Motorola Solutions Inc. (MSI) financial statements: income statement, balance sheet and cash flow

Motorola Solutions Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Motorola Solutions Inc. reported revenue of $11.7B (+8.0% year on year) and net income of $2.8B (+42.6% year on year).

Income statement

Motorola Solutions Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$11.7B	$10.8B	$10.0B	$9.1B
Costs of sales	$5.6B	$5.3B	$5.0B	$4.9B
Gross margin	$6.0B	$5.5B	$5.0B	$4.2B
Selling, general and administrative expenses	$1.9B	$1.8B	$1.6B	$1.4B
Research and development expenditures	$970.0M	$917.0M	$858.0M	$779.0M
Other charges	$207.0M	$155.0M	$257.0M	$339.0M
Operating earnings	$3.0B	$2.7B	$2.3B	$1.7B
Interest expense, net	($302.0M)	($227.0M)	($216.0M)	($226.0M)
Other, net	$126.0M	($489.0M)	$68.0M	$77.0M
Total other expense	($176.0M)	($716.0M)	($148.0M)	($146.0M)
Net earnings before income taxes	$2.8B	$2.0B	$2.1B	$1.5B
Income tax expense	$652.0M	$390.0M	$432.0M	$148.0M
Net earnings	$2.2B	$1.6B	$1.7B	$1.4B
Less: Earnings attributable to noncontrolling interests	$6.0M	$5.0M	$5.0M	$4.0M
Net earnings attributable to Motorola Solutions, Inc.	$2.2B	$1.6B	$1.7B	$1.4B
Basic (USD per share)	$12.93	$9.45	$10.23	$8.14
Diluted (USD per share)	$12.75	$9.23	$9.93	$7.93
Basic (in shares)	166.6M	166.8M	167.0M	167.5M
Diluted (in shares)	169.0M	170.8M	172.1M	171.9M
Dividends declared per share (USD per share)	$4.48	$4.03	$3.62	$3.25

Motorola Solutions Inc. income statement, quarters

Line item	Jul 4, 2026 · Q3	Apr 4, 2026 · Q2	Sep 27, 2025 · Q3	Jun 28, 2025 · Q2
Net sales	$3.1B	$2.7B	$3.0B	$2.8B
Costs of sales	$1.5B	$1.4B	$1.5B	$1.4B
Gross margin	$1.7B	$1.4B	$1.6B	$1.4B
Selling, general and administrative expenses	$496.0M	$439.0M	$485.0M	$450.0M
Research and development expenditures	$260.0M	$252.0M	$237.0M	$231.0M
Other charges	$113.0M	$146.0M	$62.0M	$40.0M
Operating earnings	$809.0M	$525.0M	$770.0M	$692.0M
Interest expense, net	($103.0M)	($104.0M)	($86.0M)	($55.0M)
Other, net	$36.0M	$20.0M	$41.0M	$43.0M
Total other expense	($67.0M)	($84.0M)	($45.0M)	($12.0M)
Net earnings before income taxes	$742.0M	$441.0M	$725.0M	$680.0M
Income tax expense	$184.0M	$73.0M	$161.0M	$165.0M
Net earnings	$558.0M	$368.0M	$564.0M	$515.0M
Less: Earnings attributable to non-controlling interests	$1.0M	$2.0M	$2.0M	$2.0M
Net earnings attributable to Motorola Solutions, Inc.	$557.0M	$366.0M	$562.0M	$513.0M
Basic (in USD per share)	$3.36	$2.21	$3.37	$3.08
Diluted (in USD per share)	$3.33	$2.18	$3.33	$3.04
Basic (in shares)	165.8M	165.8M	166.6M	166.8M
Diluted (in shares)	167.2M	168.0M	169.0M	168.8M

