Otis Worldwide
OTIS · NYSEElectronic & Other Electrical Equipment (No Computer Equip) · Fiscal year ends Dec 31
Otis Worldwide reported revenue of $14.4B in the fiscal year ended Dec 2025, up 1.2% from the year before. Operating income was $2.1B, an operating margin of 14.8%, and net income was $1.4B. Operating cash flow of $1.6B less capital expenditure of $152M left free cash flow of $1.4B. Net debt was $6.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $14.3B | $13.7B | $14.2B | $14.3B | $14.4B |
| Research & development | $159M | $150M | $144M | $152M | $152M |
| Selling, general & admin | $1.9B | $1.8B | $1.9B | $1.9B | $2B |
| Operating income | $2.1B | $2B | $2.2B | $2B | $2.1B |
| Net interest incomeBanks | −$136M | −$143M | −$150M | – | – |
| Interest expense | $136M | $140M | $155M | $183M | $217M |
| Pre-tax income | $2B | $1.9B | $2B | $2B | $1.9B |
| Income tax | $541M | $519M | $533M | $305M | $479M |
| Net income | $1.2B | $1.3B | $1.4B | $1.6B | $1.4B |
| Diluted EPS | 2.89 | 2.96 | 3.39 | 4.07 | 3.50 |
| Diluted shares | 431M | 423M | 415M | 404M | 395M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.6B | $1.2B | $1.3B | $2.3B | $1.1B |
| Receivables | $3.2B | $3.4B | $3.5B | $3.4B | $3.7B |
| Inventory | $622M | $617M | $612M | $557M | $613M |
| Current assets | $8.3B | $6.1B | $6.4B | $7.7B | $6.5B |
| Net PP&E | $774M | $719M | $727M | $701M | $743M |
| Goodwill | $1.7B | $1.6B | $1.6B | $1.5B | $1.7B |
| Total assets | $12.3B | $9.8B | $10.1B | $11.3B | $10.7B |
| Payables | $1.6B | $1.7B | $1.9B | $1.9B | $2.1B |
| Deferred revenue | $2.7B | $2.7B | $2.7B | $2.6B | $2.6B |
| Current liabilities | $6.2B | $6.8B | $6.5B | $7.7B | $7.7B |
| Short-term debt | $0 | $531M | $0 | $1.3B | $841M |
| Long-term debt | $7.2B | $6.1B | $6.9B | $7B | $6.9B |
| Total liabilities | $15.3B | $14.5B | $14.8B | $16B | $15.9B |
| Shareholders' equity | −$3.6B | −$4.9B | −$4.9B | −$4.8B | −$5.4B |
| Backlog (remaining obligations) | $17.1B | $17.2B | $18B | $17.6B | $19.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $1.6B | $1.6B | $1.6B | $1.6B |
| Capital expenditure | $156M | $115M | $138M | $126M | $152M |
| Free cash flow | $1.6B | $1.4B | $1.5B | $1.4B | $1.4B |
| Depreciation & amortisation | $203M | $191M | $193M | $181M | $175M |
| Stock-based compensation | $65M | $67M | $64M | $73M | $80M |
| Acquisitions | $80M | $46M | $36M | $87M | $109M |
| Share buybacks | $725M | $850M | $800M | $1B | $809M |
| Dividends paid | $393M | $465M | $539M | $606M | $647M |
| Dividend per share | 0.92 | 1.11 | 1.31 | 1.51 | 1.65 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.3% | 3.8% | 0.4% | 1.2% |
| Operating income growth (YoY) | – | −3.6% | 7.5% | −8.1% | 6.2% |
| EPS growth (YoY) | – | 2.4% | 14.5% | 20.1% | −14.0% |
| Operating margin | 14.7% | 14.9% | 15.4% | 14.1% | 14.8% |
| Net margin | 8.7% | 9.2% | 9.9% | 11.5% | 9.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 34.9% | 68.3% | 60.1% | 56.3% | 71.2% |
| Free cash flow margin | 11.1% | 10.6% | 10.5% | 10.1% | 10.0% |
| Cash conversion (CFO ÷ net income) | 1.40x | 1.25x | 1.16x | 0.95x | 1.15x |
| Receivable days | 83 | 90 | 91 | 88 | 93 |
| Interest cover | 15.5x | 14.5x | 14.1x | 11.0x | 9.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $5.4B | $5.6B | $6B | $6.6B |
| Current ratio | 1.32x | 0.90x | 0.99x | 0.99x | 0.85x |
Recent filings
More in Electronic & Other Electrical Equipment (No Computer Equip)
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.