Otis Worldwide Corporation (OTIS)

Otis Announces Global Winners in 2026 Made to Move Communities™ ChallengeMay 6, 2026 6:00 AM
PR Newswire (US) Students from schools in Athens, Greece and Hong Kong SAR win STEM and AI competition with concepts to help people during natural disastersFARMINGTON, Conn., May 6, 2026 /PRNewswire/ -- With their ideas to use advanced technology to support city officials, first responders and residents before and during natural disasters, student teams from Hong Kong and Athens, Greece were named co-champions of Otis' Made to Move Communities™ student challenge, in recognition of the exceptional strength and impact of both teams' solutions. Otis (NYSE: OTIS) is the world's leading elevator and escalator manufacturing, installation, service and modernization company. "Congratulations to the student teams from and HKFYG Lee Shau Kee College and Geniko Lyceum Filothei, this year's co-champions of our Made to Move Communities global challenge. Their projects reflect not only technical ingenuity and creativity, but also a clear focus on helping vulnerable communities and first responders when it matters most," said Randi Tanguay, Otis Chief Communications Officer. "The students — with support from their mentors — demonstrate the confidence and capability of a new generation, ready to apply technology with thoughtfulness and purpose. We hope they continue exploring, identifying challenges, and finding ways to use technology to help their communities connect and thrive."About this year's challenge: A focus on natural disastersThe annual Made to Move Communities program inspires students to address real-world mobility challenges aligned with global trends and areas where Otis' business expertise can make meaningful impact. This year's theme focused on natural disasters, as students applied STEM skills and AI-driven thinking to develop mobility solutions to help vulnerable populations and first responders react to increasingly frequent and severe events.The team from Geniko Lyceum Filothei in Filothei, Athens, Greece developed a concept for an AI-enabled container that tracks rainfall fluctuation and resultant water levels and activates a preventive response system to alert local emergency management personnel and protect vulnerable residents during flood risk events.The team from HKFYG Lee Shau Kee College in Hong Kong SAR developed a concept for a combined AI and augmented reality system to help first responders see and stay connected in smoke-filled, low-visibility situations.More than 200 high school students from 18 schools in 14 countries and territories participated in this year's Made to Move Communities challenge.Continuing STEM educationAs global co-champions, the students at HKFYG Lee Shau Kee College and Geniko Lyceum Filothei earned $35,000 in grants for each of their respective schools."This achievement reflects the creativity, curiosity and hard work our students bring to everything they do," said Lin Chun Pong, Principal of HKFYG Lee Shau Kee College. "They've transformed classroom learning into a practical solution with the potential to address real challenges beyond our school walls, and that's an experience that will stay with them. We are incredibly proud of their accomplishment.""It has been inspiring to watch these students grow and apply technical and critical-thinking skills to real-world challenges," said Petros Matzakos, Principal of Geniko Lyceum Filothei. "We are incredibly proud of their achievement and thankful to our staff and the Otis volunteer mentors who made this experience — and future opportunities — possible."To learn more about the Made to Move Communities program, visit www.otis.com/mtmc.What is the Otis Made to Move Communities program?Otis' Made to Move Communities™ program is the company's flagship social impact program. It is a global student challenge inspiring creative, STEM- and AI-based solutions to real-world mobility issues.Over the past several months, the student teams worked alongside more than 150 Otis mentors to develop and refine their concepts, presenting them to panels of Otis judges across the company's four regions: Americas, Asia Pacific, Greater China and EMEA (Europe, Middle East & Africa). Four regional winners then went on to compete in a final, global competition, judged by members of the Otis Executive Leadership Team.What are the goals of the Made to Move Communities program?The Made to Move Communities program brings together students, educators and Otis colleagues as mentors, with the goals of advancing STEM and leadership skills to help build the next generation of talent, ensuring future workforce readiness and sustaining innovation.What is the community impact of the Made to Move Communities program?Since 2020, Made to Move Communities has engaged over 1,000 Otis colleagues in mentoring more than 1,250 students, and delivered 145 grants totaling nearly $1.5 million to support ongoing STEM education at participating schools.Why is the Made to Move Communities program focused on natural disasters this year?Each year, Otis identifies a theme grounded in global trends and areas where its business expertise can make meaningful impact, such as aging populations, accessibility or emerging technology.Otis chose this year's theme as over the past half century, natural disasters have increased in frequency at least five-fold and have also become more intense. Disasters can often lead to or exacerbate human mobility challenges, vulnerabilities and needs among affected communities, including by first responders.About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide — the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Media Contact:
Ed Jacovino
Edward.Jacovino @dejavu View original content to download multimedia:https://www.prnewswire.com/news-releases/otis-announces-global-winners-in-2026-made-to-move-communities-challenge-302763481.htmlSOURCE Otis Worldwide Corporation Original: Otis Announces Global Winners in 2026 Made to Move Communities™ Challenge

OTIS REPORTS FIRST QUARTER 2026 RESULTSApril 22, 2026 6:12 AM
PR Newswire (US)

Otis delivers net sales growth of 6%, driven by Service with growth in all lines of business, led by repair Net sales up 6% and organic sales up 1%, driven by Service net sales up 11% with organic sales up 5%Repair net sales up 16% with organic repair sales up approximately 10%Modernization orders up 11% at constant currency, backlog up 32%, 30% at constant currencyNew Equipment orders up 1% at constant currency, backlog up 6%, 3% at constant currencyOperating cash flow of $413 million; adjusted free cash flow of $272 millionShare repurchases of approximately $400 millionFARMINGTON, Conn., April 22, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE:OTIS) reported first quarter 2026 net sales of $3.6 billion with organic sales up 1% versus the prior year. GAAP earnings per share (EPS) increased 43% to $0.87 and adjusted EPS decreased 3% to $0.89."Otis delivered a solid quarter, with net sales up 6%. All Service lines of business grew, led by repair which grew 16% at actual currency and 10% organically. Orders and backlog strengthened: modernization orders were up 11% and backlog was up 30% at constant currency. New Equipment orders grew 1% and backlog grew 3% at constant currency. Otis delivered operating cash flow of $413 million and adjusted free cash flow of $272 million, up significantly from a year ago," said Chair, CEO & President Judy Marks. "This performance allowed Otis to repurchase approximately $400 million of shares while also announcing an exciting majority investment in WeMaintain, a digitally native and AI enabled elevator service provider." Judy Marks continued, "While underlying demand remains solid as reflected in our order activity, we faced near-term pressures, reflected in our Service margins, from cost headwinds and investments in growth. We are taking decisive actions focused on operational execution, pricing, and cost efficiency to address these pressures, while continuing our disciplined capital allocation to drive long-term shareholder value. The combination of our increasing backlog, pricing actions, and disciplined execution give us confidence in growing momentum into the second quarter and remainder of the year."Key Figures

Quarter Ended March 31,(dollars in millions, except per share amounts)
2026
2025
Y/Y
Y/Y (CFX)Net sales
$  3,566
$ 3,350
6 %
1 %Organic sales growth






1 %








GAAPOperating profit
$    539
$    411
$    128

Operating profit margin
15.1 %
12.3 %
280 bps

Net income
$    340
$    243
40 %

Earnings per share
$   0.87
$   0.61
43 %










Adjusted non-GAAP comparisonOperating profit
$    550
$    560
$    (10)
$   (38)Operating profit margin
15.4 %
16.7 %
(130) bps

Net income
$    347
$    368
(6) %

Earnings per share
$   0.89
$   0.92
(3) %

First quarter net sales of $3.6 billion increased 6% versus the prior year, driven primarily by Service sales with growth in all lines of business, partially offset by a decrease in New Equipment sales in China and Asia Pacific.First quarter GAAP operating profit of $539 million increased $128 million driven primarily by a favorable comparison due to UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted operating profit of $550 million decreased $10 million at actual currency and $38 million at constant currency, driven by declines in both segments. GAAP operating profit margin expanded 280 basis points to 15.1% and adjusted operating profit margin of 15.4% declined 130 basis points versus the prior year driven by unfavorable segment performance partially offset by segment mix. The performance was impacted by an unfavorable year-over-year comparison due to tariff impacts versus the prior year, continued Service investments that began in the second quarter of last year and accelerated this year to support strong repair and modernization order momentum, and shipment delays in New Equipment and modernization related to the geopolitical situation in the Middle East.GAAP EPS of $0.87 increased 43% compared to the prior year primarily driven by a favorable comparison due to UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted EPS of $0.89 decreased 3% driven by operational performance, higher interest, and higher taxes, partially offset by favorable foreign exchange rates and a lower share count.Service