Balance sheet

Motorola Solutions Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.2B	$2.1B	$1.7B	$1.3B
Accounts receivable, net	$2.2B	$2.0B	$1.7B	$1.5B
Contract assets	$1.6B	$1.2B	$1.1B	$974.0M
Inventories, net	$983.0M	$766.0M	$827.0M	$1.1B
Other current assets	$378.0M	$429.0M	$357.0M	$383.0M
Total current assets	$6.3B	$6.5B	$5.7B	$5.3B
Property, plant and equipment, net	$1.2B	$1.0B	$964.0M	$927.0M
Operating lease assets	$581.0M	$529.0M	$495.0M	$485.0M
Investments	$187.0M	$135.0M	$143.0M	$147.0M
Deferred income taxes	$761.0M	$1.3B	$1.1B	$1.0B
Goodwill	$6.8B	$3.5B	$3.4B	$3.3B
Intangible assets, net	$3.1B	$1.2B	$1.3B	$1.3B
Other assets	$491.0M	$375.0M	$274.0M	$310.0M
Total assets	$19.4B	$14.6B	$13.3B	$12.8B
Current portion of long-term debt	$0	$322.0M	$1.3B	$1.0M
Short-term borrowings	$749.0M	—	—	—
Accounts payable	$1.1B	$1.0B	$881.0M	$1.1B
Contract liabilities	$2.3B	$2.1B	$2.0B	$1.9B
Accrued liabilities	$1.9B	$1.6B	$1.5B	$1.6B
Total current liabilities	$6.1B	$5.1B	$5.7B	$4.6B
Long-term debt	$8.4B	$5.7B	$4.7B	$6.0B
Operating lease liabilities	$471.0M	$427.0M	$407.0M	$419.0M
Other liabilities	$2.0B	$1.7B	$1.7B	$1.7B
Preferred stock, $100 par value: 0.5 shares authorized; none issued and outstanding	0	0	0	0
Common stock, $0.01 par value; Authorized shares: 600.0; Issued shares: 12/31/23—168.5; 12/31/22—169.6; Outstanding shares: 12/31/23—167.5; 12/31/22—168.7	2.0M	2.0M	2.0M	2.0M
Additional paid-in capital	$2.3B	$1.9B	$1.6B	$1.3B
Retained earnings	$2.5B	$2.3B	$1.6B	$1.3B
Accumulated other comprehensive loss	($2.4B)	($2.5B)	($2.5B)	($2.5B)
Total Motorola Solutions, Inc. stockholders’ equity	$2.4B	$1.7B	$724.0M	$116.0M
Noncontrolling interests	$17.0M	$16.0M	$15.0M	$15.0M
Total stockholders’ equity	$2.4B	$1.7B	$739.0M	$131.0M
Total liabilities and stockholders’ equity	$19.4B	$14.6B	$13.3B	$12.8B

