Otis Worldwide (OTIS)
Market Price (9/10/2026): $69.35 | Market Cap: $26.5 BilInvestor Relations Sector: Industrials | Industry: Industrial Machinery & Supplies & Components
Otis Worldwide (OTIS)
Market Price (9/10/2026): $69.35Market Cap: $26.5 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 6.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Stock buyback supportStock Buyback 3Y Total is 3.1 Bil Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -84% | Key risksOTIS key risks include [1] a projected decline in New Equipment sales driven by persistent weakness and liquidity issues in China's property sector. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.2%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 6.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Stock buyback supportStock Buyback 3Y Total is 3.1 Bil |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -84% |
| Key risksOTIS key risks include [1] a projected decline in New Equipment sales driven by persistent weakness and liquidity issues in China's property sector. |
Qualitative Assessment
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Updated on 9/1/2026
Otis Worldwide (OTIS) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 Financial Performance and Cautious Outlook. Otis Worldwide, which operates on a fiscal year ending December 31st, reported its fiscal Q2 2026 earnings on July 22, 2026. The company met analyst consensus estimates with an adjusted Earnings Per Share (EPS) of $1.01. Revenue rose 7.3% year-over-year to $3.86 billion, surpassing analyst expectations of $3.76 billion. Despite the revenue beat, adjusted operating profit declined by $25 million at actual currency, and adjusted operating margins contracted by 180 basis points to 15.2%, attributed to strategic investments and cost pressures. Furthermore, Otis revised its full-year 2026 adjusted EPS outlook to $4.01 to $4.05 and adjusted operating profit guidance to approximately $2.4 billion, indicating a potential range from flat to a $30 million decrease at actual currency. This mixed financial update and a somewhat cautious outlook led to a "tepid" market response, with shares declining 1.86% following the earnings announcement.
2. Robust Service Segment Offsetting Weaker New Equipment Performance. The stability in Otis's stock was partly underpinned by the strong performance of its Service segment in fiscal Q2 2026. Service net sales increased by 11% with organic sales growing 9% year-over-year, driven by double-digit growth in modernization and repair sales and an acceleration in maintenance trends. This segment is crucial for Otis, generating over 65% of its revenue and the majority of its profits, offering stable and recurring cash flows due to the industry's largest installed base. In contrast, the New Equipment segment experienced flat net sales and a 1% decline in organic sales, indicating ongoing challenges in this area despite sequential improvement. The strength of the resilient Service portfolio likely mitigated the impact of softer New Equipment sales, contributing to the overall stable stock movement.
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Otis Worldwide (OTIS) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 Financial Performance and Cautious Outlook. Otis Worldwide, which operates on a fiscal year ending December 31st, reported its fiscal Q2 2026 earnings on July 22, 2026. The company met analyst consensus estimates with an adjusted Earnings Per Share (EPS) of $1.01. Revenue rose 7.3% year-over-year to $3.86 billion, surpassing analyst expectations of $3.76 billion. Despite the revenue beat, adjusted operating profit declined by $25 million at actual currency, and adjusted operating margins contracted by 180 basis points to 15.2%, attributed to strategic investments and cost pressures. Furthermore, Otis revised its full-year 2026 adjusted EPS outlook to $4.01 to $4.05 and adjusted operating profit guidance to approximately $2.4 billion, indicating a potential range from flat to a $30 million decrease at actual currency. This mixed financial update and a somewhat cautious outlook led to a "tepid" market response, with shares declining 1.86% following the earnings announcement.
2. Robust Service Segment Offsetting Weaker New Equipment Performance. The stability in Otis's stock was partly underpinned by the strong performance of its Service segment in fiscal Q2 2026. Service net sales increased by 11% with organic sales growing 9% year-over-year, driven by double-digit growth in modernization and repair sales and an acceleration in maintenance trends. This segment is crucial for Otis, generating over 65% of its revenue and the majority of its profits, offering stable and recurring cash flows due to the industry's largest installed base. In contrast, the New Equipment segment experienced flat net sales and a 1% decline in organic sales, indicating ongoing challenges in this area despite sequential improvement. The strength of the resilient Service portfolio likely mitigated the impact of softer New Equipment sales, contributing to the overall stable stock movement.
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Updated on 9/1/2026
Otis Worldwide (OTIS) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 Financial Performance and Cautious Outlook. Otis Worldwide, which operates on a fiscal year ending December 31st, reported its fiscal Q2 2026 earnings on July 22, 2026. The company met analyst consensus estimates with an adjusted Earnings Per Share (EPS) of $1.01. Revenue rose 7.3% year-over-year to $3.86 billion, surpassing analyst expectations of $3.76 billion. Despite the revenue beat, adjusted operating profit declined by $25 million at actual currency, and adjusted operating margins contracted by 180 basis points to 15.2%, attributed to strategic investments and cost pressures. Furthermore, Otis revised its full-year 2026 adjusted EPS outlook to $4.01 to $4.05 and adjusted operating profit guidance to approximately $2.4 billion, indicating a potential range from flat to a $30 million decrease at actual currency. This mixed financial update and a somewhat cautious outlook led to a "tepid" market response, with shares declining 1.86% following the earnings announcement.
2. Robust Service Segment Offsetting Weaker New Equipment Performance. The stability in Otis's stock was partly underpinned by the strong performance of its Service segment in fiscal Q2 2026. Service net sales increased by 11% with organic sales growing 9% year-over-year, driven by double-digit growth in modernization and repair sales and an acceleration in maintenance trends. This segment is crucial for Otis, generating over 65% of its revenue and the majority of its profits, offering stable and recurring cash flows due to the industry's largest installed base. In contrast, the New Equipment segment experienced flat net sales and a 1% decline in organic sales, indicating ongoing challenges in this area despite sequential improvement. The strength of the resilient Service portfolio likely mitigated the impact of softer New Equipment sales, contributing to the overall stable stock movement.
