Motorola Solutions, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Motorola Solutions, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,038	6,380	7,343	7,887	7,414	8,171	9,112	9,978	10,817	11,682
Cost of revenue	3,169	3,356	3,863	3,956	3,806	4,131	4,883	5,008	5,305	5,647
Gross profit	2,869	3,024	3,480	3,931	3,608	4,040	4,229	4,970	5,512	6,035
Research and development	553	568	637	687	686	734	779	858	917	970
Selling, general and administrative	1,044	1,025	1,254	1,403	1,293	1,353	1,450	1,561	1,752	1,870
Operating income	1,048	1,284	1,255	1,581	1,383	1,667	1,661	2,294	2,688	2,988
Interest expense	225	215	240	237	233	215	240	249	295	360
Other non-operating income	-204	-208	-153	-580	-209	-115	-146	-148	-716	-176
Pre-tax income	844	1,076	1,102	1,001	1,174	1,552	1,515	2,146	1,972	2,812
Income tax	282	1,227	133	130	221	302	148	432	390	652
Income from continuing operations	560	-155
Net income to minority interests	2	4	3	3	4	5	4	5	5	6
Net income	560	-155	966	868	949	1,245	1,363	1,709	1,577	2,154
EBITDA	1,343	1,627	1,615	1,975	1,792	2,105	2,101	2,650	3,024	3,413
EPS, basic	3.30	-0.95	5.95	5.21	5.58	7.36	8.14	10.23	9.45	12.93
EPS, diluted	3.24	-0.95	5.62	4.95	5.45	7.17	7.93	9.93	9.23	12.75
Shares, basic (weighted)	170	163	162	167	170	169	168	167	167	167
Shares, diluted (weighted)	173	163	172	176	174	174	172	172	171	169
Dividend per share	1.70	1.93	2.13	2.35	2.63	2.92	3.25	3.62	4.03	4.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	967	1,205	1,257	1,001	1,254	1,874	1,325	1,705	2,102	1,165
Receivables	1,410	1,523	1,293	1,412	1,390	1,386	1,518	1,710	1,952	2,200
Inventory	273	327	356	447	508	788	1,055	827	766	983
Other current assets	755	832	354	272	242	259	383	357	429	378
Total current assets	3,468	3,950	4,272	4,178	4,327	5,412	5,255	5,725	6,479	6,300
Property, plant and equipment	789	856	895	992	1,022	1,042	927	964	1,022	1,165
Lease right-of-use assets				554	468	382	485	495	529	581
Goodwill	728	938	1,514	2,067	2,219	2,565	3,312	3,401	3,526	6,800
Intangible assets	821	861	1,230	1,327	1,234	1,105	1,342	1,255	1,249	3,104
Long-term investments	238	247	169	159	158	209	147	143	135	187
Other non-current assets	200	333	344	422	482	558	310	274	375	491
Total assets	8,463	8,208	9,409	10,642	10,876	12,189	12,814	13,336	14,595	19,389
Accounts payable	553	593	592	618	612	851	1,062	881	1,018	1,134
Accrued liabilities	2,111	2,286	1,210	1,356	1,311	1,557	1,638	1,504	1,643	1,930
Deferred revenue	439	0	1,263	1,449	1,554	1,650	1,859	2,037	2,072	2,265
Short-term debt	4	52	31	16	12	5	1	1,313	322	0
Total current liabilities	2,668	2,931	3,096	3,439	3,489	4,063	4,560	5,736	5,055	6,078
Long-term debt	4,392	4,419	5,289	5,113	5,163	5,688	6,013	4,705	5,675	8,413
Lease liabilities				497	402	313	419	407	427	471
Other non-current liabilities	2,355	2,585	2,300	2,276	2,363	2,148	1,691	1,741	1,719	2,000
Total liabilities	9,415	9,935	10,685	11,325	11,417	12,212	12,683	12,597	12,876	16,962
Total debt	4,396	4,471	5,320	5,129	5,175	5,693	6,014	6,018	5,997	8,413
Paid-in capital	203	351	419	499	759	987	1,306	1,622	1,940	2,279
Retained earnings	1,148	467	1,051	1,239	1,127	1,350	1,343	1,640	2,300	2,549
Other comprehensive income	-2,317	-2,562	-2,765	-2,440	-2,446	-2,379	-2,535	-2,540	-2,539	-2,420
Shareholders' equity	-964	-1,742	-1,293	-700	-558	-40	116	724	1,703	2,410
Minority interests	12	15	17	17	17	17	15	15	16	17
Total equity	-952	-1,727	-1,276	-683	-541	-23	131	739	1,719	2,427
Total liabilities and equity	8,463	8,208	9,409	10,642	10,876	12,189	12,814	13,336	14,595	19,389
Shares outstanding	165	161	164	171	169	169	168	166	167	166

