Motorola Solutions
MSI · NYSERadio & Tv Broadcasting & Communications Equipment · Fiscal year ends Dec 31
Motorola Solutions reported revenue of $11.7B in the fiscal year ended Dec 2025, up 8.0% from the year before. Operating income was $3B, an operating margin of 25.6%, and net income was $2.2B. Operating cash flow of $2.8B less capital expenditure of $265M left free cash flow of $2.6B. Net debt was $7.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.2B | $9.1B | $10B | $10.8B | $11.7B |
| Cost of revenue | $4.1B | $4.9B | $5B | $5.3B | $5.6B |
| Gross profit | $4B | $4.2B | $5B | $5.5B | $6B |
| Research & development | $734M | $779M | $858M | $917M | $970M |
| Selling, general & admin | $1.4B | $1.5B | $1.6B | $1.8B | $1.9B |
| Operating income | $1.7B | $1.7B | $2.3B | $2.7B | $3B |
| Interest expense | $215M | $240M | $249M | $295M | $360M |
| Pre-tax income | $1.6B | $1.5B | $2.1B | $2B | $2.8B |
| Income tax | $302M | $148M | $432M | $390M | $652M |
| Net income | $1.2B | $1.4B | $1.7B | $1.6B | $2.2B |
| Diluted EPS | 7.17 | 7.93 | 9.93 | 9.23 | 12.75 |
| Diluted shares | 174M | 172M | 172M | 171M | 169M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.9B | $1.3B | $1.7B | $2.1B | $1.2B |
| Receivables | $1.4B | $1.5B | $1.7B | $2B | $2.2B |
| Inventory | $788M | $1.1B | $827M | $766M | $983M |
| Current assets | $5.4B | $5.3B | $5.7B | $6.5B | $6.3B |
| Net PP&E | $1B | $927M | $964M | $1B | $1.2B |
| Goodwill | $2.6B | $3.3B | $3.4B | $3.5B | $6.8B |
| Total assets | $12.2B | $12.8B | $13.3B | $14.6B | $19.4B |
| Payables | $851M | $1.1B | $881M | $1B | $1.1B |
| Deferred revenue | $1.7B | $1.9B | $2B | $2.1B | $2.3B |
| Current liabilities | $4.1B | $4.6B | $5.7B | $5.1B | $6.1B |
| Short-term debt | $5M | $1M | $1.3B | $322M | $0 |
| Long-term debt | $5.7B | $6B | $4.7B | $5.7B | $8.4B |
| Shareholders' equity | −$40M | $116M | $724M | $1.7B | $2.4B |
| Backlog (remaining obligations) | $9.2B | $9.5B | $9.3B | $9.4B | $9.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $1.8B | $2B | $2.4B | $2.8B |
| Capital expenditure | $243M | $256M | $253M | $257M | $265M |
| Free cash flow | $1.6B | $1.6B | $1.8B | $2.1B | $2.6B |
| Depreciation & amortisation | $438M | $440M | $356M | $336M | $425M |
| Stock-based compensation | $129M | $172M | $212M | $243M | $293M |
| Share buybacks | $528M | $836M | $804M | $244M | $1.2B |
| Dividends paid | $482M | $530M | $589M | $654M | $728M |
| Dividend per share | 2.92 | 3.25 | 3.62 | 4.03 | 4.48 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.5% | 9.5% | 8.4% | 8.0% |
| Operating income growth (YoY) | – | −0.4% | 38.1% | 17.2% | 11.2% |
| EPS growth (YoY) | – | 10.6% | 25.2% | −7.0% | 38.1% |
| Gross margin | 49.4% | 46.4% | 49.8% | 51.0% | 51.7% |
| Operating margin | 20.4% | 18.2% | 23.0% | 24.8% | 25.6% |
| Net margin | 15.2% | 15.0% | 17.1% | 14.6% | 18.4% |
| Return on equityBlank when equity is negative | – | 1175.0% | 236.0% | 92.6% | 89.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.5% | 20.1% | 30.2% | 28.2% | 22.4% |
| Free cash flow margin | 19.5% | 17.2% | 17.9% | 19.7% | 22.0% |
| Cash conversion (CFO ÷ net income) | 1.48x | 1.34x | 1.20x | 1.52x | 1.32x |
| Receivable days | 62 | 61 | 63 | 66 | 69 |
| Inventory days | 70 | 79 | 60 | 53 | 64 |
| Payable days | 75 | 79 | 64 | 70 | 73 |
| Interest cover | 7.75x | 6.92x | 9.21x | 9.11x | 8.30x |
| Debt ÷ equity | – | 51.8x | 8.31x | 3.52x | 3.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.8B | $4.7B | $4.3B | $3.9B | $7.2B |
| Current ratio | 1.33x | 1.15x | 1.00x | 1.28x | 1.04x |
Recent filings
More in Radio & Tv Broadcasting & Communications Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.