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Emerson Reports Fourth Quarter and Full Year 2025 Results;
Provides Initial 2026 Outlook
ST. LOUIS (November 5, 2025) - Emerson (NYSE: EMR) today reported results1 for its fourth quarter and fiscal year ended September 30, 2025. Emerson also declared a 5% quarterly cash dividend increase to $0.555 per share of common stock payable December 10, 2025 to stockholders of record November 14, 2025. Additionally, Emerson announced that its Board of Directors authorized the company to repurchase up to 50 million shares of its common stock. This is in addition to the authorization approved in March 2020, to repurchase 60 million shares of common stock, which has approximately 20 million shares remaining.

(dollars in millions, except per share)2024 Q42025 Q4Change20242025Change
Underlying Orders2
6%4%
Net Sales$4,619$4,8555%$17,492$18,0163%
Underlying Sales3
4%3%
Pretax Earnings$679$796$2,020$2,934
Margin14.7%16.4%170 bps11.5%16.3%480 bps
Adjusted Segment EBITA4
$1,210$1,333$4,552$4,975
Margin26.2%27.5%130 bps26.0%27.6%160 bps
GAAP Earnings Per Share$0.97$1.1215%$2.82$4.0343%
Adjusted Earnings Per Share5
$1.48$1.629%$5.49$6.009%
Operating Cash Flow$1,073$1,011(6)%$3,317$3,67611%
Free Cash Flow$905$843(7)%$2,898$3,24512%
Management Commentary
"Emerson delivered a solid fiscal 2025, marked by continued margin expansion, robust cash generation and strong execution. The dedication of our global teams was instrumental in driving our performance and advancing Emerson's position as the leading automation company," said Emerson President and Chief Executive Officer Lal Karsanbhai. "We are proud of the meaningful progress we have made integrating AspenTech and of completing the Test & Measurement integration – delivering on our commitment to achieve $200M of run-rate cost synergies."
Karsanbhai continued, “Our portfolio is aligned with long-term secular trends positioned to drive sustainable growth into the future. These trends have driven mid-single-digit underlying orders growth for three consecutive quarters, supporting our sales expectations for 2026 and beyond. We remain confident in our operational execution and ability to return cash to shareholders, accelerating further value creation."
2026 Outlook
The following tables summarize the fiscal year 2026 guidance framework. As we pivot capital allocation to returning cash to shareholders, the 2026 outlook assumes returning ~$2.2B through ~$1B of share repurchases and ~$1.2B of dividends.
2026 Q12026
Net Sales Growth~4%~5.5%
Underlying Sales Growth~2%~4%
Earnings Per Share~$0.98$4.73 - $4.93
Amortization of intangibles~$0.35~$1.42
Restructuring and related costs~$0.05~$0.15
Acquisition/divestiture fees and related costs~$0.02~$0.05
Adjusted Earnings Per Share~$1.40$6.35 - $6.55
Operating Cash Flow$4.0B - $4.1B
Free Cash Flow$3.5B - $3.6B
Share Repurchase~$1.0B
1 Results are presented on a continuing operations basis.
2 Underlying orders do not include AspenTech.
3 Underlying sales exclude the impact of currency translation, and significant acquisitions and divestitures.

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4 Adjusted segment EBITA represents segment earnings less restructuring and intangibles amortization expense.
5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, acquisition/divestiture gains, losses, fees and related costs, and discrete taxes.
Conference Call
Today, beginning at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time, Emerson management will discuss the fourth quarter and fiscal year 2025 results during an investor conference call. Participants can access a live webcast available at https://ir.emerson.com at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.
Upcoming Event
Emerson will hold an in-person and virtual investor conference on Thursday, Nov. 20 in New York City. A live webcast of the investor conference will begin at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time. A link to register and attend the webcast is available at https://ir.emerson.com/. The webcast will remain available for 90 days.
About Emerson
Emerson (NYSE: EMR) is a global industrial technology leader that provides advanced automation. With an unmatched portfolio of intelligent devices, controls systems, and industrial software, Emerson delivers solutions that automate and optimize business performance. Headquartered in Saint Louis, Missouri, Emerson combines innovative technology with proven operational excellence to power the future of automation. For more information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be “forward-looking” statements, which represent management’s expectations, based on currently available information. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Any forward-looking statements in this press release speak only as of the date of this press release. Emerson undertakes no obligation to update any such statements to reflect new information or later developments. Examples of risks and uncertainties that may cause our actual results or performance to be materially different from those expressed or implied by forward looking statements include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.

