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WKN: 850981 | ISIN: US2910111044 | Ticker-Symbol: EMR
Tradegate
06.08.25 | 16:09
107,90 Euro
-11,12 % -13,50
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110,76111,1216:49
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PR Newswire
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Emerson Reports Third Quarter 2025 Results; Updates 2025 Outlook

ST. LOUIS, Aug. 6, 2025 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results1 for its third quarter ended June 30, 2025 and updated its full year outlook for fiscal 2025. Emerson also declared a quarterly cash dividend of $0.5275 per share of common stock payable September 10, 2025 to stockholders of record on August 15, 2025.

(dollars in millions, except per share)


2024 Q3

2025 Q3

Change

Underlying Orders2




4 %

Net Sales


$4,380

$4,553

4 %

Underlying Sales 3




3 %

Pretax Earnings


$455

$734


Margin


10.4 %

16.1 %

570 bps

Adjusted Segment EBITA4


$1,189

$1,232


Margin


27.1 %

27.1 %

0 bps

GAAP Earnings Per Share


$0.60

$1.03

72 %

Adjusted Earnings Per Share5


$1.43

$1.52

6 %

Operating Cash Flow


$1,067

$1,062

- %

Free Cash Flow


$975

$970

(1) %

Management Commentary

"Emerson's solid third quarter results reflect our sustained momentum, delivering strong underlying growth, profitability and cash flow, which we expect to continue as we finish the fiscal year," said Emerson President and Chief Executive Officer Lal Karsanbhai. "We are experiencing positive momentum in key end markets, and our team's ability to execute in this dynamic environment demonstrates the resilience of our business model and our operational excellence."

Karsanbhai continued, "We are taking pivotal steps to advance our industrial software capabilities, launching breakthrough innovations that are transforming how our customers optimize their operations. We deliver value by unlocking productivity and efficiency, and we are seeing accelerated adoption of our digital solutions."

2025 Outlook

The following table summarizes the fiscal year 2025 guidance framework. Net and underlying sales guidance of ~3.5% growth reflects our updated expectations for pricing actions as the tariff expense exposure has reduced. GAAP EPS is now expected to be ~$4.08 and adjusted EPS guidance is now ~$6.00, an increase versus the previous midpoint. Expectations for operating cash flow and free cash flow increase to ~$3.6B and ~$3.2B, respectively. The 2025 outlook assumes returning ~$2.3B to shareholders through $1.1B of share repurchases and ~$1.2B of dividends, unchanged from the prior guidance.


2025 Q4

2025

Net Sales Growth

5.5% - 6.5%

~3.5%

Underlying Sales Growth

5% - 6%

~3.5%

Earnings Per Share

$1.13 - $1.17

~$4.08

Amortization of Intangibles

~$0.34

~$1.34

Restructuring / Related Costs

~$0.10

~$0.22

Acquisition / Divestiture Fees and Related Costs

~$0.01

~$0.27

Discrete taxes related to AspenTech transaction


$0.09

Adjusted Earnings Per Share

$1.58 - $1.62

~$6.00

Operating Cash Flow


~$3.6B

Free Cash Flow


~$3.2B

1 Results are presented on a continuing operations basis.

2 Underlying orders do not include AspenTech.

3 Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures.

4 Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense.

5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, acquisition/divestiture gains, losses, fees and related costs, and discrete taxes.

Conference Call and Upcoming Events

Today, beginning at 6:30 a.m. Central Time / 7:30 a.m. Eastern Time, Emerson management will discuss the third quarter results during an investor conference call. Participants can access a live webcast available at https://ir.emerson.com at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

Emerson also announces it will host an investor conference on Nov. 20, 2025 in New York City. Event details will be distributed closer to this date.

