Please wait
http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent000003260409/302025Q1FALSExbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EUR00000326042024-10-012024-12-310000032604exch:XNYSemr:CommonStockof0.50parvaluepershareMember2024-10-012024-12-310000032604exch:XNYSemr:A1.250Notesdue2025Member2024-10-012024-12-310000032604exch:XNYSemr:A2.000Notesdue2029Member2024-10-012024-12-3100000326042024-12-3100000326042023-10-012023-12-310000032604us-gaap:RelatedPartyMember2023-10-012023-12-310000032604us-gaap:RelatedPartyMember2024-10-012024-12-3100000326042024-09-300000032604us-gaap:CommonStockMember2023-09-300000032604us-gaap:CommonStockMember2023-12-310000032604us-gaap:CommonStockMember2024-12-310000032604us-gaap:CommonStockMember2024-09-300000032604us-gaap:AdditionalPaidInCapitalMember2023-09-300000032604us-gaap:AdditionalPaidInCapitalMember2024-09-300000032604us-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310000032604us-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310000032604emr:AspenTechMemberus-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310000032604emr:AspenTechMemberus-gaap:AdditionalPaidInCapitalMember2024-10-012024-12-310000032604us-gaap:AdditionalPaidInCapitalMember2023-12-310000032604us-gaap:AdditionalPaidInCapitalMember2024-12-310000032604us-gaap:RetainedEarningsMember2023-09-300000032604us-gaap:RetainedEarningsMember2024-09-300000032604us-gaap:RetainedEarningsMember2023-10-012023-12-310000032604us-gaap:RetainedEarningsMember2024-10-012024-12-310000032604us-gaap:RetainedEarningsMember2023-12-310000032604us-gaap:RetainedEarningsMember2024-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-012023-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-10-012024-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000032604us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000032604us-gaap:TreasuryStockCommonMember2023-09-300000032604us-gaap:TreasuryStockCommonMember2024-09-300000032604us-gaap:TreasuryStockCommonMember2023-10-012023-12-310000032604us-gaap:TreasuryStockCommonMember2024-10-012024-12-310000032604us-gaap:TreasuryStockCommonMember2023-12-310000032604us-gaap:TreasuryStockCommonMember2024-12-310000032604us-gaap:ParentMember2023-12-310000032604us-gaap:ParentMember2024-12-310000032604us-gaap:NoncontrollingInterestMember2023-09-300000032604us-gaap:NoncontrollingInterestMember2024-09-300000032604us-gaap:NoncontrollingInterestMember2023-10-012023-12-310000032604us-gaap:NoncontrollingInterestMember2024-10-012024-12-310000032604emr:AspenTechMemberus-gaap:NoncontrollingInterestMember2023-10-012023-12-310000032604emr:AspenTechMemberus-gaap:NoncontrollingInterestMember2024-10-012024-12-310000032604us-gaap:NoncontrollingInterestMember2023-12-310000032604us-gaap:NoncontrollingInterestMember2024-12-3100000326042023-12-3100000326042023-09-300000032604emr:CopelandMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-05-310000032604emr:CopelandMember2024-06-062024-06-060000032604emr:AspenTechMember2024-12-3100000326042025-01-012024-12-3100000326042025-10-012024-12-310000032604emr:NationalInstrumentsMember2022-10-012023-09-300000032604emr:NationalInstrumentsMember2023-10-112023-10-110000032604emr:NationalInstrumentsMember2023-10-110000032604emr:NationalInstrumentsMember2023-10-012023-12-310000032604emr:NationalInstrumentsMember2022-10-012022-12-310000032604emr:NationalInstrumentsMemberemr:BacklogAmortizationMember2022-10-012022-12-310000032604emr:NationalInstrumentsMemberus-gaap:FairValueAdjustmentToInventoryMember2022-10-012022-12-310000032604emr:NationalInstrumentsMemberemr:RetentionBonusMember2022-10-012022-12-310000032604emr:OpenGridSystemsLimitedMember2024-11-152024-11-150000032604emr:OpenGridSystemsLimitedMember2024-11-150000032604us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberemr:ClimateTechnologiesExcludingThermODiscMember2023-05-312023-05-310000032604us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberemr:CopelandMember2024-08-132024-08-130000032604us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberemr:CopelandMember2023-10-012024-09-300000032604emr:ClimateTechnologiesExcludingThermODiscMember2023-10-012023-12-310000032604emr:NationalInstrumentsMember2024-10-012024-12-310000032604srt:ScenarioForecastMember2025-09-300000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2024-10-012024-12-310000032604emr:IntelligentDevicesMember2023-10-012023-12-310000032604emr:IntelligentDevicesMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2024-10-012024-12-310000032604emr:SoftwareAndControlMember2023-10-012023-12-310000032604emr:SoftwareAndControlMember2024-10-012024-12-310000032604us-gaap:CorporateNonSegmentMember2023-10-012023-12-310000032604us-gaap:CorporateNonSegmentMember2024-10-012024-12-310000032604us-gaap:EmployeeSeveranceMember2024-09-300000032604us-gaap:EmployeeSeveranceMember2024-10-012024-12-310000032604us-gaap:EmployeeSeveranceMember2024-12-310000032604us-gaap:OtherRestructuringMember2024-09-300000032604us-gaap:OtherRestructuringMember2024-10-012024-12-310000032604us-gaap:OtherRestructuringMember2024-12-310000032604emr:CopelandMember2023-05-312023-05-310000032604emr:CopelandMember2024-06-060000032604emr:CopelandMemberus-gaap:RelatedPartyMember2023-10-012023-12-310000032604us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberemr:CopelandMember2024-10-012024-12-310000032604emr:IntelligentDevicesMemberemr:FinalControlMember2024-09-300000032604emr:IntelligentDevicesMemberemr:FinalControlMember2024-12-310000032604emr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2024-09-300000032604emr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2024-12-310000032604emr:IntelligentDevicesMemberemr:DiscreteAutomationMember2024-09-300000032604emr:IntelligentDevicesMemberemr:DiscreteAutomationMember2024-12-310000032604emr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2024-09-300000032604emr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2024-12-310000032604emr:IntelligentDevicesMember2024-09-300000032604emr:IntelligentDevicesMember2024-12-310000032604emr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2024-09-300000032604emr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2024-12-310000032604emr:SoftwareAndControlMemberemr:TestAndMeasurementMember2024-09-300000032604emr:SoftwareAndControlMemberemr:TestAndMeasurementMember2024-12-310000032604emr:SoftwareAndControlMemberemr:AspenTechMember2024-09-300000032604emr:SoftwareAndControlMemberemr:AspenTechMember2024-12-310000032604emr:SoftwareAndControlMember2024-09-300000032604emr:SoftwareAndControlMember2024-12-310000032604us-gaap:CustomerRelationshipsMember2024-12-310000032604us-gaap:CustomerRelationshipsMember2024-09-300000032604us-gaap:IntellectualPropertyMember2024-12-310000032604us-gaap:IntellectualPropertyMember2024-09-300000032604us-gaap:ForeignExchangeContractMember2024-12-310000032604us-gaap:SeniorNotesMember2019-09-300000032604us-gaap:SeniorNotesMember2024-10-012024-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2023-10-012023-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2024-10-012024-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:SalesMember2023-10-012023-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:SalesMember2024-10-012024-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2023-10-012023-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CostOfSalesMember2023-10-012023-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherComprehensiveIncomeMemberus-gaap:CostOfSalesMember2024-10-012024-12-310000032604us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMember2023-10-012023-12-310000032604us-gaap:CommodityContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherExpenseMember2024-10-012024-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2024-10-012024-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2023-10-012023-12-310000032604us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2024-10-012024-12-310000032604us-gaap:FairValueInputsLevel2Member2024-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300000032604us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000032604us-gaap:AccumulatedTranslationAdjustmentMember2023-10-012023-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2024-10-012024-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000032604us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-10-012023-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-10-012024-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000032604us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000032604us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300000032604us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000032604us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-10-012023-12-310000032604us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-10-012024-12-310000032604us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000032604us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMember2024-10-012024-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMember2023-10-012023-12-310000032604us-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMember2024-10-012024-12-310000032604us-gaap:MaterialReconcilingItemsMember2023-10-012023-12-310000032604us-gaap:MaterialReconcilingItemsMember2024-10-012024-12-310000032604us-gaap:IntersegmentEliminationMember2023-10-012023-12-310000032604us-gaap:IntersegmentEliminationMember2024-10-012024-12-310000032604us-gaap:MaterialReconcilingItemsMemberus-gaap:RelatedPartyMember2023-10-012023-12-310000032604us-gaap:MaterialReconcilingItemsMemberus-gaap:RelatedPartyMember2024-10-012024-12-310000032604emr:NationalInstrumentsMemberus-gaap:RestructuringChargesMember2023-10-012023-12-310000032604emr:NationalInstrumentsMemberus-gaap:CorporateNonSegmentMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:FinalControlMember2024-10-012024-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:MeasurementAndAnalyticalMember2024-10-012024-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:DiscreteAutomationMember2024-10-012024-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:IntelligentDevicesMemberemr:SafetyAndProductivityMember2024-10-012024-12-310000032604srt:AmericasMemberemr:IntelligentDevicesMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberemr:IntelligentDevicesMember2023-10-012023-12-310000032604srt:EuropeMemberemr:IntelligentDevicesMember2023-10-012023-12-310000032604srt:AmericasMemberemr:IntelligentDevicesMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberemr:IntelligentDevicesMember2024-10-012024-12-310000032604srt:EuropeMemberemr:IntelligentDevicesMember2024-10-012024-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:ControlSystemsAndSoftwareMember2024-10-012024-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:TestAndMeasurementMember2024-10-012024-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2023-10-012023-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2023-10-012023-12-310000032604srt:AmericasMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2024-10-012024-12-310000032604srt:EuropeMemberus-gaap:OperatingSegmentsMemberemr:SoftwareAndControlMemberemr:AspenTechMember2024-10-012024-12-310000032604srt:AmericasMemberemr:SoftwareAndControlMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMemberemr:SoftwareAndControlMember2023-10-012023-12-310000032604srt:EuropeMemberemr:SoftwareAndControlMember2023-10-012023-12-310000032604srt:AmericasMemberemr:SoftwareAndControlMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMemberemr:SoftwareAndControlMember2024-10-012024-12-310000032604srt:EuropeMemberemr:SoftwareAndControlMember2024-10-012024-12-310000032604srt:AmericasMember2023-10-012023-12-310000032604emr:AsiaMiddleEastAndAfricaMember2023-10-012023-12-310000032604srt:EuropeMember2023-10-012023-12-310000032604srt:AmericasMember2024-10-012024-12-310000032604emr:AsiaMiddleEastAndAfricaMember2024-10-012024-12-310000032604srt:EuropeMember2024-10-012024-12-310000032604emr:AspenTechMemberus-gaap:SubsequentEventMember2025-01-270000032604us-gaap:SubsequentEventMember2025-01-272025-01-27


