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Otis WorldwideOTIS

Legal name
Otis Worldwide Corporation
Sector
Technology
Industry
Electronic & Other Electrical Equipment (No Computer Equip)
Exchange
NYSE

Stock Price $OTIS

Latest filings

You are here#66 of 92 in Industrials by market cap

Filing record · 2020–202610-K610-Q218-K63

OTIS filed 6 annual reports (10-K), 21 quarterly reports (10-Q) and 63 current reports (8-K) between 2020 and 2026.

  1. Leadership change8-K · Apr ’20Apr ’20
  2. Material agreement8-K · Nov ’21Nov ’21
  3. Material agreement8-K · Mar ’23Mar ’23
  4. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $14.43B
YoY changeLargest recent move+12.1%in FY21Latest +1.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All OTIS Financial Metrics59 metrics

Income Statement14

Balance Sheet27

Cash Flow13

Per Share5

02—Overview

Otis Worldwide Financial Overview 2021–2025

Updated Nov 4, 2026

91% of Otis's segment operating profit in FY2025 came from Service, which made up only 65% of $14.43 billiona in net sales. That split is the story. Otis is a maintenance annuity attached to a new-elevator business that is shrinking and getting less profitable.

Service earned $2.37 billionb at a 25.1% margin in FY2025. New Equipment earned just $240 million at a 4.8% margin, as sales fell to $4.99 billion and China dropped by more than 20%. Over the long arc, total sales barely moved, from $14.30 billion in FY2021 to $14.43 billion in FY2025. Underneath, Service climbed from $7.87 billion to $9.44 billion, and diluted EPS rose from $2.89 to $3.50.

Capital returns remain generous. Otis spent $809 millionc on buybacks and $647 million on dividends in FY2025. The balance sheet is the trade-off: $7.96 billion of debt against $1.10 billion of cash, and a shareholders' deficit of $5.35 billion. EPS also fell from $4.07 in FY2024, because a 24.8% tax rate replaced a 15.0% rate that had been helped by German tax litigation gains.

The market priced that mix at $87.35d at the close of FY2025, or 25.0x earnings. Momentum continued in 2026: nine-month diluted EPS reached $3.07, up from $2.55.

Recent Developments (Q2 and Q3 2026)

Service drove Q2 2026 and Q3 2026, while margins slipped. Net sales rose to $3.86 billione in Q2 and $3.91 billion in Q3, each up 6–7% year over year. Service organic volume grew 9% and 7%, and modernization sales rose 20% in Q3. Adjusted operating margin contracted 110 basis points to 16.0% in Q3, and New Equipment margin fell to 3.2%. Management maintained 2026 adjusted EPS guidance of $4.01 to $4.05. On September 14, CEO Judith Marks announced she will retire by July 2027, with a successor search underway.

The bull case: modernization backlog rose 20%, and remaining performance obligations are about $19.6 billion. The bear case: adjusted EPS was flat at $1.05 in Q3, debt rose to $8.28 billion, and buybacks paused in Q3. At 21.3x earnings as of the Q3 2026 report date (October 28, 2026), the stock trades below the prior year-end multiple.

What to watch: CEO successor announcement; New Equipment margin recovery in China