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	562	-151	969	871	953	1,250	1,367	1,714	1,582	2,160
Depreciation and amortization	295	343	360	394	409	438	440	356	336	425
Stock-based compensation	68	66	73	118	129	129	172	212	243	293
Deferred income tax	213	1,100	9	-84	-25	34	-334	-32	-215	94
Change in receivables	-6	-60
Change in inventory	6	-46	71	-74	-14	-284	-242	200	62	-145
Change in payables	241	160
Cash from operations	1,165	1,346	1,075	1,823	1,613	1,837	1,823	2,044	2,391	2,837
Capital expenditures	-271	-227	-197	-248	-217	-243	-256	-253	-257	-265
Cash from investing	-1,002	-448	-1,266	-934	-437	-742	-1,387	-414	-507	-5,164
Debt issued	673	10	1,090	1,804	892	844	595	0	1,288	2,733
Debt repaid	-686	-21	-323	-2,039	-914	-353	-285	-1	-1,906	-322
Stock issued	93	82	168	114	108	102	156	104	75	46
Share buybacks	-842	-483	-132	-315	-612	-528	-836	-804	-244	-1,154
Dividends paid	-280	-307	-337	-379	-436	-482	-530	-589	-654	-728
Cash from financing	-1,042	-722	220	-1,144	-966	-429	-906	-1,295	-1,448	1,309
Exchange rate effect	-71	62	-40	-1	43	-46	-79	45	-39	81
Net change in cash	-950	238	-11	-256	253	620	-549	380	397	-937
Free cash flow	894	1,119	878	1,575	1,396	1,594	1,567	1,791	2,134	2,572
Interest paid	191	176	204	221	217	207	226	234	253	285
Income taxes paid	66	122	119	138	181	257	307	587	627	569

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $456.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.0%	Gross profit / revenue.
Operating margin	24.9%	Operating income / revenue.
EBITDA margin	28.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.6%	Pre-tax income / revenue.
Net margin	17.4%	Net income / revenue.
FCF margin	21.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.3%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	79.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.1%	Net income / average total assets.
Return on invested capital (ROIC)	22.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.3%	Research and development expense / revenue.
SG&A / revenue	15.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	36.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	38.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	20.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	11.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	41.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	174.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	32.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	43.7%	Total debt / total assets.
Liabilities / assets	86.0%	Total liabilities / total assets.
Net debt	$7.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.93x	Operating income / interest expense.
Working capital	$553.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	51.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.16B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	10.5x	Revenue / average property, plant and equipment.
Inventory turnover	4.41x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	5.66x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	59 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	88 days	Days inventory + days sales outstanding - days payables.
FCF conversion	125.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$73.18	Revenue / diluted weighted shares.
FCF per share	$16.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.79	Cash from operations / diluted weighted shares.
Book value per share	$16.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$43.27	Tangible book value / shares outstanding.
Cash per share	$4.29	(Cash + short-term investments) / shares outstanding.
Payout ratio	35.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	39.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$75.61B	Share price x shares outstanding.
Enterprise value	$83.32B	Market cap + total debt - cash - short-term investments.
P/E	35.4x	Market cap / net income. Only when net income is positive.
P/S	6.18x	Market cap / revenue.
P/B	28.3x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	28.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.4x	Market cap / cash from operations, when positive.
EV/Sales	6.81x	Enterprise value / revenue.
EV/EBIT	27.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	2.07x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Motorola Solutions, Inc.'s revenue in fiscal 2025?

Motorola Solutions, Inc. reported revenue of $11.68B for fiscal 2025, 8% higher than the year before.

Was Motorola Solutions, Inc. profitable in fiscal 2025?

Yes. Net income was $2.15B, a net margin of 18.4%.

How much free cash flow did Motorola Solutions, Inc. generate in fiscal 2025?

Cash from operations of $2.84B minus capital expenditures of $265.0M left free cash flow of $2.57B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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