revenue growth
8 pct
Q3 2026
official guidance
| Revenue | $12.2B |
|---|---|
| Operating income | $3.0B |
| Net income | $2.1B |
| Free cash flow | $2.7B |
| Operating margin | 24.9% |
| Net margin | 17.4% |
| Return on equity | 79.9% |
| Period | TTM 2026-07-04 |
OpenFilings analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong execution and multi-year infrastructure/software catalysts outweigh near-term conversion and supply-chain risks.
Latest call · Q2 2026Buy: Motorola Solutions delivered a broad-based Q2 beat, with revenue up 13%, non-GAAP EPS up 24% to $4.41, backlog up 11% to $15.6 billion, and full-year revenue/EPS guidance raised to $12.975 billion/$17.62-$17.72. The bull case is a durable LMR refresh cycle, Silvus scaling to approximately $850 million of 2026 revenue, and competitive video wins; the key tension is that much of the second-half acceleration depends on conversion, D-Series releases and ship acceptance while memory costs rise sharply.
Q3 guidance calls for approximately 8% revenue growth and $4.39-$4.44 non-GAAP EPS.
Second-half Products & SI growth is expected to be double digit, with Q4 D-Series infrastructure releases, UHF availability and device conversion driving the ramp.
Silvus is currently operating within capacity; the new Salt Lake City facility is expected to contribute in 2027.
Memory spending is now expected to be $150 million in 2026 versus $50 million last year, with higher inventory and selective pricing increases used to protect supply and margins.
D-Fend’s $1.5 billion acquisition is expected to close in the second half, subject to regulatory approval.
D-Series infrastructure could support a multi-year LMR refresh cycle extending into the 2030s; infrastructure customers are often attaching five- to ten-year Software and Services contracts.
APX NEXT adoption is expanding device monetization and subscriptions: approximately 300,000 subscribers are expected by year-end 2026, producing nearly $100 million of ARR.
Silvus growth is currently more share-driven than TAM-driven, with international defense modernization and a doubled sales force providing additional runway.
Video and Command Center are increasingly bundled with AI-enabled software, while competitive wins at Florida Highway Patrol and Kansas City Police Department support ecosystem differentiation.
D-Fend would extend Motorola’s unmanned-systems position from Silvus’s defense communications into public-safety counter-drone mitigation, but the strategic value depends on successful integration and commercialization.
The product backlog declined sequentially despite management’s expectation for stronger second-half product revenue; the forecast relies more on conversion and double-digit orders than on backlog.
Q4 acceleration depends on specific D-Series ship-acceptance and product-release timing, creating execution risk if deployments slip.
Management maintained comparable full-year gross margins despite a $100 million year-over-year increase in expected memory costs; pricing and mix offsets remain insufficiently quantified.
D-Fend remains subject to regulatory approval, and the expected approximately $185 million of revenue is not included in the current full-year guidance.
Management described AI adoption and competitive positioning positively, but provided limited quantified evidence of AI-driven recurring revenue or durable displacement advantages.
revenue growth
8 pct
Q3 2026
official guidance
adjusted eps
4.39–4.44 $per share
Q3 2026
official guidance
revenue
12975 $million
FY 2026
official guidance
adjusted eps
17.62–17.72 $per share
FY 2026
official guidance
operating margin
1.7 pct
FY 2026
official guidance
revenue growth
11 pct
FY 2026
official guidance
revenue growth
11 pct
FY 2026
official guidance
revenue growth
10–11 pct
FY 2026
official guidance
revenue growth
11 pct
FY 2026
official guidance
revenue growth
15 pct
FY 2026
official guidance
revenue
850 $million
FY 2026
official guidance
revenue
185 $million
FY 2026
management framework
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
MOTOROLA SOLUTIONS, INC.
MOTOROLA SOLUTIONS, INC.
MOTOROLA SOLUTIONS, INC.
MOTOROLA SOLUTIONS, INC.
MOTOROLA SOLUTIONS, INC.
MOTOROLA SOLUTIONS, INC.