> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# Motorola Solutions Raises Full-Year Outlook Again On $16.6 Billion Record Backlog, But GAAP EPS Falls 8%
- URL: https://www.bullished.co/motorola-solutions-raises-full-year-outlook-again-on-16-6-billion-record-backlog-but-gaap-7d6aefb4/
- Published: 2026-11-04T21:26:14.000Z
- Updated: 2026-11-04T21:26:14.000Z
- Description: Adjusted EPS rose 16% to $4.69 in the third quarter, while an earnout charge pulled standard-accounting EPS down to $3.06.
- Author: Matteo Parrino
- Tags: Earnings, MSI, Industry: Technology

Motorola Solutions, which makes two-way radios, video security and software for emergency command centers, raised its full-year revenue and adjusted earnings outlook again and reported a record [$16.6 billion backlog](https://www.sec.gov/Archives/edgar/data/0000068505/000006850526000041/msiq32026pressrelease.htm?ref=bullished.co), up 14% from a year earlier, in third-quarter results released Wednesday. Standard-accounting earnings per share still fell 8% to $3.06 as a higher charge on the Silvus earnout weighed.

## Adjusted gains, reported slip

Sales rose 12% to $3.4 billion. Acquisitions added $211 million of revenue and currency added $11 million, the company said. Organic revenue, which strips out recently acquired businesses, grew 5%, well under the headline figure.

Adjusted EPS climbed 16% to $4.69 from $4.06, and adjusted operating margin widened to 32.5% from 30.5%. Standard-accounting operating margin fell to 23.0% from 25.6%, mainly because the company raised the contingent earnout tied to Silvus on that business's strong performance. The earnout adjustment was $87 million in the quarter.

Products and Systems Integration sales rose 12% and Software and Services sales rose 13%. Chairman and CEO Greg Brown said demand across its safety and security products is "exceptionally strong."

## A higher bar for the year

Motorola now expects full-year revenue of about $13.050 billion, up from $12.975 billion, and adjusted EPS of $17.94 to $17.99, up from $17.62 to $17.72\. It also lifted its operating cash flow expectation to $3.050 billion.

For the fourth quarter, it guides to revenue growth of about 13% and adjusted EPS of $5.47 to $5.52.

Third-quarter free cash flow fell to $589 million from $733 million, on higher tax and interest payments. Operating cash flow was $662 million versus $799 million.

## Deals, debt and memory costs

The quarter included the close of the D-Fend counter-drone acquisition for $1.3 billion, net of cash acquired, funded mainly by $950 million of new long-term senior notes. Motorola also paid $29 million for DeepNeuronic, an AI software provider, and announced a $2 billion increase to its buyback authorization. It repurchased $94 million of stock at an average $457.07 a share.

Net interest expense was $107 million, against $86 million a year earlier.

The company flagged rising memory costs, driven by AI demand, along with tariffs and trade rules as supply-chain risks, and expects inventory to stay elevated. It also recorded a roughly $70 million favorable adjustment over nine months for expected recovery of tariff refunds.

Motorola hosts its earnings call at 5 p.m. Eastern on Wednesday, and its fourth-quarter guidance sets the next test: revenue growth of about 13%.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Motorola Solutions, Inc. (MSI)](https://www.sec.gov/Archives/edgar/data/0000068505/000006850526000041/msi-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit msiq32026pressrelease.htm — Motorola Solutions, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000068505/000006850526000041/msiq32026pressrelease.htm?ref=bullished.co) — SEC EDGAR
- [Motorola Solutions expands services](https://theedgemalaysia.com/article/motorola-solutions-expands-services?ref=bullished.co) — The Edge Malaysia
- [Rheinmetall and Silvus Technologies, a Motorola Solutions Company, Strengthen Airspace Security](https://finance.yahoo.com/technology/articles/rheinmetall-silvus-technologies-motorola-solutions-140000357.html?ref=bullished.co) — Yahoo Finance