Quarter Ended March 31,(dollars in millions)
2026
2025
Y/Y
Y/Y (CFX)Net sales
$           2,417
$           2,187
11 %
6 %Organic sales






5 %Segment operating profit
$              556
$              537
$              19
$            (10)Segment operating profit margin
23.0 %
24.6 %
(160) bps

In the first quarter, net sales of $2.4 billion increased 11%, with a 5% increase in organic sales. Organic maintenance and repair sales increased 4% and organic modernization sales increased 6%.Segment operating profit of $556 million increased $19 million at actual currency and decreased $10 million at constant currency due to higher volume and favorable pricing being more than offset by higher labor and material cost, investments, and mix. Segment operating profit margin contracted 160 basis points to 23.0%.New Equipment

Quarter Ended March 31,(dollars in millions)
2026
2025
Y/Y
Y/Y (CFX)Net sales
$           1,149
$           1,163
(1) %
(5) %Organic sales






(5) %Segment operating profit
$                38
$                66
$            (28)
$            (27)Segment operating profit margin
3.3 %
5.7 %
(240) bps

In the first quarter, net sales of $1.1 billion decreased 1% versus the prior year, with low single digit organic sales growth in EMEA more than offset by a greater than 20% decline in China, a mid-single digit decline in Asia Pacific, and a low single digit decline in the Americas.Segment operating profit of $38 million decreased $28 million at actual currency and $27 million at constant currency from the impacts of lower volume, unfavorable price, and mix, partially offset by productivity. Segment operating profit margin contracted 240 basis points to 3.3%.New Equipment orders were up 1% at constant currency with a greater than 20% growth in the Americas, and a low single digit growth in EMEA, partially offset by a greater than 20% decline in Asia Pacific, and a low teens decline in China. New Equipment backlog increased 6% at actual currency and 3% at constant currency.Cash flow

Quarter Ended March 31,(dollars in millions)
2026
2025
Y/YCash flow from operations
$        413
$        190
$       223Free cash flow
$        380
$        156
$       224Adjusted free cash flow
$        272
$        186
$         86First quarter cash flow changes were driven by an increase in net income and changes in working capital.2026 Outlook1
Otis is revising our full year outlook:Net sales of $15.1 to $15.3 billionOrganic sales up low to mid-single digitsOrganic New Equipment sales down low single digits to flatOrganic Service sales up mid to high single digitsAdjusted operating profit of approximately $2.5 billion, up $20 to $60 million at constant currency; up $60 to $100 million at actual currencyAdjusted EPS of $4.20 to $4.24Adjusted free cash flow of $1.60 to 1.65 billion1 Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.About Otis
Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company. We move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Use and Definitions of Non-GAAP Financial Measures
Otis Worldwide Corporation ("Otis") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Below are our non-GAAP financial measures:Non-GAAP measureDefinitionOrganic salesRepresents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a non-recurring and/or nonoperational nature ("other significant items"). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company's ongoing operational performance.Adjusted selling, general and administrative ("SG&A") expenseRepresents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items.Adjusted operating profitRepresents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.Adjusted net interest expenseRepresents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition related financing costs and related net interest expense pending the completion of a transaction and other significant items.Adjusted noncontrolling interest in earningsRepresents noncontrolling interest in earnings (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.Adjusted net incomeRepresents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects. Adjusted earnings per share ("EPS")Represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects.Adjusted effective tax rateRepresents the effective tax rate (a GAAP measure) adjusted for other significant items and the tax impact of restructuring costs and other significant items.Constant currencyGAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure "at constant currency" or "CFX" to show changes in our financial results without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance.Free cash flowRepresents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Otis' ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.Adjusted free cash flowRepresents cash flow from operations (a GAAP measure) less capital expenditures, adjusted to exclude certain items management believes affect the comparability of operating results. Management believes adjusted free cash flow is a useful measure of liquidity that provides investors additional information regarding the Company's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.Management believes that organic sales, adjusted SG&A expense, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing period-to-period comparisons of the results of the Company's ongoing operational performance.When we provide our expectations for adjusted net sales, organic sales, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted effective tax rate, adjusted EPS, free cash flow and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for Otis' future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term," "near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, restructuring or transformation actions (including UpLift and related reorganization and outsourcing activities and such actions with respect to our business in China), credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions, or statements that relate to climate change and our intent to achieve certain sustainability targets or other corporate responsibility initiatives, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein, including financial market conditions, fluctuations in commodity prices and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis' customers and suppliers; (2) the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate, including tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflicts and instability in the Middle East and the conflict between Russia and Ukraine on general market conditions, commodity costs, global trade policies and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond; (3) challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis' capital structure; (6) the timing and scope of future repurchases of Otis' common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (8) cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof, including with respect to UpLift and our China business and related impacts of reorganization, change management and outsourcing activities, as applicable; (9) new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and maintaining our competitiveness; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work stoppages, and labor inflation in the markets in which Otis and its businesses operate globally; (13) the effect of changes in laws, regulations and enforcement priorities in the U.S. and other countries in which Otis and its businesses operate; (14) the ability of Otis to retain and hire key personnel; (15) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (16) the determination by the Internal Revenue Service (the "IRS") and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") of Otis and Carrier Global Corporation ("Carrier") from United Technologies Corporation (now known as RTX Corporation ("RTX"); and (17) our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis' registration statement on Form 10 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.Otis Worldwide CorporationCondensed Consolidated Statements of Operations



Quarter Ended March 31,


(Unaudited)(dollars in millions, except per share amounts; shares in millions)                                                       
2026
2025Net Sales
$        3,566
$        3,350Costs and Expenses:




Cost of products and services sold
2,484
2,349
Research and development
38
37
Selling, general and administrative
510
464
Total Costs and Expenses
3,032
2,850Other income (expense), net
5
(89)Operating profit
539
411
Non-service pension cost (benefit)
—
—
Interest expense (income), net
59
45Net income before income taxes
480
366
Income tax expense (benefit)
127
110Net income
353
256
Less: Noncontrolling interest in subsidiaries' earnings
13
13Net income attributable to Otis Worldwide Corporation
$          340
$          243





Earnings Per Share of Common Stock:




Basic
$         0.88
$         0.61
Diluted
$         0.87
$         0.61Weighted Average Number of Shares Outstanding:




Basic shares
388.1
396.6
Diluted Shares
389.6
399.1 Otis Worldwide CorporationReconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin


Quarter Ended March 31,

(Unaudited)(dollars in millions)
2026
2025Net Sales



New Equipment
$      1,149
$      1,163Service
2,417
2,187Total Net Sales
$      3,566
$      3,350




Operating Profit



New Equipment
$         38
$         66Service
556
537Total segment operating profit
594
603Corporate and Unallocated
(55)
(192)Total Otis GAAP Operating Profit
539
411UpLift restructuring
—
20Other restructuring
7
23UpLift transformation costs
—
23Separation-related adjustments 1
5
52Litigation-related settlement costs 2
—
21Held for sale impairment
—
10Other, net
(1)
—Total Otis Adjusted Operating Profit
$        550
$        560Reported Total Operating Profit Margin                                                                                                       
15.1 %
12.3 %Adjusted Total Operating Profit Margin
15.4 %
16.7 %1 Separation-related adjustments in the quarters ended March 31, 2026 and 2025 represent estimated amounts due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related to a favorable ruling received in August 2024 regarding a tax litigation in Germany.
2 Litigation-related settlement costs in the quarter ended March 31, 2025 represent the aggregate amount of settlement costs and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary course of business due to the size, complexity and/or unique facts of these matters. Otis Worldwide CorporationReconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate 


Quarter Ended March 31,

(Unaudited)(dollars in millions, except per share amounts)
2026
2025Adjusted Operating Profit
$        550
$        560Adjusted net interest expense 1
59
46Adjusted income from operations before income taxes
491
514Income tax expense (benefit)
127
110Tax impact on restructuring and non-recurring items
4
21Adjusted net income from operations
360
383Adjusted noncontrolling interest 2
13
15Adjusted net income attributable to common shareholders
$        347
$        368




GAAP net income attributable to common shareholders
$        340
$       243UpLift restructuring
—
20Other restructuring
7
23UpLift transformation costs
—
23Separation-related adjustments
5
52Litigation-related settlement costs
—
21Held for sale impairment
—
10Interest income related to non-recurring tax items 1
—
(1)Tax effects of restructuring, non-recurring items and other adjustments
(4)
(21)Other, net 2
(1)
(2)Adjusted net income attributable to common shareholders                                                                 
$        347
$        368




Diluted Earnings Per Share
$       0.87
$       0.61Impact to diluted earnings per share
0.02
0.31Adjusted Earnings Per Share
$       0.89
$       0.92




Effective Tax Rate
26.5 %
30.1 %Impact of adjustments on effective tax rate
0.2 %
(4.5) %Adjusted Effective Tax Rate
26.7 %
25.6 %1 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and related interest income were recorded in 2024. Net interest expense is reflected as adjusted without $1 million of interest income for quarter ended March 31, 2025.




