Motorola Solutions (MSI) Q3 FY2026 earnings: revenue $3.4 billion, up 12.2% on the year

Motorola Solutions, Inc. (MSI) reported revenue of $3.4 billion for Q3 FY2026, the quarter ended 3 October 2026, up 12.2% on the same quarter a year earlier. Net income was $512 million, down 8.9% on the year, and diluted earnings per share $3.06. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$3.4 billion

+12.2% on the year · +7.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

23.0%

25.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$512 million

-8.9% on the year · -8.1% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$3.06

-8.1% on the year · -8.1% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 3 raised, 1 lowered, 4 new, 1 kept.

Sales rose 12% year on year: Sales were $3,376 million, up 12% from $3,009 million a year earlier. Acquisitions added $211 million of revenue growth and currency $11 million.
Organic growth was 5%: Organic revenue, which excludes acquired businesses owned for less than four full quarters, was $3,053 million, up 5% from $2,897 million. Nine-month organic growth was 3%.
GAAP EPS down 8%, non-GAAP up 16%: GAAP diluted EPS was $3.06 against $3.33, down 8%. Non-GAAP EPS was $4.69 against $4.06, up 16%, excluding about $1.63 per share after tax of highlighted items, share-based compensation and intangibles amortization.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	3,376	3,133	3,009	+7.8%	+12.2%
Cost of revenue	1,608	1,455	1,455	+10.5%	+10.5%
Gross profit	1,768	1,678	1,554	+5.4%	+13.8%
Gross margin	52.4%	53.6%	51.6%
Research and development	276	260	237	+6.2%	+16.5%
Selling, general and administrative	504	496	485	+1.6%	+3.9%
Operating income	777	809	770	-4.0%	+0.9%
Operating margin	23.0%	25.8%	25.6%
Interest expense	116	109	103	+6.4%	+12.6%
Pre-tax income	678	742	725	-8.6%	-6.5%
Income tax	164	184	161	-10.9%	+1.9%
Effective tax rate	24.2%	24.8%	22.2%
Net income	512	557	562	-8.1%	-8.9%
Net margin	15.2%	17.8%	18.7%
Diluted EPS	$3.06	$3.33	$3.33	-8.1%	-8.1%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	662	469	798	+41.2%	-17.0%
Capital expenditure	73.0	55.0	66.0	+32.7%	+10.6%
Free cash flow	589	414	732	+42.3%	-19.5%
Free cash flow margin	17.4%	13.2%	24.3%
Cash from investing	-1,434	-151	-4,435
Cash from financing	836	-474	1,333		-37.3%
Depreciation and amortisation	150	148	115	+1.4%	+30.4%
Share-based compensation	103	104	73.0	-1.0%	+41.1%
Buybacks	94.0	331	121	-71.6%	-22.3%
Dividends paid	200	201	182	-0.5%	+9.9%
Dividend per share	$1.21	$1.21	$1.09	0.0%	+11.0%
Diluted shares, weighted	167m	167m	169m	+0.1%	-0.9%
Shares outstanding at period end	166m	166m	167m	0.0%	-0.7%

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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	3,069	2,672	2,327	+14.9%	+31.9%
Non-controlling interest	17.0	16.0	17.0	+6.2%	0.0%
Debt	10,111	9,032	9,339	+11.9%	+8.3%
Operating lease liabilities	409	442	469	-7.5%	-12.8%
Other liabilities	7,535	7,080	6,647	+6.4%	+13.4%
Total liabilities and equity	21,141	19,242	18,799	+9.9%	+12.5%
Goodwill	7,666	6,883	6,776	+11.4%	+13.1%
Intangible assets	3,502	2,951	3,131	+18.7%	+11.8%
Investments	292	300	192	-2.7%	+52.1%
Cash and equivalents	774	710	894	+9.0%	-13.4%
Receivables	2,441	2,160	2,018	+13.0%	+21.0%
Inventory	1,511	1,333	943	+13.4%	+60.2%
Other assets	4,955	4,905	4,845	+1.0%	+2.3%
Total assets	21,141	19,242	18,799	+9.9%	+12.5%

Questions

What was Motorola Solutions' revenue in Q3 FY2026?

