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Motorola Solutions (MSI) FY2025 results: revenue $11.7 billion, up 8.0% on the year

Motorola Solutions, Inc. (MSI) reported revenue of $11.7 billion for fiscal 2025, the year ended 31 December 2025, up 8.0% on the year before. Net income was $2.2 billion, up 36.6%, and diluted earnings per share $12.75. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$11.7 billion
+8.0% on the year
FY2018FY2025
Operating margin
25.6%
24.8% a year earlier
FY2018FY2025
Net income
$2.2 billion
+36.6% on the year
FY2018FY2025
Diluted EPS
$12.75
+38.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new.

  • Record full-year revenue, earnings, cash flow: Full-year sales were $11.7 billion, up 8%, and the release reports record revenue, earnings, cash flow and ending backlog.
  • Fourth-quarter sales rose 12%: Q4 sales were $3.4 billion, up 12%, including $188 million of acquisition revenue and $30 million from favorable currency.
  • Non-GAAP EPS rose in Q4: Q4 non-GAAP EPS was $4.59, up 14%, and GAAP EPS was $3.86, up 8%. Full-year non-GAAP EPS was $15.38, up 11%, and GAAP EPS $12.75, up 38%.
  • Q4 operating margin expanded on leverage: GAAP operating margin rose to 27.9% from 27.0%, and non-GAAP to 32.1% from 30.4%. Higher tariffs partly offset the gain.
  • Record ending backlog of $15.7 billion: Ending backlog reached a record, with the company citing record orders as the driver of the year-on-year increase.
Read the Q4 FY2025 earnings call summary

From this 10-K

Motorola Solutions supplies mission-critical safety and security technology to public safety, government and defence customers and to enterprises, serving more than 100,000 customers in over 100 countries. It is incorporated in Delaware as successor to the Illinois corporation Motorola, Inc., organised in 1928, and took its present name on 4 January 2011, with head offices in Chicago. The stated aim is to unite its technologies into one integrated safety and security system so that data and information pass between people and systems rather than sitting in silos. A school illustrates it: when a teacher presses a panic button, the technology can notify local law enforcement, trigger a lockdown, share live video with first responders and send mass notifications.

Motorola Solutions, Inc., the 10-K for 2025

Motorola Solutions supplies mission-critical safety and security technology to public safety, government and defence customers and to enterprises, serving more than 100,000 customers in over 100 countries. It is incorporated in Delaware as successor to the Illinois corporation Motorola, Inc., organised in 1928, and took its present name on 4 January 2011, with head offices in Chicago. The stated aim is to unite its technologies into one integrated safety and security system so that data and information pass between people and systems rather than sitting in silos. A school illustrates it: when a teacher presses a panic button, the technology can notify local law enforcement, trigger a lockdown, share live video with first responders and send mass notifications.

How it is organised

There are two segments, Products and Systems Integration and Software and Services, and sales are reported across three technologies. Mission Critical Networks covers infrastructure, mobile ad-hoc network technology, two-way radio and broadband devices, software and AI capabilities, plus installation, integration and managed and support services. Video covers fixed, body-worn and in-vehicle cameras, access control, sensors, infrastructure, video management and monitoring, software and analytics. Command Center covers software that unifies voice and data from public safety agencies, enterprises and the community to speed up workflows and decisions. The Mission Critical Networks name replaced Land Mobile Radio Communications after the August 2025 acquisition of Silvus Technologies, combining the legacy radio portfolio with the new business, without reclassifying earlier figures.

Products and Systems Integration

The segment was 62% of consolidated net sales in 2025. Its radio technology spans Project 25, Terrestrial Trunked Radio and Digital Mobile Radio along with other professional and commercial radio, and long term evolution devices in low-band and mid-band frequencies for public safety, government and enterprise users. Mobile ad-hoc network technology with high and very high frequency communications supports defence, government and disaster relief customers needing point-to-point voice and data in remote or contested places without fixed infrastructure. Extending two-way radios with broadband data adds application services such as GPS location for lone workers, job dispatch for work orders and over-the-air programming. Revenue here comes from selling devices and from building communications systems, including installing and integrating the infrastructure inside a customer's operations.