3. Balanced Macroeconomic Tailwinds and Industry Headwinds. The broader market for elevators and escalators is experiencing positive macroeconomic tailwinds, with the global market projected to grow from $86.3 billion in 2026 to $136.9 billion by 2033, at a compound annual growth rate (CAGR) of 6.8%. This growth is fueled by rapid urbanization, increasing infrastructure development, particularly in Asia Pacific, and a rising demand for modernization of aging elevator systems. Otis benefits from this trend, reporting a "strong backlog in both modernization and New Equipment". However, these positive factors are balanced by industry-specific headwinds such as the high upfront capital expenditure required for installations, evolving safety regulations, fluctuations in material prices, and a shortage of certified installation technicians. These countervailing forces within the market contributed to Otis's stock remaining largely at the same level during the period.
Show less
Otis Worldwide (OTIS) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 Financial Performance and Cautious Outlook. Otis Worldwide, which operates on a fiscal year ending December 31st, reported its fiscal Q2 2026 earnings on July 22, 2026. The company met analyst consensus estimates with an adjusted Earnings Per Share (EPS) of $1.01. Revenue rose 7.3% year-over-year to $3.86 billion, surpassing analyst expectations of $3.76 billion. Despite the revenue beat, adjusted operating profit declined by $25 million at actual currency, and adjusted operating margins contracted by 180 basis points to 15.2%, attributed to strategic investments and cost pressures. Furthermore, Otis revised its full-year 2026 adjusted EPS outlook to $4.01 to $4.05 and adjusted operating profit guidance to approximately $2.4 billion, indicating a potential range from flat to a $30 million decrease at actual currency. This mixed financial update and a somewhat cautious outlook led to a "tepid" market response, with shares declining 1.86% following the earnings announcement.
2. Robust Service Segment Offsetting Weaker New Equipment Performance. The stability in Otis's stock was partly underpinned by the strong performance of its Service segment in fiscal Q2 2026. Service net sales increased by 11% with organic sales growing 9% year-over-year, driven by double-digit growth in modernization and repair sales and an acceleration in maintenance trends. This segment is crucial for Otis, generating over 65% of its revenue and the majority of its profits, offering stable and recurring cash flows due to the industry's largest installed base. In contrast, the New Equipment segment experienced flat net sales and a 1% decline in organic sales, indicating ongoing challenges in this area despite sequential improvement. The strength of the resilient Service portfolio likely mitigated the impact of softer New Equipment sales, contributing to the overall stable stock movement.
3. Balanced Macroeconomic Tailwinds and Industry Headwinds. The broader market for elevators and escalators is experiencing positive macroeconomic tailwinds, with the global market projected to grow from $86.3 billion in 2026 to $136.9 billion by 2033, at a compound annual growth rate (CAGR) of 6.8%. This growth is fueled by rapid urbanization, increasing infrastructure development, particularly in Asia Pacific, and a rising demand for modernization of aging elevator systems. Otis benefits from this trend, reporting a "strong backlog in both modernization and New Equipment". However, these positive factors are balanced by industry-specific headwinds such as the high upfront capital expenditure required for installations, evolving safety regulations, fluctuations in material prices, and a shortage of certified installation technicians. These countervailing forces within the market contributed to Otis's stock remaining largely at the same level during the period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -1.6% change in OTIS stock from 5/31/2026 to 9/9/2026 was primarily driven by a -5.2% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.41 | 69.30 | -1.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,647 | 14,911 | 1.8% |
| Net Income Margin (%) | 10.1% | 10.2% | 0.6% |
| P/E Multiple | 18.5 | 17.5 | -5.2% |
| Shares Outstanding (Mil) | 388 | 383 | 1.4% |
| Cumulative Contribution | -1.6% |
Market Drivers
5/31/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| OTIS | -1.6% | |
| Market (SPY) | 0.8% | 12.0% |
| Sector (XLI) | -0.8% | 35.2% |
Fundamental Drivers
The -24.2% change in OTIS stock from 2/28/2026 to 9/9/2026 was primarily driven by a -32.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.45 | 69.30 | -24.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,431 | 14,911 | 3.3% |
| Net Income Margin (%) | 9.6% | 10.2% | 6.0% |
| P/E Multiple | 25.8 | 17.5 | -32.1% |
| Shares Outstanding (Mil) | 390 | 383 | 2.0% |
| Cumulative Contribution | -24.2% |
Market Drivers
2/28/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| OTIS | -24.2% | |
| Market (SPY) | 11.4% | 27.8% |
| Sector (XLI) | -2.7% | 44.7% |
Fundamental Drivers
The -18.0% change in OTIS stock from 8/31/2025 to 9/9/2026 was primarily driven by a -20.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.56 | 69.30 | -18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,168 | 14,911 | 5.2% |
| Net Income Margin (%) | 10.7% | 10.2% | -4.8% |
| P/E Multiple | 22.0 | 17.5 | -20.5% |
| Shares Outstanding (Mil) | 394 | 383 | 2.9% |
| Cumulative Contribution | -18.0% |
Market Drivers
8/31/2025 to 9/9/2026| Return | Correlation | |
|---|---|---|
| OTIS | -18.0% | |
| Market (SPY) | 19.2% | 18.5% |
| Sector (XLI) | 14.2% | 39.3% |
Fundamental Drivers
The -14.5% change in OTIS stock from 8/31/2023 to 9/9/2026 was primarily driven by a -30.5% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.02 | 69.30 | -14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,849 | 14,911 | 7.7% |
| Net Income Margin (%) | 9.6% | 10.2% | 6.0% |
| P/E Multiple | 25.2 | 17.5 | -30.5% |
| Shares Outstanding (Mil) | 413 | 383 | 7.9% |
| Cumulative Contribution | -14.5% |
Market Drivers
8/31/2023 to 9/9/2026| Return | Correlation | |
|---|---|---|
| OTIS | -14.5% | |
| Market (SPY) | 75.3% | 35.1% |
| Sector (XLI) | 65.3% | 47.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OTIS Return | 30% | -9% | 16% | 5% | -4% | -18% | 14% |
| Peers Return | 55% | -23% | 39% | 21% | 31% | 14% | 199% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| OTIS Win Rate | 67% | 42% | 58% | 50% | 58% | 44% | |
| Peers Win Rate | 81% | 36% | 50% | 61% | 53% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| OTIS Max Drawdown | -14% | -26% | -17% | -12% | -18% | -25% | |
| Peers Max Drawdown | -13% | -43% | -23% | -17% | -31% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: APG, JCI, CARR. See OTIS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/9/2026 (YTD)
How Low Can It Go
| Event | OTIS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.5% | -9.5% |
| % Gain to Breakeven | 15.6% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.6% | -24.5% |
| % Gain to Breakeven | 32.7% | 32.4% |
| Time to Breakeven | 124 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -11.6% | -33.7% |
| % Gain to Breakeven | 13.1% | 50.9% |
| Time to Breakeven | 7 days | 140 days |
In The Past
Otis Worldwide's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.2% gain to breakeven.