Emerson uses our Investor Relations website, https://ir.emerson.com, as a means of disclosing information
which may be of interest or material to our investors and for complying with disclosure obligations under Regulation
FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases,
SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be
accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Contacts
Investors:Media:
Colleen MettlerJoseph Sala / Greg Klassen / Connor Murphy
(314) 553-2197Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

(tables attached)

Page 3
Table 1
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
Quarter Ended September 30,Year Ended September 30,
2024202520242025
Net sales$4,619 $4,855 $17,492 $18,016 
Costs and expenses:
     Cost of sales2,248 2,335 8,607 8,497 
     SG&A expenses1,315 1,330 5,142 5,103 
     Gain on subordinated interest— — (79)— 
     Loss on Copeland note receivable— — 279 — 
     Other deductions, net359 302 1,434 1,245 
     Interest expense, net18 92 175 237 
     Interest income from related party1
— — (86)— 
Earnings from continuing operations before income taxes679 796 2,020 2,934 
Income taxes149 160 415 696 
Earnings from continuing operations530 636 1,605 2,238 
Discontinued operations, net of tax438 1 350 8 
Net earnings968 637 1,955 2,246 
Less: Noncontrolling interests in subsidiaries(28)— (13)(47)
Net earnings common stockholders$996 $637 $1,968 $2,293 
Earnings common stockholders
Earnings from continuing operations$558 $636 $1,618 $2,285 
Discontinued operations438 1 350 8 
Net earnings common stockholders$996 $637 $1,968 $2,293 
Diluted avg. shares outstanding573.9 565.5 574.0 566.7 
Diluted earnings per share common stockholders
Earnings from continuing operations$0.97 $1.12 $2.82 $4.03 
Discontinued operations0.76 — 0.61 0.01 
Diluted earnings per common share$1.73 $1.12 $3.43 $4.04 
Quarter Ended September 30,Year Ended September 30,
2024202520242025
Other deductions, net
     Amortization of intangibles$266 $208 $1,077 $884 
     Restructuring costs58 66 228 136 
     Other35 28 129 225 
          Total$359 $302 $1,434 $1,245 
1 Represents interest on the Copeland note receivable.

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Table 2
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS, UNAUDITED)
Year Ended Sept 30,
20242025
Assets
     Cash and equivalents$3,588 $1,544 
     Receivables, net2,927 3,101 
     Inventories2,180 2,213 
     Other current assets1,497 1,725 
          Total current assets10,192 8,583 
     Property, plant & equipment, net2,807 2,871 
     Goodwill18,067 18,193 
     Other intangible assets10,436 9,458 
     Other 2,744 2,859 
          Total assets$44,246 $41,964 
Liabilities and equity
     Short-term borrowings and current
        maturities of long-term debt$532 $4,797 
     Accounts payable1,335 1,384 
     Accrued expenses3,875 3,616 
          Total current liabilities5,742 9,797 
     Long-term debt7,155 8,319 
     Other liabilities3,840 3,550 
Equity
     Common stockholders' equity 21,636 20,282 
     Noncontrolling interests in subsidiaries5,873 16 
     Total equity27,509 20,298 
          Total liabilities and equity$44,246 $41,964 