Software and Services

The segment was 38% of consolidated net sales in 2025, and Mission Critical Networks was 58% of that. Support services cover repair and replacement, technical support, preventative maintenance, system monitoring, software updates and cybersecurity, and managed services run from partial to full operation of systems owned by the customer or by the company. Because customer systems often last many years or even decades, they generate demand for software upgrades and for monitoring, maintenance and security work. Upgrades take in site controllers, comparators, routers, switches, servers, dispatch consoles, logging equipment, network management terminals and security devices such as firewalls, done on site or remotely.

Customers and buying

Customers are government and defence agencies, state and local public safety agencies and enterprises such as schools, hospitals, businesses and stadiums, a base the company describes as fragmented and widespread. Selling runs through an in-house sales force focused on the largest accounts and through channel partners, meaning independent dealers, distributors and software vendors with their own sales organisations. The largest customer is the United States government, across multiple contracts with its branches and agencies, at approximately 8% of consolidated net sales in 2025, and those contracts can be cancelled at the customer's convenience. Payment terms generally run 30 to 45 days in North America and up to 90 days elsewhere, with some contracts invoiced against implementation milestones such as delivery, installation and system acceptance that take six months to two years.

Acquisitions, supply and people

Recent purchases include Silvus Technologies in mobile ad-hoc network technology in August 2025, RapidDeploy in cloud-native 911 software and Theatro in voice-powered workflow software earlier in 2025, Blue Eye in remote video monitoring in November 2025, and 3tc Software, Noggin and a vehicle location business in 2024. Inventory is carried to meet delivery and warranty requirements, including lifetime-buy stock where a supplier's product life is shorter than the company's, and certain materials and components, including memory, come from single-source vendors. At 31 December 2025 the company employed approximately 23,000 people, 51% in North America and 49% internationally, with approximately 40% in research and development and engineering.

From Motorola Solutions' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: 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
Revenue11,68210,8179,978+8.0%
Cost of revenue5,6475,3055,008+6.4%
Gross profit6,0355,5124,970+9.5%
Gross margin51.7%51.0%49.8%
Research and development970917858+5.8%
Selling, general and administrative1,8701,7521,561+6.7%
Operating income2,9882,6882,294+11.2%
Operating margin25.6%24.8%23.0%
Interest expense360295249+22.0%
Pre-tax income2,8121,9722,146+42.6%
Income tax652390432+67.2%
Effective tax rate23.2%19.8%20.1%
Net income2,1541,5771,709+36.6%
Net margin18.4%14.6%17.1%
Diluted EPS$12.75$9.23$9.93+38.1%
$ 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 flow2,8372,3912,044+18.7%
Capital expenditure265257253+3.1%
Free cash flow2,5722,1341,791+20.5%
Free cash flow margin22.0%19.7%17.9%
Cash from investing-5,164-507-414
Cash from financing1,309-1,448-1,295
Depreciation and amortisation425336356+26.5%
Share-based compensation293243212+20.6%
Buybacks1,154244804+373.0%
Dividends paid728654589+11.3%
Dividend per share$4.48$4.03$3.62+11.2%
Diluted shares, weighted169m171m172m-1.1%
Shares outstanding at period end166m167m166m-0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,4101,703724+41.5%
Non-controlling interest17.016.015.0+6.2%
Short-term borrowingsn/a0.0n/a
Debt9,1625,9976,018+52.8%
Operating lease liabilities471427407+10.3%
Other liabilities7,3296,4526,172+13.6%
Total liabilities and equity19,38914,59513,336+32.8%
Fixed assets1,1651,022964+14.0%
Goodwill6,8003,5263,401+92.9%
Intangible assets3,1041,2491,255+148.5%
Investments187135143+38.5%
Cash and equivalents1,1652,1021,705-44.6%
Receivables2,2001,9521,710+12.7%
Inventory983766827+28.3%
Other assets3,7853,8433,331-1.5%
Total assets19,38914,59513,336+32.8%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.