2 Noncontrolling interest is reflected as adjusted without $2 million of the noncontrolling interest share of Other restructuring for the quarter ended March 31, 2025. Otis Worldwide CorporationComponents of Changes in Net Sales
Quarter Ended March 31, 2026 Compared with Quarter Ended March 31, 2025











Factors Contributing to Total % Change in Net Sales

Organic
FXTranslation
Acquisitions /Divestitures, net and Other
TotalNew Equipment
(5) %
4 %
— %
(1) %Service
5 %
5 %
1 %
11 %Maintenance and Repair
4 %
5 %
2 %
11 %Modernization
6 %
3 %
1 %
10 %Total Net Sales
1 %
5 %
— %
6 %

Components of Changes in New Equipment Backlog








March 31, 2026







Y/Y Growth %New Equipment Backlog increase at actual currency






6 %Foreign exchange impact to New Equipment Backlog






(3) %New Equipment Backlog increase at constant currency






3 %

Components of Changes in Modernization Backlog








March 31, 2026







Y/Y Growth %Modernization Backlog increase at actual currency






32 %Foreign exchange impact to Modernization Backlog






(2) %Modernization Backlog increase at constant currency






30 % Otis Worldwide CorporationReconciliation of Segment and Total Adjusted Operating Profit at Constant Currency
Quarter Ended March 31, 2026 Compared with Quarter Ended March 31, 2025








(dollars in millions)
2026
2025
Y/Y






New Equipment





Segment Operating Profit
$               38
$               66
$              (28)Impact of foreign exchange
1
—
1Segment Operating Profit at constant currency                    
$               39
$               66
$              (27)






Service





Segment Operating Profit
$              556
$              537
$               19Impact of foreign exchange
(29)
—
(29)Segment Operating Profit at constant currency
$              527
$              537
$              (10)






Otis Consolidated





Adjusted Operating Profit
$              550
$              560
$              (10)Impact of foreign exchange
(28)
—
(28)Adjusted Operating Profit at constant currency
$              522
$              560
$              (38)






 Otis Worldwide CorporationCondensed Consolidated Balance Sheet


March 31, 2026
December 31, 2025(dollars in millions)
(Unaudited)

Assets



Cash and cash equivalents
$                  834
$                1,096Accounts receivable, net
3,920
3,688Contract assets
751
699Inventories
669
613Other current assets
290
405Total Current Assets
6,464
6,501Future income tax benefits
400
407Fixed assets, net
744
743Operating lease right-of-use assets
552
554Intangible assets, net
333
343Goodwill
1,682
1,695Other assets
367
410Total Assets
$              10,542
$              10,653




Liabilities and Equity (Deficit)



Short-term borrowings and current portion of long-term debt           
$                   939
$                1,056Accounts payable
1,975
2,142Accrued liabilities
1,710
1,847Contract liabilities
3,100
2,611Total Current Liabilities
7,724
7,656Long-term debt
6,879
6,900Future pension and postretirement benefit obligations
416
419Operating lease liabilities
400
397Future income tax obligations
225
223Other long-term liabilities
333
329Total Liabilities
15,977
15,924




Redeemable noncontrolling interest
74
75Shareholders' Equity (Deficit):



Common Stock and additional paid-in capital
332
333Treasury Stock
(4,601)
(4,198)Accumulated deficit
(378)
(440)Accumulated other comprehensive income (loss)
(1,033)
(1,087)Total Shareholders' Equity (Deficit)
(5,680)
(5,392)Noncontrolling interest
171
46Total Equity (Deficit)
(5,509)
(5,346)Total Liabilities and Equity (Deficit)
$              10,542
$              10,653 Otis Worldwide CorporationCondensed Consolidated Statement of Cash Flows


Quarter Ended March 31,

(Unaudited)(dollars in millions)
2026
2025Operating Activities:



Net income from operations
$     353
$     256Adjustments to reconcile net income to net cash flows provided by operating activities:



Depreciation and amortization
41
42Deferred income tax expense (benefit)
4
—Stock compensation cost
19
21Change in:



Accounts receivable, net
(229)
(104)Contract assets and liabilities, current
432
260Inventories
(58)
(18)Other current assets
137
(2)Accounts payable
(176)
(281)Accrued liabilities
(117)
12Pension contributions
(11)
(18)Other operating activities, net
18
22Net cash flows provided by (used in) operating activities
413
190Investing Activities:



Capital expenditures
(33)
(34)Acquisitions of businesses and intangible assets, net of cash
(3)
(36)Other investing activities, net
51
(91)Net cash flows provided by (used in) investing activities
15
(161)Financing Activities:



Increase (decrease) in short-term borrowings, net
29
(11)Repayment of long-term debt
(135)
—Dividends paid on Common Stock
(163)
(155)Repurchases of Common Stock
(400)
(253)Dividends paid to noncontrolling interest
(3)
(2)Acquisition of noncontrolling interest shares
(10)
—Other financing activities, net
(12)
(7)Net cash flows provided by (used in) financing activities
(694)
(428)Summary of Activity:



Net cash provided by (used in) operating activities
413
190Net cash provided by (used in) investing activities
15
(161)Net cash provided by (used in) financing activities
(694)
(428)Effect of exchange rate changes on cash and cash equivalents
5
7Net increase (decrease) in cash, cash equivalents and restricted cash
(261)
(392)Cash, cash equivalents and restricted cash, beginning of period
1,105
2,321Cash, cash equivalents and restricted cash, end of period
844
1,929Less: Restricted cash
10
11Cash and cash equivalents, end of period
$     834
$   1,918 Otis Worldwide CorporationAdjusted Free Cash Flow Reconciliation


Quarter Ended March 31,

(Unaudited)(dollars in millions)
2026
2025Net cash flows provided by operating activities (GAAP)                                             
$       413
$       190Capital expenditures
(33)
(34)Free cash flow (Non-GAAP)
380
156Adjustments for:



UpLift restructuring payments
8
11UpLift transformation payments
4
19Separation-related payments 1
6
—German Tax Litigation refunds 2
(126)
—Adjusted free cash flow (Non-GAAP)
$       272
$       1861 These represent payments to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement.




2 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company has started to receive refunds and anticipates the refund process to continue through 2026. Media Contact:Investor Relations Contact:Katy PadgettRob Quartaro+1-860-674-3047+1-860-676-6011kathleen.padgett@otis.cominvestorrelations@otis.com



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Original: OTIS REPORTS FIRST QUARTER 2026 RESULTS

Otis Announces 5 Percent Increase in Quarterly Dividend to $0.44 per ShareApril 21, 2026 4:15 PM
PR Newswire (US)

FARMINGTON, Conn., April 21, 2026 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.44 per share of Otis' common stock, representing a 5% increase. The dividend will be payable on June 12, 2026, to shareholders of record at the close of business on May 15, 2026."With the continued strength of our Service driven business and the cash flows it generates, this dividend increase underscores our disciplined approach to capital allocation," said Judy Marks, Otis Chair, CEO and President. "Our dividend has increased approximately 120% since our spin in 2020, reflecting our focus on delivering attractive and sustainable returns to shareholders."About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Cautionary Statement
This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties. Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, future availability of credit and factors that may affect such availability or costs (including tighter credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations, political conditions and geopolitical conflicts in countries in which we operate and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.Media Contact:Investor Relations Contact:Katy PadgettRob Quartaro+1-860-674-3047+1-860-676-6011kathleen.padgett@otis.cominvestorrelations@otis.com 



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Original: Otis Announces 5 Percent Increase in Quarterly Dividend to $0.44 per Share

Otis Launches Robust™ Heavy-Duty Elevator Range for Data Centers and Mission-Critical InfrastructureApril 14, 2026 7:00 AM
PR Newswire (US)

Meets the readiness, scale and reliability demands of today's fast-growing data center and infrastructure needsEngineered and ready now for facilities that require fast delivery of high capacity and durable elevators available with world-class Otis service, experience and expertiseFARMINGTON, Conn., April 14, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS), the world leader in the manufacture, installation, service and modernization of elevators and escalators, today announced Otis Robust, a new heavy-duty elevator range engineered to meet the growing demand of multi-story data centers and other essential infrastructure, such as airports,  hospitals and industrial plants, that operate around the clock under demanding conditions.