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Table 3
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS, UNAUDITED)
Year Ended Sept 30,
 20242025
Operating activities  
Net earnings$1,955 $2,246 
Earnings from discontinued operations, net of tax(350)(8)
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization1,689 1,518 
        Stock compensation260 263 
        Amortization of acquisition-related inventory step-up231 — 
        Pension expense (income)(79)(12)
        Pension funding(38)(46)
        Changes in operating working capital(151)(9)
        Gain on subordinated interest(79)— 
        Loss on Copeland note receivable279 — 
        Other, net(400)(276)
            Cash from continuing operations3,317 3,676 
            Cash from discontinued operations15 (578)
            Cash provided by operating activities3,332 3,098 
Investing activities
Capital expenditures(419)(431)
Purchases of businesses, net of cash and equivalents acquired(8,342)(37)
Proceeds from subordinated interest79 — 
Other, net(114)(125)
    Cash from continuing operations(8,796)(593)
    Cash from discontinued operations3,436 — 
    Cash used in investing activities(5,360)(593)
Financing activities
Net increase (decrease) in short-term borrowings(15)1,110 
Proceeds from short-term borrowings greater than three months322 8,008 
Payments of short-term borrowings greater than three months(327)(4,918)
Proceeds from long-term debt— 1,544 
Payments of long-term debt(547)(503)
Dividends paid(1,201)(1,192)
Purchases of common stock(435)(1,167)
AspenTech purchases of common stock(208)— 
Purchase of noncontrolling interest— (7,244)
Repurchase of AspenTech share awards— (76)
Other, net(44)(72)
    Cash used in financing activities(2,455)(4,510)
Effect of exchange rate changes on cash and equivalents20 (39)
Decrease in cash and equivalents(4,463)(2,044)
Beginning cash and equivalents8,051 3,588 
Ending cash and equivalents$3,588 $1,544 

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Table 4
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND EARNINGS
(AMOUNTS 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 Sept 30,
20242025ReportedUnderlying
Sales
Final Control$1,167 $1,215 4 %3 %
Measurement & Analytical1,119 1,152 3 %2 %
Discrete Automation643 676 5 %4 %
Safety & Productivity352 360 2 %1 %
Intelligent Devices$3,281 $3,403 4 %3 %
Control Systems & Software995 1,067 7 %6 %
Test & Measurement360 408 13 %12 %
Software and Control$1,355 $1,475 9 %8 %
Eliminations(17)(23)
Total$4,619 $4,855 5 %4 %


Sales Growth by Geography
Quarter Ended Sept 30,
Americas6 %
Europe 3 %
Asia, Middle East & Africa2 %













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Table 4 cont.
Year Ended Sept 30,
20242025ReportedUnderlying
Sales
Final Control$4,204 $4,380 4 %4 %
Measurement & Analytical4,061 4,143 2 %2 %
Discrete Automation2,506 2,521 1 %1 %
Safety & Productivity1,390 1,356 (2)%(3)%
Intelligent Devices$12,161 $12,400 2 %2 %
Control Systems & Software3,935 4,205 7 %7 %
Test & Measurement1,464 1,486 2 %1 %
Software and Control$5,399 $5,691 5 %5 %
Eliminations(68)(75)
Total$17,492 $18,016 3 %3 %


Sales Growth by Geography
Year Ended Sept 30,
Americas5 %
Europe (2)%
Asia, Middle East & Africa3 %