About Emerson

Emerson (NYSE: EMR) is a global industrial technology leader that provides advanced automation. With an unmatched portfolio of intelligent devices, controls systems, and industrial software, Emerson delivers solutions that automate and optimize business performance. Headquartered in Saint Louis, Missouri, Emerson combines innovative technology with proven operational excellence to power the future of automation. For more information, visit Emerson.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be "forward-looking" statements, which represent management's expectations, based on currently available information. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Any forward-looking statements in this press release speak only as of the date of this press release. Emerson undertakes no obligation to update any such statements to reflect new information or later developments. Examples of risks and uncertainties that may cause or actual results or performance to be materially different from those expressed or implied by forward looking statements include the scope, duration and ultimate impacts of the Russia - Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

Emerson uses our Investor Relations website, https://ir.emerson.com, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Investors:

Media:

Colleen Mettler

Joseph Sala / Greg Klassen

(314) 553-2197

Joele Frank, Wilkinson Brimmer Katcher


(212) 355-4449

(tables attached)








Table 1

EMERSON AND SUBSIDIARIES

CONSOLIDATED OPERATING RESULTS

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)










Quarter Ended

June 30,


Nine Months Ended
June 30,




2024


2025


2024


2025









Net sales

$ 4,380


$ 4,553


$ 12,873


$ 13,161

Cost of sales

2,066


2,160


6,359


6,161

SG&A expenses

1,254


1,266


3,827


3,773

Gain on subordinated interest

-


-


(79)


-

Loss on Copeland note receivable

279


-


279


-

Other deductions, net

294


298


1,075


944

Interest expense, net

56


95


157


145

Interest income from related party1

(24)


-


(86)


-

Earnings from continuing operations before income taxes

455


734


1,341


2,138

Income taxes

88


154


266


536

Earnings from continuing operations

367


580


1,075


1,602

Discontinued operations, net of tax

(15)


6


(88)


7

Net earnings

352


586


987


1,609

Less: Noncontrolling interests in subsidiaries

23


-


15


(48)

Net earnings common stockholders

$ 329


$ 586


$ 972


$ 1,657









Earnings common stockholders








Earnings from continuing operations

$ 344


$ 580


$ 1,060


$ 1,650

Discontinued operations

(15)


6


(88)


7

Net earnings common stockholders

$ 329


$ 586


$ 972


$ 1,657









Diluted avg. shares outstanding

574.8


564.7


574.1


567.1









Diluted earnings per share common stockholders








Earnings from continuing operations

$ 0.60


$ 1.03


$ 1.84


$ 2.91

Discontinued operations

(0.03)


0.01


(0.15)


0.01

Diluted earnings per common share

$ 0.57


$ 1.04


$ 1.69


$ 2.92


















Quarter Ended

June 30,


Nine Months Ended
June 30,




2024


2025


2024


2025

Other deductions, net








Amortization of intangibles

$ 264


$ 219


$ 811


$ 677

Restructuring costs

57


37


170


70

Other

(27)


42


94


197

Total

$ 294


$ 298


$ 1,075


$ 944


1 Represents interest on the Copeland note receivable through June 6, 2024.




Table 2

EMERSON AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(DOLLARS IN MILLIONS, UNAUDITED)






Sept 30, 2024


June 30, 2025

Assets




Cash and equivalents

$ 3,588


$ 2,219

Receivables, net

2,927


2,908

Inventories

2,180


2,288

Other current assets

1,497


1,657

Total current assets

10,192


9,072

Property, plant & equipment, net

2,807


2,791

Goodwill

18,067


18,158

Other intangible assets

10,436


9,669

Other

2,744


2,827

Total assets

$ 44,246


$ 42,517





Liabilities and equity




Short-term borrowings and current maturities of long-term debt

$ 532


$ 5,953

Accounts payable

1,335


1,272

Accrued expenses

3,875


3,507

Total current liabilities

5,742


10,732

Long-term debt

7,155


8,278

Other liabilities

3,840


3,621

Equity




Common stockholders' equity

21,636


19,870

Noncontrolling interests in subsidiaries

5,873


16

Total equity

27,509


19,886

Total liabilities and equity

$ 44,246


$ 42,517





Table 3

EMERSON AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN MILLIONS, UNAUDITED)