The global demand for larger and more advanced facilities and infrastructure is expanding at an unprecedented rate across sectors, with the global data center pipeline alone exceeding $2.5 trillion* in anticipated investment. Advances in cloud computing and artificial intelligence (AI) are fueling this expansion, driving rapid growth in multi-story data center capacity worldwide. As these facilities scale, with strong market momentum in the United States and Canada and substantial growth potential across Asia and Europe, the Middle East and Africa (EMEA), they must be built and brought online faster, placing new demands on the performance, durability and safety of the infrastructure they support."As construction and investment for data centers and other infrastructure accelerates, customers are looking for partners like Otis who can move at pace without compromising on safety and reliability," said Judy Marks, Chair, CEO, and President of Otis. "The Robust elevator range reflects how we are ready to serve these fast-growing sectors, bringing ready-now, heavy-duty solutions to market that are purpose-built for high-intensity environments. By combining industrial grade engineering with our global scale and service expertise, we're helping customers build and deploy facilities faster and operate them with confidence over the long term."Whether for individual installations or multi-site major projects, Otis leverages its global manufacturing and supply chain network, proven processes and dedicated teams of experts to provide end-to-end support that helps streamline decision making and accelerate every step—from bidding through commissioning—while maintaining consistency and quality.Otis Robust elevators are designed for demanding infrastructure supporting heavy loads, frequent use and continuous operation, with up to five times the weight capacity and two times wider door openings than standard passenger elevators. They help customers reduce operational risk, protect valuable equipment, and maintain performance time around the clock. Combined with an Otis service plan and the Otis ONE™ IoT predictive maintenance solution, customers should benefit from high service quality and extended performance. They can also easily modernize and upgrade their equipment to scale operations and protect long-term investments as facility needs change over time.To learn more about the range of Otis Robust heavy-duty elevators and the company's commitment to supporting the rapid development of critical infrastructure, visit www.otis.com/en/us/products/otis-robust.Q&AWhat distinguishes the Otis Robust heavy-duty elevators from other elevator solutions currently available?The Otis Robust heavy-duty elevators are engineered for multi-story data centers and other critical infrastructure that require accelerated installation of high-capacity, dependable, and continuously operating elevators.How does Otis move fast from bid to commissioning?Otis leverages its global manufacturing and supply chain network, proven processes, and dedicated expert teams. Whether it's a single or multiple site deployment, its end-to-end support helps streamline decision making and accelerate every step—from bidding through commissioning—while maintaining consistency and quality.Why has Otis launched a dedicated elevator range for data centers and mission-critical facilities now?We are seeing unprecedented expansion across mission-critical infrastructure. Advances in cloud computing and artificial intelligence (AI) are fueling this expansion, driving rapid growth in data center capacity. The global data center pipeline alone now exceeds $2.5 trillion*, and these facilities are becoming larger, more complex and more demanding. Elevators are essential to keeping these dynamic environments running continuously. The Otis Robust elevators were engineered to meet this reality, with reliability and performance designed from the outset.What problems are customers in data centers and other critical facilities facing today?Customers tell us that swift delivery, performance and reliability are their top priorities, whether they are moving heavy equipment, regularly moving large numbers of passengers or striving to maintain maximum up time in 24/7 environments. With up to five times the weight capacity and two times wider door openings than standard passenger elevators, Otis Robust elevators are purpose built for heavy loads, frequent use and continuous operation, helping customers reduce operational risk and protect critical operations.How does Otis Robust support the rapid evolution of data centers' needs?Otis Robust elevators are purpose built for heavy loads, frequent use and continuous operation and designed for easy modernization and upgrades, allowing customers to adapt their systems as their operational needs change.About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @rguns Global Insights report on data centers issued by GlobalDataMedia Contact:
Katy Padgett
Phone: +1-860-674-3047
Email: Kathleen.Padgett@otis.com










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Original: Otis Launches Robust™ Heavy-Duty Elevator Range for Data Centers and Mission-Critical Infrastructure

Otis Takes Majority Stake in WeMaintain, Supporting Growth and Innovation in Service TechnologyApril 13, 2026 7:00 AM
PR Newswire (US)

FARMINGTON, Conn., April 13, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS), the world's leading company for elevator and escalator manufacturing, installation, service and modernization, and WeMaintain today announced that they have closed an agreement under which Otis will acquire a majority stake in WeMaintain, a fast-growing, technology-enabled service company for the elevator and escalator industry. The investment reflects Otis' continued focus on advancing service and service technology to deliver the best possible solutions for customers.







"Service is the foundation of our business, and innovation in how service is delivered is increasingly important as customers seek greater reliability and better visibility into performance," said Judy Marks, Chair, CEO and President, Otis Worldwide Corp. "WeMaintain has built a strong technology platform and agile operating model that reflects how quality service is delivered in a fast-paced, digital and customer centric environment. We are confident in their growth potential and believe this investment supports their continued success while creating long-term value for both organizations." "Otis' investment allows us to stay focused on what we do best – continuing to build and advance our technology and scale our business as an independent company," said Benoit Dupont, WeMaintain CEO. "With the stability and support of the global industry leader, we are well positioned to strengthen our offering while maintaining the close customer relationships and high standards that have always defined our approach." Otis and WeMaintain will operate as separate entities, and WeMaintain will continue to offer its agnostic IoT and AI based solution to its current and future customers.About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.About WeMaintain WeMaintain was founded in 2017 by Benoit Dupont and Jade Francine on the belief that building maintenance could be smarter, more transparent, and more impactful. We combine AI-driven insights, IoT-powered data, and on-the-ground expertise to deliver real-time visibility, enhanced operational efficiency, and increased asset reliability for building owners and operators. With operations across Asia and Europe and more than 350 employees, we provide services and solutions for elevators, escalators, automatic doors, and fire safety systems.Our human + tech approach sets a new standard for service quality, customer experience, and growth.To learn more, visit www.wemaintain.com and follow us on LinkedIn. Otis Media Contact:
Katy Padgett
Phone: +1-860-674-3047 
Email: Kathleen.Padgett@otis.comWeMaintain Media Contact:
Victoria Pearson
Phone: +44 (0) 7515-557-901
Email: team-wemaintain@sonder-london.com














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Original: Otis Takes Majority Stake in WeMaintain, Supporting Growth and Innovation in Service Technology

Otis First Quarter 2026 Earnings AdvisoryApril 1, 2026 7:00 AM
PR Newswire (US)

FARMINGTON, Conn., April 1, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on Wednesday, April 22, 2026, at 8:30 a.m. ET. Otis Chair, CEO & President Judy Marks and Executive Vice President & CFO Cristina Mendez will discuss the company's first quarter results and 2026 outlook.







We encourage you to join through our webcast link. A corresponding presentation and news release will be available on www.otis.com prior to the call and a recording will be available on the website later in the day. If you are unable to join via the webcast, please contact Otis investor relations (investorrelations@otis.com) for alternative dial-in information. Additional investor updates are also available on www.otis.com from time to time.About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Media Contact:Katy Padgett +1-860-674-3047kathleen.padgett@otis.comInvestor Relations Contact:Rob Quartaro+1-860-676-6011investorrelations@otis.com 



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Original: Otis First Quarter 2026 Earnings Advisory

UPDATED TIMING: Otis CFO to Speak at J.P. Morgan Industrials ConferenceMarch 12, 2026 4:30 PM
PR Newswire (US)

FARMINGTON, Conn., March 12, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) Executive Vice President and CFO Cristina Méndez will participate in a fireside chat at the Industrials Conference hosted by J.P. Morgan on Wednesday, March 18, 2026 at 1:35 p.m. ET. The presentation will be broadcast live at www.otis.com.This update supersedes a previous release stating a different time for this event.About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Media Contact:   Katy Padgett+1-860-674-3047kathleen.padgett@otis.comInvestor Relations Contact:      Rob Quartaro+1-860-676-6011investorrelations@otis.com 



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Original: UPDATED TIMING: Otis CFO to Speak at J.P. Morgan Industrials Conference

Otis CFO to Speak at J.P. Morgan Industrials ConferenceMarch 11, 2026 7:00 AM
PR Newswire (US)