Motorola Solutions Inc. balance sheet, quarters

Line item	Jul 4, 2026	Apr 4, 2026	Sep 27, 2025	Jun 28, 2025
Cash and cash equivalents	$710.0M	$886.0M	$894.0M	$3.2B
Accounts receivable, net	$2.2B	$2.0B	$2.0B	$1.9B
Contract assets	$1.5B	$1.4B	$1.5B	$1.4B
Inventories, net	$1.3B	$1.2B	$943.0M	$861.0M
Other current assets	$474.0M	$450.0M	$441.0M	$415.0M
Total current assets	$6.1B	$6.0B	$5.8B	$7.7B
Property, plant and equipment, net	$1.2B	$1.2B	$1.1B	$1.1B
Operating lease assets	$571.0M	$609.0M	$577.0M	$590.0M
Investments	$300.0M	$187.0M	$192.0M	$180.0M
Deferred income taxes	$733.0M	$748.0M	$767.0M	$1.2B
Goodwill	$6.9B	$6.9B	$6.8B	$3.8B
Intangible assets, net	$3.0B	$3.0B	$3.1B	$1.4B
Other assets	$505.0M	$493.0M	$446.0M	$427.0M
Total assets	$19.2B	$19.1B	$18.8B	$16.4B
Short-term borrowings	$615.0M	$550.0M	$928.0M	—
Accounts payable	$957.0M	$928.0M	$940.0M	$913.0M
Contract liabilities	$2.3B	$2.3B	$2.1B	$2.0B
Accrued liabilities	$1.7B	$1.8B	$1.7B	$1.5B
Total current liabilities	$5.6B	$5.6B	$5.7B	$4.5B
Long-term debt	$8.4B	$8.4B	$8.4B	$7.7B
Operating lease liabilities	$442.0M	$494.0M	$469.0M	$472.0M
Other liabilities	$2.1B	$2.0B	$1.9B	$1.8B
Preferred stock, $100 par value: 0.5 shares authorized; none issued and outstanding	0	0	0	0
Common stock, $0.01 par value:	$2.0M	$2.0M	$2.0M	$2.0M
Additional paid-in capital	$2.5B	$2.4B	$2.1B	$2.0B
Retained earnings	$2.6B	$2.6B	$2.6B	$2.3B
Accumulated other comprehensive loss	($2.4B)	($2.4B)	($2.4B)	($2.4B)
Total Motorola Solutions, Inc. stockholders’ equity	$2.7B	$2.5B	$2.3B	$2.0B
Non-controlling interests	$16.0M	$19.0M	$17.0M	$16.0M
Total stockholders’ equity	$2.7B	$2.6B	$2.3B	$2.0B
Total liabilities and stockholders’ equity	$19.2B	$19.1B	$18.8B	$16.4B

Cash flow statement

Motorola Solutions Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings	$2.2B	$1.6B	$1.7B	$1.4B
Depreciation and amortization	$425.0M	$336.0M	$356.0M	$440.0M
Non-cash other charges	$3.0M	$16.0M	$14.0M	$23.0M
Exit of video manufacturing operations	$0	$0	$24.0M	—
Share-based compensation expenses	$293.0M	$243.0M	$212.0M	$172.0M
Loss from the extinguishment of Silver Lake Convertible Debt	$0	$585.0M	$0	$6.0M
Accounts receivable	($173.0M)	($246.0M)	($180.0M)	($112.0M)
Inventories	($145.0M)	$62.0M	$200.0M	($242.0M)
Other current assets and contract assets	($221.0M)	($213.0M)	($82.0M)	($1.0M)
Accounts payable, accrued liabilities, and contract liabilities	$280.0M	$302.0M	($144.0M)	$451.0M
Other assets and liabilities	$121.0M	($61.0M)	($38.0M)	($91.0M)
Deferred income taxes	$94.0M	($215.0M)	($32.0M)	($334.0M)
Net cash provided by operating activities	$2.8B	$2.4B	$2.0B	$1.8B
Acquisitions and investments, net	($4.9B)	($290.0M)	($180.0M)	($1.2B)
Proceeds from sales of investments	$17.0M	$40.0M	$19.0M	$46.0M
Capital expenditures	($265.0M)	($257.0M)	($253.0M)	($256.0M)
Net cash used for investing activities	($5.2B)	($507.0M)	($414.0M)	($1.4B)
Net proceeds from issuance of debt	$2.7B	$1.3B	$0	$595.0M
Net proceeds from short-term borrowings	$923.0M	—	—	—
Repayment of debt	($322.0M)	($1.9B)	($1.0M)	($285.0M)
Repayment of short-term borrowings	($179.0M)	—	—	—
Revolving credit facility renewal fees	($5.0M)	—	$0	$0
Issuances of common stock, net of tax	$46.0M	$75.0M	$104.0M	$156.0M
Purchases of common stock	($1.2B)	($247.0M)	($804.0M)	($836.0M)
Payment of dividends	($728.0M)	($654.0M)	($589.0M)	($530.0M)
Payment of dividends to noncontrolling interest	($5.0M)	($4.0M)	($5.0M)	($6.0M)
Net cash provided by (used for) financing activities	$1.3B	($1.4B)	($1.3B)	($906.0M)
Effect of exchange rate changes on cash and cash equivalents	$81.0M	($39.0M)	$45.0M	($79.0M)
Net increase (decrease) in cash and cash equivalents	($937.0M)	$397.0M	$380.0M	($549.0M)
Cash and cash equivalents, beginning of period	$2.1B	$1.7B	$1.3B	$1.9B
Cash and cash equivalents, end of period	$1.2B	$2.1B	$1.7B	$1.3B
Interest paid	$285.0M	$253.0M	$234.0M	$226.0M
Income and withholding taxes, net of refunds	$569.0M	$627.0M	$587.0M	$307.0M