Page 8
Table 4 cont.
Quarter Ended Sept 30,Quarter Ended Sept 30,
20242025
As Reported (GAAP)Adjusted EBITA (Non-GAAP)As Reported (GAAP)Adjusted EBITA (Non-GAAP)
Earnings
Final Control$271$305$310$335
 Margins23.2 %26.1 %25.6 %27.6 %
Measurement & Analytical295326317348
 Margins26.4 %29.2 %27.5 %30.2 %
Discrete Automation144154134154
 Margins22.3 %23.9 %19.9 %22.9 %
Safety & Productivity78907789
 Margins22.2 %25.4 %21.0 %24.3 %
Intelligent Devices$788$875$838$926
 Margins24.0 %26.6 %24.6 %27.2 %
Control Systems & Software98239181291
 Margins9.8 %24.0 %17.0 %27.3 %
Test & Measurement(45)96(4)116
 Margins(12.4)%26.7 %(1.1)%28.5 %
Software and Control$53$335$177$407
 Margins3.9 %24.7 %12.0 %27.6 %
Corporate items and interest expense, net:
Stock compensation$(57)$(52)$(65)$(55)
Unallocated pension and postretirement costs37372727
Corporate and other(124)(60)(89)(34)
Interest (expense) income, net(18)—(92)—
Pretax Earnings / Adjusted EBITA$679$1,135$796$1,271
 Margins14.7 %24.6 %16.4 %26.2 %
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA$1,210$1,333
 Margins26.2 %27.5 %







Page 9
Year Ended Sept 30,Year Ended Sept 30,
20242025
As Reported (GAAP)Adjusted EBITA (Non-GAAP)As Reported (GAAP)Adjusted EBITA (Non-GAAP)
Earnings
Final Control$977$1,081$1,081$1,176
 Margins23.2 %25.7 %24.7 %26.9 %
Measurement & Analytical1,0561,1371,1121,182
 Margins26.0 %28.0 %26.9 %28.5 %
Discrete Automation466535469531
 Margins18.6 %21.3 %18.6 %21.0 %
Safety & Productivity308341291323
 Margins22.2 %24.5 %21.5 %23.8 %
Intelligent Devices$2,807$3,094$2,953$3,212
 Margins23.1 %25.4 %23.8 %25.9 %
Control Systems & Software5721,1078951,388
 Margins14.5 %28.1 %21.3 %33.0 %
Test & Measurement(290)351(68)375
Margins(19.8)%24.0 %(4.5)%25.3 %
Software and Control$282$1,458$827$1,763
 Margins5.2 %27.0 %14.5 %31.0 %
Corporate items and interest expense, net:
Stock compensation(260)(202)(263)(216)
Unallocated pension and postretirement costs144144109109
Corporate and other(664)(168)(455)(175)
Gain on subordinated interest79— — — 
Loss on Copeland note receivable(279)— — — 
Interest (expense) income, net(175)— (237)— 
Interest income from related party1
86— — — 
Pretax Earnings / Adjusted EBITA$2,020$4,326$2,934$4,693
 Margins11.5 %24.7 %16.3 %26.0 %
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA$4,552$4,975
 Margins26.0 %27.6 %
1 Represents interest on the Copeland note receivable.

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Table 4 cont.

Quarter Ended Sept 30,Quarter Ended Sept 30,
20242025
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Final Control$22 $12 $22 $3 
Measurement & Analytical12 19 12 19 
Discrete Automation8 2 8 12 
Safety & Productivity7 5 7 5 
Intelligent Devices$49 $38 $49 $39 
Control Systems & Software126 15 101 9 
Test & Measurement141 — 107 13 
Software and Control$267 $15 $208 $22 
Corporate— 11 — 20 
Total$316 $64 $257 $81 
1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended September 30, 2024 and 2025, respectively.
2 Restructuring and related costs includes $6 and $15 of restructuring-related costs for the three months ended September 30, 2024 and 2025, respectively.
Year Ended Sept 30,Year Ended Sept 30,
20242025
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Final Control$87 $17 $86 $9 
Measurement & Analytical55 26 45 25 
Discrete Automation34 35 32 30 
Safety & Productivity26 7 27 5 
Intelligent Devices$202 $85 $190 $69 
Control Systems & Software512 23 468 25 
Test & Measurement560 81 425 18 
Software and Control$1,072 $104 $893 $43 
Corporate— 55 — 50 
Total$1,274 $244 $1,083 $162 
1 Amortization of intangibles includes $196 and $199 reported in cost of sales for the twelve months ended September 30, 2024 and 2025, respectively.
2 Restructuring and related costs includes $16 and $26 of restructuring-related costs for the twelve months ended September 30, 2024 and 2025, respectively.

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Quarter Ended Sept 30,
20242025
Depreciation and Amortization
Final Control$39 $41 
Measurement & Analytical33 45 
Discrete Automation22 23 
Safety & Productivity15 15 
Intelligent Devices109 124 
Control Systems & Software150 123 
Test & Measurement153 120 
Software and Control303 243 
     Corporate14 12 
          Total$426 $379 

Year Ended Sept 30,
20242025
Depreciation and Amortization
Final Control$159 $161 
Measurement & Analytical138 140 
Discrete Automation87 87 
Safety & Productivity58 60 
Intelligent Devices442 448 
Control Systems & Software594 550 
Test & Measurement607 476 
Software and Control1,201 1,026 
     Corporate46 44 
          Total$1,689 $1,518 








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Table 5
EMERSON AND SUBSIDIARIES
ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL
(AMOUNTS 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. These metrics are useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.
Quarter Ended Sept 30,
20242025
Stock compensation (GAAP)$(57)$(65)
Integration-related stock compensation expense51103
Adjusted stock compensation (non-GAAP)$(52)$(55)
Quarter Ended Sept 30,
20242025
 Corporate and other (GAAP)$(124)$(89)
 Corporate restructuring and related costs9 16 
 Acquisition/divestiture fees and related costs46 39 
 Loss on divestiture of business9 — 
 Adjusted corporate and other (Non-GAAP)$(60)$(34)

Year Ended Sept 30,
20242025
 Stock compensation (GAAP)$(260)$(263)
Integration-related stock compensation expense582474
 Adjusted stock compensation (non-GAAP)$(202)$(216)

Year Ended Sept 30,
20242025
 Corporate and other (GAAP)$(664)$(455)
 Corporate restructuring and related costs1225
 Loss on divestiture of businesses48 — 
 Acquisition/divestiture fees and related costs205 255 
 Amortization of acquisition-related inventory step-up231 — 
 Adjusted corporate and other (Non-GAAP)$(168)$(175)
1 Integration-related stock compensation expense relates to NI and includes $2 reported as restructuring costs
2 Integration-related stock compensation expense relates to NI and includes $43 reported as restructuring costs
3 Integration-related stock compensation expense relates to NI & AspenTech and includes $4 reported as restructuring costs
4 Integration-related stock compensation expense relates to NI & AspenTech and includes $25 reported as restructuring costs


Page 13
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 Sept 30,
20242025
Pretax earnings $679$796
Percent of sales14.7 %16.4 %
Interest expense, net1892
Amortization of intangibles316257
Restructuring and related costs6481
Acquisition/divestiture fees and related costs4945
Loss on divestiture of business9—
Adjusted EBITA$1,135$1,271
Percent of sales24.6 %26.2 %
Quarter Ended Sept 30,
20242025
GAAP earnings from continuing operations per share$0.97$1.12
Amortization of intangibles0.350.35
Restructuring and related costs0.080.11
Acquisition/divestiture fees and related costs0.060.06
Loss on divestiture of business0.02—
Discrete taxes—(0.02)
Adjusted earnings from continuing operations per share$1.48$1.62

Page 14
Year Ended Sept 30,
20242025
Pretax earnings $2,020$2,934
Percent of sales11.5%16.3%
Interest expense, net175237
Interest income from related party1
(86)—
Amortization of intangibles1,2741,083
Restructuring and related costs244162
Acquisition/divestiture fees and related costs220277
Amortization of acquisition-related inventory step-up231—
Loss on Copeland note receivable279—
Loss on divestiture of businesses48—
Gain on subordinated interest(79)—
Adjusted EBITA$4,326$4,693
Percent of sales24.7 %26.0 %
Year Ended Sept 30,
20242025
GAAP earnings from continuing operations per share$2.82$4.03
Amortization of intangibles1.431.35
Restructuring and related costs0.330.23
Acquisition/divestiture fees and related costs0.260.33
Discrete taxes(0.10)0.06
Amortization of acquisition-related inventory step-up0.38—
Loss on Copeland note receivable0.38—
Loss on divestiture of businesses0.09—
Gain on subordinated interest(0.10)—
Adjusted earnings from continuing operations per share$5.49$6.00
1 Represents interest on the Copeland note receivable