FARMINGTON, Conn., March 11, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) Executive Vice President and CFO Cristina Méndez will participate in a fireside chat at the Industrials Conference hosted by J.P. Morgan on Wednesday, March 18, 2026 at 2:55 p.m. ET. The presentation will be broadcast live at www.otis.com.About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Media Contact: Katy Padgett      +1-860-674-3047  kathleen.padgett@otis.com            Investor Relations Contact:Rob Quartaro+1-860-676-6011investorrelations@otis.com



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Original: Otis CFO to Speak at J.P. Morgan Industrials Conference

Otis Declares Quarterly Dividend of $0.42 per ShareJanuary 29, 2026 4:15 PM
PR Newswire (US)

FARMINGTON, Conn., Jan. 29, 2026 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.42 per share of Otis' common stock. The dividend will be payable on March 13, 2026, to shareholders of record at the close of business on February 13, 2026.About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Cautionary StatementThis release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties.  Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, future availability of credit and factors that may affect such availability or costs (including tighter credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations, political conditions and geopolitical conflicts in countries in which we operate and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.Media Contact:
Katy Padgett   
+1-860-674-3047   
kathleen.padgett@otis.com Investor Relations Contact:    
Rob Quartaro
+1-860-676-6011
investorrelations@otis.com



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Original: Otis Declares Quarterly Dividend of $0.42 per Share

Otis Shares Ease After Q4 Earnings and Revenue Come in Slightly Below ForecastsJanuary 28, 2026 1:50 PM
IH Market News
Otis Worldwide Corporation (NYSE:OTIS) reported fourth-quarter results on Wednesday that came in just under market expectations, prompting a modest pullback in its share price after revenue missed forecasts.The elevator and escalator maker posted adjusted earnings of $1.03 per share, narrowly below the consensus estimate of $1.04. Quarterly revenue totaled $3.8 billion, short of the $3.89 billion analysts had expected, though still representing a 3% increase from the same period a year earlier.Organic sales rose 1% in the quarter, supported mainly by strength in the Service division.Service revenue — which includes maintenance, repairs and modernization — was the standout performer, climbing 8% with organic growth of 5%. In contrast, New Equipment revenue fell 5%, with organic sales down 6%, reflecting softer demand in China and the Americas.“Otis finished the year with solid performance driven by our Service flywheel,” said Chair, CEO & President Judy Marks. “We generated our highest adjusted operating profit margin expansion and EPS growth in 2025, as anticipated, due to strong Service sales growth, up 8% with organic sales up 5% in the quarter.”Order activity showed resilience in modernization, with orders jumping 43% at constant exchange rates during the quarter and the modernization backlog rising 34% year on year. The New Equipment backlog increased 6% at actual exchange rates and 2% on a constant-currency basis.Looking ahead to 2026, Otis forecast net sales in the range of $15.0 billion to $15.3 billion, with organic growth expected in the low- to mid-single-digit range. The company also anticipates adjusted earnings per share growth in the mid- to high-single digits.During 2025, Otis returned significant capital to shareholders, repurchasing roughly $800 million of shares and distributing a total of $1.5 billion through dividends and buybacks.Otis Worldwide Corporation stock price

Original: Otis Shares Ease After Q4 Earnings and Revenue Come in Slightly Below Forecasts

OTIS REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTSJanuary 28, 2026 11:15 AM
PR Newswire (US)

Otis delivers solid fourth quarter and full year results; announces 2026 outlook based on Service strategy momentumFourth quarter 2025Net sales up 3% and organic sales up 1%, driven by Service net sales up 8% with organic sales up 5%Maintenance and repair sales up 7% with organic sales up 4%Service operating profit margin up 100 bpsGAAP EPS up 13% and adjusted EPS up 11%Modernization orders up 43% at constant currency, backlog up 34%, 30% at constant currencyOperating cash flow and adjusted free cash flow of $817 millionFull year 2025Service net sales up 6% with organic sales up 5%Service operating profit margin up 50 bpsGAAP EPS down 14% and adjusted EPS up 6%Operating cash flow and adjusted free cash flow of $1.6 billionShare repurchases of approximately $800 millionOutlook for full year 2026*: Organic sales up low to mid-single digits, adjusted earnings per share up mid to high single digits and adjusted free cash flow of $1.6 to $1.7 billionFARMINGTON, Conn., Jan. 28, 2026 /PRNewswire/ -- Otis Worldwide Corporation (NYSE:OTIS) reported full year net sales of $14.4 billion with flat organic growth. GAAP earnings per share (EPS) decreased 14% to $3.50 and adjusted EPS increased 6% to $4.05."Otis finished the year with solid performance driven by our Service flywheel. We generated our highest adjusted operating profit margin expansion and EPS growth in 2025, as anticipated, due to strong Service sales growth, up 8% with organic sales up 5% in the quarter," said Chair, CEO & President Judy Marks. "Modernization orders grew 43% in the quarter, marking another quarter of exceptional performance. Our modernization and New Equipment backlogs ended the year up 30% and 2%, respectively, setting us up well for 2026 and beyond. We executed our balanced capital management strategy, buying back approximately $800 million of shares, raised our dividend again, and returned $1.5 billion in cash to our shareholders. Our 2026 outlook reflects momentum from Q4, an improved cost structure, a strategic focus on growth, and steady confidence that our strategy will continue driving meaningful returns for our shareholders."*Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.Key Figures
Quarter Ended December 31,
Year Ended December 31,(dollars in millions, except
per share amounts)2025
2024
Y/Y
Y/Y
(CFX)
2025
2024
Y/Y
Y/Y
(CFX)Net sales$   3,796
$   3,675
3 %
1 %
$ 14,431
$ 14,261
1 %
— %Organic sales growth





1 %






— %















GAAPOperating profit$       589
$       531
$         58


$   2,133
$   2,008
$       125

Operating profit margin15.5 %
14.4 %
110 bps


14.8 %
14.1 %
70 bps

Net income$       374
$       337
11 %


$   1,384
$   1,645
(16) %

Earnings per share$     0.95
$     0.84
13 %


$     3.50
$     4.07
(14) %

















Adjusted non-GAAP comparisonOperating profit$       630
$       583
$         47
$         29
$   2,434
$   2,356
$         78
$         46Operating profit margin16.6 %
15.9 %
70 bps


16.9 %
16.5 %
40 bps

Net income$       404
$       374
8 %


$   1,599
$   1,548
3 %

Earnings per share$     1.03
$     0.93
11 %


$     4.05
$     3.83
6 %

Fourth quarter net sales of $3.8 billion increased 3% versus the prior year, driven primarily by Service sales with growth in all lines of business, partially offset by a decrease in New Equipment sales in China and the Americas.Fourth quarter GAAP operating profit of $589 million increased $58 million. Adjusted operating profit of $630 million increased $47 million at actual currency and $29 million at constant currency, driven by growth in Service partially offset by a decline in New Equipment. GAAP operating profit margin expanded 110 basis points to 15.5% and adjusted operating profit margin expanded 70 basis points to 16.6%, driven by favorable segment mix and segment performance.GAAP EPS of $0.95 increased 13% compared to the prior year. Adjusted EPS increased 11% to $1.03 driven by operational performance, a lower share count, favorable noncontrolling interest, and favorable foreign exchange rates, partially offset by higher interest.Full year net sales of $14.4 billion increased 1%, with flat organic sales, driven by Service offset by New Equipment. GAAP operating profit of $2.1 billion increased $125 million driven primarily by separation-related adjustments based on non-recurring tax items in the prior year.  Adjusted operating profit of $2.4 billion increased $78 million at actual currency and $46 million at constant currency, driven by Service. GAAP operating profit margin expanded 70 basis points to 14.8%, and adjusted operating profit margin expanded 40 basis points to 16.9%, driven by favorable segment mix partially offset by unfavorable segment performance.GAAP EPS of $3.50 decreased 14% compared to the prior year primarily driven by non-recurring tax benefit and related interest income in the prior year, and adjusted EPS increased 6% to $4.05 due to solid operating profit growth, a lower share count, lower noncontrolling interest, and favorable foreign exchange rates.Service

Quarter Ended December 31,
Year Ended December 31,(dollars in millions)
2025
2024
Y/Y
Y/Y
(CFX)
2025
2024
Y/Y
Y/Y
(CFX)Net sales
$   2,503
$   2,318
8 %
5 %
$   9,442
$   8,894
6 %
5 %Organic sales






5 %






5 %Segment operating profit
$      638
$      569
$        69
$      49
$   2,374
$   2,185
$      189
$   153Segment operating profit margin
25.5 %
24.5 %
100 bps