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 10-Q


☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________________ to __________________

Commission file number 1-278

EMERSON ELECTRIC CO.
(Exact name of registrant as specified in its charter)
Missouri
logo_emersona12.jpg
43-0259330
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
8027 Forsyth Blvd
St. Louis,Missouri63105
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (314) 553-2000

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange on which registered
Common Stock of $0.50 par value per shareEMRNew York Stock Exchange
NYSE Chicago
1.250% Notes due 2025EMR 25ANew York Stock Exchange
2.000% Notes due 2029EMR 29New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐








Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock of $0.50 par value per share outstanding at December 31, 2024: 563.9 million shares.







PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

Consolidated Statements of Earnings
EMERSON ELECTRIC CO. & SUBSIDIARIES
Three months ended December 31, 2023 and 2024
(Dollars in millions, except per share amounts; unaudited)
 
 Three Months Ended
December 31,
 2023 2024 
Net sales$4,117 4,175 
Cost of sales2,201 1,940 
Selling, general and administrative expenses1,277 1,224 
Other deductions, net451 228 
Interest expense (net of interest income of $40 and $44, respectively)
44 8 
Interest income from related party(31)— 
Earnings from continuing operations before income taxes175 775 
Income taxes16 182 
Earnings from continuing operations159 593 
Discontinued operations, net of tax of $9 and $—, respectively
(27)— 
Net earnings132 593 
Less: Noncontrolling interests in subsidiaries(10)8 
Net earnings common stockholders$142 585 
Earnings common stockholders:
Earnings from continuing operations$169 585 
Discontinued operations(27)— 
Net earnings common stockholders$142 585 
Basic earnings per share common stockholders:
     Earnings from continuing operations$0.30 1.03 
     Discontinued operations(0.05)— 
Basic earnings per common share$0.25 1.03 
Diluted earnings per share common stockholders:
Earnings from continuing operations$0.29 1.02 
Discontinued operations(0.04)— 
Diluted earnings per common share$0.25 1.02 
Weighted average outstanding shares:
Basic570.8 568.5 
Diluted573.3 571.1 
 See accompanying Notes to Consolidated Financial Statements.





1



Consolidated Statements of Comprehensive Income
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three months ended December 31, 2023 and 2024
(Dollars in millions; unaudited)
 Three Months Ended December 31,
 2023 2024 
Net earnings$132 593 
Other comprehensive income (loss), net of tax:
Foreign currency translation174 (492)
Pension and postretirement(12)3 
Cash flow hedges3 10 
        Total other comprehensive income (loss)165 (479)
Comprehensive income297 114 
Less: Noncontrolling interests in subsidiaries(8)1 
Comprehensive income common stockholders$305 113 


































See accompanying Notes to Consolidated Financial Statements.