Motorola Solutions (MSI) reported revenue of $3.4 billion for Q3 FY2026, the quarter ended 3 October 2026, up 12.2% on the same quarter a year earlier.

How much did Motorola Solutions earn in Q3 FY2026?

Net income for Q3 FY2026 was $512 million, down 8.9% on the year, and diluted earnings per share $3.06.

When did Motorola Solutions report Q3 FY2026 results?

Motorola Solutions filed its 10-Q for the quarter ended 3 October 2026 with the SEC on 4 November 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	2,320	1,892	2,140	2,373	2,707	2,171	2,403	2,556	2,848	2,389	2,628	2,790	3,010	2,528	2,765	3,009	3,380	2,714	3,133	3,376
Cost of revenue	1,137	1,035	1,150	1,342	1,356	1,125	1,214	1,276	1,393	1,197	1,289	1,357	1,462	1,228	1,352	1,455	1,612	1,352	1,455	1,608
Gross profit	1,183	857	990	1,031	1,351	1,046	1,189	1,280	1,455	1,192	1,339	1,433	1,548	1,300	1,413	1,554	1,768	1,362	1,678	1,768
Gross margin	51%	45%	46%	43%	50%	48%	49%	50%	51%	50%	51%	51%	51%	51%	51%	52%	52%	50%	54%	52%
R&D	190	188	191	197	203	210	215	215	218	218	220	234	245	233	231	237	269	252	260	276
SG&A	368	338	356	378	378	368	390	380	423	397	430	439	486	436	450	485	499	439	496	504
Operating income	548	239	358	373	691	399	518	639	738	519	644	711	814	582	692	770	944	525	809	777
Operating margin	24%	13%	17%	16%	26%	18%	22%	25%	26%	22%	25%	25%	27%	23%	25%	26%	28%	19%	26%	23%
Interest expense	55.0	58.0	59.0	62.0	61.0	63.0	63.0	60.0	63.0	61.0	87.0	73.0	74.0	69.0	71.0	103	117	111	109	116
Pre-tax income	518	219	300	333	663	358	487	592	709	-90.0	580	695	787	547	680	725	860	441	742	678
Tax rate	22%	-22%	24%	16%	11%	22%	23%	21%	16%	n/a	23%	19%	22%	21%	24%	22%	25%	17%	25%	24%
Net income	401	267	228	279	589	278	371	464	596	-39.0	443	562	611	430	513	562	649	366	557	512
Net margin	17%	14%	11%	12%	22%	13%	15%	18%	21%	-2%	17%	20%	20%	17%	19%	19%	19%	13%	18%	15%
Diluted EPS	$2.31	$1.54	$1.33	$1.63	$3.43	$1.61	$2.15	$2.70	$3.47	-$0.23	$2.60	$3.29	$3.56	$2.53	$3.04	$3.33	$3.86	$2.18	$3.33	$3.06
Operating cash flow	703	152	10.0	388	1,273	-8.0	93.0	714	1,245	382	180	759	1,070	510	273	798	1,256	451	469	662
Capital expenditure	68.0	54.0	59.0	70.0	73.0	54.0	53.0	65.0	81.0	46.0	68.0	57.0	86.0	37.0	48.0	66.0	114	62.0	55.0	73.0
Free cash flow	635	98.0	-49.0	318	1,200	-62.0	40.0	649	1,164	336	112	702	984	473	225	732	1,142	389	414	589
Buybacks	131	493	162	94.0	87.0	140	224	306	134	39.0	71.0	31.0	103	325	218	121	490	118	331	94.0
Dividends paid	120	134	132	132	132	148	148	147	146	163	163	164	164	182	182	182	182	201	201	200
Shares outstanding	169m	168m	167m	168m	168m	168m	167m	166m	166m	167m	167m	167m	167m	167m	167m	167m	166m	166m	166m	166m
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.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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 3 October 2026, filed 4 November 2026: the filing.