Page 15
Table 6 cont.
Quarter Ended September 30, 2025
Pretax
Earnings		Income
Taxes		Earnings from
Cont.
Ops.
Non-Controlling
Interests3
Net
Earnings
Common
Stockholders		Diluted
Earnings
Per
Share
As reported (GAAP)$796 $160 $636 $— $636 $1.12 
Amortization of intangibles257 
1
59 198 — 198 0.35
Restructuring and related costs81 
2
19 62 — 62 0.11
Acquisition/divestiture fees and related costs45 9 36 — 36 0.06
Discrete taxes— 13 (13)— (13)(0.02)
Adjusted (Non-GAAP)$1,179 $260 $919 $— $919 $1.62 
Interest expense, net$92 
Adjusted EBITA (Non-GAAP)$1,271 
1 Amortization of intangibles includes $49 reported in cost of sales.
2 Restructuring and related costs includes $15 of restructuring-related costs.
3 Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in.


Year Ended September 30, 2025
Pretax
Earnings		Income
Taxes		Earnings from
Cont.
Ops.
Non-Controlling
Interests3
Net
Earnings
Common
Stockholders		Diluted
Earnings
Per
Share
As reported (GAAP)$2,934 $696 $2,238 $(47)$2,285 $4.03 
Amortization of intangibles1,083 
1
246 837 73 764 1.35 
Restructuring and related costs162 
2
29 133 — 133 0.23 
Acquisition/divestiture fees and related costs277 43 234 48 186 0.33 
Discrete taxes— (36)36 — 36 0.06 
Adjusted (Non-GAAP)$4,456 $978 $3,478 $74 $3,404 $6.00 
Interest expense, net237 
Adjusted EBITA (Non-GAAP)$4,693 
1 Amortization of intangibles includes $199 reported in cost of sales.
2 Restructuring and related costs includes $26 of restructuring-related costs.
3 Represents the non-controlling interest in AspenTech applied to AspenTech's share of each adjustment presented herein and eliminated from Emerson's consolidated results. Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in.

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Reconciliations of Non-GAAP Financial Measures & OtherTable 7
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 7 for additional non-GAAP reconciliations.
Q4 FY25 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) /
Divestitures		Underlying
Final Control4 %(1)%— %3 %
Measurement & Analytical3 %(1)%— %2 %
Discrete Automation5 %(1)%— %4 %
Safety & Productivity2 %(1)%— %1 %
Intelligent Devices4 %(1)%— %3 %
Control Systems & Software7 %(1)%— %6 %
Test & Measurement13 %(1)%— %12 %
Software and Control9 %(1)%— %8 %
Emerson5 %(1)%— %4 %

Year Ended Sept 30, 2025 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) /
Divestitures		Underlying
Final Control4 %— %— %4 %
Measurement & Analytical2 %— %— %2 %
Discrete Automation1 %— %— %1 %
Safety & Productivity(2)%(1)%— %(3)%
Intelligent Devices2 %— %— %2 %
Control Systems & Software7 %— %— %7 %
Test & Measurement2 %(1)%— %1 %
Software and Control5 %— %— %5 %
Emerson3 %— %— %3 %

Underlying Growth Guidance2026 Q1
Guidance		2026
Guidance
Reported (GAAP)~4%~5.5%
(Favorable) / Unfavorable FX~(2) pts~(1.5) pts
(Acquisitions) / Divestitures--
Underlying (non-GAAP)~2%~4%

