Motorola Solutions, Inc. · NYSE:MSI
Motorola Solutions — Q3 2026 Earnings Presentation
20 slides from Motorola Solutions's earnings presentation, Nov 4, 2026
Slide 1: Earnings Presentation
Earnings Presentation Q3 2026 Results | November 4, 2026
Slide 2: Safe Harbor
Safe Harbor A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These forward-looking statements are based on the current expectations of Motorola Solutions, and we can give no assurance that any f
Slide 3: Q3 2026 Highlights
• Sales of $3.4B, up 12% Y/Y Highlights ● Products and Systems Integration up 12% ● Software and Services up 13% Q3 2026 ● Growth in all technologies ■ Mission Critical Networks (“MCN”) up 12% ■ Video Security and Access Control (“Video”) up 11% ■ Command Center up 16% • GAAP EPS of $3.06; Non-GAAP
Slide 4: Financial Results
Financial Results Q3 25 Q3 26 Change Revenue $3,009 $3,376 12% Non-GAAP $918 $1,096 19% Operating Earnings* Non-GAAP 30.5% 32.5% 200 bps Operating Margin* Non-GAAP $4.06 $4.69 16% Earnings Per Share* ($M) excluding per share amounts * Non-GAAP measures exclude highlighted items, share-based compensa
Slide 5: Cash Flow
Cash Flow ($M) Q3 25 Q3 26 Change FY 25 FY 26E Change Operating Cash Flow $799 $662 ($137) $2,837 $3,050 * $213 Capital Expenditures ($66) ($73) ($7) ($265) ($275) ($10) Free Cash Flow** $733 $589 ($144) $2,572 $2,775 $203 YTD Operating Cash Flow of $1,582M, up Y/Y * Raising FY 26E Operating Cash Fl
Slide 6: Products & SI
Products & SI • Revenue up 12% driven by double-digit growth in MCN and Video Q3 2026 • Non-GAAP operating margin* up 240 bps driven by higher Revenue sales and improved operating leverage, partially offset by ($M) higher supply chain costs • Notable wins and achievements: $2,118 $1,897 • $140 milli
Slide 7: Software & Services
Software & Services • Revenue up 13% driven by double-digit growth in all three technologies Q3 2026 • Non-GAAP operating margin* up 120 bps driven by higher Revenue sales and improved operating leverage ($M) • Notable wins and achievements: • $139 million ten-year P25 services, mobile video and $1,
Slide 8: Regional Revenue
Regional Revenue Q3 2026 ($M) Q3 25 Q3 26 Change • North America growth driven by all three technologies North America $2,121 $2,329 10% • International growth driven by double-digit growth across all three technologies International $888 $1,047 18% Total $3,009 $3,376 12% 8
Slide 9: Backlog Trend
Backlog Trend Q3 2026 Record backlog driven by record Q3 orders in all three technologies Software & Services ($B) $16.6 * $14.6 $15.6 • Y/Y up $1.4B driven by strong demand in all three technologies • Q/Q up $575M driven by strong demand in all three technologies $12.4 $11.0 $11.8 Products & System
Slide 10: Outlook
Outlook (Non-GAAP) Q4 2026 Q4 Details • Effective tax rate of approx. 22.5% Revenue Growth Approx. 13% • Fully diluted share count approx. 168M shares Non-GAAP EPS $5.47 - $5.52 Prior Full-Year 2026 Prior Full-Year Details • Effective tax rate between 22% and 22.5% Revenue Approx. $12.975 billion •
Slide 11: Q&A Participants
Q&A Participants Greg Brown Chairman and CEO Jack Molloy Executive Vice President and COO Jason Winkler Executive Vice President and CFO Mahesh Saptharishi Executive Vice President and CTO Brian Piotrowski Vice President, Investor Relations 11
Slide 12: Use of Non-GAAP Measures
Use of Non-GAAP Measures In addition to the results presented in accordance with accounting principles generally accepted in the U.S. ("GAAP") included in this presentation, Motorola Solutions, Inc. (the “Company”) also has included non-GAAP measurements of results, including free cash flow, non-GAA
Slide 13: Supplemental Disaggregation of Revenue
Motorola Solutions, Inc. Disaggregation of Revenues Supplemental Below is an updated presentation of the disaggregation of revenues for the Company’s major products and services for the three months ended September 27, 2025 and October 3, 2026 to provide a more comprehensive view of the Company’s te
Slide 14: Supplemental Non-GAAP Measures
Motorola Solutions, Inc. and Subsidiaries Supplemental Net sales Non-GAAP Trends (in millions, except for per share amounts) Q1 '24 $2,389 Q2 '24 $2,628 Q3 '24 $2,790 Q4 '24 $3,010 Q1 '25 $2,528 Q2 '25 $2,765 Q3 '25 $3,009 Q4 '25 $3,380 Q1 '26 $2,714 Q2 '26 $3,133 Q3 '26 $3,376 Non-GAAP GAAP gross m
Slide 15: Reconciliation of EPS to Non-GAAP EPS
Supplemental Motorola Solutions, Inc. and Subsidiaries Reconciliation of EPS to Non-GAAP EPS Non-GAAP (per diluted common share) Q3 2025 Q3 2026 Measures GAAP EPS Highlighted Items: $ 3.33 $ 3.06 Share-based compensation expenses $ 0.43 $ 0.62 Intangible assets amortization expense 0.39 0.58 Acquisi
Slide 16: Reconciliations of Operating Earnings to Non-GAAP Operating Earnings
Supplemental Motorola Solutions, Inc. and Subsidiaries Reconciliations of Operating Earnings to Non-GAAP Operating Earnings and Operating Margin to Non-GAAP Operating Margin Non-GAAP (in millions) Three Months Ended Measures Products and Systems October 3, 2026 Software and Products and Systems Sept
Slide 17: Net Cash Provided by Operating Activities to Free Cash Flow
Supplemental Non-GAAP Motorola Solutions, Inc. and Subsidiaries Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Measures (in millions) Three Months Ended Nine Months Ended September 27, September 27, October 3, 2026 2025 October 3, 2026 2025 Net cash provided by operati
Slide 18: GAAP Net Earnings to EBITDA and Adjusted EBITDA
Supplemental Reconciliation Of GAAP Net Earnings To EBITDA and Adjusted EBITDA Non-GAAP ($ in millions) Q4 2025 Q1 2026 Q2 2026 Q3 2026 TTM GAAP Net earnings attributable to Motorola Solutions, Inc. $ 649 $ 366 $ 557 $ 512 $ 2,084 Interest Expense, Net 110 104 103 107 424 Measures Income Tax Expense
Slide 19: GAAP Net Earnings to EBITDA and Adjusted EBITDA (FY2015-FY2025)
Supplemental Non-GAAP Reconciliation Of GAAP Net Earnings To EBITDA and Adjusted EBITDA Measures ($ in millions) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 GAAP Net Earnings (Loss) from Continuing Operations $ 640 $ 560 $ (155) $ 966 $ 868 $ 949 $1,245 $1
Slide 20: Solving for safer communities
Solving for safer communities schools hospitals businesses nations everywhere MOTOROLA, MOTO, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective o