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MSI reported Q1 FY2026 revenue growth of 7.4% to $2.71B, but profitability declined sharply with net income falling 14.9% to $366M as higher costs, increased debt from a major acquisition, and margin compression weighed on results.
营业收入
$2.71B
同比 ++7.36%
每股收益（基本）
$2.21
同比 -14.34%
毛利率
50.2%
同比 -1.24%
营业利润
$525M
同比 -9.79%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Motorola Solutions (MSI) Q1 FY2026 营收 $2.71B，同比增长 7.4%。 净利润 $366M，同比下降 14.9%，稀释每股收益 $2.18。 毛利率 50.2%。
MSI grew revenue 7.4% year-over-year to $2.71B in Q1 FY2026, up from $2.53B in the prior-year period, indicating continued demand for its products and services despite a challenging margin environment.
来源: Source: 10-Q Income Statement
Gross margin declined 1.2 percentage points to 50.2%, operating margin fell 3.7 percentage points to 19.3%, and net margin compressed to 13.5%, reflecting cost of revenue growing faster (+10.1%) than revenue (+7.4%) and elevated operating expenses.
来源: Source: 10-Q Income Statement & Key Ratios
Total assets surged 32.2% to $19.08B while long-term debt jumped 48.2% to $8.42B, suggesting MSI completed a significant acquisition or capital deployment that substantially leveraged the balance sheet. Cash & equivalents fell 43.4% to $886M.
来源: Source: 10-Q Balance Sheet
Depreciation & amortization rose 76.5% year-over-year to $143M, consistent with the large increase in total assets and long-term debt, likely reflecting amortization of intangible assets from a recent acquisition.
来源: Source: 10-Q Cash Flow Statement
Share repurchases declined 63.7% to $118M from $325M in the prior-year period, suggesting management prioritized debt service and integration costs over returning capital to shareholders following the balance sheet expansion.
来源: Source: 10-Q Cash Flow Statement
Long-term debt increased 48.2% to $8.42B, significantly raising MSI's financial leverage. With stockholders' equity of only $2.54B, the debt load creates meaningful interest expense obligations and reduces financial flexibility. A deterioration in operating cash flow could strain debt servicing capacity.
来源: Source: 10-Q Balance Sheet
Operating income fell 9.8% to $525M and net income dropped 14.9% to $366M even as revenue grew 7.4%, indicating that cost growth is outpacing revenue growth. If this trend continues, margin erosion could materially impact earnings power.
来源: Source: 10-Q Income Statement
The current ratio stands at just 1.07x, down from a stronger prior-year position, as current liabilities grew 12.9% to $5.56B while current assets grew only 0.9% to $5.95B. Cash on hand fell 43.4% to $886M, limiting short-term financial flexibility.
来源: Source: 10-Q Balance Sheet & Key Ratios
R&D expenses increased 8.2% to $252M, growing faster than revenue, which could pressure margins further if revenue growth moderates. Combined with SG&A of $439M, total operating expenses remain elevated relative to gross profit growth of only 4.8%.
来源: Source: 10-Q Income Statement
The 76.5% surge in D&A to $143M and the 32.2% jump in total assets strongly suggest a significant recent acquisition. Integration risks, potential goodwill impairment, and ongoing amortization of acquired intangibles could continue to suppress reported earnings in future quarters.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet
Q1 FY2026 实际 EPS $3.37，分析师一致预期 $3.28，超预期 +2.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.71B | $2.53B | +7.36% |
营业成本 | $1.35B | $1.23B | +10.10% |
毛利润 | $1.36B | $1.3B | +4.77% |
营业利润 | $525M | $582M | -9.79% |
净利润 | $366M | $430M | -14.88% |
每股收益（基本） | $2.21 | $2.58 | -14.34% |
每股收益（稀释） | $2.18 | $2.53 | -13.83% |
研发费用 | $252M | $233M | +8.15% |
销售及管理费用 | $439M | $436M | +0.69% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $19.08B | $14.43B | +32.20% |
流动资产 | $5.95B | $5.9B | +0.88% |
流动负债 | $5.56B | $4.92B | +12.94% |
股东权益 | $2.54B | $1.64B | +55.03% |
现金及等价物 | $886M | $1.56B | -43.35% |
长期债务 | $8.41B | $5.68B | +48.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $451M | $510M | -11.57% |
投资活动现金流 | $-183M | $-477M | +61.64% |
筹资活动现金流 | $-525M | $-597M | +12.06% |
股票回购 | $118M | $325M | -63.69% |
折旧及摊销 | $143M | $81M | +76.54% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 50.2% | 51.4% | -1.24% |
营业利润率 | 19.3% | 23.0% | -3.68% |
净利率 | 13.5% | — | — |
净资产收益率 | 14.4% | — | — |
总资产收益率 | 1.9% | — | — |
流动比率 | $1.071 | — | — |
MSI's Q1 FY2026 results showed revenue growing 7.4% to $2.71B, but profitability declined sharply with net income down 14.9% to $366M and diluted EPS falling to $2.18 from $2.53. The quarter was marked by margin compression, a major increase in long-term debt to $8.42B, and a 76.5% surge in D&A suggesting a significant recent acquisition.
MSI's cost of revenue grew 10.1%, faster than revenue growth of 7.4%, compressing gross margin to 50.2% from 51.4%. Additionally, higher interest expense from a 48.2% increase in long-term debt to $8.42B likely weighed on net income, which fell 14.9% to $366M.
While no acquisition is explicitly named in the available filing text, the financial data strongly suggests a major transaction: total assets surged 32.2% to $19.08B, long-term debt jumped 48.2% to $8.42B, and D&A rose 76.5% to $143M — all consistent with a significant debt-funded acquisition and related intangible amortization.
MSI's financial health shows signs of stress: the current ratio is a thin 1.07x, cash fell 43.4% to $886M, and long-term debt stands at $8.42B versus stockholders' equity of $2.54B — implying leverage of roughly 3.3x. Operating cash flow of $451M provides some coverage, but the elevated debt load and compressed margins warrant close monitoring.
MSI experienced broad margin deterioration in Q1 FY2026: gross margin fell 1.2 percentage points to 50.2%, operating margin dropped 3.7 percentage points to 19.3%, and net margin came in at 13.5%. These declines reflect cost of revenue and operating expenses growing faster than revenue, a trend that could persist if integration costs from recent acquisitions remain elevated.