Nine Months Ended June 30,



2024


2025

Operating activities





Net earnings


$ 987


$ 1,609

Earnings from discontinued operations, net of tax


88


(7)

Adjustments to reconcile net earnings to net cash provided by operating activities:





Depreciation and amortization


1,263


1,139

Stock compensation


203


198

Amortization of acquisition-related inventory step-up


231


-

Gain on subordinated interest


(79)


-

Loss on Copeland note receivable


279


-

Changes in operating working capital


(176)


(80)

Other, net


(552)


(195)

Cash from continuing operations


2,244


2,664

Cash from discontinued operations


4


(576)

Cash provided by operating activities


2,248


2,088

Investing activities





Capital expenditures


(251)


(263)

Purchases of businesses, net of cash and equivalents acquired


(8,342)


(36)

Proceeds from subordinated interest


79


-

Other, net


(86)


(94)

Cash from continuing operations


(8,600)


(393)

Cash from discontinued operations


36


-

Cash used in investing activities


(8,564)


(393)

Financing activities





Net increase in short-term borrowings


2,229


1,419

Proceeds from short-term borrowings greater than three months


322


5,292

Payments of short-term borrowings greater than three months


(100)


(1,349)

Proceeds from long-term debt


-


1,544

Payments of long-term debt


(547)


(503)

Dividends paid


(901)


(895)

Purchases of common stock


(175)


(1,147)

AspenTech purchases of common stock


(188)


-

Purchase of noncontrolling interest


-


(7,244)

Settlement of AspenTech share awards


-


(76)

Other, net


(57)


(60)

Cash provided by (used in) financing activities


583


(3,019)






Effect of exchange rate changes on cash and equivalents


(20)


(45)

Decrease in cash and equivalents


(5,753)


(1,369)

Beginning cash and equivalents


8,051


3,588

Ending cash and equivalents


$ 2,298


$ 2,219




Table 4

EMERSON AND SUBSIDIARIES

SEGMENT SALES AND EARNINGS

(DOLLARS IN MILLIONS, UNAUDITED)


The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended

to supplement the Company's results of operations, including its segment earnings which are defined as earnings before

interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding

intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA,

and adjusted segment and total segment EBITA margin are measures used by management and may be useful for

investors to evaluate the Company's segments' operational performance.



Quarter Ended June 30,



2024


2025


Reported


Underlying


Sales









Final Control

$ 1,046


$ 1,116


7 %


5 %


Measurement & Analytical

982


1,014


3 %


2 %


Discrete Automation

618


649


5 %


3 %


Safety & Productivity

351


346


(1) %


(2) %


Intelligent Devices

$ 2,997


$ 3,125


4 %


3 %











Control Systems & Software1

1,043


1,083


4 %


3 %


Test & Measurement

355


361


2 %


(1) %


Software and Control

$ 1,398


$ 1,444


3 %


2 %











Eliminations

(15)


(16)






Total

$ 4,380


$ 4,553


4 %


3 %








Sales Growth by Geography







Quarter Ended
June 30,





Americas

7 %






Europe

(7) %






Asia, Middle East & Africa

2 %







1 AspenTech was fully acquired on March 12, 2025 and is now an independent business unit inside of the Control Systems & Software reporting segment.



Table 4 cont.




Nine Months Ended June 30,


2024


2025


Reported


Underlying









Sales








Final Control

$ 3,037


$ 3,165


4 %


4 %

Measurement & Analytical

2,942


2,992


2 %


2 %

Discrete Automation

1,863


1,844


(1) %


(1) %

Safety & Productivity

1,038


996


(4) %


(4) %

Intelligent Devices

$ 8,880


$ 8,997


1 %


1 %









Control Systems & Software

2,940


3,138


7 %


7 %

Test & Measurement

1,104


1,079


(2) %


(2) %

Software and Control

$ 4,044


$ 4,217


4 %


4 %









Eliminations

(51)


(53)





Total

$ 12,873


$ 13,161


2 %


2 %









Sales Growth by Geography









Nine Months Ended
June 30,





Americas

5 %







Europe

(4) %







Asia, Middle East & Africa

3 %

















Table 4 cont.