03—Filings

Recent SEC Filings

  1. 8-KOtis Worldwide 8-K Report, Financial Results (Oct 28, 2026)Otis Worldwide Corporation (NYSE: OTIS) reported third quarter 2026 results on October 28, 2026, with net sales of $3.9 billion ($3,914 million), up 6% versus the prior year, and organic sales also up 6%. Service net sales grew 8% to $2.6 billion, with organic Service sales up 7%, while New Equipment net sales rose 3% to $1.3 billion, with organic sales up 3%. GAAP operating profit increased $34 million to $620 million, but adjusted operating profit declined $6 million to $626 million, and the adjusted operating profit margin fell 110 basis points to 16.0%. GAAP diluted EPS rose 14% to $1.08, while adjusted EPS was flat at $1.05. Segment profitability was mixed. Service segment operating profit margin contracted 130 basis points to 24.2% year over year but improved 100 basis points sequentially, while New Equipment segment operating profit fell $17 million to $42 million, with its margin down 150 basis points to 3.2%, driven by unfavorable price and mix and a decline in China. Modernization orders rose 10% at constant currency and backlog rose 20%. Management maintained its full-year 2026 outlook, including net sales of $15.1 to $15.3 billion and adjusted EPS of $4.01 to $4.05. Cash generation and shareholder returns were also highlighted. Third-quarter operating cash flow was $337 million and adjusted free cash flow was $272 million. Year to date, Otis generated $1.0 billion in operating cash flow and $834 million in adjusted free cash flow, and returned approximately $1.3 billion to shareholders through roughly $800 million of share repurchases and approximately $500 million of dividends. The filing furnishes the press release as Exhibit 99 and it is not deemed filed under Section 18 of the Exchange Act.
  2. 8-KOtis Worldwide 8-K Report, Executive Changes (Sep 15, 2026)Otis Worldwide Corporation announced on September 15, 2026 that Chair, Chief Executive Officer and President Judith F. Marks will retire as part of a long-planned CEO succession. Under a letter agreement dated September 13, 2026, Ms. Marks will remain in her roles through the Transition Date, which is the earlier of the start date of her successor (currently expected in the first half of 2027) and July 31, 2027. She will also resign from the Board on that date. If the Transition Date occurs before July 31, 2027, she will serve as a non-employee senior advisor through July 31, 2027, receiving no cash compensation, while her outstanding equity awards continue to vest under their terms. The Board has launched a comprehensive search, overseen by a succession committee chaired by Christopher J. Kearney, and has retained Spencer Stuart to consider both internal and external candidates. The press release frames the transition as the execution of a long-standing succession plan and highlights Ms. Marks' tenure, including the April 2020 separation from United Technologies Corporation, roughly 25% growth in the service portfolio to approximately 2.5 million units, and $8.4 billion of capital returned to shareholders since becoming a standalone company, including $3.4 billion in dividends and $5 billion in share buybacks. For investors, the key items are the timing of the leadership change, the advisory arrangement, and the pending selection of a new CEO. The filing does not state any change to financial guidance or operating results.
  3. 8-KOtis Worldwide 8-K Report, Financial Results (Jul 22, 2026)Otis Worldwide Corporation reported second quarter 2026 results in a press release furnished as Exhibit 99 to this Form 8-K dated July 22, 2026. Net sales were $3.9 billion ($3,859 million), up 7% year over year, or 6% on an organic basis. Service net sales rose 11% to $2.6 billion, with organic Service sales up 9%, while New Equipment net sales were flat at $1.3 billion, with organic sales down (1)%. GAAP operating profit increased $28 million to $575 million, while adjusted operating profit declined $25 million to $587 million, and adjusted operating profit margin fell 180 basis points to 15.2%. GAAP EPS rose 13% to $1.12, while adjusted EPS fell 4% to $1.01. Cash flow from operations was $267 million in the quarter and $680 million in the first half, and adjusted free cash flow was $290 million in the quarter and $562 million for the first half. Otis repurchased approximately $400 million of shares in the quarter and approximately $800 million in the first half. Modernization orders rose 9% at constant currency and modernization backlog rose 24% (26% at constant currency). New Equipment backlog increased 3% at actual currency. Management cited double-digit growth in modernization and repair sales and accelerating maintenance trends. Otis revised its full-year 2026 outlook to net sales of $15.1 to $15.3 billion, organic sales up low to mid-single digits, adjusted operating profit of approximately $2.4 billion, adjusted EPS of $4.01 to $4.05, and adjusted free cash flow of $1.50 to $1.55 billion. Organic Service sales are expected to rise mid to high single digits, while organic New Equipment sales are expected to decline low single digits to flat.
  4. 8-KOtis Worldwide 8-K Report, Shareholder Vote Results (May 29, 2026)Otis Worldwide Corporation filed this Current Report on Form 8-K under Item 5.07 to report the voting results of its 2026 Annual Meeting of Shareholders, held May 27, 2026. As of the March 30, 2026 record date, 385,710,610 shares of common stock were issued and outstanding, and a quorum of 345,588,993 shares was represented at the meeting. Shareholders elected all ten director nominees for terms expiring at the 2027 Annual Meeting. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 300,604,166 votes for and 19,385,429 against. They ratified PricewaterhouseCoopers LLP as independent auditor for 2026, with 344,841,469 votes for and 450,913 against. A shareholder proposal on reporting political contributions and expenditures was not approved, receiving 145,402,369 votes for and 173,399,850 against. The matters are described in more detail in the company's Definitive Proxy Statement on Schedule 14A filed April 17, 2026.
  5. 8-KOtis Worldwide 8-K Report, Corporate Update (May 7, 2026)Otis Worldwide Corporation issued $700,000,000 aggregate principal amount of 4.488% Notes due 2029 on May 7, 2026, registered under its Form S-3ASR (File No. 333-293482) filed February 13, 2026. The Notes were sold under an Underwriting Agreement dated May 4, 2026 with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. as representatives of the underwriters. Interest is payable semi-annually on May 7 and November 7, beginning November 7, 2026, and the Notes mature May 7, 2029. The company estimates net proceeds of approximately $695.2 million after the underwriting discount and offering expenses. The primary use is to repay at maturity its 0.318% Notes due December 15, 2026, of which €600 million (approximately $695 million) was outstanding as of March 31, 2026. The remainder will fund repayment of certain commercial paper borrowings and other general corporate purposes. The Notes are unsecured, unsubordinated obligations ranking equally with existing and future unsecured, unsubordinated indebtedness. The Indenture, dated February 27, 2020 with The Bank of New York Mellon Trust Company, N.A. as trustee and supplemented by Supplemental Indenture No. 6, restricts liens, certain fundamental changes and sale and leaseback transactions. Holders may require repurchase at 101% of principal plus accrued interest upon a Change of Control Triggering Event, and the Notes are redeemable at a make-whole premium before April 7, 2029, and at par thereafter.
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04—See also

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