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Asset Allocation
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| Event | OTIS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.6% | -24.5% |
| % Gain to Breakeven | 32.7% | 32.4% |
| Time to Breakeven | 124 days | 427 days |
In The Past
Otis Worldwide's stock fell -7.5% during the 2025 US Tariff Shock. Such a loss loss requires a 8.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Otis Worldwide (OTIS)
Otis Worldwide Corporation (OTIS) is a global leader specializing in the manufacturing, installation, and servicing of elevators and escalators. Founded in 1853, the company provides essential vertical and horizontal transportation solutions for buildings and infrastructure projects worldwide, with significant operations in the United States and China, as well as internationally.
The company operates through two primary segments. Its New Equipment segment focuses on designing, manufacturing, selling, and installing a comprehensive range of products, including passenger and freight elevators, escalators, and moving walkways. These solutions are primarily supplied to new construction projects spanning residential, commercial, and infrastructure sectors.
Otis's Service segment provides critical ongoing support for these systems, generating stable recurring revenue. This segment is responsible for performing maintenance and repair services to ensure operational reliability and safety, alongside modernization services to upgrade and enhance existing elevator and escalator units. This extensive service network includes approximately 34,000 service mechanics operating from 1,400 branches globally.
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The Boeing of vertical transportation.
The Carrier for vertical movement in buildings.
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- Passenger and Freight Elevators: Otis designs, manufactures, sells, and installs a range of elevators for various building types.
- Escalators: The company designs, manufactures, sells, and installs escalators for commercial and infrastructure projects.
- Moving Walkways: Otis provides design, manufacturing, sales, and installation of moving walkways.
- Maintenance and Repair Services: Otis performs ongoing maintenance and repair services for elevators and escalators.
- Modernization Services: The company offers services to upgrade and modernize existing elevators and escalators.
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Otis Worldwide Corporation (OTIS) sells primarily to other companies, operating on a business-to-business (B2B) model. Due to the highly diversified nature of its global customer base, Otis does not typically have a few specific "major customer companies" that account for a significant portion of its revenue, and therefore, individual names and public symbols of such customers are not usually disclosed.
Instead, Otis serves a broad spectrum of clients within the construction, real estate, and infrastructure sectors. Its major customers can be categorized by the type of organization that purchases its new equipment or utilizes its service offerings:
- Real Estate Developers and General Contractors: These companies are involved in the planning, financing, and construction of new buildings, including residential towers, commercial offices, retail centers, and mixed-use developments. They procure Otis's new elevator and escalator equipment for installation in their projects.
- Commercial Property Owners and Managers: This category includes entities that own, operate, and manage existing commercial properties such as office buildings, hotels, hospitals, and shopping malls. These customers primarily engage Otis's Service segment for ongoing maintenance, repair, and modernization of their installed elevator and escalator systems.
- Public Sector and Infrastructure Project Managers: This segment comprises government agencies, municipalities, and private entities responsible for large-scale public infrastructure projects like airports, train stations, subway systems, and convention centers. They typically require both new equipment for construction and long-term service agreements.
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Judy Marks, Chair, Chief Executive Officer and President
Judy Marks has over 40 years of industry experience, actively driving technological and business advancements. She began her career at IBM in 1984, rapidly advancing into management. Marks held senior leadership roles at three global companies: IBM, Lockheed Martin, and Siemens AG, where she served as CEO of both Siemens USA and Dresser-Rand, a Siemens business. She joined Otis in October 2017 as President, was appointed CEO in June 2019, and in April 2020, led the successful spin-off of Otis to an independent publicly traded company on the NYSE. Marks was also named Chair of Otis in February 2022.
Cristina Méndez, Executive Vice President & Chief Financial Officer
Cristina Méndez was appointed Executive Vice President & Chief Financial Officer of Otis Worldwide, effective August 23, 2024. Before joining Otis in 2022, she served as a senior finance executive in the global telecommunications industry for over 15 years. A significant portion of her career was spent at the Telefonica Group, where she held various strategic and financial planning roles, including Senior Vice President, Director Controlling of Telefonica Deutschland.
Joseph Armas, President, Otis Americas
Joseph Armas serves as the President of Otis Americas. His responsibilities include leading the company's operations across the American continents.
Thibault Lefébure, President, Europe, Middle East & Africa (EMEA)
Thibault Lefébure is the President for Otis's Europe, Middle East & Africa (EMEA) region. In this role, he oversees the company's extensive operations and service portfolio across more than 40 countries in the region.
Nicolas Lopez, President, Asia Pacific (APAC)
Nicolas Lopez holds the position of President, Asia Pacific (APAC) for Otis Worldwide Corporation. He is responsible for leading the company's business activities throughout the Asia Pacific region.
