FT Markets Data
Emerson Electric Co

Emerson Reports Second Quarter 2025 Results; Updates 2025 Outlook

ST. LOUIS , May 7, 2025 /PRNewswire/ -- Emerson (NYSE: EMR) today reported results1 for its second quarter ended March 31, 2025 and updated its full year outlook for fiscal 2025. Emerson also declared a quarterly cash dividend of $0.5275 per share of common stock payable June 10, 2025 to stockholders of record on May 16, 2025.

(dollars in millions, except per share)

2024 Q2

2025 Q2

Change

Underlying Orders2



4 %

Net Sales

$4,376

$4,432

1 %

Underlying Sales3



2 %

Pretax Earnings

$711

$629


Margin

16.3 %

14.2 %

(210) bps

Adjusted Segment EBITA4

$1,139

$1,240


Margin

26.0 %

28.0 %

200 bps

GAAP Earnings Per Share

$0.95

$0.86

(9) %

Adjusted Earnings Per Share5

$1.36

$1.48

9 %

Operating Cash Flow

$733

$825

13 %

Free Cash Flow

$651

$738

14 %

Management Commentary

"Emerson delivered strong underlying orders in the second quarter with margin expansion and adjusted earnings exceeding our expectations," said Emerson President and Chief Executive Officer Lal Karsanbhai. "We achieved another quarter of record gross profit and adjusted segment EBITA margins, supported by our Emerson Management System and demonstrating the value customers attribute to our leading technology. Our superior first half performance and ability to navigate the tariff environment give us the confidence to update our 2025 outlook."

Karsanbhai continued, "We have also marked the conclusion of Emerson's portfolio transformation with the completion of the AspenTech buy-in on March 12. We are pleased to be making significant progress on the integration. In addition, our review of strategic alternatives for our Safety & Productivity segment concluded the best value for our shareholders is to retain the business and continue to drive the segment's industry leading margins and cash flow. Looking ahead, we are excited to capitalize on the growth potential of our transformed portfolio, supported by secular drivers, and to sustain the excellent operational performance we have consistently delivered since 2021."

2025 Outlook

The fiscal year 2025 guidance framework now reflects the full ownership of AspenTech. Net sales guidance increases to ~4%, as the impact from foreign exchange is now expected to be flat, and underlying sales are held at the midpoint. GAAP EPS decreases due to transaction-related costs, while adjusted EPS guidance increases at the midpoint. Expectations for operating cash flow and free cash flow are updated to $3.5B - $3.6B and $3.1B - $3.2B, respectively, as strong operational performance partially offsets transaction-related headwinds of ~$0.2B. The 2025 outlook assumes returning ~$2.3B to shareholders through $1.1B of share repurchases and ~$1.2B of dividend.

Guidance figures are approximate.

2025  Q3

2025

Net Sales Growth

4.5% - 5.5%

~4%

Underlying Sales Growth

3.5% - 4.5%

~4%

Earnings Per Share

$1.04 - $1.08

$4.05 - $4.20

Amortization of Intangibles

~$0.36

~$1.34

Restructuring / Related Costs

~$0.06

~$0.20

Acquisition / Divestiture Fees and Related Costs

~$0.02

~$0.22

Discrete taxes related to AspenTech transaction


$0.09

Adjusted Earnings Per Share

$1.48 - $1.52

$5.90 - $6.05

Operating Cash Flow


$3.5B - $3.6B

Free Cash Flow


$3.1B - $3.2B

1 Results are presented on a continuing operations basis.

2 Underlying orders do not include AspenTech.

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

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

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

Conference Call

Today, beginning at 7:00 a.m. Central Time / 8:00 a.m. Eastern Time, Emerson management will discuss the second quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/investors at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

About Emerson

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

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

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

Investors:

Media:

Colleen Mettler

Joseph Sala / Greg Klassen

(314) 553-2197

Joele Frank, Wilkinson Brimmer Katcher


(212) 355-4449

(tables attached)

 



Table 1

EMERSON AND SUBSIDIARIES

CONSOLIDATED OPERATING RESULTS

(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)










Quarter Ended
March 31,


Six Months Ended
March 31,




2024


2025


2024


2025









Net sales

$   4,376


$   4,432


$   8,493


$   8,608

     Cost of sales

2,092


2,061


4,293


4,002

     SG&A expenses

1,296


1,283


2,573


2,506

     Gain on subordinated interest

(79)