2



Consolidated Balance Sheets
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts; unaudited)
 Sept 30, 2024Dec 31, 2024
ASSETS  
Current assets  
Cash and equivalents$3,588 2,834 
Receivables, less allowances of $121 and $124, respectively
2,927 2,694 
Inventories2,180 2,200 
Other current assets1,497 1,466 
Total current assets10,192 9,194 
Property, plant and equipment, net2,807 2,743 
Other assets 
Goodwill18,067 17,906 
Other intangible assets10,436 10,025 
Other2,744 2,742 
Total other assets31,247 30,673 
Total assets$44,246 42,610 
LIABILITIES AND EQUITY  
Current liabilities  
Short-term borrowings and current maturities of long-term debt$532 1,066 
Accounts payable1,335 1,260 
Accrued expenses3,875 3,632 
Total current liabilities5,742 5,958 
Long-term debt7,155 6,557 
Other liabilities3,840 3,716 
Equity  
Common stock, $0.50 par value; authorized, 1,200.0 shares; issued, 953.4 shares; outstanding, 570.2 shares and 563.9 shares, respectively
477 477 
Additional paid-in-capital169 113 
Retained earnings40,830 41,112 
Accumulated other comprehensive income (loss)(868)(1,340)
Cost of common stock in treasury, 383.2 shares and 389.5 shares, respectively
(18,972)(19,872)
Common stockholders’ equity21,636 20,490 
Noncontrolling interests in subsidiaries5,873 5,889 
Total equity27,509 26,379 
Total liabilities and equity$44,246 42,610 
See accompanying Notes to Consolidated Financial Statements.





3



Consolidated Statements of Equity
EMERSON ELECTRIC CO. & SUBSIDIARIES

Three months ended December 31, 2023 and 2024
(Dollars in millions; unaudited)
Three Months Ended December 31,
2023 2024 
Common stock$477 477 
Additional paid-in-capital
     Beginning balance62 169 
     Stock plans119 (56)
     AspenTech purchases of common stock(41)— 
        Ending balance140 113 
Retained earnings
     Beginning balance40,070 40,830 
     Net earnings common stockholders142 585 
Dividends paid (per share: $0.525 and $0.5275, respectively)
(302)(303)
        Ending balance39,910 41,112 
Accumulated other comprehensive income (loss)
     Beginning balance(1,253)(868)
     Foreign currency translation172 (485)
     Pension and postretirement(12)3 
     Cash flow hedges3 10 
        Ending balance(1,090)(1,340)
Treasury stock
     Beginning balance(18,667)(18,972)
     Purchases(175)(946)
     Issued under stock plans79 46 
        Ending balance(18,763)(19,872)
Common stockholders' equity20,674 20,490 
Noncontrolling interests in subsidiaries
     Beginning balance5,909 5,873 
     Net earnings (loss)(10)8 
     Stock plans11 15 
     AspenTech purchases of common stock(31)— 
     Other comprehensive income2 (7)
        Ending balance5,881 5,889 
Total equity$26,555 26,379 

See accompanying Notes to Consolidated Financial Statements.





4



Consolidated Statements of Cash Flows
EMERSON ELECTRIC CO. & SUBSIDIARIES
Three Months Ended December 31, 2023 and 2024
(Dollars in millions; unaudited)
Three Months Ended
December 31,
 2023 2024 
Operating activities  
Net earnings$132 593 
Earnings from discontinued operations, net of tax27 — 
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization422 383 
        Stock compensation74 68 
        Amortization of acquisition-related inventory step-up231 — 
        Changes in operating working capital(238)(154)
        Other, net(204)(113)
            Cash from continuing operations444 777 
            Cash from discontinued operations(29)— 
            Cash provided by operating activities415 777 
Investing activities
Capital expenditures(77)(83)
Purchases of businesses, net of cash and equivalents acquired(8,339)(37)
Other, net(37)(22)
    Cash from continuing operations(8,453)(142)
    Cash from discontinued operations1 — 
    Cash used in investing activities(8,452)(142)
Financing activities
Net increase in short-term borrowings2,647 2 
Payments of long-term debt— (2)
Dividends paid(300)(301)
Purchases of common stock(175)(899)
AspenTech purchases of common stock(72)— 
Other, net(45)(91)
    Cash provided by (used in) financing activities2,055 (1,291)
Effect of exchange rate changes on cash and equivalents7 (98)
Decrease in cash and equivalents (5,975)(754)
Beginning cash and equivalents8,051 3,588 
Ending cash and equivalents$2,076 2,834 
Changes in operating working capital
Receivables$94 156 
Inventories(97)(86)
Other current assets(3)(5)
Accounts payable(89)(53)
Accrued expenses(143)(166)
Total changes in operating working capital$(238)(154)
See accompanying Notes to Consolidated Financial Statements.





5



Notes to Consolidated Financial Statements
EMERSON ELECTRIC CO. & SUBSIDIARIES

(Dollars and shares in millions, except per share amounts or where noted)

(1) BASIS OF PRESENTATION

In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair presentation of operating results for the interim periods presented. Adjustments consist of normal and recurring accruals. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all disclosures required for annual financial statements presented in conformity with U.S. generally accepted accounting principles (GAAP). For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2024.

Certain prior year amounts have been reclassified to conform to the current year presentation. On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion, and the transactions were subsequently completed in August 2024. As a result of these transactions, the equity method losses related to the Company's non-controlling common equity interest in Copeland, which were previously reported in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented, and cash flows related to U.S. tax distributions have been reclassified to operating cash flows from discontinued operations (see Notes 5 and 10).

(2) REVENUE RECOGNITION

Emerson is a global technology and software company that provides innovative solutions for customers in a wide range of end markets around the world. The majority of the Company's revenues relate to a broad offering of manufactured products and software which are recognized at the point in time when control transfers, while a smaller portion is recognized over time or relates to sales arrangements with multiple performance obligations. See Note 14 for additional information about the Company's revenues.

The following table summarizes the balances of the Company's unbilled receivables (contract assets), which are reported in Other assets (current and noncurrent), and its customer advances (contract liabilities), which are reported in Accrued expenses and Other liabilities.     
Sept 30, 2024Dec 31, 2024
Unbilled receivables (contract assets)$1,599 1,596 
Customer advances (contract liabilities)(1,115)(1,117)
      Net contract assets (liabilities)$484 479 
    
The majority of the Company's contract balances relate to (1) arrangements where revenue is recognized over time and payments from customers are made according to a contractual billing schedule, and (2) revenue from term software license arrangements where the license revenue is recognized upfront upon delivery. Revenue recognized for the three months ended December 31, 2024 included $422 that was included in the beginning contract liability balance. Other factors that impacted the change in net contract assets were immaterial. Revenue recognized for the three months ended December 31, 2024 for performance obligations that were satisfied in previous periods, including cumulative catchup adjustments on the Company's long-term contracts, was immaterial.

As of December 31, 2024, the Company's backlog relating to unsatisfied (or partially unsatisfied) performance obligations in contracts with its customers was approximately $8.5 billion (of which $1.25 billion was attributable to AspenTech). The Company expects to recognize approximately 75 percent of its remaining performance obligations as revenue over the next 12 months, with the remainder substantially over the following two years.     






6



(3) COMMON SHARES

Reconciliations of weighted-average shares for basic and diluted earnings per common share follow. Diluted earnings per share are calculated using the two-class method. Earnings allocated to participating securities were inconsequential.
Three Months Ended
December 31,
 2023 2024 
Basic shares outstanding570.8 568.5 
Dilutive shares2.5 2.6 
Diluted shares outstanding573.3 571.1 
 
(4) ACQUISITIONS AND DIVESTITURES

National Instruments

On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (“NI”). NI, which provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost, had revenues of approximately $1.7 billion and pretax earnings of approximately $170 for the 12 months ended September 30, 2023. NI is now referred to as Test & Measurement and reported as a segment in the Software and Control business group, see Note 14.

The following table summarizes the components of the purchase consideration for NI.
Cash paid to acquire remaining NI shares not already owned by Emerson$7,833 
Payoff of NI debt at closing634 
Total consideration paid in cash at closing8,467 
Fair value of NI shares already owned by Emerson prior to acquisition137 
Value of stock-based compensation awards attributable to pre-combination service49 
Total purchase consideration$8,653 

Pro Forma Financial Information

The following unaudited proforma consolidated condensed financial results of operations are presented as if the acquisition of NI occurred on October 1, 2022. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved had the acquisition occurred as of that time ($ in millions, except per share amounts).
 Three Months Ended December 31,
 2023 
Net Sales$4,136 
Net earnings from continuing operations common stockholders$447 
Diluted earnings per share from continuing operations$0.78 

The proforma results for the three months ended December 31, 2023 exclude transaction costs of $69 which were assumed to be incurred in the first quarter of fiscal 2023. The proforma results for the three months ended December 31, 2023 also exclude backlog amortization of $34, inventory step-up amortization of $213, and retention bonuses of $43 which were all assumed to be incurred in the first quarter of fiscal 2023.

Other Transactions

On November 15, 2024, AspenTech acquired Open Grid Systems Limited, a global provider of network model management technology and a pioneer in developing model-driven applications supporting open access to data





7



through industry standards, for a total purchase price of $46, net of cash acquired. The Company recognized goodwill of $32 (none of which is expected to be tax deductible) and other identifiable intangible assets of $20, consisting of developed technology and customer relationships with a weighted-average useful life of approximately 5 years.

(5) DISCONTINUED OPERATIONS

On May 31, 2023, the Company completed the sale of a majority stake in its Climate Technologies business to private equity funds managed by Blackstone in a $14.0 billion transaction. As a part of this transaction, Emerson received a note receivable with a face value of $2.25 billion and retained a 40 percent non-controlling common equity interest in a new standalone joint venture between Emerson and Blackstone named Copeland. Subsequently, on June 6, 2024, the Company entered into a definitive agreement to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion. The transaction closed on August 13, 2024 and the Company recognized a gain of $539 ($435 after-tax) in discontinued operations in fiscal 2024. In addition, the equity method losses related to the Company's non-controlling equity interest in Copeland, which were reported since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented and are included in Other deductions, net in the table below. See Note 10 for further details.

Results from discontinued operations for the three months ended December 31, 2023 were as follows:

Three Months Ended December 31, 2023
Net sales $— 
Cost of sales — 
SG&A— 
Gain on sale of business — 
Other deductions, net 36 
Earnings before income taxes (36)
Income taxes (9)
Earnings, net of tax $(27)

Results for the three months ended December 31, 2023 included equity method losses of $36 ($27 after-tax) related to the Company's non-controlling common equity interest in Copeland.

Net cash from operating and investing activities from discontinued operations for the three months ended December 31, 2023 were as follows:

 Three Months Ended December 31, 2023
Cash from operating activities$(29)
Cash from investing activities$1 






8



(6) PENSION & POSTRETIREMENT PLANS

Total periodic pension and postretirement (income) expense is summarized below:
 Three Months Ended December 31,
 2023 2024 
Service cost$9 18 
Interest cost55 48 
Expected return on plan assets
(74)(73)
Net amortization(14)4 
Total$(24)(3)

(7) OTHER DEDUCTIONS, NET

Other deductions, net are summarized below:
 Three Months Ended
December 31,
 2023 2024 
Amortization of intangibles (intellectual property and customer relationships)$274 229 
Restructuring costs83 11 
Acquisition/divestiture costs80 13 
Foreign currency transaction (gains) losses34 1 
Other(20)(26)
Total$451 228 

In the first quarter of fiscal 2025, the decrease in intangibles amortization was largely due to backlog amortization of $34 in the prior year related to the NI acquisition. Other is composed of several items, including pension expense, litigation costs, provision for bad debt and other items, none of which is individually significant.







9



(8) RESTRUCTURING COSTS

Restructuring expense reflects costs associated with the Company’s ongoing efforts to improve operational efficiency and deploy assets globally in order to remain competitive on a worldwide basis. The Company expects fiscal 2025 restructuring expense and related costs to be approximately $110, including costs to complete actions initiated in the first three months of the year.

Restructuring expense by business segment follows:

 Three Months Ended December 31,
 2023 2024 
Final Control$3 2 
Measurement & Analytical3 1 
Discrete Automation10 6 
Safety & Productivity— — 
Intelligent Devices16 9 
Control Systems & Software1 2 
Test & Measurement40 (1)
AspenTech— — 
Software and Control 41 1 
Corporate26 1 
Total$83 11 
Corporate restructuring of $26 for the three months ended December 31, 2023 is comprised entirely of integration-related stock compensation attributable to NI.
Details of the change in the liability for restructuring costs during the three months ended December 31, 2024 follow:
 Sept 30, 2024ExpenseUtilized/PaidDec 31, 2024
Severance and benefits$105 9 26 88 
Other7 2 2 7 
Total$112 11 28 95 
The tables above do not include $2 and $4 of costs related to restructuring actions incurred for the three months ended December 31, 2024 and 2023, respectively, that are required to be reported in selling, general and administrative expenses.
 
(9) TAXES

Income taxes were $182 in the first quarter of fiscal 2025 and $16 in 2024, resulting in effective tax rates of 24 percent and 9 percent, respectively. The prior year rate included a $57 ($0.10 per share) benefit related to discrete tax items and the impact of inventory step-up amortization, which in total had a 12 percentage point impact on the rate.






10



(10) EQUITY METHOD INVESTMENT AND NOTE RECEIVABLE

As discussed in Note 5, the Company completed the divestiture of a majority stake in Copeland on May 31, 2023, and received upfront, pre-tax cash proceeds of approximately $9.7 billion and a note receivable with a face value of $2.25 billion, while retaining a 40 percent non-controlling common equity interest in Copeland.
On June 6, 2024, the Company entered into definitive agreements to sell its 40 percent non-controlling common equity interest in Copeland to private equity funds managed by Blackstone for $1.5 billion and its note receivable to Copeland for $1.9 billion, and the transactions were subsequently completed in August 2024. As a result of these transactions, the gain on the sale of the Company's non-controlling common equity interest in Copeland and the historical equity method losses, which were recorded since May 2023 in Other deductions, net, have been reclassified and are now reported as discontinued operations for all periods presented (see Note 5).
For the three months ended December 31, 2023 the Company recognized non-cash interest income on the note receivable of $31, which is reported in Interest income from related party within continuing operations.
Summarized financial information for Copeland for the three months ended December 31, 2023 is as follows.
 Three Months Ended December 31,
 2023 
Net sales $1,024 
Gross profit$345 
Income (loss) from continuing operations$(93)
Net income (loss)$(93)
Net income (loss) attributable to shareholders$(90)

(11) OTHER FINANCIAL INFORMATION

Sept 30, 2024Dec 31, 2024
Inventories
Finished products$512 522 
Raw materials and work in process1,668 1,678 
Total$2,180 2,200 
Property, plant and equipment, net  
Property, plant and equipment, at cost$6,185 6,067 
Less: Accumulated depreciation3,378 3,324 
     Total$2,807 2,743 
Goodwill by business segment
Final Control$2,702 2,648 
Measurement & Analytical1,576 1,531 
Discrete Automation919 888 
Safety & Productivity404 383 
Intelligent Devices5,601 5,450 
Control Systems & Software674 665 
Test & Measurement3,463 3,436 
AspenTech8,329 8,355 
Software and Control 12,466 12,456 
     Total$18,067 17,906 





11



Other intangible assets  
Gross carrying amount$15,628 15,447 
Less: Accumulated amortization5,192 5,422 
     Net carrying amount$10,436 10,025 
Other intangible assets include customer relationships, net, of $6,029 and $6,296 and intellectual property, net, of $3,751 and $3,901 as of December 31, 2024 and September 30, 2024, respectively.
Three Months Ended December 31,
2023 2024 
Depreciation and amortization expense include the following:
Depreciation expense$79 83 
Amortization of intangibles (includes $49 and $49 reported in Cost of Sales, respectively)
323 278 
Amortization of capitalized software20 22 
Total $422 383 

Sept 30, 2024Dec 31, 2024
Other assets include the following:
Pension assets$1,194 1,191 
Operating lease right-of-use assets692 658 
Unbilled receivables (contract assets)519 548 
Deferred income taxes64 57 
Asbestos-related insurance receivables37 37 

Accrued expenses include the following:
Customer advances (contract liabilities)$1,043 1,037 
Employee compensation706 453 
Income taxes587 714 
Operating lease liabilities (current)158 144 
Product warranty82 79 
Other liabilities include the following:  
Deferred income taxes$2,138 2,019 
Operating lease liabilities (noncurrent)511 489 
Pension and postretirement liabilities466 445 
Asbestos litigation151 147 






12



(12) FINANCIAL INSTRUMENTS
Hedging Activities – As of December 31, 2024, the notional amount of foreign currency hedge positions was approximately $3.4 billion. All derivatives receiving hedge accounting are cash flow hedges. The majority of hedging gains and losses deferred as of December 31, 2024 are expected to be recognized over the next 12 months as the underlying forecasted transactions occur. Gains and losses on foreign currency derivatives reported in Other deductions, net reflect hedges of balance sheet exposures that do not receive hedge accounting.
Net Investment Hedge – In fiscal 2019, the Company issued euro-denominated debt of €1.5 billion, of which €500 was repaid in 2024. The euro notes reduce foreign currency risk associated with the Company's international subsidiaries that use the euro as their functional currency and have been designated as a hedge of a portion of the investment in these operations. Foreign currency gains or losses associated with the euro-denominated debt are deferred in accumulated other comprehensive income (loss) and will remain until the hedged investment is sold or substantially liquidated. Cash flows related to the euro-denominated debt are classified within financing cash flows.
The following gains and losses are included in earnings and other comprehensive income (OCI) for the three months ended December 31, 2024 and 2023:
Three Months Ended
December 31,
Into EarningsInto OCI
Gains (Losses)Location2023 2024 2023 2024 
Foreign currency
Sales
— 1 7 11 
Foreign currency
Cost of sales
3 — 1 3 
Foreign currency
Other deductions, net
15 (51)
Net Investment Hedges
Euro denominated debt— (55)70 
     Total $18 (50)(47)84 

Regardless of whether derivatives and non-derivative financial instruments receive hedge accounting, the Company expects hedging gains or losses to be offset by losses or gains on the related underlying exposures. The amounts ultimately recognized will differ from those presented above for open positions, which remain subject to ongoing market price fluctuations until settlement. Derivatives receiving hedge accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness.
Fair Value Measurement – Valuations for all derivatives and the Company's long-term debt fall within Level 2 of the GAAP valuation hierarchy. As of December 31, 2024, the fair value of long-term debt was approximately $6.7 billion, which was lower than the carrying value by $932. The fair value of foreign currency contracts, which are reported in Other current assets and Accrued expenses, did not materially change since September 30, 2024.
Counterparties to derivatives arrangements are companies with investment-grade credit ratings. The Company has bilateral collateral arrangements with counterparties with credit rating-based posting thresholds that vary depending on the arrangement. If credit ratings on the Company's debt fall below pre-established levels, counterparties can require immediate full collateralization of all derivatives in net liability positions. The maximum amount that could potentially have been required was immaterial. The Company also can demand full collateralization of derivatives in net asset positions should any counterparty credit ratings fall below certain thresholds. No collateral was posted with counterparties and none was held by the Company as of December 31, 2024.






13



(13) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Activity in Accumulated other comprehensive income (loss) for the three months ended December 31, 2024 and 2023 is shown below, net of income taxes: 
Three Months Ended December 31,
2023 2024 
Foreign currency translation
   Beginning balance$(1,012)(616)
   Other comprehensive income (loss), net of tax of $13 and $16, respectively
172 (485)
   Ending balance(840)(1,101)
Pension and postretirement
   Beginning balance(247)(245)
Amortization of deferred actuarial losses into earnings, net of tax of $2 and $(1), respectively
(12)3 
   Ending balance(259)(242)
Cash flow hedges
   Beginning balance6 (7)
Gains deferred during the period, net of taxes of $(2) and $(3), respectively
6 11 
   Reclassification of realized (gains) losses to sales and cost of sales, net of tax of $— and $—, respectively
(3)(1)
   Ending balance9 3 
Accumulated other comprehensive income (loss)$(1,090)(1,340)






14



(14) BUSINESS SEGMENTS

As disclosed in Note 4, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a segment in the Software and Control business group.

Summarized information about the Company's results of operations by business segment follows:

 Three Months Ended December 31,
 SalesEarnings (Loss)
 2023 2024 2023 2024 
Final Control$940 976 194 236 
Measurement & Analytical947 975 235 285 
Discrete Automation613 580 97 98 
Safety & Productivity322 312 68 67 
Intelligent Devices2,822 2,843 594 686 
Control Systems & Software675 690 149 193 
Test & Measurement382 359 (78)(13)
AspenTech257 303 (35)15 
Software and Control1,314 1,352 36 195 
Stock compensation
(74)(68)
Unallocated pension and postretirement costs31 27 
Corporate and other(399)(57)
Eliminations/Interest(19)(20)(44)(8)
Interest income from related party31 — 
     Total$4,117 4,175 175 775 
Stock compensation for the three months ended December 31, 2023 included $30 of integration-related stock compensation expense attributable to NI ($26 of which was reported as restructuring costs). Corporate and other for the three months ended December 31, 2024 included acquisition/divestiture fees and related costs of $22 compared to $130 in 2023, while 2023 also included acquisition-related inventory step-up amortization of $231.