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Key Risks to Otis Worldwide (OTIS)
- Economic Slowdowns and Cyclicality of the Construction Market: Otis Worldwide's performance is significantly influenced by global economic conditions, particularly the cyclical nature of the construction industry. Economic slowdowns in key markets like China and the United States can negatively impact demand for new equipment sales and, to a lesser extent, service revenue. Higher interest rates, weaker economic growth, or tighter credit conditions can delay or cancel construction projects, directly affecting the company's new elevator and escalator installations. For instance, a slowdown in construction activity and economic uncertainty have impacted new equipment sales, with reported declines in China and the US.
- Intense Market Competition: The elevator and escalator industry is highly competitive, both globally and locally. Otis Worldwide faces significant competition from large multinational peers such as KONE, Schindler Group, and TK Elevator, as well as a multitude of smaller, independent service providers. This intense competition puts continuous pressure on pricing, margins, and market share, especially in the new equipment segment and from independent service providers in the service segment.
- Supply Chain Disruptions and Geopolitical Risks: Otis Worldwide's global operations and reliance on a diverse network of suppliers make it vulnerable to supply chain disruptions. Geopolitical tensions, trade disputes, material shortages, and transportation delays can increase operational costs and impact production and delivery timelines. Inflationary pressures and commodity price volatility also directly increase the cost of goods sold, which can threaten profitability if not offset by price increases.
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The emergence of independent, vendor-agnostic Internet of Things (IoT) and Artificial Intelligence (AI) driven predictive maintenance platforms and services could disintermediate Otis's highly profitable service segment. These third-party solutions, by offering potentially superior or more cost-effective analytics and maintenance scheduling regardless of the elevator's original manufacturer, could allow building owners to reduce their reliance on Otis's proprietary service contracts, similar to how software-based services have disrupted traditional hardware-centric service models.
Additionally, the development and gradual adoption of fundamentally different vertical transport technologies pose an emerging threat to Otis's core product offerings. A notable example is TK Elevator's (formerly ThyssenKrupp) "MULTI" system, which utilizes magnetic levitation for multi-directional movement (vertical and horizontal) without ropes. Should such revolutionary technologies gain wider acceptance and become standard in future building designs, they could challenge the dominance and market relevance of Otis's traditional cable-based elevator systems.
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Otis Worldwide Corporation operates within the global elevator, escalator, and related services markets. The addressable markets for its main products and services are sized as follows:
New Equipment (Elevators, Escalators, and Moving Walkways)
- The global elevator and escalator market was valued at approximately USD 100.23 billion in 2025 and is projected to reach USD 199.21 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.10% during the forecast period.
- More specifically, the global elevator market size was estimated at USD 81.68 billion in 2024 and is expected to reach USD 147.85 billion by 2032, at a CAGR of 7.8%. Within the broader elevator and escalator market, the elevator segment is projected to hold a market size of USD 74.59 billion in 2026.
- The global escalators and moving walkways market size was estimated at USD 13.54 billion in 2024 and is anticipated to grow at a CAGR of 5.7% from 2025 to 2030. Another estimate places the global escalators & moving walkways market size at USD 18.2 billion in 2024, expecting it to grow to USD 34.8 billion by 2034 with a CAGR of 6.9%.
- The Asia-Pacific region dominates the global elevator and escalator market, holding a market share of 44.45% in 2025. For the elevator market specifically, Asia-Pacific commanded a revenue share of 44.72% in 2024.
- The North America elevator market held a value of USD 18.75 billion in 2024 and is projected to reach USD 33.14 billion by 2032. The U.S. escalators & moving walkways market generated an estimated USD 4.3 billion in revenue in 2024.
Service (Maintenance, Repair, and Modernization)
- The global elevator maintenance market size is expected to be valued at US$41.7 billion in 2026 and is projected to reach US$62.7 billion by 2033, growing at a CAGR of 6.1%. Another source values the global elevator maintenance market size at USD 35.76 billion in 2025, projected to grow to USD 68.25 billion by 2034 with a CAGR of 7.50%.
- The global elevator & escalator maintenance and repair services market was valued at USD 37.17 billion in 2022 and is anticipated to grow with a robust CAGR of 10.10% through 2028. Within the combined elevator and escalator market, the maintenance segment is projected to lead with a 51.39% share and a market size of USD 55.04 billion in 2026.
- The global elevator modernization market is projected to grow from USD 15.18 billion in 2024 to an estimated USD 39.04 billion by 2032, at a CAGR of 12.53%. Another estimate states the market grew from USD 10.15 billion in 2025 to USD 11.01 billion in 2026 and is projected to reach USD 18.50 billion by 2032.
- North America holds the largest market share in the elevator modernization sector, accounting for approximately 30% of the global market. Europe also dominates the global elevator modernization market, holding over 30.0% in 2025.
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Otis Worldwide (OTIS) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Continued Growth in the Service Segment: Otis anticipates sustained expansion in its high-margin service segment, encompassing maintenance and repair. This growth is expected from an expanding installed unit base, improvements in maintenance pricing, and enhanced customer retention, especially outside of China. The company is actively investing in its field professionals and customer satisfaction to bolster these trends.
- Strong Demand for Modernization Services: A significant driver of revenue growth is the robust and durable demand for modernization services. This is fueled by an aging global installed base of elevators and escalators, coupled with increasing regulatory requirements for safety and efficiency, as well as customer demand for technological upgrades and energy-efficient solutions. Otis has reported strong growth in modernization orders and a substantial backlog in this area.
- Leveraging Digitalization and Connectivity: Otis is investing in and rolling out advanced digital and AI-powered solutions, such as IoT connectivity (Otis One) and AI-driven diagnostic tools. These initiatives aim to increase the number of connected units in its service portfolio, enhance predictive maintenance capabilities, improve service delivery efficiency, and generate recurring subscription revenue. The company targets having over 60% of its portfolio connected by 2026.
- Strategic Geographic Expansion and Diversification: To counter headwinds in new equipment sales in some mature markets, particularly China, Otis is strategically focusing on expanding its service and modernization portfolio in high-growth emerging markets. Regions such as Southeast Asia, Latin America, and the Middle East are key targets due to ongoing urbanization and infrastructure development, providing opportunities for both new installations and, increasingly, modernization projects.