25.1 %
24.6 %
50 bps

In the fourth quarter, net sales of $2.5 billion increased 8% versus the prior year, with a 5% increase in organic sales. Organic maintenance and repair sales increased 4% and organic modernization sales increased 9%.Segment operating profit of $638 million increased $69 million at actual currency and $49 million at constant currency due to higher volume, favorable pricing and productivity, and gains on sales of assets, partially offset by inflationary pressures, including higher labor costs, and mix. Segment operating profit margin of 25.5% expanded 100 basis points.Full year net sales of $9.4 billion increased 6% versus the prior year, with a 5% increase in organic sales. Organic maintenance and repair sales increased 4% and organic modernization sales increased 9%. Segment operating profit of $2.4 billion increased $189 million at actual currency and $153 million at constant currency due to higher volume, favorable pricing and productivity, and gains on sales of assets, partially offset by inflationary pressures, including higher labor costs, and mix. Segment operating profit margin expanded 50 basis points to 25.1%.New Equipment

Quarter Ended December 31,
Year Ended December 31,(dollars in millions)
2025
2024
Y/Y
Y/Y
(CFX)
2025
2024
Y/Y
Y/Y
(CFX)Net sales
$   1,293
$   1,357
(5) %
(7) %
$   4,989
$   5,367
(7) %
(7) %Organic sales






(6) %






(7) %Segment operating profit
$        47
$      64
$     (17)
$    (15)
$   240
$   329
$     (89)
$    (84)Segment operating profit margin
3.6 %
4.7 %
(110) bps


4.8 %
6.1 %
(130) bps

In the fourth quarter, net sales of $1.3 billion decreased 5% versus the prior year, with low single digit organic sales growth in Asia Pacific and mid-single digit organic sales growth in EMEA, partially offset by a greater than 20% decline in China, and a mid-single digit decline in the Americas.Segment operating profit of $47 million decreased $17 million at actual currency and $15 million at constant currency from the impacts of lower volume, unfavorable price, tariff headwinds, and mix, partially offset by productivity including the benefits of restructuring actions. Segment operating profit margin contracted 110 basis points to 3.6%.New Equipment orders were down 2% at constant currency with mid-single digit growth in EMEA and in the Americas, offset by high teens decline in Asia Pacific due to a tough comparison, and mid-single digit decline in China. Full year New Equipment orders were flat versus the prior year with high single digit growth in the Americas and in Asia Pacific, and mid-single digit growth in EMEA offset by an approximately 20% decline in China. New Equipment backlog increased 6% at actual currency and 2% at constant currency.Full year net sales of $5.0 billion decreased 7% versus the prior year, with mid-single digit organic sales growth in EMEA and Asia Pacific, more than offset by a greater than 20% decline in China and a high single digit decline in the Americas. Segment operating profit of $240 million decreased $89 million at actual currency and $84 million at constant currency from the impacts of lower volume, unfavorable price, tariff headwinds, and mix, partially offset by productivity including the benefits of restructuring actions. Segment operating profit margin contracted 130 basis points to 4.8%.Cash flow

Quarter Ended December 31,
Year Ended December 31,(dollars in millions)
2025
2024
Y/Y
2025
2024
Y/YCash flow from operations
$            817
$            690
$            127
$         1,596
$         1,563
$               33Free cash flow
$            772
$            651
$            121
$         1,444
$         1,437
$                 7Adjusted free cash flow
$            817
$            682
$            135
$         1,583
$         1,571
$               12Fourth quarter cash flow changes were driven by favorable changes in working capital and an increase in net income.Full year cash flow changes were driven by changes in working capital mostly offset by a decrease in net income.2026 Outlook* Otis is announcing its full year outlook:Net sales of $15.0 to $15.3 billionOrganic sales up low to mid-single digitsOrganic New Equipment sales down low single digits to flatOrganic Service sales up mid to high single digitsAdjusted operating profit of $2.5 to $2.6 billion, up $60 to $100 million at constant currency; up $100 to $140 million at actual currencyAdjusted EPS up mid to high single digitsAdjusted free cash flow of $1.6 to $1.7 billion*Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.About Otis
Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company. We move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.Use and Definitions of Non-GAAP Financial Measures
Otis Worldwide Corporation ("Otis") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Below are our non-GAAP financial measures:Non-GAAP measureDefinitionOrganic salesRepresents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a non-recurring and/or nonoperational nature ("other significant items"). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company's ongoing operational performance.Adjusted selling, general and administrative ("SG&A") expenseRepresents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items.Adjusted operating profitRepresents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.Adjusted net interest expenseRepresents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition related financing costs and related net interest expense pending the completion of a transaction and other significant items.Adjusted noncontrolling interest in earningsRepresents noncontrolling interest in earnings (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.Adjusted net incomeRepresents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects. Adjusted earnings per share ("EPS")Represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects.Adjusted effective tax rateRepresents the effective tax rate (a GAAP measure) adjusted for other significant items and the tax impact of restructuring costs and other significant items.Constant currencyGAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure "at constant currency" or "CFX" to show changes in our financial results without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance.Free cash flowRepresents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Otis' ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.Adjusted free cash flowRepresents cash flow from operations (a GAAP measure) less capital expenditures, adjusted to exclude certain items management believes affect the comparability of operating results. Management believes adjusted free cash flow is a useful measure of liquidity that provides investors additional information regarding the Company's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.Management believes that organic sales, adjusted SG&A expense, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing period-to-period comparisons of the results of the Company's ongoing operational performance.When we provide our expectations for adjusted net sales, organic sales, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted effective tax rate, adjusted EPS, free cash flow and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.Cautionary StatementThis communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for Otis' future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term," "near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, restructuring or transformation actions (including UpLift and related reorganization and outsourcing activities and such actions with respect to our business in China), credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions, or statements that relate to climate change and our intent to achieve certain sustainability targets or other corporate responsibility initiatives, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein, including financial market conditions, fluctuations in commodity prices and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis' customers and suppliers; (2) the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate, including tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflict between Russia and Ukraine and instability in the Middle East, on general market conditions, commodity costs, global trade policies and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond; (3) challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis' capital structure; (6) the timing and scope of future repurchases of Otis' common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (8) cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof, including with respect to UpLift and our China business and related impacts of reorganization, change management and outsourcing activities, as applicable; (9) new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and maintaining our competitiveness; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work stoppages, and labor inflation in the markets in which Otis and its businesses operate globally; (13) the effect of changes in laws, regulations and enforcement priorities in the U.S. and other countries in which Otis and its businesses operate; (14) the ability of Otis to retain and hire key personnel; (15) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (16) the determination by the Internal Revenue Service (the "IRS") and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") of Otis and Carrier Global Corporation ("Carrier") from United Technologies Corporation (now known as RTX Corporation ("RTX"); and (17) our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis' registration statement on Form 10 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. 
Otis Worldwide Corporation
Condensed Consolidated Statements of Operations


Quarter EndedDecember 31,
Year EndedDecember 31,


(Unaudited)
(Unaudited)(amounts in millions, except per share amounts)
2025
2024
2025
2024Net Sales
$           3,796
$           3,675
$         14,431
$         14,261Costs and Expenses:








Cost of products and services sold
2,649
2,603
10,061
10,004
Research and development
41
37
152
152
Selling, general and administrative
512
495
1,979
1,861
Total Costs and Expenses
3,202
3,135
12,192
12,017Other income (expense), net
(5)
(9)
(106)
(236)Operating profit
589
531
2,133
2,008
Non-service pension cost (benefit)
(1)
—
3
—
Interest expense (income), net
64
48
196
(31)Net income before income taxes
526
483
1,934
2,039
Income tax expense
142
130
479
305Net income
384
353
1,455
1,734
Less: Noncontrolling interest in subsidiaries' earnings
10
16
71
89Net income attributable to Otis Worldwide Corporation
$               374
$               337
$           1,384
$           1,645









Earnings Per Share of Common Stock:








Basic
$              0.96
$              0.85
$              3.52
$              4.10
Diluted
$              0.95
$              0.84
$              3.50
$              4.07Weighted Average Number of Shares Outstanding:








Basic shares
390.0
398.7
392.8
401.7
Diluted Shares
391.8
401.3
394.9
404.4 Otis Worldwide Corporation
Reconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin

Quarter EndedDecember 31,
Year Ended December 31,

(Unaudited)
(Unaudited)(dollars in millions)
2025
2024
2025
2024Net Sales







New Equipment
$        1,293
$        1,357
$        4,989
$        5,367Service
2,503
2,318
9,442
8,894Total Net Sales
$        3,796
$        3,675
$     14,431
$     14,261








Operating Profit







New Equipment
$             47
$             64
$           240
$           329Service
638
569
2,374
2,185Total segment operating profit
685
633
2,614
2,514Corporate and Unallocated
(96)
(102)
(481)
(506)Total Otis GAAP Operating Profit
589
531
2,133
2,008UpLift restructuring
4
20
76
31Other restructuring
13
11
54
40UpLift transformation costs
18
20
69
65Separation-related adjustments 1
5
—
70
177Litigation and settlement costs 2
—
—
21
18Held for sale impairment
—
—
10
18Other, net
1
1
1
(1)Total Otis Adjusted Operating Profit
$           630
$           583
$        2,434
$        2,356Reported Total Operating Profit Margin
15.5 %
14.4 %
14.8 %
14.1 %Adjusted Total Operating Profit Margin
16.6 %
15.9 %
16.9 %
16.5 %
1 Separation-related adjustments in the year ended ended December 31, 2025 represent estimated amounts due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related to a favorable ruling received in August 2024 regarding a tax litigation in Germany.
2 Litigation-related settlement costs in the year ended December 31, 2025 represent the aggregate amount of settlement costs and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary course of business due to the size, complexity and unique facts of these matters. Otis Worldwide Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate

Quarter EndedDecember 31,
Year EndedDecember 31,

(Unaudited)
(Unaudited)(dollars in millions, except per share amounts)
2025
2024
2025
2024Adjusted Operating Profit
$          630
$          583
$       2,434
$       2,356Non-service pension cost (benefit)
(1)
—
3
—Adjusted net interest expense 1, 2
65
48
229
191Adjusted income from operations before income taxes
566
535
2,202
2,165Income tax expense (benefit)
142
130
479
305Tax impact on restructuring and non-recurring items
11
14
53
38Non-recurring tax items 2
(2)
(1)
10
194Adjusted net income from operations
415
392
1,660
1,628Adjusted noncontrolling interest 2, 3
11
18
61
80Adjusted net income attributable to common shareholders
$          404
$          374
$       1,599
$       1,548








GAAP income attributable to common shareholders
$          374
$          337
$       1,384
$       1,645UpLift restructuring
4
20
76
31Other restructuring
13
11
54
40UpLift transformation costs
18
20
69
65Separation-related adjustments
5
—
70
177Litigation-related settlement costs
—
—
21
18Held for sale impairment
—
—
10
18Interest income related to non-recurring tax items 1, 2
(1)
(1)
(17)
(211)Tax effects of restructuring, non-recurring items and other
adjustments
(11)
(14)
(53)
(38)Non-recurring tax items 2
2
1
(10)
(194)Other, net 3
—
—
(5)
(3)Adjusted net income attributable to common shareholders
$          404
$          374
$       1,599
$       1,548








Diluted Earnings Per Share
$         0.95
$         0.84
$         3.50
$         4.07Impact to diluted earnings per share
0.08
0.09
0.55
(0.24)Adjusted Diluted Earnings Per Share
$         1.03
$         0.93
$         4.05
$         3.83








Effective Tax Rate
27.0 %
26.9 %
24.8 %
15.0 %Impact of adjustments on effective tax rate
(0.3) %
(0.2) %
(0.2) %
9.8 %Adjusted Effective Tax Rate
26.7 %
26.7 %
24.6 %
24.8 %
1 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and related interest income were recorded in 2024. Net interest expense is reflected as adjusted without $1 million and $3 million for the quarter and year ended December 31, 2025, respectively.
2 Certain tax reserves were adjusted in 2025 and 2024. As a result, Net interest expense and Noncontrolling interest are reflected as adjusted without $30 million and $21 million of interest income and $16 million and $11 million of the noncontrolling interest share of the reserves adjustments for the years ended December 31, 2025 and 2024, respectively.
3 Noncontrolling interest is reflected as adjusted without $1 million and $6 million of the noncontrolling interest share of Other restructuring for the quarter and year ended December 31, 2025, respectively. Otis Worldwide Corporation
Components of Changes in Net SalesQuarter Ended December 31, 2025 Compared with Quarter Ended December 31, 2024










Factors Contributing to Total % Change in Net Sales

Organic
FXTranslation
Acquisitions /Divestitures, netand Other
TotalNew Equipment
(6) %
2 %
(1) %
(5) %Service
5 %
3 %
— %
8 %Maintenance and Repair
4 %
3 %
— %
7 %Modernization
9 %
2 %
1 %
12 %Total Net Sales
1 %
2 %
— %
3 %

















Year Ended December 31, 2025 Compared with Year Ended December 31, 2024







Factors Contributing to Total % Change in Net Sales

Organic
FXTranslation
Acquisitions /Divestitures, net
and Other
TotalNew Equipment
(7) %
— %
— %
(7) %Service
5 %
1 %
— %
6 %Maintenance and Repair
4 %
1 %
— %
5 %Modernization
9 %
— %
1 %
10 %Total Net Sales
— %
1 %
— %
1 %








 Components of New Equipment Backlog

December 31, 2025

Y/Y Growth %New Equipment Backlog increase at actual currency
6 %Foreign exchange impact to New Equipment Backlog
(4) %New Equipment Backlog increase at constant currency
2 %
Components of Modernization Backlog

December 31, 2025

Y/Y Growth %Modernization Backlog increase at actual currency
34 %Foreign exchange impact to Modernization Backlog
(4) %Modernization Backlog increase at constant currency
30 % Otis Worldwide Corporation
Reconciliation of Segment and Total Adjusted Operating Profit at Constant CurrencyQuarter Ended December 31, 2025 Compared with Quarter Ended December 31, 2024






(dollars in millions)
2025
2024
Y/Y






New Equipment





Segment Operating Profit
$                         47
$                         64
$                       (17)Impact of foreign exchange
2
—
2Segment Operating Profit at constant currency
$                         49
$                         64
$                       (15)






Service





Segment Operating Profit
$                      638
$                      569
$                         69Impact of foreign exchange
(20)
—
(20)Segment Operating Profit at constant currency
$                      618
$                      569
$                         49






Otis Consolidated





Adjusted Operating Profit
$                      630
$                      583
$                         47Impact of foreign exchange
(18)
—
(18)Adjusted Operating Profit at constant currency
$                      612
$                      583
$                         29













Year Ended December 31, 2025 Compared with Year Ended December 31, 2024








(dollars in millions)
2025
2024
Y/Y






New Equipment





Segment Operating Profit
$                      240
$                      329
$                       (89)Impact of foreign exchange
5
—
5Segment Operating Profit at constant currency
$                      245
$                      329
$                       (84)






Service





Segment Operating Profit
$                   2,374
$                   2,185
$                      189Impact of foreign exchange
(36)
—
(36)Segment Operating Profit at constant currency
$                   2,338
$                   2,185
$                      153






Otis Consolidated





Adjusted Operating Profit
$                   2,434
$                   2,356
$                         78Impact of foreign exchange
(32)
—
(32)Adjusted Operating Profit at constant currency
$                   2,402
$                   2,356
$                         46 Otis Worldwide Corporation
Condensed Consolidated Balance Sheet

December 31, 2025
December 31, 2024(dollars in millions)
(Unaudited)

Assets



Cash and cash equivalents
$                         1,096
$                         2,300Accounts receivable, net
3,688
3,428Contract assets
699
706Inventories
613
557Other current assets
405
679Total Current Assets
6,501
7,670Future income tax benefits
407
302Fixed assets, net
743
701Operating lease right-of-use assets
554
422Intangible assets, net
343
311Goodwill
1,695
1,548Other assets
410
362Total Assets
$                      10,653
$                      11,316




Liabilities and (Deficit) Equity



Short-term borrowings and current portion of long-term debt
$                         1,056
$                         1,351Accounts payable
2,142
1,879Accrued liabilities
1,847
1,921Contract liabilities
2,611
2,598Total Current Liabilities
7,656
7,749Long-term debt
6,900
6,973Future pension and postretirement benefit obligations
419
434Operating lease liabilities
397
298Future income tax obligations
223
207Other long-term liabilities
329
383Total Liabilities
15,924
16,044




Redeemable noncontrolling interest
75
57Shareholders' Equity (Deficit):