Quarter Ended June 30,


Quarter Ended June 30,


2024


2025


As Reported
(GAAP)


Adjusted
EBITA
(Non-GAAP)


As
Reported
(GAAP)


Adjusted
EBITA
(Non-GAAP)

Earnings








Final Control

$ 253


$ 279


$ 267


$ 292

Margins

24.2 %


26.8 %


23.9 %


26.2 %

Measurement & Analytical

252


266


246


259

Margins

25.6 %


27.0 %


24.2 %


25.5 %

Discrete Automation

109


134


118


132

Margins

17.6 %


21.5 %


18.2 %


20.4 %

Safety & Productivity

79


86


73


80

Margins

22.5 %


24.7 %


21.1 %


22.9 %

Intelligent Devices

$ 693


$ 765


$ 704


$ 763

Margins

23.1 %


25.5 %


22.5 %


24.4 %









Control Systems & Software

217


348


267


388

Margins

20.8 %


33.3 %


24.7 %


35.9 %

Test & Measurement

(88)


76


(26)


81

Margins

(24.7) %


21.4 %


(7.2) %


22.4 %

Software and Control

$ 129


$ 424


$ 241


$ 469

Margins

9.2 %


30.3 %


16.7 %


32.6 %









Corporate items and interest expense, net:








Stock compensation

(56)


(47)


(71)


(45)

Unallocated pension and postretirement costs

38


38


27


27

Corporate and other

(38)


(24)


(72)


(31)

Loss on Copeland note receivable

(279)


-


-


-

Interest expense, net

(56)


-


(95)


-

Interest income from related party1

24


-


-


-

Pretax Earnings / Adjusted EBITA

$ 455


$ 1,156


$ 734


$ 1,183

Margins

10.4 %


26.4 %


16.1 %


26.0 %









Supplemental Total Segment Earnings:








Adjusted Total Segment EBITA



$ 1,189




$ 1,232

Margins



27.1 %




27.1 %


1 Represents interest on the Copeland note receivable.




Table 4 cont.







Quarter Ended June 30,


Quarter Ended June 30,



2024


2025



Amortization of

Intangibles1


Restructuring

and

Related Costs2


Amortization of

Intangibles1


Restructuring

and

Related Costs2


Final Control

$ 21


$ 5


$ 22


$ 3


Measurement & Analytical

11


3


11


2


Discrete Automation

9


16


8


6


Safety & Productivity

6


1


7


-


Intelligent Devices

$ 47


$ 25


$ 48


$ 11











Control Systems & Software

127


4


114


7


Test & Measurement

139


25


107


-


Software and Control

$ 266


$ 29


$ 221


$ 7











Corporate

-


63


-


233


Total

$ 313


$ 60


$ 269


$ 41











1 Amortization of intangibles includes $49 and $50 reported in cost of sales for the three months ended June 30, 2024 and 2025, respectively.

2 Restructuring and related costs includes $3 and $4 reported in cost of sales and selling, general and administrative expenses for the three months ended June 30, 2024 and 2025, respectively.

3 Corporate restructuring and related costs of $23 for the three months ended June 30, 2025 includes $20 related to integration-related stock compensation expense attributable to AspenTech. Corporate restructuring and related costs of $6 for the three months ended June 30, 2024 includes $5 related to integration-related stock compensation expense attributable to NI.







Quarter Ended June 30,

Depreciation and Amortization

2024


2025

Final Control

$ 41


$ 39

Measurement & Analytical

32


32

Discrete Automation

22


22

Safety & Productivity

14


15

Intelligent Devices

109


108





Control Systems & Software

148


134

Test & Measurement

150


119

Software and Control

298


253





Corporate

10


11

Total

$ 417


$ 372

Table 5

EMERSON AND SUBSIDIARIES

ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL

(DOLLARS IN MILLIONS, UNAUDITED)


The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis.