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2024 Q4 Adjusted Segment EBITAEBITEBIT
Margin		Amortization
of
Intangibles		Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$271 23.2 %$22 $12 $305 26.1 %
Measurement & Analytical295 26.4 %12 19 326 29.2 %
Discrete Automation144 22.3 %8 2 154 23.9 %
Safety & Productivity78 22.2 %7 5 90 25.4 %
Intelligent Devices$788 24.0 %$49 $38 $875 26.6 %
Control Systems & Software98 9.8 %126 15 239 24.0 %
Test & Measurement(45)(12.4)%141 — 96 26.7 %
Software and Control$53 3.9 %$267 $15 $335 24.7 %
2025 Q4 Adjusted Segment EBITAEBITEBIT
Margin		Amortization
of
Intangibles		Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$310 25.6 %$22 $3 $335 27.6 %
Measurement & Analytical317 27.5 %12 19 348 30.2 %
Discrete Automation134 19.9 %8 12 154 22.9 %
Safety & Productivity77 21.0 %7 5 89 24.3 %
Intelligent Devices$838 24.6 %$49 $39 $926 27.2 %
Control Systems & Software181 17.0 %101 9 291 27.3 %
Test & Measurement(4)(1.1)%107 13 116 28.5 %
Software and Control$177 12.0 %$208 $22 $407 27.6 %

Total Adjusted Segment EBITA2024 Q42025 Q4
Pretax earnings (GAAP)$679$796
Margin14.7 %16.4 %
Corporate items and interest expense, net162219
Amortization of intangibles316257
Restructuring and related costs5361
Adjusted segment EBITA (non-GAAP)$1,210$1,333
Margin26.2 %27.5 %







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2024 Adjusted Segment EBITAEBITEBIT
Margin		Amortization
of
Intangibles		Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$977 23.2 %$87 $17 $1,081 25.7 %
Measurement & Analytical1,056 26.0 %55 26 1,137 28.0 %
Discrete Automation466 18.6 %34 35 535 21.3 %
Safety & Productivity308 22.2 %26 7 341 24.5 %
Intelligent Devices$2,807 23.1 %$202 $85 $3,094 25.4 %
Control Systems & Software572 14.5 %512 23 1,107 28.1 %
Test & Measurement(290)(19.8)%560 81 351 24.0 %
Software and Control$282 5.2 %$1,072 $104 $1,458 27.0 %
2025 Adjusted Segment EBITAEBITEBIT
Margin		Amortization
of
Intangibles		Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$1,081 24.7 %$86 $9 $1,176 26.9 %
Measurement & Analytical1,112 26.9 %45 25 1,182 28.5 %
Discrete Automation469 18.6 %32 30 531 21.0 %
Safety & Productivity291 21.5 %27 5 323 23.8 %
Intelligent Devices$2,953 23.8 %$190 $69 $3,212 25.9 %
Control Systems & Software895 21.3 %468 25 1,388 33.0 %
Test & Measurement(68)(4.5)%425 18 375 25.3 %
Software and Control$827 14.5 %$893 $43 $1,763 31.0 %

Total Adjusted Segment EBITA20242025
Pretax earnings (GAAP)$2,020$2,934
Margin11.5 %16.3 %
Corporate items and interest expense, net1,069846
Amortization of intangibles1,2741,083
Restructuring and related costs189112
Adjusted segment EBITA (non-GAAP)$4,552$4,975
Margin26.0 %27.6 %

Free Cash Flow2024 Q42025 Q4
Operating cash flow (GAAP)$1,073 $1,011 
Capital expenditures(168)(168)
Free cash flow (non-GAAP)$905 $843 
Free Cash FlowFY24FY252026E
($ in billions)
Operating cash flow (GAAP)$3,317 $3,676  $4.0 - $4.1
Capital expenditures(419)(431)~(0.45)
Free cash flow (non-GAAP)$2,898 $3,245 $3.5 - $3.6
Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.
Note 2: All fiscal year 2026E figures are approximate, except where range is given.