Motorola Solutions, Inc. (MSI) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 2.71B | 3.38B | 3.01B | 2.77B | 2.53B | 3.01B | 2.79B | 2.63B | 2.39B | 2.85B | 2.56B | 2.4B | 2.17B | 2.71B | 2.37B | 2.14B | 1.89B | 2.32B | 2.11B | 1.97B |
| Revenue Growth % | 7.36% | 12.26% | 7.85% | 5.21% | 5.82% | 5.69% | 9.15% | 9.36% | 10.04% | 5.25% | 7.71% | 12.29% | 14.75% | 16.68% | 12.62% | 8.57% | 6.71% | 2.07% | 12.79% | 21.82% |
| Cost of Goods Sold | 1.43B | 1.73B | 1.51B | 1.35B | 1.23B | 1.46B | 1.36B | 1.29B | 1.2B | 1.39B | 1.28B | 1.21B | 1.13B | 1.36B | 1.34B | 1.15B | 1.03B | 1.14B | 1.06B | 1.02B |
| COGS % of Revenue | 52.58% | 51.27% | 50.08% | 48.9% | 48.58% | 48.56% | 48.64% | 49.05% | 50.1% | 48.93% | 49.92% | 50.52% | 51.82% | 50.09% | 56.55% | 53.74% | 54.7% | 49.01% | 50.4% | 51.7% |
| Gross Profit | 1.29B | 1.65B | 1.5B | 1.41B | 1.3B | 1.55B | 1.43B | 1.34B | 1.19B | 1.46B | 1.28B | 1.19B | 1.05B | 1.35B | 1.03B | 990M | 857M | 1.18B | 1.04B | 952M |
| Gross Margin % | 47.42% | 48.73% | 49.92% | 51.1% | 51.42% | 51.44% | 51.36% | 50.95% | 49.9% | 51.07% | 50.08% | 49.48% | 48.18% | 49.91% | 43.45% | 46.26% | 45.3% | 50.99% | 49.6% | 48.3% |
| Gross Profit Growth % | -1% | 6.33% | 4.82% | 5.53% | 9.06% | 6.46% | 11.95% | 12.62% | 13.96% | 7.7% | 24.15% | 20.1% | 22.05% | 14.2% | -1.34% | 3.99% | -0.35% | 3.23% | 14.96% | 24.28% |
| Operating Expenses | 691M | 768M | 720M | 721M | 718M | 735M | 722M | 695M | 673M | 717M | 641M | 671M | 647M | 660M | 658M | 632M | 618M | 634M | 594M | 582M |
| OpEx % of Revenue | 25.46% | 22.72% | 23.93% | 26.08% | 28.4% | 24.41% | 25.88% | 26.45% | 28.17% | 25.17% | 25.08% | 27.92% | 29.8% | 24.38% | 27.73% | 29.53% | 32.66% | 27.33% | 28.19% | 29.53% |
| Selling, General & Admin | 439M | 499M | 483M | 450M | 436M | 487M | 439M | 430M | 397M | 423M | 380M | 390M | 368M | 381M | 378M | 356M | 338M | 368M | 351M | 331M |
| SG&A % of Revenue | 16.18% | 14.76% | 16.05% | 16.27% | 17.25% | 16.17% | 15.73% | 16.36% | 16.62% | 14.85% | 14.87% | 16.23% | 16.95% | 14.07% | 15.93% | 16.64% | 17.86% | 15.86% | 16.66% | 16.79% |
| Research & Development | 252M | 270M | 237M | 231M | 233M | 246M | 234M | 220M | 218M | 218M | 215M | 215M | 210M | 202M | 197M | 191M | 188M | 189M | 183M | 181M |
| R&D % of Revenue | 9.29% | 7.99% | 7.88% | 8.35% | 9.22% | 8.17% | 8.39% | 8.37% | 9.13% | 7.65% | 8.41% | 8.95% | 9.67% | 7.46% | 8.3% | 8.93% | 9.94% | 8.15% | 8.69% | 9.18% |
| Other Operating Expenses | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 595M | 879M | 782M | 692M | 582M | 814M | 711M | 644M | 519M | 738M | 639M | 518M | 399M | 691M | 373M | 358M | 239M | 549M | 451M | 370M |
| Operating Margin % | 21.92% | 26.01% | 25.99% | 25.03% | 23.02% | 27.03% | 25.48% | 24.51% | 21.72% | 25.9% | 25% | 21.56% | 18.38% | 25.53% | 15.72% | 16.73% | 12.63% | 23.66% | 21.4% | 18.77% |
| Operating Income Growth % | 2.23% | 7.99% | 9.99% | 7.45% | 12.14% | 10.3% | 11.27% | 24.32% | 30.08% | 6.8% | 71.31% | 44.69% | 66.95% | 25.87% | -17.29% | -3.24% | -19.8% | -1.08% | 28.13% | 69.72% |
| EBITDA | 752M | 1.03B | 910M | 778M | 663M | 900M | 795M | 727M | 602M | 823M | 725M | 605M | 497M | 800M | 481M | 470M | 350M | 662M | 556M | 480M |
| EBITDA Margin % | 27.71% | 30.62% | 30.24% | 28.14% | 26.23% | 29.89% | 28.49% | 27.66% | 25.2% | 28.89% | 28.36% | 25.18% | 22.89% | 29.55% | 20.27% | 21.96% | 18.5% | 28.53% | 26.39% | 24.35% |
| EBITDA Growth % | 13.42% | 15% | 14.47% | 7.02% | 10.13% | 9.36% | 9.66% | 20.17% | 21.13% | 2.88% | 50.73% | 28.72% | 42% | 20.85% | -13.49% | -2.08% | -14.22% | -0.3% | 22.2% | 51.9% |
