Motorola Solutions, Inc. · NYSE:MSI
Motorola Solutions — Q4 2025 Earnings Presentation
25 slides from Motorola Solutions's earnings presentation, Feb 11, 2026
Slide 1: Earnings Presentation
Earnings Presentation Q4 and Full-Year 2025 Results | February 11, 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: Highlights Q4 2025
Highlights • Sales of $3.4B, up 12% Y/Y Q4 2025 ● Products and Systems Integration up 11% ● Software and Services up 15% ● Growth in all technologies ■ Mission Critical Networks (“MCN”) up 11% ■ Video Security and Access Control (“Video”) up 14% ■ Command Center up 19% • GAAP EPS of $3.86, up 8% Y/Y
Slide 4: Highlights FY 2025
Highlights • Sales of $11.7B, up 8% Y/Y FY 2025 ● Products and Systems Integration up 5% ● Software and Services up 13% ● Growth in all technologies ■ MCN up 7% ■ Video up 10% ■ Command Center up 15% • GAAP EPS of $12.75, up 38% Y/Y; Non-GAAP EPS1 of $15.38, up 11% Y/Y • GAAP operating margin of 25.
Slide 5: Financial Results
Financial Results Q4 24 Q4 25 Change 2024 2025 Change Revenue $3,010 $3,380 12% $10,817 $11,682 8% Non-GAAP $916 $1,086 19% $3,142 $3,537 13% Operating Earnings* Non-GAAP 30.4% 32.1% 170 bps 29.0% 30.3% 130 bps Operating Margin* Non-GAAP $4.04 $4.59 14% $13.84 $15.38 11% Earnings Per Share* ($M) exc
Slide 6: Cash Flow
Cash Flow ($M) Q4 24 Q4 25 Change 2024 2025 Change Operating Cash Flow $1,070 $1,256 $186 $2,391 $2,837 $446 Capital Expenditures ($87) ($114) ($27) ($257) ($265) ($8) Free Cash Flow* $983 $1,142 $159 $2,134 $2,572 $438 * Free Cash Flow is a non-GAAP financial measure and is calculated as Net cash p
Slide 7: Products & SI
Products & SI Q4 2025 • Revenue up 11%, driven by growth in MCN and Video Revenue • Non-GAAP operating margin* up 40 bps driven by higher ($M) sales and improved operating leverage, partially offset by higher tariffs $2,158 • Notable wins and achievements: $1,949 • $180 million P25 system expansion
Slide 8: Software & Services
Software & Services • Revenue up 15% driven by growth in all three technologies Q4 2025 • Non-GAAP operating margin* up 400 bps driven by higher Revenue sales, favorable mix and improving operating leverage ($M) • Notable wins and achievements: • $201 million ten-year P25 services renewal for the St
Slide 9: Regional Revenue Q4 2025
Regional Revenue Q4 2025 ($M) Q4 24 Q4 25 Change • North America growth driven by North America $2,203 $2,363 7% MCN, Video and Command Center • International growth primarily International $807 $1,017 26% driven by MCN with double-digit growth in Video and Command Center Total $3,010 $3,380 12% 9
Slide 10: Regional Revenue FY 2025
Regional Revenue FY 2025 ($M) 2024 2025 Change • North America growth driven by North America $7,820 $8,362 7% MCN, Video and Command Center • International growth driven by International $2,997 $3,320 11% MCN, Video and Command Center Total $10,817 $11,682 8% 10
Slide 11: Backlog Trend
Backlog Trend Software & Services Q4 2025 • Y/Y up $1.4B driven by strong demand in all three technologies ($B) • Q/Q up $945M driven by strong demand in all three technologies $15.7 $14.7 $14.6 • Favorable FX impact of $381M Y/Y and $38M Q/Q $10.6 $11.0 $11.9 Products & Systems Integration • Y/Y do
Slide 12: Outlook
Outlook (Non-GAAP)* Q1 2026 Q1 Details • Effective tax rate of approximately 20.5% Revenue Growth 6% - 7% • Fully diluted share count approx. 168M shares Non-GAAP EPS $3.20 - $3.25 Full-Year 2026 Full-Year Details • Effective tax rate of approximately 22.5% Revenue Approx $12.7 billion • Fully dilut
Slide 13: Public Safety Assist Suites
Public Safety Assist Suites Mission-critical AI suites, precision-engineered for the public safety workflow. Impactful performance. Superior value. Responder Assist Suite Dispatcher Assist Suite AI for AI for 911 Call Handlers First Responders & Dispatchers Patrol Assist Call Intake Assist CAD & Rec
Slide 14: 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 14
Slide 15: 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 16: Disaggregation of Revenues
Motorola Solutions, Inc. Disaggregation of Revenues Below is an updated presentation of the disaggregation of revenues for the Company’s major products and services for the Supplemental three months ended December 31, 2024 and 2025 to provide a more comprehensive view of the Company’s technologies w
Slide 17: 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 Q4'25 $3,380 Non-GAAP GAAP gross
Slide 18: 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) Q4 2024 Q4 2025 Measures GAAP EPS $ 3.56 $ 3.86 Highlighted Items: Intangible assets amortization expense $ 0.23 $ 0.55 Share-based compensation expenses 0.37 0.47 Reorgan
Slide 19: 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) FY24 FY25 GAAP EPS $ 9.23 $ 12.75 Measures Highlighted Items: Share-based compensation expenses $ 1.42 $ 1.73 Intangible assets amortization expense 0.89 1.39 Acquisition-
Slide 20: Reconciliations of 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 December 31, 2025 Software Products and Systems Decemb
Slide 21: Reconciliations of 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) Years Ended Measures Products and Systems Integration December 31, 2025 Software and Services Total Pro
Slide 22: Reconciliation of Net Cash Provided by Operating Activities
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 Years Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Net cash provided by operating a
Slide 23: Reconciliation of GAAP Net Earnings to EBITDA
Supplemental Reconciliation Of GAAP Net Earnings To EBITDA and Adjusted EBITDA Non-GAAP ($ in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 TTM GAAP Net earnings (loss) attributable to Motorola Solutions, Inc. $ 430 $ 513 $ 562 $ 649 $ 2,154 Interest Expense, Net 51 55 86 110 302 Measures Income Tax Exp
Slide 24: Reconciliation of GAAP Net Earnings to 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 FY 2025 GAAP Net Earnings (Loss) from Continuing Operations $ 640 $ 560 $ (155) $ 966 $ 868 $ 949 $1,245 $1
Slide 25: 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