Motorola Solutions Inc. cash flow statement, quarters

Line item	Jul 4, 2026 · YTD	Apr 4, 2026 · Q2	Sep 27, 2025 · YTD	Jun 28, 2025 · YTD
Net earnings	$926.0M	$368.0M	$1.5B	$947.0M
Depreciation and amortization	$291.0M	$143.0M	$282.0M	$167.0M
Contingent earnout adjustment	$91.0M	$75.0M	—	—
Non-cash other income	$0	$8.0M	($4.0M)	($5.0M)
Share-based compensation expenses	$204.0M	$100.0M	$213.0M	$140.0M
Accounts receivable	$36.0M	$155.0M	$1.0M	$129.0M
Inventories	($355.0M)	($199.0M)	($107.0M)	($84.0M)
Other current assets and contract assets	$9.0M	$103.0M	($230.0M)	($122.0M)
Accounts payable, accrued liabilities and contract liabilities	($208.0M)	($290.0M)	($280.0M)	($455.0M)
Other assets and liabilities	($84.0M)	($12.0M)	$101.0M	$49.0M
Deferred income taxes	$10.0M	$0	$95.0M	$17.0M
Net cash provided by operating activities	$920.0M	$451.0M	$1.6B	$783.0M
Acquisitions and investments, net	($224.0M)	($124.0M)	($4.8B)	($464.0M)
Proceeds from sales of investments and businesses, net	$6.0M	$2.0M	$14.0M	$12.0M
Capital expenditures	($117.0M)	($62.0M)	($151.0M)	($85.0M)
Proceeds from sales of property, plant and equipment	$1.0M	$1.0M	—	—
Net cash used for investing activities	($334.0M)	($183.0M)	($5.0B)	($537.0M)
Net proceeds from issuance of debt	$0	—	$2.7B	$2.0B
Net proceeds from short-term borrowings	$65.0M	—	$923.0M	—
Repayments of short-term debt	($200.0M)	($200.0M)	—	—
Revolving credit facility renewal fees	$0	—	($5.0M)	($5.0M)
Issuances of common stock, net of tax	($9.0M)	($6.0M)	($3.0M)	($37.0M)
Purchases of common stock	($449.0M)	($118.0M)	($664.0M)	($543.0M)
Payments of dividends	($402.0M)	($201.0M)	($546.0M)	($364.0M)
Payments of dividends to non-controlling interests	($4.0M)	—	($5.0M)	($4.0M)
Net cash provided by (used for) financing activities	($999.0M)	($525.0M)	$2.1B	$778.0M
Effect of exchange rate changes on total cash and cash equivalents	($42.0M)	($22.0M)	$72.0M	$80.0M
Net increase (decrease) in total cash and cash equivalents	($455.0M)	($279.0M)	($1.2B)	$1.1B
Cash and cash equivalents, beginning of period	$1.2B	$1.2B	$2.1B	$2.1B
Cash and cash equivalents, end of period	$710.0M	$886.0M	$894.0M	$3.2B
Interest paid	$229.0M	$118.0M	$166.0M	$135.0M
Income and withholding taxes, net of refunds	$276.0M	$69.0M	$413.0M	$315.0M

Motorola Solutions Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.