The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The

Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year

purchase accounting related items and transaction fees, and certain gains, losses or impairments. This metric is useful for

reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.







Quarter Ended June 30,






2024


2025

Stock compensation (GAAP)





$ (56)


$ (71)

Integration-related stock compensation expense





91


262

Adjusted stock compensation (non-GAAP)





$ (47)


$ (45)






Quarter Ended June 30,






2024


2025

Corporate and other (GAAP)





$ (38)


$ (72)

Corporate restructuring and related costs





1


3

Acquisition / divestiture costs





13


38

Adjusted corporate and other (non-GAAP)





$ (24)


$ (31)









1 Integration-related stock compensation expense for the three months ended June 30, 2024 relates to NI and includes $5 reported as restructuring costs.

2 Integration-related stock compensation expense for the three months ended June 30, 2025 includes $24 related to AspenTech of which $20 is reported as restructuring costs, and $2 related to NI.

Table 6

EMERSON AND SUBSIDIARIES
ADJUSTED EBITA & EPS SUPPLEMENTAL
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)


The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis,

are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted

EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring

expense, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments.

Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase

accounting related items and transaction-related costs, and certain gains, losses or impairments. Adjusted EBITA,

adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for

investors to evaluate the Company's operational performance.



Quarter Ended June 30,


2024


2025

Pretax earnings

$ 455


$ 734

Percent of sales

10.4 %


16.1 %

Interest expense, net

56


95

Interest income from related party1

(24)


-

Amortization of intangibles

313


269

Restructuring and related costs

60


41

Acquisition/divestiture fees and related costs

17


44

Loss on Copeland note receivable

279


-

Adjusted EBITA

$ 1,156


$ 1,183

Percent of sales

26.4 %


26.0 %






Quarter Ended June 30,


2024


2025

GAAP earnings from continuing operations per share

$ 0.60


$ 1.03

Amortization of intangibles

0.35


0.37

Restructuring and related costs

0.08


0.06

Acquisition/divestiture fees and related costs

0.02


0.06

Loss on Copeland note receivable

0.38


-

Adjusted earnings from continuing operations per share

$ 1.43


$ 1.52





1 Represents interest on the Copeland note receivable through June 6, 2024


Table 6 cont.

Quarter Ended June 30, 2025


Pretax
Earnings


Income
Taxes


Earnings
from
Cont.
Ops.


Non-
Controlling

Interests3


Net
Earnings
Common
Stockholders


Diluted
Earnings
Per
Share

As reported (GAAP)

$ 734


$ 154


$ 580


$ -


$ 580


$ 1.03

Amortization of intangibles

2691


62


207


-


207


0.37

Restructuring and related costs

412


5


36


-


36


0.06

Acquisition/divestiture fees and related costs

44


9


35


-


35


0.06

Adjusted (non-GAAP)

$ 1,088


$ 230


$ 858


$ -


$ 858


$ 1.52

Interest expense, net

95











Adjusted EBITA (non-GAAP)

$ 1,183























1 Amortization of intangibles includes $50 reported in cost of sales.

2 Restructuring and related costs includes $4 reported in cost of sales and selling, general and administrative expenses.

3 Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in.

Table 7

Reconciliations of Non-GAAP Financial Measures & Other


Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per

share amounts). See tables 4 through 6 for additional non-GAAP reconciliations.