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Share Repurchases
- Otis Worldwide authorized a new $2 billion share repurchase program effective January 16, 2025, replacing the remaining approximately $100 million authorized under a prior program from December 1, 2022.
- In 2025, Otis returned approximately $1.5 billion to shareholders through dividends and buybacks.
- The company plans to repurchase approximately $800 million in shares during 2026.
Share Issuance
- Otis Worldwide has seen a net reduction in its shares outstanding, with 0.395 billion shares outstanding in 2025, a 2.35% decline from 2024.
- Shares outstanding in 2024 were 0.404 billion, a 2.46% decline from 2023 (0.415 billion), which was a 1.99% decline from 2022.
Outbound Investments
- Otis acquired the remaining outstanding shares in Otis Mobility (formerly Zardoya Otis) in the second quarter of 2022, following a tender offer in September 2021 valued at approximately €1.63 billion for the shares not previously owned by Otis.
- In 2024, the company invested $87 million in approximately 30 bolt-on acquisitions, including Jardine Schindler Lifts Limited in Taiwan, aimed at expanding its service portfolio.
- Otis made approximately $100 million in targeted bolt-on acquisitions in 2025 to strengthen its service portfolio and expand its market presence.
Capital Expenditures
- Otis' capital expenditures were modest, ranging approximately from $30 million to $45 million per quarter in 2025.
- Total capital expenditures were approximately $152 million for the full year 2025 and $126 million for 2024.
- Capital expenditures are primarily focused on supporting the company's service strategy, driving innovation, and expanding its digital ecosystem and solutions for both existing service portfolio customers and new equipment shipments.
Peer Outperformance in Industrial Machinery & Supplies & Components
OTIS has trailed 81% of its 70 Industrial Machinery & Supplies & Components peers over 5Y. Among the peers that beat it are NPO, PH and GWW. Industrial Machinery & Supplies & Components ranks 7th of 23 industries in Industrials by median 5Y return.
Share of Industrial Machinery & Supplies & Components constituents that OTIS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
23%
of 75 industry peers · -19.6% return
3Y
18%
of 73 industry peers · -11.5% return
5Y
19%
of 70 industry peers · -16.8% return
Industrial Machinery & Supplies & Components peers with revenue growth within 4pp of OTIS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| OTIS | Otis Worldwide | 2.5% | 17.5x | -19.6% | -11.5% | -16.8% | — |
| NPO | Enpro | 3.6% | 143.9x | 39.5% | 146.4% | 277.7% | +295pp |
| PH | Parker Hannifin | 4.1% | 32.9x | 26.8% | 139.2% | 257.6% | +274pp |
| GWW | W.W. Grainger | 5.6% | 32.3x | 29.6% | 90.1% | 224.5% | +241pp |
| HUBB | Hubbell | 6.3% | 26.7x | 5.3% | 44.4% | 155.6% | +172pp |
| FLS | Flowserve | 5.4% | 25.9x | 37.9% | 96.0% | 131.5% | +148pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Industrial Machinery & Supplies & Components is OTIS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 9.5% | 107.0% | 192.2% | CDNL 2559% · FIX 2199% · STRL 2166% |
| Marine Transportation | 5 | 69.9% | 64.6% | 169.5% | HOS 47900% · MATX 179% · KEX 170% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 13.6% | 61.0% | 119.0% | CAT 334% · ALSN 283% · WAB 223% |
| Aerospace & Defense | 55 | -1.8% | 57.9% | 72.0% | ATI 1092% · FTAI 919% · HWM 656% |
| Passenger Ground Transportation | 3 | -19.0% | 37.7% | 61.1% | UBER 78% · CAR 61% · LYFT -70% |
| Rail Transportation | 7 | 33.8% | 68.4% | 45.3% | FSTR 143% · CSX 67% · UNP 53% |
| Industrial Machinery & Supplies & Components ← | 71 | 8.6% | 47.5% | 41.3% | CRS 1436% · PSIX 993% · EROC 628% |
| Trading Companies & Distributors | 19 | 4.8% | 36.0% | 38.5% | DXPE 576% · AIT 294% · WCC 225% |
| Cargo Ground Transportation | 16 | 39.5% | 4.9% | 34.4% | XPO 260% · R 254% · CVLG 233% |
| Diversified Support Services | 33 | 9.7% | 27.9% | 28.7% | LIME 3864% · TH 397% · WLFC 376% |
| Electrical Components & Equipment | 41 | 18.6% | 53.6% | 20.0% | POWL 2242% · BE 1273% · VRT 977% |
| Building Products | 33 | -9.9% | 1.2% | 14.8% | LMB 587% · GFF 409% · PPIH 300% |
| Agricultural & Farm Machinery | 17 | 18.8% | 3.8% | -4.3% | BLBD 225% · DE 99% · GENC 64% |
| Industrial Conglomerates | 17 | 9.4% | 12.2% | -4.8% | RCMT 567% · CSW 134% · CSL 79% |
| Environmental & Facilities Services | 29 | -9.3% | 26.0% | -6.0% | CECO 1038% · ADUR 398% · NVRI 373% |