Common Stock and additional paid-in-capital
333
265Treasury Stock
(4,198)
(3,390)Accumulated deficit
(440)
(978)Accumulated other comprehensive income (loss)
(1,087)
(745)Total Shareholders' Equity (Deficit)
(5,392)
(4,848)Noncontrolling interest
46
63Total Equity (Deficit)
(5,346)
(4,785)Total Liabilities and Equity (Deficit)
$                      10,653
$                      11,316 Otis Worldwide CorporationCondensed Consolidated Statement of Cash Flows
Quarter Ended December 31,
Year Ended December 31,

(Unaudited)
(Unaudited)(dollars in millions)
2025
2024
2025
2024Operating Activities:







Net income from operations
$            384
$            353
$         1,455
$         1,734Adjustments to reconcile net income to net cash flows provided by operating
activities:







Depreciation and amortization
45
48
175
181Deferred income tax expense (benefit)
(2)
(5)
(104)
(31)Stock compensation cost
17
21
80
73Gain from reversal of German Tax Litigation interest accrual
—
—
—
(50)Change in:







Accounts receivable, net
80
25
(111)
(68)Contract assets and liabilities, current
(87)
(63)
(71)
(40)Inventories
27
40
(25)
26Other current assets
149
19
225
(354)Accounts payable
374
172
181
57Accrued liabilities
(161)
83
(140)
85Pension contributions
(7)
(17)
(43)
(51)Other operating activities, net
(2)
14
(26)
1Net cash flows provided by (used in) operating activities
817
690
1,596
1,563Investing Activities:







Capital expenditures
(45)
(39)
(152)
(126)Acquisitions of businesses and intangible assets, net of cash
(17)
(17)
(109)
(87)Proceeds from sale of (investments in) marketable securities, net
—
—
—
(9)Other investing activities, net
32
102
(145)
58Net cash flows provided by (used in) investing activities
(30)
46
(406)
(164)Financing Activities:







Increase (decrease) in short-term borrowings, net
(138)
(314)
142
11Issuance of long-term debt
—
1,497
500
1,497Payment of debt issuance costs
—
(11)
(5)
(11)Repayment of long-term debt
—
—
(1,300)
—Dividends paid on Common Stock
(164)
(156)
(647)
(606)Repurchases of Common Stock
—
(207)
(809)
(1,007)Dividends paid to noncontrolling interest
(7)
(13)
(69)
(94)Acquisition of noncontrolling interest shares
(217)
—
(217)
(75)Other financing activities, net
(5)
(3)
(16)
(24)Net cash flows provided by (used in) financing activities
(531)
793
(2,421)
(309)Summary of Activity:







Net cash provided by (used in) operating activities
817
690
1,596
1,563Net cash provided by (used in) investing activities
(30)
46
(406)
(164)Net cash provided by (used in) financing activities
(531)
793
(2,421)
(309)Effect of foreign exchange rate changes on cash and cash equivalents
(4)
(40)
15
(49)Net increase (decrease) in cash, cash equivalents and restricted cash
252
1,489
(1,216)
1,041Cash, cash equivalents and restricted cash, beginning of period
853
832
2,321
1,280Cash, cash equivalents and restricted cash, end of period
1,105
2,321
1,105
2,321Less: Restricted cash
9
21
9
21Cash and cash equivalents, end of period
$         1,096
$         2,300
$         1,096
$         2,300 Otis Worldwide Corporation
Adjusted Free Cash Flow Reconciliation

Quarter Ended December 31,
Year Ended December 31,

(Unaudited)
(Unaudited)(dollars in millions)
2025
2024
2025
2024Net cash flows provided by operating activities (GAAP)
$            817
$         690
$         1,596
$     1,563Capital expenditures
(45)
(39)
(152)
(126)Free cash flow (Non-GAAP)
772
651
1,444
1,437Adjustments for:







UpLift restructuring payments
11
12
39
32UpLift transformation payments
9
20
58
54Separation-related payments 1
166
—
258
49German tax litigation refund 2
(141)
(1)
(216)
(1)Adjusted free cash flow (Non-GAAP)
$            817
$         682
$         1,583
$     1,571








1 These represent payments to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement.
2 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company has started to receive refunds and anticipates the refund process to continue into 2026. Media Contact:Investor Relations Contact:Katy PadgettRob Quartaro+1-860-674-3047                    +1-860-676-6011kathleen.padgett@otis.cominvestorrelations@otis.com 



View original content:https://www.prnewswire.com/news-releases/otis-reports-fourth-quarter-and-full-year-2025-results-302672551.htmlSOURCE Otis Worldwide Corporation

Original: OTIS REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

OTIS new 52 week high

This is nice... Again
Date.... Dividend
Aug 16, 2024 0.39 Dividend
May 16, 2024 0.39 Dividend
Feb 15, 2024 0.34 Dividend
Nov 16, 2023 0.34 Dividend
Aug 17, 2023 0.34 Dividend
May 18, 2023 0.34 Dividend
Feb 16, 2023 0.29 Dividend
Nov 17, 2022 0.29 Dividend
Aug 18, 2022 0.29 Dividend
May 19, 2022 0.29 Dividend
Feb 17, 2022 0.24 Dividend
Nov 18, 2021 0.24 Dividend
Aug 19, 2021 0.24 Dividend
May 20, 2021 0.24 Dividend
Feb 11, 2021 0.20 Dividend
Nov 19, 2020 0.20 Dividend
Aug 20, 2020 0.20 Dividend
May 21, 2020 0.20 Dividend

OTIS 10Q due 4/24

OTIS new 52 week high

More Q. OTIS Div Increases

Date Dividends
May 18, 2023 0.34 Dividend
Feb 16, 2023 0.29 Dividend
Nov 17, 2022 0.29 Dividend
Aug 18, 2022 0.29 Dividend
May 19, 2022 0.29 Dividend
Feb 17, 2022 0.24 Dividend
Nov 18, 2021 0.24 Dividend
Aug 19, 2021 0.24 Dividend
May 20, 2021 0.24 Dividend
Feb 11, 2021 0.20 Dividend
Nov 19, 2020 0.20 Dividend

Another big dividend increase:

May 19, 2022 0.29 Dividend
Feb 17, 2022 0.24 Dividend
Nov 18, 2021 0.24 Dividend
Aug 19, 2021 0.24 Dividend
May 20, 2021 0.24 Dividend
Feb 11, 2021 0.20 Dividend
Nov 19, 2020 0.20 Dividend
Aug 20, 2020 0.20 Dividend
May 21, 2020 0.20 Dividend

Otis all-time high $91!

OTIS all-time high $81.

"Otis Announces 20 Percent Increase in Quarterly Dividend to $0.24 per Share"

"FARMINGTON, Conn., April 19, 2021 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.24 per share of Otis' common stock, which represents a 20 percent increase over the prior quarter's dividend amount. The dividend will be payable on June 10, 2021, to shareholders of record at the close of business on May 21, 2021.

"This 20 percent dividend increase reflects confidence in our ability to generate strong free cash flow and drive value for shareholders," said President and CEO Judy Marks."

https://finance.yahoo.com/news/otis-announces-20-percent-increase-203600832.html

$69.30 Friday was all-time high, I believe.

Beware Scammy below market OTIS tender offer.

"Mon, January 11, 2021, 3:10 PM CST·3 min read
- Unsolicited mini-tender offer is below current market price for Otis shares

- Shareholders who have already tendered shares advised to withdraw

- Otis urges investors to review current share price, exercise caution and consult with advisors

FARMINGTON, Conn., Jan. 11, 2021 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) received notice of an unsolicited mini-tender offer by TRC Capital Investment Corporation ("TRC Capital") to purchase up to 2 million shares, or about 0.46 percent, of Otis's outstanding common stock at a price of $62.75 per share in cash. As TRC Capital's own offer document acknowledges, the offering price is approximately 4.62 percent below the closing price per share of Otis on Dec. 24, 2020, the last trading day before the mini-tender offer was commenced. Otis recommends that shareholders reject this unsolicited offer because the offer price is below the current market price for Otis shares. The offer also is subject to numerous conditions, including TRC Capital obtaining sufficient financing necessary to consummate the offer."

https://finance.yahoo.com/news/otis-recommends-shareholders-reject-trc-211000740.html

Still doing nicely as this shows

Yes, I am still buying bigly. $50+

RTX spinoff Carrier has been a huge winner, doubling since April.

Welcome, I still have my OTIS shares from UTX. And Carrier. RTX sucking wind should have sold.

This board is for Otis Worldwide Corp, the elevator company, spun off from Raytheon Corp on 4-3-2020. Carrier was also spun off from RTX then.

Welcome.