2025 Q3 Underlying Sales Change

Reported

(Favorable) /
Unfavorable FX

(Acquisitions) /

Divestitures

Underlying

Final Control

7 %

(2) %

- %

5 %

Measurement & Analytical

3 %

(1) %

- %

2 %

Discrete Automation

5 %

(2) %

- %

3 %

Safety & Productivity

(1) %

(1) %

- %

(2) %

Intelligent Devices

4 %

(1) %

- %

3 %

Control Systems & Software

4 %

(1) %

- %

3 %

Test & Measurement

2 %

(3) %

- %

(1) %

Software and Control

3 %

(1) %

- %

2 %

Emerson

4 %

(1) %

- %

3 %


Nine Months Ended June 30, 2025 Underlying Sales Change

Reported

(Favorable) /
Unfavorable FX

(Acquisitions) /

Divestitures

Underlying

Final Control

4 %

- %

- %

4 %

Measurement & Analytical

2 %

- %

- %

2 %

Discrete Automation

(1) %

- %

- %

(1) %

Safety & Productivity

(4) %

- %

- %

(4) %

Intelligent Devices

1 %

- %

- %

1 %

Control Systems & Software

7 %

- %

- %

7 %

Test & Measurement

(2) %

- %

- %

(2) %

Software and Control

4 %

- %

- %

4 %

Emerson

2 %

- %

- %

2 %


Underlying Growth Guidance

2025 Q4
Guidance

2025

Guidance

Reported (GAAP)

5.5% - 6.5%

~3.5%

(Favorable) / Unfavorable FX

~0.5 pts

-

(Acquisitions) / Divestitures

-

-

Underlying (non-GAAP)

5% - 6%

~3.5%


2024 Q3 Adjusted Segment EBITA

EBIT

EBIT

Margin

Amortization

of

Intangibles

Restructuring
and Related
Costs

Adjusted
Segment
EBITA

Adjusted
Segment
EBITA
Margin

Final Control

$ 253

24.2 %

$ 21

$ 5

$ 279

26.8 %

Measurement & Analytical

252

25.6 %

11

3

266

27.0 %

Discrete Automation

109

17.6 %

9

16

134

21.5 %

Safety & Productivity

79

22.5 %

6

1

86

24.7 %

Intelligent Devices

$ 693

23.1 %

$ 47

$ 25

$ 765

25.5 %

Control Systems & Software

217

20.8 %

127

4

348

33.3 %

Test & Measurement

(88)

(24.7) %

139

25

76

21.4 %

Software and Control

$ 129

9.2 %

$ 266

$ 29

$ 424

30.3 %


2025 Q3 Adjusted Segment EBITA

EBIT

EBIT

Margin

Amortization
of
Intangibles

Restructuring
and Related
Costs

Adjusted
Segment
EBITA

Adjusted
Segment
EBITA
Margin

Final Control

$ 267

23.9 %

$ 22

$ 3

$ 292

26.2 %

Measurement & Analytical

246

24.2 %

11

2

259

25.5 %

Discrete Automation

118

18.2 %

8

6

132

20.4 %

Safety & Productivity

73

21.1 %

7

-

80

22.9 %

Intelligent Devices

$ 704

22.5 %

$ 48

$ 11

$ 763

24.4 %

Control Systems & Software

267

24.7 %

114

7

388

35.9 %

Test & Measurement

(26)

(7.2) %

107

-

81

22.4 %

Software and Control

$ 241

16.7 %

$ 221

$ 7

$ 469

32.6 %


Total Adjusted Segment EBITA


2024 Q3

2025 Q3

Pretax earnings (GAAP)


$ 455

$ 734

Margin


10.4 %

16.1 %

Corporate items and interest expense, net


367

211

Amortization of intangibles


313

269

Restructuring and related costs


54

18

Adjusted segment EBITA (non-GAAP)


$ 1,189

$ 1,232

Margin


27.1 %

27.1 %


Free Cash Flow


2024 Q3

2025 Q3


2025E

($ in billions)

Operating cash flow (GAAP)


$ 1,067

$ 1,062


~$3.6

Capital expenditures


(92)

(92)


~(0.4)

Free cash flow (non-GAAP)


$ 975

$ 970


~$3.2







Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.

Note 2: All fiscal year 2025E figures are approximate, except where range is given.

SOURCE Emerson

© 2025 PR Newswire
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