Otis Worldwide Corp financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Otis Worldwide Corp 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	12,915	13,118	12,756	14,298	13,685	14,209	14,261	14,431
Research and development	181	163	152	159	150	144	152	152
Selling, general and administrative	1,735	1,810	1,924	1,948	1,763	1,884	1,861	1,979
Operating income	1,835	1,814	1,639	2,108	2,033	2,186	2,008	2,133
Interest expense		0	124	136	140	155	183	217
Pre-tax income	1,893	1,861	1,511	1,961	1,888	2,031	2,039	1,934
Income tax	683	594	455	541	519	533	305	479
Net income to minority interests	161	151	150	174	116	92	89	71
Net income	1,049	1,116	906	1,246	1,253	1,406	1,645	1,384
EBITDA	2,025	1,994	1,830	2,311	2,224	2,379	2,189	2,308
EPS, basic	2.42	2.55	2.09	2.91	2.98	3.42	4.10	3.52
EPS, diluted	2.42	2.55	2.08	2.89	2.96	3.39	4.07	3.50
Shares, basic (weighted)	433	433	433	428	420	411	402	393
Shares, diluted (weighted)	433	433	435	431	423	415	404	395
Dividend per share	0.00	0.00	0.60	0.92	1.11	1.31	1.51	1.65

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,329	1,446	1,782	1,565	1,189	1,274	2,300	1,096
Receivables		2,861	3,148	3,232	3,357	3,538	3,428	3,688
Inventory		571	659	622	617	612	557	613
Other current assets		251	429	382	316	259	679	405
Total current assets		5,658	6,493	8,261	6,143	6,400	7,670	6,501
Property, plant and equipment	678	721	774	774	719	727	701	743
Lease right-of-use assets		535	542	526	449	416	422	554
Goodwill	1,688	1,647	1,773	1,667	1,567	1,588	1,548	1,695
Intangible assets		490	484	419	369	335	311	343
Other non-current assets		263	310	297	287	328	362	410
Total assets		9,687	10,710	12,279	9,819	10,117	11,316	10,653
Accounts payable		1,331	1,453	1,556	1,717	1,878	1,879	2,142
Accrued liabilities		1,739	1,977	1,993	1,794	1,873	1,921	1,847
Deferred revenue		2,270	2,542	2,674	2,662	2,696	2,598	2,611
Short-term debt		0	0	24	670	32	1,351	1,056
Total current liabilities		5,374	6,673	6,247	6,843	6,479	7,749	7,656
Long-term debt		5	5,262	7,249	6,098	6,866	6,973	6,900
Lease liabilities		386	367	336	315	292	298	397
Other non-current liabilities		311	634	606	556	493	383	329
Total liabilities		7,361	13,911	15,263	14,483	14,837	16,044	15,924
Total debt		5	5,262	7,249	6,629	6,866	8,273	7,741
Paid-in capital		0
Retained earnings		0	-3,106	-2,256	-2,865	-2,005	-978	-440
Treasury stock			0	-725	-1,575	-2,382	-3,390	-4,198
Other comprehensive income	-708	-758	-815	-763	-592	-750	-745	-1,087
Shareholders' equity		1,700	-3,862	-3,625	-4,870	-4,924	-4,848	-5,392
Minority interests		531	467	481	71	69	63	46
Total equity	2,012	2,128	-3,395	-3,144	-4,799	-4,855	-4,785	-5,346
Total liabilities and equity		9,687	10,710	12,279	9,819	10,117	11,316	10,653
Shares outstanding			433	435	436	437	439

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,210	1,267	1,056	1,420	1,369	1,498	1,734	1,455
Depreciation and amortization	190	180	191	203	191	193	181	175
Stock-based compensation	38	37	63	65	67	64	73	80
Deferred income tax	127	-8	-51	-92	-16	-61	-31	-104
Change in receivables	-196	-191	-163	-152	-309	-239	-68	-111
Change in inventory	24	60	-76	14	-65	15	26	-25
Change in payables	124	6	20	130	272	152	57	181
Cash from operations	1,550	1,469	1,480	1,750	1,560	1,627	1,563	1,596
Capital expenditures	-172	-145	-183	-156	-115	-138	-126	-152
Acquisitions	-50	-47	-53	-80	-46	-36	-87	-109
Cash from investing	-201	-203	-353	-89	-33	-183	-164	-406
Debt issued	0	0	6,300	2,030	0	747	1,497	500
Debt repaid	0	0	-1,000	0	-500	-534	0	-1,300
Stock issued	25	10	3	4	5	6	4	3
Share buybacks		0	0	-725	-850	-800	-1,007	-809
Dividends paid	0	0	-260	-393	-465	-539	-606	-647
Cash from financing	-1,497	-1,133	-844	58	-3,652	-1,350	-309	-2,421
Exchange rate effect	-77	-20	59	-43	-157	-9	-49	15
Net change in cash	-225	113	342	1,676	-2,282	85	1,041	-1,216
Free cash flow	1,378	1,324	1,297	1,594	1,445	1,489	1,437	1,444
Interest paid	20	18	81	129	134	132	172	230
Income taxes paid	607	632	561	552	562	546	586	471

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	15.4%	Operating income / revenue.
EBITDA margin	16.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.9%	Pre-tax income / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.5%	Cash from operations / revenue.
Effective tax rate	23.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	13.6%	Net income / average total assets.
Return on invested capital (ROIC)	104.6%	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	1.0%	Research and development expense / revenue.
SG&A / revenue	13.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.6%	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	5.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-15.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.4%	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	8.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-14.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.0%	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	2.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	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	1.5%	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	0.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.0%	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	2.2%	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	9.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.1%	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	22.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.8%	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	-0.1%	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	-2.3%	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	-2.3%	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	-1.9%	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	0.83x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / assets	73.7%	Total debt / total assets.
Liabilities / assets	148.9%	Total liabilities / total assets.
Net debt	$7.41B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.01x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.95x	Operating income / interest expense.
Working capital	-$1.39B	Current assets - current liabilities.
Goodwill and intangibles / assets	19.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.93B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.34x	Revenue / average total assets.
Fixed asset turnover	19.7x	Revenue / average property, plant and equipment.
Receivables turnover	3.74x	Revenue / average receivables.
Days sales outstanding	98 days	365 x average receivables / revenue.
FCF conversion	112.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.95	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	$38.88	Revenue / diluted weighted shares.
FCF per share	$4.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.88	Cash from operations / diluted weighted shares.
Book value per share	-$14.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$20.68	Tangible book value / shares outstanding.
Cash per share	$2.12	(Cash + short-term investments) / shares outstanding.
Payout ratio	43.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	61.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.10B	Share price x shares outstanding.
Enterprise value	$32.51B	Market cap + total debt - cash - short-term investments.
P/E	16.6x	Market cap / net income. Only when net income is positive.
P/S	1.68x	Market cap / revenue.
P/FCF	14.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/Sales	2.18x	Enterprise value / revenue.
EV/EBIT	14.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	6.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.
PEG	2.88x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Otis Worldwide Corp's revenue in fiscal 2025?

Otis Worldwide Corp reported revenue of $14.43B for fiscal 2025, 1.2% higher than the year before.

Was Otis Worldwide Corp profitable in fiscal 2025?

Yes. Net income was $1.38B, a net margin of 9.6%.

How much free cash flow did Otis Worldwide Corp generate in fiscal 2025?

Cash from operations of $1.60B minus capital expenditures of $152.0M left free cash flow of $1.44B.

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.

Open interactive statements, quarterly figures and charts

Back to Otis Worldwide Corp