Motorola Solutions, Inc. · NYSE:MSI
Motorola Solutions — Q3 2025 Earnings Presentation
20 slides from Motorola Solutions's earnings presentation, Oct 30, 2025
Slide 1: Earnings Presentation
Earnings Presentation Q3 2025 Results | October 30, 2025
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: Highlights Q3 2025
Highlights • Sales of $3.0B, up 8% Y/Y ● Products and Systems Integration up 6% Q3 2025 ● Software and Services up 11% ● Growth in all technologies ■ Mission Critical Networks (“MCN”) up 7% ■ Video Security and Access Control (“Video”) up 7% ■ Command Center up 16% • GAAP EPS of $3.33; Non-GAAP EPS*
Slide 4: Financial Results
Financial Results Q3 24 Q3 25 Change Revenue $2,790 $3,009 8% Non-GAAP $830 $918 11% Operating Earnings* Non-GAAP 29.7% 30.5% 80 bps Operating Margin* Non-GAAP $3.74 $4.06 9% Earnings Per Share* ($M) excluding per share amounts * Non-GAAP measures exclude highlighted items, including share-based com
Slide 5: Cash Flow
Cash Flow ($M) Q3 24 Q3 25 Change FY 24 FY 25E Change Operating Cash Flow $759 $799 $40 $2,391 $2,750 $359 Capital Expenditures ($57) ($66) ($9) ($257) ($290) ($33) Free Cash Flow* $702 $733 $31 $2,134 $2,460 $326 * Free Cash Flow is a non-GAAP financial measure and is calculated as Net cash provide
Slide 6: Products & SI
Products & SI • Revenue up 6% driven by growth in MCN and Video Q3 2025 • Non-GAAP operating margin* flat compared to prior year driven by higher sales and improved operating leverage, Revenue ($M) offset by higher tariffs • Notable wins and achievements: $1,897 $1,784 • $110 million P25 system upgr
Slide 7: Software & Services
• Revenue up 11% driven by strong demand in all three Software & Services technologies Q3 2025 • Non-GAAP operating margin* up 200 bps driven by higher sales and improved operating leverage, partially offset by Revenue ($M) acquisitions • Notable wins and achievements: $1,006 $1,112 • $57 million P2
Slide 8: Regional Revenue
Regional Revenue Q3 2025 ($M) Q3 24 Q3 25 Change • North America growth driven by MCN, Command Center and Video North America $2,007 $2,121 6% • International growth driven by MCN, Video and Command Center International $783 $888 13% Total $2,790 $3,009 8% 8
Slide 9: Backlog Trend
Backlog Trend Q3 2025 Software & Services • Y/Y up $1.1B driven by strong demand in all three ($B) technologies and favorable FX, partially offset by revenue recognition for the U.K. Home Office $14.1 $14.1 $14.6 • Q/Q up $304M driven by strong demand in all three technologies, partially offset by r
Slide 10: Outlook
Outlook (Non-GAAP) Q4 2025 Q4 Details • Effective tax rate of approximately 24% Revenue Growth Approx. 11% • Fully diluted share count approx. 169M shares Non-GAAP EPS $4.30 - $4.36 Prior Full-Year 2025 Revenue Approx. $11.65B or 7.7% Non-GAAP EPS $14.88 - $14.98 Full-Year Details Full-Year 2025 • E
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 Tim Yocum 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 28, 2024 and September 27, 2025 to provide a more comprehensive view of the Company’s
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 '23 $2,171 Q2 '23 $2,403 Q3 '23 $2,556 Q4 '23 $2,848 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 Non-GAAP GAAP gross m
Slide 15: Supplemental Non-GAAP Measures: EPS Reconciliation
Supplemental Motorola Solutions, Inc. and Subsidiaries Reconciliation of EPS to Non-GAAP EPS Non-GAAP (per diluted common share) Q3 2024 Q3 2025 Measures GAAP EPS Highlighted Items: $ 3.29 $ 3.33 Share-based compensation expenses $ 0.35 $ 0.43 Intangible assets amortization expense 0.22 0.39 Acquisi
Slide 16: Supplemental Non-GAAP Measures: 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 Systems September 27, 2025 Products and Software and September 28, 2024 Pro
Slide 17: Supplemental Non-GAAP Measures: 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 28, September 27, September 28, 2025 2024 2025 2024 Net cash provided by o
Slide 18: Supplemental Non-GAAP Measures: EBITDA and Net Debt
Supplemental Reconciliation Of GAAP Net Earnings To EBITDA and Adjusted EBITDA Non-GAAP ($ in millions) Q4 2024 Q1 2025 Q2 2025 Q3 2025 TTM GAAP Net earnings attributable to Motorola Solutions, Inc. $ 611 $ 430 $ 513 $ 562 $ 2,116 Interest Expense, Net 56 51 55 86 248 Measures Income Tax Expense Dep
Slide 19: Supplemental Non-GAAP Measures: Annual EBITDA
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 GAAP Net Earnings (Loss) from Continuing Operations $ 640 $ 560 $ (155) $ 966 $ 868 $ 949 $ 1,245 $ 1,363 $
Slide 20: Solving for safer communities
Solving for safer communities schools hospitals businesses 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 owners.