—


(79)


—

     Other deductions, net

330


418


781


646

     Interest expense, net

57


41


101


50

     Interest income from related party1

(31)


—


(62)


—

Earnings from continuing operations before income taxes

711


629


886


1,404

Income taxes

162


199


178


382

Earnings from continuing operations

549


430


708


1,022

Discontinued operations, net of tax

(46)


—


(73)


—

Net earnings

503


430


635


1,022

Less: Noncontrolling interests in subsidiaries

2


(55)


(8)


(48)

Net earnings common stockholders

$      501


$      485


$      643


$   1,070









Earnings common stockholders








Earnings from continuing operations

$      547


$      485


$      716


$   1,070

Discontinued operations

(46)


—


(73)


—

Net earnings common stockholders

$      501


$      485


$      643


$   1,070









Diluted avg. shares outstanding

574.1


565.4


573.7


568.2









Diluted earnings per share common stockholders








Earnings from continuing operations

$     0.95


$     0.86


$     1.24


$     1.88

Discontinued operations

(0.08)


—


(0.12)


—

Diluted earnings per common share

$     0.87


$     0.86


$     1.12


$     1.88


















Quarter Ended
March 31,


Six Months Ended
March 31,




2024


2025


2024


2025

Other deductions, net








     Amortization of intangibles

$      273


$      229


$      547


$      457

     Restructuring costs

30


21


113


32

     Other

27


168


121


157

          Total

$      330


$      418


$      781


$      646


1 Represents interest on the Copeland note receivable.

 

Table 2

EMERSON AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(DOLLARS IN MILLIONS, UNAUDITED)










Sept 30, 2024


Mar 31, 2025

Assets




     Cash and equivalents

$           3,588


$           1,887

     Receivables, net

2,927


2,901

     Inventories

2,180


2,216

     Other current assets

1,497


1,623

Total current assets

10,192


8,627

     Property, plant & equipment, net

2,807


2,757

     Goodwill

18,067


17,999

     Other intangible assets

10,436


9,823

     Other

2,744


2,772

Total assets

$         44,246


$         41,978





Liabilities and equity




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

$              532


$           6,187

     Accounts payable

1,335


1,340

     Accrued expenses

3,875


3,319

Total current liabilities

5,742


10,846

     Long-term debt

7,155


8,176

     Other liabilities

3,840


3,690

Equity




     Common stockholders' equity

21,636


19,249

     Noncontrolling interests in subsidiaries

5,873


17

Total equity

27,509


19,266

Total liabilities and equity

$         44,246


$         41,978

 


Table 3

EMERSON AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN MILLIONS, UNAUDITED)







Six Months Ended March 31,



2024


2025

Operating activities





Net earnings


$              635


$           1,022

Earnings from discontinued operations, net of tax


73


—

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





        Depreciation and amortization


846


767

        Stock compensation


147


127

        Amortization of acquisition-related inventory step-up


231


—

        Gain on subordinated interest


(79)


—

        Changes in operating working capital


(347)


(203)

        Other, net


(329)


(110)

            Cash from continuing operations


1,177


1,603

            Cash from discontinued operations


(19)


(585)

            Cash provided by operating activities


1,158


1,018






Investing activities





Capital expenditures


(159)


(170)

Purchases of businesses, net of cash and equivalents acquired


(8,342)


(36)

Proceeds from subordinated interest


79


—

Other, net


(68)


(58)

    Cash from continuing operations


(8,490)


(264)

    Cash from discontinued operations


1


—

    Cash used in investing activities


(8,489)


(264)






Financing activities





Net increase in short-term borrowings


2,464


2,628

Proceeds from short-term borrowings greater than three months


99


2,496

Proceeds from long-term debt


—


1,544

Dividends paid


(600)


(598)

Purchases of common stock


(175)


(1,122)

AspenTech purchases of common stock


(129)


—

Purchase of noncontrolling interest


—


(7,171)

Settlement of AspenTech share awards


—


(76)

Other, net


(46)


(83)

    Cash provided by (used in) financing activities


1,613


(2,382)






Effect of exchange rate changes on cash and equivalents


(15)


(73)

Decrease in cash and equivalents


(5,733)


(1,701)

Beginning cash and equivalents


8,051


3,588

Ending cash and equivalents


$            2,318


$           1,887

 

Table 4

EMERSON AND SUBSIDIARIES
SEGMENT SALES AND EARNINGS
(DOLLARS IN MILLIONS, UNAUDITED)