| Research & Consulting Services | 13 | -9.8% | -22.9% | -10.4% | HURN 205% · CRAI 94% · GRNQ 85% |
| Data Processing & Outsourced Services | 6 | -33.1% | -15.1% | -26.2% | EXLS 43% · BR 9% · G -26% |
| Passenger Airlines | 11 | 1.4% | -2.1% | -28.0% | LTM 3349% · UAL 142% · SKYW 122% |
| Office Services & Supplies | 9 | 10.8% | 27.7% | -30.6% | PBI 199% · TILE 147% · HNI 56% |
| Air Freight & Logistics | 12 | -9.2% | -24.0% | -39.3% | CHRW 92% · FDX 65% · EXPD 59% |
| Security & Alarm Services | 10 | -35.5% | 4.8% | -39.4% | CIX 142% · MG 118% · NL 65% |
| Human Resource & Employment Services | 21 | 1.3% | -22.7% | -41.6% | BBSI 80% · ADP 47% · KFY 23% |
| Airport Services | 3 | -69.4% | -78.8% | -57.5% | JOBY -31% · ASLE -57% · UP -100% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 63.62 |
| Mkt Cap | 37.3 |
| Rev LTM | 18,510 |
| Op Inc LTM | 1,967 |
| FCF LTM | 1,686 |
| FCF 3Y Avg | 1,513 |
| CFO LTM | 1,952 |
| CFO 3Y Avg | 1,821 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 5.7% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 24.7% |
| Op Inc Chg 3Y Avg | 11.8% |
| Op Mgn LTM | 10.8% |
| Op Mgn 3Y Avg | 10.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 10.3% |
| FCF/Rev LTM | 8.4% |
| FCF/Rev 3Y Avg | 8.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 37.3 |
| P/S | 2.1 |
| P/Op Inc | 25.8 |
| P/EBIT | 27.1 |
| P/E | 32.0 |
| P/CFO | 20.6 |
| Total Yield | 4.7% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.5% |
| 3M Rtn | -4.0% |
| 6M Rtn | -4.6% |
| 12M Rtn | 1.0% |
| 3Y Rtn | 57.4% |
| 1M Excs Rtn | -5.0% |
| 3M Excs Rtn | -11.0% |
| 6M Excs Rtn | -17.0% |
| 12M Excs Rtn | -18.7% |
| 3Y Excs Rtn | -16.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Service | 9,442 | 8,894 | 8,397 | 7,801 | 7,870 |
| New Equipment | 4,989 | 5,367 | 5,812 | 5,778 | 6,428 |
| General corporate expenses and other | 0 | ||||
| Total | 14,431 | 14,261 | 14,209 | 13,579 | 14,298 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Service | 2,374 | 2,185 | 2,014 | 1,832 | 1,762 |
| New Equipment | 240 | 329 | 381 | 381 | 459 |
| Other, net | -1 | 1 | |||
| Held for sale impairment | -10 | -18 | |||
| Litigation-related settlement costs | -21 | -18 | |||
| Other restructuring | -54 | -40 | -42 | -5 | |
| UpLift transformation costs | -69 | -65 | -16 | -28 | |
| Separation-related adjustments | -70 | -177 | |||
| UpLift restructuring | -76 | -31 | -25 | -60 | |
| General corporate expenses and other | -180 | -158 | -126 | -87 | -113 |
| Total | 2,133 | 2,008 | 2,186 | 2,033 | 2,108 |
Price Behavior
Price Behavior
| Market Price | $69.30 | |
| Market Cap ($ Bil) | 26.5 | |
| First Trading Date | 03/19/2020 | |
| Distance from 52W High | -25.1% | |
| 50 Days | 200 Days | |
| DMA Price | $71.93 | $78.95 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -3.7% | -12.2% |
| 3M | 1YR | |
| Volatility | 22.1% | 21.2% |
| Downside Capture | 45.75 | 53.34 |
| Upside Capture | 35.50 | 17.33 |
| Correlation (SPY) | 16.1% | 18.0% |
OTIS Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.54 | -0.02 | 0.13 | 0.45 | 0.29 | 0.49 |
| Up Beta | 0.23 | -0.78 | -0.27 | 0.20 | 0.03 | 0.32 |
| Down Beta | 0.50 | 0.17 | 0.32 | 0.80 | 0.44 | 0.49 |
| Up Capture | 53% | 26% | 20% | 8% | 12% | 20% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 22 | 32 | 57 | 121 | 409 |
| Down Capture | 106% | 23% | 20% | 85% | 57% | 87% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 20 | 32 | 70 | 130 | 338 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OTIS | |
|---|---|---|---|---|
| OTIS | -19.0% | 21.1% | -1.09 | - |
| Sector ETF (XLI) | 14.8% | 17.2% | 0.64 | 39.2% |
| Equity (SPY) | 18.6% | 12.8% | 1.06 | 18.4% |
| Gold (GLD) | 20.6% | 29.2% | 0.64 | 6.5% |
| Commodities (DBC) | 46.3% | 20.4% | 1.76 | -26.3% |
| Real Estate (VNQ) | 7.3% | 13.6% | 0.27 | 43.1% |
| Bitcoin (BTCUSD) | -29.8% | 43.8% | -0.68 | 1.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OTIS | |
|---|---|---|---|---|
| OTIS | -4.0% | 22.4% | -0.23 | - |
| Sector ETF (XLI) | 12.1% | 17.6% | 0.52 | 61.2% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 53.0% |
| Gold (GLD) | 18.9% | 18.8% | 0.82 | 10.8% |
| Commodities (DBC) | 11.1% | 19.5% | 0.44 | 4.2% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.04 | 53.5% |
| Bitcoin (BTCUSD) | 10.8% | 52.6% | 0.39 | 18.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OTIS | |
|---|---|---|---|---|
| OTIS | 5.4% | 25.2% | 0.33 | - |
