent Devices	$652	24.3%	$38	$57	$747	27.9%
Safety & Productivity	$93	16.9%	$7	$17	$117	21.2%

Total Adjusted Segment EBITA	2025 Q3		2026 Q3
Pretax earnings (GAAP)		$734		$916
Margin	16.1%		18.8%
Corporate items and interest expense, net		211		125
Amortization of intangibles		269		253
Restructuring and related costs		18		93
Adjusted segment EBITA (non-GAAP)		$1,232		$1,387
Margin	27.1%		28.5%

Free Cash Flow	2025 Q3		2026 Q3		2026E ($ in billions)
Operating cash flow (GAAP)	$1,062		$1,425		~$4.1
Capital expenditures		(92)		(102)	~(0.45)
Free cash flow (non-GAAP)	$970		$1,323		~$3.6

Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.

Note 2: All fiscal year 2026E figures are approximate, except where range is given.

Contacts
Investors: Doug Ashby · (314) 553-2197
Media: Joseph Sala / Greg Klassen · Joele Frank, Wilkinson Brimmer Katcher · (212) 355-4449