| D&A (Non-Cash Add-back) | 157M | 156M | 128M | 86M | 81M | 86M | 84M | 83M | 83M | 85M | 86M | 87M | 98M | 109M | 108M | 112M | 111M | 113M | 105M | 110M |
| EBIT | 595M | 879M | 828M | 751M | 616M | 862M | 768M | 667M | -29M | 793M | 652M | 550M | 421M | 724M | 393M | 359M | 277M | 573M | 463M | 386M |
| Net Interest Income | -104M | -115M | -86M | -55M | -51M | -56M | -58M | -69M | -44M | -52M | -53M | -57M | -54M | -54M | -60M | -56M | -56M | -54M | -56M | -44M |
| Interest Income | 7M | 7M | 17M | 16M | 18M | 18M | 15M | 18M | 17M | 11M | 7M | 6M | 9M | 6M | 2M | 3M | 2M | 1M | 2M | 2M |
| Interest Expense | 111M | 122M | 103M | 71M | 69M | 74M | 73M | 87M | 61M | 63M | 60M | 63M | 63M | 60M | 62M | 59M | 58M | 55M | 58M | 46M |
| Other Income/Expense | -154M | -18M | -57M | -12M | -35M | -26M | -16M | -64M | -609M | -30M | -47M | -31M | -41M | -28M | -40M | -58M | -20M | -31M | -46M | -30M |
| Pretax Income | 441M | 861M | 725M | 680M | 547M | 788M | 695M | 580M | -90M | 708M | 592M | 487M | 358M | 663M | 333M | 300M | 219M | 518M | 405M | 340M |
| Pretax Margin % | 16.25% | 25.47% | 24.09% | 24.59% | 21.64% | 26.17% | 24.91% | 22.07% | -3.77% | 24.85% | 23.16% | 20.27% | 16.49% | 24.49% | 14.03% | 14.02% | 11.58% | 22.33% | 19.22% | 17.25% |
| Income Tax | 73M | 211M | 161M | 165M | 115M | 176M | 132M | 135M | -52M | 111M | 127M | 114M | 79M | 73M | 53M | 71M | -49M | 116M | 97M | 46M |
| Effective Tax Rate % | 16.55% | 24.51% | 22.21% | 24.26% | 21.02% | 22.34% | 18.99% | 23.28% | 57.78% | 15.68% | 21.45% | 23.41% | 22.07% | 11.01% | 15.92% | 23.67% | -22.37% | 22.39% | 23.95% | 13.53% |
| Net Income | 366M | 649M | 562M | 513M | 430M | 611M | 562M | 443M | -39M | 596M | 464M | 371M | 278M | 589M | 279M | 228M | 267M | 401M | 307M | 293M |
| Net Margin % | 13.49% | 19.2% | 18.68% | 18.55% | 17.01% | 20.29% | 20.14% | 16.86% | -1.63% | 20.92% | 18.15% | 15.44% | 12.81% | 21.76% | 11.76% | 10.65% | 14.11% | 17.28% | 14.57% | 14.87% |
| Net Income Growth % | -14.88% | 6.22% | 0% | 15.8% | 1202.56% | 2.52% | 21.12% | 19.41% | -114.03% | 1.19% | 66.31% | 62.72% | 4.12% | 46.88% | -9.12% | -22.18% | 9.43% | -2.67% | 49.76% | 117.04% |
| Net Income (Continuing) | 368M | 650M | 564M | 515M | 432M | 612M | 563M | 445M | -38M | 597M | 465M | 373M | 279M | 590M | 280M | 229M | 268M | 402M | 308M | 294M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 19M | 17M | 17M | 16M | 18M | 16M | 15M | 15M | 16M | 15M | 14M | 14M | 15M | 15M | 14M | 13M | 18M | 17M | 15M | 14M |
| EPS (Diluted) | 2.18 | 3.86 | 3.33 | 3.04 | 2.53 | 3.56 | 3.29 | 2.60 | -0.23 | 3.47 | 2.70 | 2.15 | 1.61 | 3.43 | 1.63 | 1.33 | 1.54 | 2.30 | 1.76 | 1.69 |
| EPS Growth % | -13.83% | 8.43% | 1.22% | 16.92% | 1200% | 2.59% | 21.85% | 20.93% | -114.29% | 1.17% | 65.64% | 61.65% | 4.55% | 49.13% | -7.39% | -21.3% | 9.22% | -2.95% | 49.15% | 116.67% |
| EPS (Basic) | 2.21 | 3.90 | 3.37 | 3.08 | 2.58 | 3.66 | 3.36 | 2.65 | -0.23 | 3.58 | 2.78 | 2.21 | 1.61 | 3.52 | 1.67 | 1.36 | 1.59 | 2.38 | 1.81 | 1.73 |
| Diluted Shares Outstanding | 168M | 168.1M | 169M | 168.8M | 169.8M | 170.8M | 170.9M | 170.3M | 166.3M | 171.5M | 171.7M | 172.6M | 172.6M | 171.9M | 171.5M | 170.9M | 173.1M | 174.2M | 174.1M | 173.1M |
| Basic Shares Outstanding | 165.8M | 166.2M | 166.6M | 166.8M | 166.9M | 167.1M | 167.1M | 166.9M | 166.3M | 166.1M | 166.7M | 167.5M | 172.6M | 167.4M | 167.2M | 167.2M | 168M | 168.8M | 169.2M | 169.6M |
| Dividend Payout Ratio | 54.92% | 28.04% | 32.38% | 35.48% | 42.33% | 26.84% | 29.18% | 36.79% | - | 24.5% | 31.68% | 39.89% | 53.24% | 22.41% | 47.31% | 57.89% | 50.19% | 29.93% | 39.09% | 41.3% |