| Sector ETF (XLI) | 13.2% | 20.1% | 0.58 | 56.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 49.7% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 8.2% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 8.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 52.0% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 16.2% |
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Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -2.1% | 2.3% | 0.6% |
| 4/22/2026 | -1.3% | -1.9% | -9.1% |
| 1/28/2026 | -2.2% | -3.7% | 1.5% |
| 10/29/2025 | 2.3% | -0.7% | -2.5% |
| 7/23/2025 | -12.4% | -13.6% | -11.3% |
| 4/23/2025 | -6.7% | -4.1% | -0.9% |
| 1/29/2025 | -1.3% | -1.5% | 2.7% |
| 10/30/2024 | -3.0% | -1.2% | 1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 15 |
| # Negative | 16 | 15 | 9 |
| Median Positive | 3.0% | 3.0% | 2.7% |
| Median Negative | -2.1% | -1.9% | -3.9% |
| Max Positive | 7.0% | 9.2% | 13.9% |
| Max Negative | -12.4% | -13.6% | -11.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | -2.1% | 2.3% | 0.6% |
| 4/22/2026 | -1.3% | -1.9% | -9.1% |
| 1/28/2026 | -2.2% | -3.7% | 1.5% |
| 10/29/2025 | 2.3% | -0.7% | -2.5% |
| 7/23/2025 | -12.4% | -13.6% | -11.3% |
| 4/23/2025 | -6.7% | -4.1% | -0.9% |
| 1/29/2025 | -1.3% | -1.5% | 2.7% |
| 10/30/2024 | -3.0% | -1.2% | 1.5% |
| 7/24/2024 | -7.1% | -4.6% | -4.1% |
| 4/24/2024 | -4.2% | -6.4% | 1.7% |
| 1/31/2024 | -1.7% | 2.2% | 6.3% |
| 10/25/2023 | -2.3% | -0.1% | 10.4% |
| 7/26/2023 | 3.6% | 3.0% | -3.9% |
| 4/26/2023 | -0.9% | 4.4% | -1.5% |
| 2/1/2023 | 2.8% | 1.7% | 4.5% |
| 10/26/2022 | -0.7% | 3.9% | 13.9% |
| 7/27/2022 | 5.1% | 6.5% | 6.8% |
| 4/25/2022 | 1.6% | -0.8% | 1.0% |
| 1/31/2022 | 3.2% | -0.4% | -5.9% |
| 10/25/2021 | -4.4% | -6.2% | -1.4% |
| 7/26/2021 | 0.6% | 1.2% | 1.9% |
| 4/26/2021 | 7.0% | 9.2% | 10.0% |
| 2/1/2021 | -0.2% | -1.1% | 1.5% |
| 10/26/2020 | -0.4% | -3.4% | 6.3% |
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 15 |
| # Negative | 16 | 15 | 9 |
| Median Positive | 3.0% | 3.0% | 2.7% |
| Median Negative | -2.1% | -1.9% | -3.9% |
| Max Positive | 7.0% | 9.2% | 13.9% |
| Max Negative | -12.4% | -13.6% | -11.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/04/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/05/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-12B/A |
Recent Forward Guidance
Updated 7/23/2026Latest: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Profit | Reported | 2.40 Bil | -4.0% | Lowered | Guidance: 2.50 Bil for 2026 | |||
| 2026 Net Sales | Reported | 15.10 Bil | 15.20 Bil | 15.30 Bil | 0 | Affirmed | Guidance: 15.20 Bil for 2026 | |
| 2026 Adjusted EPS | Reported | 4.01 | 4.03 | 4.05 | -4.5% | Lowered | Guidance: 4.22 for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 1.50 Bil | 1.52 Bil | 1.55 Bil | -6.2% | Lowered | Guidance: 1.62 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Operating Profit | Reported | 2.50 Bil | -2.0% | Lowered | Guidance: 2.55 Bil for 2026 | |||
| 2026 Net Sales | Reported | 15.10 Bil | 15.20 Bil | 15.30 Bil | 0.3% | Raised | Guidance: 15.15 Bil for 2026 | |
| 2026 Adjusted EPS | Reported | 4.2 | 4.22 | 4.24 | ||||
| 2026 Adjusted Free Cash Flow | Reported | 1.60 Bil | 1.62 Bil | 1.65 Bil | -1.5% | Lowered | Guidance: 1.65 Bil for 2026 | |
Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted operating profit | Reported | 2.50 Bil | 2.55 Bil | 2.60 Bil | 4.1% | Higher New | Actual: 2.45 Bil for 2025 | |
| 2026 Net sales | Reported | 15.00 Bil | 15.15 Bil | 15.30 Bil | 4.1% | Higher New | Actual: 14.55 Bil for 2025 | |
| 2026 Adjusted free cash flow | Reported | 1.60 Bil | 1.65 Bil | 1.70 Bil | 13.8% | Higher New | Actual: 1.45 Bil for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Operating Profit | Reported | 2.40 Bil | 2.45 Bil | 2.50 Bil | 0 | Affirmed | Guidance: 2.45 Bil for 2025 | |
| 2025 Net Sales | Reported | 14.50 Bil | 14.55 Bil | 14.60 Bil | 0 | Affirmed | Guidance: 14.55 Bil for 2025 | |
| 2025 Organic Sales Growth | Reported | 1.0% | 0 | Affirmed | Guidance: 1.0% for 2025 | |||
| 2025 Organic New Equipment Sales Growth | Reported | -7.0% | 0 | Affirmed | Guidance: -7.0% for 2025 | |||
| 2025 Organic Service Sales Growth | Reported | 5.0% | 0 | Affirmed | Guidance: 5.0% for 2025 | |||
| 2025 Adjusted EPS | Reported | 4.04 | 4.06 | 4.08 | 0.2% | Raised | Guidance: 4.05 for 2025 | |
| 2025 Adjusted Free Cash Flow | Reported | 1.45 Bil | 0 | Affirmed | Guidance: 1.45 Bil for 2025 | |||
Insider Activity
Updated 8/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lefebure, Thibault Pierre Marie | President, Otis EMEA | Direct | Sell | 5072026 | 76.89 | 1,628 | 125,184 | 308,193 | Form |