15




Depreciation and amortization (includes intellectual property, customer relationships and capitalized software) by business segment are summarized below:
Three Months Ended December 31,
2023 2024 
Final Control$40 40 
Measurement & Analytical40 31 
Discrete Automation22 21 
Safety & Productivity14 15 
Intelligent Devices116 107 
Control Systems & Software21 23 
Test & Measurement151 118 
AspenTech123 124 
Software and Control295 265 
Corporate and other11 11 
     Total$422 383 
The decrease in Test & Measurement depreciation and amortization for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 was due to backlog amortization of $34 in the prior year.
Sales by geographic destination (Americas, Asia, Middle East & Africa ("AMEA") and Europe) are summarized below:
Three Months Ended December 31,Three Months Ended December 31,
20232024
AmericasAMEAEurope Total AmericasAMEAEurope Total
Final Control$454 370 116 940 476 389 111 976 
Measurement & Analytical475 325 147 947 488 338 149 975 
Discrete Automation286 162 165 613 279 150 151 580 
Safety & Productivity243 16 63 322 240 15 57 312 
Intelligent Devices1,458 873 491 2,822 1,483 892 468 2,843 
Control Systems & Software325 209 141 675 323 222 145 690 
Test & Measurement164 99 119 382 175 93 91 359 
AspenTech140 60 57 257 163 68 72 303 
Software and Control629 368 317 1,314 661 383 308 1,352 
     Total$2,087 1,241 808 4,136 2,144 1,275 776 4,195 
(15) SUBSEQUENT EVENTS    

On January 27, 2025, the Company announced that it reached an agreement with AspenTech under which Emerson will acquire all outstanding shares of common stock of AspenTech not already owned by Emerson for $265 per share pursuant to an all-cash tender offer. The Company currently owns approximately 57 percent of AspenTech's outstanding shares of common stock. The transaction values the minority stake being acquired at $7.2 billion, and the Company expects to finance the transaction from cash on hand and debt financing. The transaction is expected to close in the first half of calendar year 2025, and upon closing, AspenTech will become a wholly owned subsidiary of Emerson.





16



Items 2 and 3.

Management's Discussion and Analysis of Financial Condition and Results of Operations 
(Dollars are in millions, except per share amounts or where noted)

OVERVIEW

For the first quarter of fiscal 2025, net sales were $4.2 billion, up 1 percent compared with the prior year. Underlying sales, which exclude foreign currency translation, acquisitions and divestitures, were up 2 percent. Foreign currency translation had a 1 percent unfavorable impact.
Earnings from continuing operations attributable to common stockholders were $585, up 247 percent, and diluted earnings per share from continuing operations were $1.02, up 252 percent compared with $0.29 in the prior year. Adjusted diluted earnings per share from continuing operations were $1.38, up 13 percent compared with $1.22 in the prior year, reflecting strong operating results.

The table below presents the Company's diluted earnings per share from continuing operations on an adjusted basis to facilitate period-to-period comparisons and provide additional insight into the underlying, ongoing operating performance of the Company. Adjusted diluted earnings per share from continuing operations excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, and certain gains, losses or impairments.
Three Months Ended Dec 3120232024
Diluted earnings from continuing operations per share $0.29 1.02 
Amortization of intangibles0.36 0.31 
Restructuring and related costs0.12 0.02 
Acquisition/divestiture fees and related costs0.17 0.03 
Amortization of acquisition-related inventory step-up0.38 — 
Discrete tax benefits(0.10)— 
Adjusted diluted earnings from continuing operations per share$1.22 1.38 
The table below summarizes the changes in adjusted diluted earnings per share from continuing operations. The items identified below are discussed throughout MD&A, see further discussion above and in the Business Segments and Financial Position sections below.
Three Months Ended
Adjusted diluted earnings from continuing operations per share - Dec 31, 2023
$1.22 
    Operations0.16 
    Stock compensation(0.03)
    Foreign currency0.04 
    Pensions(0.01)
Adjusted diluted earnings from continuing operations per share - Dec 31, 2024
$1.38 





17




RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31

Following is an analysis of the Company’s operating results for the first quarter ended December 31, 2024 compared with the first quarter ended December 31, 2023.
Three Months Ended Dec 3120232024Change
(dollars in millions, except per share amounts)   
Net sales$4,117 4,175 1 %
Gross profit$1,916 2,235 17 %
Percent of sales46.5 %53.5 %7.0 pts
SG&A$1,277 1,224 (4)%
Percent of sales31.0 %29.3 %(1.7) pts
Other deductions, net$451 228  
Amortization of intangibles$274 229 
Restructuring costs$83 11 
Interest expense, net$44 8  
Interest income from related party$(31)— 
Earnings from continuing operations before income taxes$175 775 343 %
Percent of sales4.2 %18.6 %14.4 pts
Earnings from continuing operations common stockholders$169 585 247 %
Percent of sales4.1 %14.0 %9.9 pts
Net earnings common stockholders$142 585 312 %
Diluted EPS - Earnings from continuing operations$0.29 1.02 252 %
Diluted EPS - Net earnings$0.25 1.02 308 %
Adjusted Diluted EPS - Earnings from continuing operations$1.22 1.38 13 %

Net sales for the first quarter of fiscal 2025 were $4.2 billion, up 1 percent compared with 2024. Intelligent Devices sales were up 1 percent, while Software and Control sales were up 3 percent. Underlying sales were up 2 percent on 0.5 percent higher volume and 1.5 percent higher price. Foreign currency translation had a 1 percent unfavorable impact. Underlying sales were up 1 percent in the U.S. and up 3 percent internationally. The Americas was up 3 percent, Europe was down 2 percent, and Asia, Middle East & Africa was up 4 percent (China down 5 percent).

Cost of sales for the first quarter of fiscal 2025 were $1,940, a decrease of $261 compared with 2024 and gross margin of 53.5 percent increased 7.0 percentage points, as the prior year reflected the impact from acquisition-related inventory step-up amortization of $231, which negatively impacted margins in the prior year by 5.6 percentage points. Favorable price less net material inflation also contributed to the increase in gross margin.
Selling, general and administrative (SG&A) expenses of $1,224 decreased $53 and SG&A as a percent of sales decreased 1.7 percentage points to 29.3 percent compared with the prior year, reflecting savings from cost reduction actions and the impact of Test & Measurement acquisition-related costs incurred in the prior year.
Other deductions, net were $228 for the first quarter of fiscal 2025, a decrease of $223 compared with the prior year, reflecting higher restructuring and acquisition/divestiture costs in the prior year, as well as backlog amortization related to the Test & Measurement acquisition of $34. See Note 7.

Pretax earnings from continuing operations of $775 increased $600, up 343 percent compared with the prior year. Earnings increased $92 in Intelligent Devices and increased $159 in Software and Control, see the Business Segments discussion that follows and Note 14.






18



Income taxes were $182 in the first quarter of fiscal 2025 and $16 in 2024, resulting in effective tax rates of 24 percent and 9 percent, respectively. The prior year rate included a $57 ($0.10 per share) benefit related to discrete tax items and the impact of inventory step-up amortization, which in total had a 12 percentage point impact on the rate.

Earnings from continuing operations attributable to common stockholders were $585, up 247 percent, and diluted earnings per share from continuing operations were $1.02, up 252 percent compared with $0.29 in the prior year. Adjusted diluted earnings per share from continuing operations were $1.38 compared with $1.22 in the prior year, reflecting strong operating results. See the analysis above of adjusted earnings per share for further details.

Loss from discontinued operations was $(27) ($(0.04) per share) in the prior year. See Note 5.

Net earnings common stockholders in the first quarter of fiscal 2025 were $585 compared with $142 in the prior year, and earnings per share were $1.02 compared with $0.25 in the prior year.

The table below, which shows results from continuing operations on an adjusted EBITA basis, is intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings from continuing operations excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, gains or losses on the Copeland equity method investment, and certain gains, losses or impairments. Adjusted EBITA and adjusted EBITA margin are measures used by management and may be useful for investors to evaluate the Company's operational performance.

Three Months Ended Dec 3120232024Change
Earnings from continuing operations before income taxes$175 775 343 %
      Percent of sales4.2 %18.6 %14.4 pts
    Interest expense, net44 8 
    Interest income from related party(31)— 
    Amortization of intangibles 323 278 
    Restructuring and related costs87 13 
    Acquisition/divestiture fees and related costs134 22 
    Amortization of acquisition-related inventory step-up231 — 
Adjusted EBITA from continuing operations$963 1,096 14 %
      Percent of sales23.4 %26.3 %2.9 pts







19



Business Segments
Following is an analysis of operating results for the Company’s business segments for the first quarter ended December 31, 2024, compared with the first quarter ended December 31, 2023. The Company defines segment earnings as earnings before interest and taxes. See Note 14 for a discussion of the Company's business segments.

INTELLIGENT DEVICES
Three Months Ended Dec 3120232024ChangeFXAcq/DivU/L
Sales:
Final Control $940 976 4 %1 %— %5 %
Measurement & Analytical947 975 3 %1 %— %4 %
Discrete Automation 613 580 (5)%1 %— %(4)%
Safety & Productivity 322 312 (3)%— %— %(3)%
     Total$2,822 2,843 1 %1 %— %2 %
Earnings:
Final Control $194 236 22 %
Measurement & Analytical235 285 21 %
Discrete Automation 97 98 1 %
Safety & Productivity 68 67 (1)%
     Total$594 686 16 %
     Margin21.0 %24.1 %3.1 pts
Amortization of intangibles:
Final Control$22 22 
Measurement & Analytical20 10 
Discrete Automation9 8 
Safety & Productivity6 6 
     Total$57 46 
Restructuring and related costs:
Final Control$7 2 
Measurement & Analytical3 1 
Discrete Automation10 6 
Safety & Productivity— — 
     Total$20 9 
Adjusted EBITA$671 741 11 %
Adjusted EBITA Margin23.8 %26.1 %2.3 pts
Intelligent Devices sales were $2.8 billion in the first quarter of 2025, an increase of $21, or 1 percent. Underlying sales increased 2 percent on 1 percent higher price and 1 percent higher volume. Underlying sales increased 2 percent in the Americas, Europe decreased 3 percent and Asia, Middle East & Africa was up 3 percent (China down 2 percent). Final Control sales increased $36, or 4 percent, reflecting strength in power end markets. Sales for Measurement & Analytical increased $28, or 3 percent, reflecting robust growth in Middle East & Africa and moderate growth in the Americas and Europe. Discrete Automation sales decreased $33, or 5 percent, reflecting softness in all geographies. Safety & Productivity sales decreased $10, or 3 percent, reflecting softness in the Americas and Europe. Earnings for Intelligent Devices were $686, an increase of $92, or 16 percent, and margin increased 3.1 percentage points to 24.1 percent, reflecting strong operational performance, favorable price less net material inflation and favorable foreign currency transactions of $32 due to gains in the first quarter of 2025 compared to losses in the prior year. Adjusted EBITA margin was 26.1 percent, an increase of 2.3 percentage points.






20



SOFTWARE AND CONTROL
Three Months Ended Dec 3120232024ChangeFXAcq/DivU/L
Sales:
Control Systems & Software $675 690 2 %1 %— %3 %
Test & Measurement382 359 (6)%1 %— %(5)%
AspenTech 257 303 18 %— %— %18 %
     Total$1,314 1,352 3 %1 %— %4 %
Earnings:
Control Systems & Software $149 193 29 %
Test & Measurement(78)(13)83 %
AspenTech (35)15 141 %
     Total$36 195 434 %
     Margin2.8 %14.4 %11.6 pts
Amortization of intangibles:
Control Systems & Software$5 5 
Test & Measurement139 105 
AspenTech122 122 
Total$266 232 
Restructuring and related costs:
Control Systems & Software$1 2 
Test & Measurement40 (1)
AspenTech— — 
     Total$41 1 
Adjusted EBITA$343 428 25 %
Adjusted EBITA Margin26.1 %31.6 %5.5 pts

Software and Control sales were $1,352 in the first quarter of 2025, an increase of $38, or 3 percent compared to the prior year, reflecting strong growth in AspenTech. Underlying sales were up 4 percent on 2 percent higher volume and 2 percent higher price. Underlying sales increased 5 percent in the Americas and were up 5 percent in Asia, Middle East & Africa (China down 11 percent), while Europe decreased 1 percent. Control Systems & Software sales increased $15, or 2 percent, and underlying sales increased 3 percent reflecting strong demand in process end markets in Europe and Asia, Middle East & Africa, while power end markets were strong in Asia, Middle East & Africa. Test & Measurement sales decreased $23, or 6 percent in the first quarter, reflecting weakness in Europe, partially offset by strong growth in the Americas. AspenTech sales increased $46, or 18 percent, reflecting strong license revenue due to the timing of renewals and new contracts signed during the quarter. Earnings for Software and Control increased $159, up 434 percent, and margin increased 11.6 percentage points, reflecting leverage on higher AspenTech sales, higher price, savings from cost reduction actions, and lower restructuring and related costs and intangibles amortization compared to the prior year. Adjusted EBITA margin increased 5.5 percentage points.






21



FINANCIAL CONDITION
Key elements of the Company's financial condition for the three months ended December 31, 2024 as compared to the year ended September 30, 2024 and the three months ended December 31, 2023 follow.
 Dec 31, 2023Sept 30, 2024Dec 31, 2024
Operating working capital$2,052 $1,394 $1,468 
Current ratio1.1 1.8 1.5 
Total debt-to-total capital34.4 %26.2 %27.1 %
Net debt-to-net capital29.8 %15.9 %18.9 %
Interest coverage ratio10.5 X7.2 X10.0 X
Operating working capital increased slightly compared to September 30, 2024. The current ratio decreased compared to September 30, 2024, reflecting the decrease in cash driven by share repurchases. The interest coverage ratio (earnings before income taxes plus interest expense, divided by interest expense) of 10.0X for the 12 months ended December 31, 2024 compares to 10.5X for the 12 months ended December 31, 2023.

Operating cash flow from continuing operations for the first three months of fiscal 2025 was $777, an increase of $333 compared with $444 in the prior year, reflecting higher earnings and favorable receivables performance. Acquisition-related costs and integration activities negatively impacted operating cash flow in the prior year by approximately $100. Free cash flow from continuing operations of $694 in the first three months of fiscal 2025 (operating cash flow of $777 less capital expenditures of $83) increased $327 compared to free cash flow of $367 in 2024 (operating cash flow of $444 less capital expenditures of $77), reflecting the increase in operating cash flow. Cash used in investing activities from continuing operations was $142, and cash used in financing activities from continuing operations was $1,291, reflecting share repurchases of $899 and dividends.
Total cash provided by operating activities was $777 including the impact of discontinued operations, and increased $362 compared with $415 in the prior year.
On January 27, 2025, the Company announced that it reached an agreement with AspenTech under which Emerson will acquire all outstanding shares of common stock of AspenTech not already owned by Emerson for $265 per share pursuant to an all-cash tender offer. The Company currently owns approximately 57 percent of AspenTech's outstanding shares of common stock. The transaction values the minority stake being acquired at $7.2 billion, and the Company expects to finance the transaction from cash on hand and debt financing. The transaction is expected to close in the first half of calendar year 2025, and upon closing, AspenTech will become a wholly owned subsidiary of Emerson.
Emerson maintains a conservative financial structure to provide the strength and flexibility necessary to achieve our strategic objectives and has been successful in efficiently deploying cash where needed worldwide to fund operations, complete acquisitions and sustain long-term growth. Emerson is in a strong financial position, with total assets of $43 billion and common stockholders' equity of $20 billion, and has the resources available for reinvestment in existing businesses, strategic acquisitions and managing its capital structure on a short- and long-term basis.





22



FISCAL 2025 OUTLOOK
For fiscal year 2025, consolidated net sales from continuing operations are expected to be up 1.5 to 3.5 percent, with underlying sales up 3 to 5 percent, excluding a 1.5 percent unfavorable impact from foreign currency translation. Earnings per share are expected to be $4.42 to $4.62, while adjusted earnings per share are expected to be $5.85 to $6.05 (see the following reconciliation).
Outlook for Fiscal 2025 Earnings Per Share2025
Diluted earnings from continuing operations per share $4.42 - $4.62
    Amortization of intangibles~ 1.21
    Restructuring and related costs~ 0.14
    Acquisition/divestiture fees and related costs~ 0.08
Adjusted diluted earnings from continuing operations per share$5.85- $6.05
Operating cash flow is expected to be $3.6 to $3.7 billion and free cash flow, which excludes projected capital spending of approximately $0.4 billion, is expected to be $3.2 to $3.3 billion. The fiscal 2025 outlook assumes returning approximately $3.2 billion to shareholders through approximately $2.0 billion of share repurchases and approximately $1.2 billion of dividend payments.
Emerson's guidance excludes any impact from the proposed transaction with AspenTech, which is expected to close in the first half of calendar year 2025, and strategic alternatives, including a cash sale, for its Safety & Productivity segment.
Statements in this report 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 proposed acquisition by Emerson of the outstanding shares of common stock of AspenTech that Emerson does not already own, 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, and inflation, among others, which are set forth in the “Risk Factors” of Part I, Item 1A, and the "Safe Harbor Statement" of Part II, Item 7, to the Company's Annual Report on Form 10-K for the year ended September 30, 2024, "Risk Factors" of Part II - Other Information, Item 1A of the Company's Quarterly Report on Form 10-Q for the three-month period ended December 31, 2024 and in subsequent reports filed with the SEC, which are hereby incorporated by reference.
Item 4. Controls and Procedures 
The Company maintains a system of disclosure controls and procedures designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported in a timely manner. This system also is designed to ensure information is accumulated and communicated to management, including the Company's certifying officers, to allow timely decisions regarding required disclosure. Based on an evaluation performed, the certifying officers have concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report.
Notwithstanding the foregoing, there can be no assurance that the Company's disclosure controls and procedures will detect or uncover all failures of persons within the Company and its consolidated subsidiaries to report material information otherwise required to be set forth in the Company's reports.
There was no change in the Company's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.






23



PART II. OTHER INFORMATION
Item 1A. Risk Factors

The following risk factor supplements the “Risk Factors” section in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 (our “Form 10-K"). The following risk factor disclosure should be read in conjunction with the other risk factors set out in our Form 10-K.

Our Proposed Acquisition of the Remaining Interest in AspenTech That We Don’t Already Own and the Process to Explore Strategic Alternatives for the Company's Safety & Productivity Segment May Not Be Completed or Completed on the Terms and Conditions Contemplated, or with the Expected Benefits.

On January 26, 2025, the Company and AspenTech entered into an agreement under which Emerson will acquire all outstanding shares of common stock of AspenTech not already owned by Emerson or its affiliates. Under the terms of the agreement, Emerson will make a tender offer to acquire all outstanding shares of AspenTech common stock not already owned by Emerson or its affiliates for $265.00 per share in cash, approximately $7.2 billion in aggregate, which would be followed by a merger pursuant to which AspenTech would become a wholly owned subsidiary of the Company, and in which any remaining shares not tendered would receive the same price in cash. The Company currently owns approximately 57 percent of AspenTech’s outstanding shares. Completion of the proposed AspenTech transaction is subject to the satisfaction or waiver of customary conditions, including among other things, the non-waivable condition that at least a majority of the AspenTech common stock held by minority stockholders be validly tendered and not validly withdrawn, and the absence of any applicable law prohibiting the consummation of the proposed acquisition. The proposed acquisition is intended to be financed from cash on hand and debt financing. On November 5, 2024, the Company announced that it is exploring strategic alternatives, including a cash sale, for its Safety & Productivity segment. No assurance can be given as to the completion, terms, timing, costs or benefits anticipated from any such transactions. Unforeseen developments, including the outcome of the tender offer, or delays in obtaining various tax, regulatory and other approvals, could delay any such transactions, or cause one or more of them to occur on terms and conditions that are less favorable, or at a higher cost, than expected.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(c) Issuer Purchases of Equity Securities (shares in 000s).
PeriodTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
October 2024— $—— 28,891,788
November 20242,200 $130.072,200 26,691,838
December 20245,073 $128.145,073 21,618,757
     Total7,273 $128.727,273 21,618,757

In March 2020, the Board of Directors authorized the purchase of 60 million shares and a total of approximately 21.6 shares remain available for purchase under the authorization.

Item 5. Other Information
During the three-month period ended December 31, 2024, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.






24



Item 6. Exhibits

(a) Exhibits (Listed by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K). 
10.1
Emerson Defined Contribution Supplemental Executive Retirement Plan, incorporated by reference to the Company’s Form 8-K filed on November 5, 2024, File No. 1-278, Exhibit 10.1
31 
32 
101 
Attached as Exhibit 101 to this report are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Statements of Earnings for the three months ended December 31, 2024 and 2023, (ii) Consolidated Statements of Comprehensive Income for the three months ended December 31, 2024 and 2023, (iii) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2024, (iv) Consolidated Statements of Equity for the three months ended December 31, 2024 and 2023, (v) Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and 2023, and (vi) Notes to Consolidated Financial Statements for the three months ended December 31, 2024 and 2023.  


104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).    






25




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
EMERSON ELECTRIC CO. 
   
By/s/ M. J. Baughman 
  M. J. Baughman 
  Executive Vice President, Chief Financial Officer 
and Chief Accounting Officer
  (on behalf of the registrant and as Chief Financial Officer) 
February 5, 2025






26