Motorola Solutions (MSI) financial statements
Motorola Solutions reported revenue of $11.7B in fiscal 2025, up 7.6% a year over 9 years.
Net income was $2.2B and the operating margin 25.6%, against 17.4% in 2016.
Free cash flow was $2.6B, and the company returned $728M in dividends and $1.2B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Motorola Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0B | $6.4B | $7.3B | $7.9B | $7.4B | $8.2B | $9.1B | $10.0B | $10.8B | $11.7B |
| Cost of revenue | $3.2B | $3.4B | $3.9B | $4.0B | $3.8B | $4.1B | $4.9B | $5.0B | $5.3B | $5.6B |
| Gross profit | $2.9B | $3.0B | $3.5B | $3.9B | $3.6B | $4.0B | $4.2B | $5.0B | $5.5B | $6.0B |
| Research and development | $553M | $568M | $637M | $687M | $686M | $734M | $779M | $858M | $917M | $970M |
| Selling, general and admin | $1.0B | $1.0B | $1.3B | $1.4B | $1.3B | $1.4B | $1.4B | $1.6B | $1.8B | $1.9B |
| Operating income | $1.0B | $1.3B | $1.3B | $1.6B | $1.4B | $1.7B | $1.7B | $2.3B | $2.7B | $3.0B |
| Interest expense | $225M | $215M | $240M | $237M | $233M | $215M | $226M | $216M | $227M | $302M |
| Pre-tax income | $844M | $1.1B | $1.1B | $1.0B | $1.2B | $1.6B | $1.5B | $2.1B | $2.0B | $2.8B |
| Income tax | $282M | $1.2B | $133M | $130M | $221M | $302M | $148M | $432M | $390M | $652M |
| Net income | $560M | -$155M | $966M | $868M | $949M | $1.2B | $1.4B | $1.7B | $1.6B | $2.2B |
| EPS (diluted) | $3.24 | -$0.95 | $5.62 | $4.95 | $5.45 | $7.17 | $7.93 | $9.93 | $9.23 | $12.75 |
| Diluted shares | 173M | 163M | 172M | 176M | 174M | 174M | 172M | 172M | 171M | 169M |
| Gross margin | 47.5% | 47.4% | 47.4% | 49.8% | 48.7% | 49.4% | 46.4% | 49.8% | 51.0% | 51.7% |
| Operating margin | 17.4% | 20.1% | 17.1% | 20.0% | 18.7% | 20.4% | 18.2% | 23.0% | 24.8% | 25.6% |
| Net margin | 9.3% | -2.4% | 13.2% | 11.0% | 12.8% | 15.2% | 15.0% | 17.1% | 14.6% | 18.4% |
Balance sheet
Fiscal years, from Motorola Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $1.2B | $1.3B | $1.0B | $1.3B | $1.9B | $1.3B | $1.7B | $2.1B | $1.2B |
| Receivables | $1.4B | $1.5B | $1.3B | $1.4B | $1.4B | $1.4B | $1.5B | $1.7B | $2.0B | $2.2B |
| Inventory | $273M | $327M | $356M | $447M | $508M | $788M | $1.1B | $827M | $766M | $983M |
| Total current assets | $3.5B | $4.0B | $4.3B | $4.2B | $4.3B | $5.4B | $5.3B | $5.7B | $6.5B | $6.3B |
| Property, plant and equipment | $789M | $856M | $895M | $992M | $1.0B | $1.0B | $927M | $964M | $1.0B | $1.2B |
| Goodwill | $728M | $938M | $1.5B | $2.1B | $2.2B | $2.6B | $3.3B | $3.4B | $3.5B | $6.8B |
| Total assets | $8.5B | $8.2B | $9.4B | $10.6B | $10.9B | $12.2B | $12.8B | $13.3B | $14.6B | $19.4B |
| Total current liabilities | $2.7B | $2.9B | $3.1B | $3.4B | $3.5B | $4.1B | $4.6B | $5.7B | $5.1B | $6.1B |
| Long-term debt | $4.4B | $4.4B | $5.3B | $5.1B | $5.2B | $5.7B | $6.0B | $4.7B | $5.7B | $8.4B |
| Total liabilities | $9.4B | $9.9B | $10.7B | $11.3B | $11.4B | $12.2B | $12.7B | $12.6B | $12.9B | $17.0B |
| Shareholders' equity | -$964M | -$1.7B | -$1.3B | -$700M | -$558M | -$40M | $116M | $724M | $1.7B | $2.4B |
| Net debt | $3.4B | $3.3B | $4.1B | $4.1B | $3.9B | $3.8B | $4.7B | $4.3B | $3.9B | $7.2B |
Cash flow
Fiscal years, from Motorola Solutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.3B | $1.1B | $1.8B | $1.6B | $1.8B | $1.8B | $2.0B | $2.4B | $2.8B |
| Capital spending | $271M | $227M | $197M | $248M | $217M | $243M | $256M | $253M | $257M | $265M |
| Free cash flow | $894M | $1.1B | $878M | $1.6B | $1.4B | $1.6B | $1.6B | $1.8B | $2.1B | $2.6B |
| Stock-based compensation | $68M | $66M | $73M | $118M | $129M | $129M | $172M | $212M | $243M | $293M |
| Dividends paid | $280M | $307M | $337M | $379M | $436M | $482M | $530M | $589M | $654M | $728M |
| Share buybacks (net) | -$842M | -$483M | -$132M | -$315M | -$612M | -$528M | -$836M | -$804M | -$244M | -$1.2B |
| Net borrowing | -$13M | -$11M | $767M | -$235M | -$22M | $491M | $310M | -$1M | -$618M | $2.4B |
| Free cash flow margin | 14.8% | 17.5% | 12.0% | 20.0% | 18.8% | 19.5% | 17.2% | 17.9% | 19.7% | 22.0% |
| Dividends per share | $1.62 | $1.88 | $1.96 | $2.16 | $2.50 | $2.78 | $3.08 | $3.42 | $3.83 | $4.31 |
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Open MSI in InvestinglyQuestions
What was Motorola Solutions's revenue in 2025?
$11.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Motorola Solutions generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From Motorola Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.