| 2 | De, Montlivault Stephane | President, Otis Asia Pacific | Direct | Sell | 2132026 | 92.25 | 47,944 | 4,423,059 | 2,691,623 | Form |
| 3 | Ryan, Michael Patrick | SVP, CAO & Controller | Direct | Sell | 2102026 | 90.06 | 1,182 | 106,445 | 315,553 | Form |
| 4 | Lafreniere, Nora E | EVP, General Counsel | Direct | Sell | 2102026 | 90.38 | 27,418 | 2,477,926 | 1,254,417 | Form |
| 5 | Marks, Judith Fran | Chair, CEO and President | Direct | Sell | 2052026 | 90.89 | 56,107 | 5,099,352 | 21,001,256 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lefebure, Thibault Pierre Marie | President, Otis EMEA | Direct | Sell | 5072026 | 76.89 | 1,628 | 125,184 | 308,193 | Form |
| 2 | De, Montlivault Stephane | President, Otis Asia Pacific | Direct | Sell | 2132026 | 92.25 | 47,944 | 4,423,059 | 2,691,623 | Form |
| 3 | Ryan, Michael Patrick | SVP, CAO & Controller | Direct | Sell | 2102026 | 90.06 | 1,182 | 106,445 | 315,553 | Form |
| 4 | Lafreniere, Nora E | EVP, General Counsel | Direct | Sell | 2102026 | 90.38 | 27,418 | 2,477,926 | 1,254,417 | Form |
| 5 | Marks, Judith Fran | Chair, CEO and President | Direct | Sell | 2052026 | 90.89 | 56,107 | 5,099,352 | 21,001,256 | Form |
| 6 | Marks, Judith Fran | Chair, CEO and President | Direct | Sell | 2052026 | 89.57 | 46,780 | 4,190,057 | 20,696,980 | Form |
| 7 | Green, Neil | EVP & Chief Digital Officer | Direct | Sell | 2032026 | 86.45 | 6,000 | 518,710 | 326,182 | Form |
| 8 | Ryan, Michael Patrick | SVP, CAO & Controller | Direct | Sell | 11072025 | 91.69 | 3,028 | 277,647 | 240,970 | Form |
Investor Activity (13F)
Updated Sep 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BLS Capital Fondsmaeglerselskab A/S | $338.2 Mil | 11.5% | 11 | TRIM -6.2% | 13F |
| FIFTHDELTA Ltd | $71.5 Mil | 9.9% | 11 | ADD +21.8% | 13F |
| GFI Investment Counsel Ltd. | $45.1 Mil | 6.2% | 24 | New | 13F |
| Clean Energy Transition LLP | $54.6 Mil | 4.5% | 14 | ADD +18.9% | 13F |
| Coerente Capital Management | $17.6 Mil | 3.3% | 47 | ADD +26.6% | 13F |
| J. Stern & Co. LLP | $30.4 Mil | 3.0% | 49 | TRIM -99.0% | 13F |
| Regents Gate Capital LLP | $13.5 Mil | 2.9% | 36 | New | 13F |
| PineStone Asset Management Inc. | $346.4 Mil | 2.4% | 44 | Hold | 13F |
| Gates Capital Management, Inc. | $56.9 Mil | 2.0% | 31 | Hold | 13F |
| Fundsmith Investment Services LTD. | $74.5 Mil | 1.7% | 24 | TRIM -22.8% | 13F |
| Fundsmith LLP | $210.6 Mil | 1.6% | 34 | TRIM -12.2% | 13F |
| Independent Franchise Partners LLP | $77.3 Mil | 0.5% | 26 | TRIM -5.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| GFI Investment Counsel Ltd. | $45.1 Mil | 6.2% | 24 | New | 13F |
| Regents Gate Capital LLP | $13.5 Mil | 2.9% | 36 | New | 13F |
| Coerente Capital Management | $17.6 Mil | 3.3% | 47 | ADD +26.6% | 13F |
| FIFTHDELTA Ltd | $71.5 Mil | 9.9% | 11 | ADD +21.8% | 13F |
| Clean Energy Transition LLP | $54.6 Mil | 4.5% | 14 | ADD +18.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Albar Capital Partners LLP | $11.8 Mil | 2.8% | 31 | Exited | Dec 31, 2025 | 13F |
| Amiral Gestion | $5.4 Mil | 2.0% | 27 | Exited | Dec 31, 2025 | 13F |
| J. Stern & Co. LLP | $30.4 Mil | 3.0% | 49 | TRIM -99.0% | Mar 31, 2026 | 13F |
| Fundsmith Investment Services LTD. | $74.5 Mil | 1.7% | 24 | TRIM -22.8% | Mar 31, 2026 | 13F |
| Fundsmith LLP | $210.6 Mil | 1.6% | 34 | TRIM -12.2% | Mar 31, 2026 | 13F |
| BLS Capital Fondsmaeglerselskab A/S | $338.2 Mil | 11.5% | 11 | TRIM -6.2% | Mar 31, 2026 | 13F |
| Independent Franchise Partners LLP | $77.3 Mil | 0.5% | 26 | TRIM -5.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| PineStone Asset Management Inc. | $346.4 Mil | 2.4% | 44 | Hold | 13F |
| BLS Capital Fondsmaeglerselskab A/S | $338.2 Mil | 11.5% | 11 | TRIM -6.2% | 13F |
| Fundsmith LLP | $210.6 Mil | 1.6% | 34 | TRIM -12.2% | 13F |
| Independent Franchise Partners LLP | $77.3 Mil | 0.5% | 26 | TRIM -5.8% | 13F |
| Fundsmith Investment Services LTD. | $74.5 Mil | 1.7% | 24 | TRIM -22.8% | 13F |
| FIFTHDELTA Ltd | $71.5 Mil | 9.9% | 11 | ADD +21.8% | 13F |
| Gates Capital Management, Inc. | $56.9 Mil | 2.0% | 31 | Hold | 13F |
| Clean Energy Transition LLP | $54.6 Mil | 4.5% | 14 | ADD +18.9% | 13F |
| GFI Investment Counsel Ltd. | $45.1 Mil | 6.2% | 24 | New | 13F |
| J. Stern & Co. LLP | $30.4 Mil | 3.0% | 49 | TRIM -99.0% | 13F |
| Coerente Capital Management | $17.6 Mil | 3.3% | 47 | ADD +26.6% | 13F |
| Regents Gate Capital LLP | $13.5 Mil | 2.9% | 36 | New | 13F |
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