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

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

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

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

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

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



Quarter Ended March 31,


2024


2025


Reported


Underlying

Sales








Final Control

$           1,051


$           1,073


2 %


3 %

Measurement & Analytical

1,013


1,002


(1) %


— %

Discrete Automation

632


615


(3) %


(1) %

Safety & Productivity

365


339


(7) %


(6) %

Intelligent Devices

$           3,061


$           3,029


(1) %


— %









Control Systems & Software1

965


1,062


10 %


11 %

Test & Measurement

367


359


(2) %


(1) %

Software and Control

$           1,332


$           1,421


7 %


7 %









Eliminations

(17)


(18)





Total

$           4,376


$           4,432


1 %


2 %








Sales Growth by Geography








Quarter Ended
March 31,







Americas

3 %







Europe

(1) %







Asia, Middle East & Africa

3 %








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


Table 4 cont.



Six Months Ended March 31,


2024


2025


Reported


Underlying









Sales








Final Control

$           1,991


$           2,049


3 %


4 %

Measurement & Analytical

1,960


1,977


1 %


2 %

Discrete Automation

1,245


1,195


(4) %


(3) %

Safety & Productivity

687


651


(5) %


(5) %

Intelligent Devices

$           5,883


$           5,872


— %


1 %









Control Systems & Software

1,897


2,055


8 %


9 %

Test & Measurement

749


718


(4) %


(3) %

Software and Control

$           2,646


$           2,773


5 %


6 %









Eliminations

(36)


(37)





Total

$           8,493


$           8,608


1 %


2 %









Sales Growth by Geography









Six Months Ended
March 31,







Americas

3 %







Europe

(2) %







Asia, Middle East & Africa

3 %








Table 4 cont.



Quarter Ended March 31,


Quarter Ended March 31,


2024


2025


As Reported
(GAAP)


Adjusted
EBITA
(Non-GAAP)


As
Reported
(GAAP)


Adjusted
EBITA
(Non-GAAP)

Earnings








Final Control

$          259


$          274


$          267


$          290

 Margins

24.7 %


26.1 %


24.9 %


27.0 %

Measurement & Analytical

274


287


266


279

 Margins

27.0 %


28.3 %


26.6 %


27.8 %

Discrete Automation

116


131


117


130

 Margins

18.4 %


20.9 %


19.0 %


21.2 %

Safety & Productivity

83


91


75


82

 Margins

22.7 %


24.7 %


22.2 %


24.3 %

Intelligent Devices

$          732


$          783


$          725


$          781

 Margins

23.9 %


25.6 %


23.9 %


25.8 %









Control Systems & Software

143


278


239


372

 Margins

14.8 %


28.8 %


22.5 %


35.0 %

Test & Measurement

(79)


78


(24)


87

 Margins

(21.7) %


21.4 %


(6.8) %


24.2 %

Software and Control

$            64


$          356


$          215


$          459

 Margins

4.7 %


26.7 %


15.1 %


32.3 %









Corporate items and interest expense, net:








Stock compensation

(73)


(59)


(59)


(50)

Unallocated pension and postretirement costs

38


38


27


27

Corporate and other

(103)


(46)


(238)


(74)

Gain on subordinated interest

79


—


—


—

Interest expense, net

(57)


—


(41)


—

Interest income from related party1

31


—


—


—

Pretax Earnings / Adjusted EBITA

$          711


$        1,072


$          629


$        1,143

 Margins

16.3 %


24.5 %


14.2 %


25.8 %









Supplemental Total Segment Earnings:








Adjusted Total Segment EBITA



$        1,139




$        1,240

 Margins



26.0 %




28.0 %


1 Represents interest on the Copeland note receivable.



Table 4 cont.





Quarter Ended March 31,


Quarter Ended March 31,



2024


2025



Amortization of

Intangibles1


Restructuring

and

Related Costs2


Amortization of

Intangibles1


Restructuring

and

Related Costs2


Final Control

$                   22


$                    (7)


$                   21


$                     2


Measurement & Analytical

12


1


11


2


Discrete Automation

8


7


8


5


Safety & Productivity

7


1


6


1


Intelligent Devices

$                   49


$                     2


$                   46


$                   10











Control Systems & Software

132


3


127


6


Test & Measurement

141


16


105


6


Software and Control

$                 273


$                   19


$                 232


$                   12











Corporate

—


123


—


53


Total

$                 322


$                   33


$                 278


$                   27



1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended March 31, 2024 and 2025, respectively.

2 Restructuring and related costs includes $3 and $6 reported in cost of sales and selling, general and administrative expenses for the three months ended March 31, 2024 and 2025, respectively.

3 Corporate restructuring of $5 for the three months ended March 31, 2025 includes $1 related to integration-related stock compensation expense attributable to AspenTech. Corporate restructuring of $12 for the three months ended March 31, 2024 includes $10 related to integration-related stock compensation expense attributable to NI.






Quarter Ended March 31,

Depreciation and Amortization

2024


2025

Final Control

$                39


$                41

Measurement & Analytical

33


31

Discrete Automation

21


22

Safety & Productivity

15


14

Intelligent Devices

108


108





Control Systems & Software

152


146

Test & Measurement

153


119

Software and Control

305


265





Corporate

11


11

Total

$              424


$              384

 

Table 5

EMERSON AND SUBSIDIARIES
ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL
(DOLLARS IN MILLIONS, UNAUDITED)


The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis.
The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The
Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year
purchase accounting related items and transaction fees, and certain gains, losses or impairments. This metric is useful for
reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.







Quarter Ended March 31,






2024


2025

 Stock compensation (GAAP)





$                  (73)


$                  (59)

 Integration-related stock compensation expense





141


92

 Adjusted stock compensation (non-GAAP)





$                  (59)


$                  (50)







Quarter Ended March 31,






2024


2025

 Corporate and other (GAAP)





$                (103)


$                (238)

 Corporate restructuring and related costs





2


4

 Acquisition / divestiture costs





16


160

 Loss on divestiture of business





39


—

 Adjusted corporate and other (non-GAAP)





$                  (46)


$                  (74)


1 Integration-related stock compensation expense for the three months ended March 31, 2024 relates to NI and includes $10 reported as restructuring costs.

2 Integration-related stock compensation expense for the three months ended March 31, 2025 relates to AspenTech and includes $1 reported as restructuring costs.

 

Table 6

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


The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis,
are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted
EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring
expense, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments.
Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase
accounting related items and transaction-related costs, and certain gains, losses or impairments. Adjusted EBITA,
adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for
investors to evaluate the Company's operational performance.



Quarter Ended March 31,


2024


2025

Pretax earnings

$             711


$             629

Percent of sales

16.3 %


14.2 %

Interest expense, net

57


41

Interest income from related party1

(31)


—

Amortization of intangibles

322


278

Restructuring and related costs

33


27

Acquisition/divestiture fees and related costs

20


168

Loss on divestiture of business

39


—

Gain on subordinated interest

(79)


—

Adjusted EBITA

$          1,072


$          1,143

Percent of sales

24.5 %


25.8 %






Quarter Ended March 31,


2024


2025

GAAP earnings from continuing operations per share

$            0.95


$            0.86

Amortization of intangibles

0.36


0.32

Restructuring and related costs

0.05


0.04

Discrete taxes related to AspenTech transaction

—


0.09

Acquisition/divestiture fees and related costs

0.03


0.17

Loss on divestiture of business

0.07


—

Gain on subordinated interest

(0.10)


—

Adjusted earnings from continuing operations per share

$            1.36


$            1.48





1 Represents interest on the Copeland note receivable


Table 6 cont.

Quarter Ended March 31, 2025


Pretax
Earnings


Income
Taxes


Earnings
from
Cont.
Ops.


Non-
Controlling

Interests3


Net
Earnings
Common
Stockholders


Diluted
Earnings
Per
Share

As reported (GAAP)

$         629


$         199


$         430


$         (55)


$            485


$        0.86

Amortization of intangibles

2781


63


215


32


183


0.32

Restructuring and related costs

272


5


22


—


22


0.04

Acquisition/divestiture fees and related costs

168


22


146


48


98


0.17

Discrete taxes related to AspenTech transaction

—


(49)


49


—


49


0.09

Adjusted (non-GAAP)

$      1,102


$         240


$         862


$           25


$            837


$        1.48

Interest expense, net

41











Adjusted EBITA (non-GAAP)

$      1,143












1 Amortization of intangibles includes $49 reported in cost of sales.

2 Restructuring and related costs includes $6 reported in cost of sales and selling, general and administrative expenses.

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

 

Reconciliations of Non-GAAP Financial Measures & Other

Table 7


Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions,
except per share amounts). See tables 4 through 6 for additional non-GAAP reconciliations.


2025 Q2 Underlying Sales Change

Reported

(Favorable) /
Unfavorable FX

(Acquisitions) /

Divestitures

Underlying

Final Control

2 %

1 %

— %

3 %

Measurement & Analytical

(1) %

1 %

— %

— %

Discrete Automation

(3) %

2 %

— %

(1) %

Safety & Productivity

(7) %

1 %

— %

(6) %

Intelligent Devices

(1) %

1 %

— %

— %

Control Systems & Software

10 %

1 %

— %

11 %

Test & Measurement

(2) %

1 %

— %

(1) %

Software and Control

7 %

— %

— %

7 %

Emerson

1 %

1 %

— %

2 %


Six Months Ended March 31, 2025 Underlying Sales Change

Reported

(Favorable) /
Unfavorable FX

(Acquisitions) /

Divestitures

Underlying

Final Control

3 %

1 %

— %

4 %

Measurement & Analytical

1 %

1 %

— %

2 %

Discrete Automation

(4) %

1 %

— %

(3) %

Safety & Productivity

(5) %

— %

— %

(5) %

Intelligent Devices

— %

1 %

— %

1 %

Control Systems & Software

8 %

1 %

— %

9 %

Test & Measurement

(4) %

1 %

— %

(3) %

Software and Control

5 %

1 %

— %

6 %

Emerson

1 %

1 %

— %

2 %


Underlying Growth Guidance

2025 Q3
Guidance

2025

Guidance

Reported (GAAP)

4.5% - 5.5%

~4%

(Favorable) / Unfavorable FX

~1 pt

-

(Acquisitions) / Divestitures

-

-

Underlying (non-GAAP)

3.5% - 4.5%

~4%


2024 Q2 Adjusted Segment EBITA

EBIT

EBIT

Margin

Amortization

of

Intangibles

Restructuring
and Related
Costs

Adjusted
Segment
EBITA

Adjusted
Segment
EBITA
Margin

Final Control

$               259

24.7 %

$                 22

$                   (7)

$               274

26.1 %

Measurement & Analytical

274

27.0 %

12

1

287

28.3 %

Discrete Automation

116

18.4 %

8

7

131

20.9 %

Safety & Productivity

83

22.7 %

7

1

91

24.7 %

Intelligent Devices

$               732

23.9 %

$                 49

$                     2

$               783

25.6 %

Control Systems & Software

143

14.8 %

132

3

278

28.8 %

Test & Measurement

(79)

(21.7) %

141

16

78

21.4 %

Software and Control

$                 64

4.7 %

$               273

$                  19

$               356

26.7 %


2025 Q2 Adjusted Segment EBITA

EBIT

EBIT

Margin

Amortization
of
 Intangibles

Restructuring
and Related
Costs

Adjusted
Segment
EBITA

Adjusted
Segment
EBITA
Margin

Final Control

$               267

24.9 %

$                 21

$                     2

$               290

27.0 %

Measurement & Analytical

266

26.6 %

11

2

279

27.8 %

Discrete Automation

117

19.0 %

8

5

130

21.2 %

Safety & Productivity

75

22.2 %

6

1

82

24.3 %

Intelligent Devices

$               725

23.9 %

$                 46

$                  10

$               781

25.8 %

Control Systems & Software

239

22.5 %

127

6

372

35.0 %

Test & Measurement

(24)

(6.8) %

105

6

87

24.2 %

Software and Control

$               215

15.1 %

$               232

$                  12

$               459

32.3 %


Total Adjusted Segment EBITA


2024 Q2

2025 Q2

Pretax earnings (GAAP)


$                 711

$                 629

Margin


16.3 %

14.2 %

Corporate items and interest expense, net


85

311

Amortization of intangibles


322

278

Restructuring and related costs


21

22

Adjusted segment EBITA (non-GAAP)


$              1,139

$              1,240

Margin


26.0 %

28.0 %



Free Cash Flow


2024 Q2

2025 Q2


2025E

($ in billions)


Operating cash flow (GAAP)


$                 733

$                 825


 $3.5 - $3.6


Capital expenditures


(82)

(87)


~(0.4)


Free cash flow (non-GAAP)


$                 651

$                 738


$3.1 - $3.2



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

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

 

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SOURCE Emerson