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Emerson

Emerson's net sales grew in fiscal 2025, and net earnings rose

Net sales rose 3.0% to $18.0B. Net earnings rose 16.5% to $2.3B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 10, 2025) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026) · Data pulled Oct 25, 2026

Key facts

Emerson (NYSE: EMR) reported net sales of $18.0B for fiscal 2025, the year ended Sep 30, 2025, up 3.0% from fiscal 2024. Net earnings to Emerson was $2.3B, up 16.5%. In its latest 10-Q, for the quarter ended Jun 30, 2026, net sales were $4.9B, up 7.0% from the same quarter a year earlier, and net income was $718M. The largest piece by business group (before eliminations) was Intelligent Devices, at 69% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Nov 10, 2025) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).

Net sales$18.0BFY2025 · +3.0% vs FY2024
Net earnings to Emerson$2.3BFY2025 · +16.5% vs FY2024
Operating cash flow$3.1BFY2025 · −7.0% vs FY2024
Cash & equivalents$2.2Bat Jun 30, 2026 · +41.2% vs FY2025 end
Total debt$13.1Bat Jun 30, 2026 · −0.0% vs FY2025 end
Diluted shares567MFY2025 avg · −1.3% vs FY2024
Net sales and net earnings to Emerson, three fiscal yearsBy fiscal year, $bn
Net salesNet earnings to Emerson
Net sales and net earnings to Emerson by fiscal yearNet sales FY2023: $15.2B15.2Net earnings to Emerson FY2023: $13.2B13.2FY2023Net sales FY2024: $17.5B17.5Net earnings to Emerson FY2024: $2.0B2.0FY2024Net sales FY2025: $18.0B18.0Net earnings to Emerson FY2025: $2.3B2.3FY2025

Source: 10-K FY2025, filed Nov 10, 2025

Quarterly net sales: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net sales, fiscal 2026 vs 2025FY2025 Q1: $4.2B4.2FY2026 Q1: $4.3B4.3Q1FY2025 Q2: $4.4B4.4FY2026 Q2: $4.6B4.6Q2FY2025 Q3: $4.6B4.6FY2026 Q3: $4.9B4.9Q3

Source: 10-Q filed Feb 3, 2026 · 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026

How it makes money

FY2025 total by categoryIntelligent Devices: $12.4B (69%)Software and Control: $5.7B (31%)$18.1BFY2025 total

By business group (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Intelligent Devices$12.4B69%+2.0%
  • Software and Control$5.7B31%+5.4%

Source: 10-K FY2025, XBRL breakdown

Intelligent Devices was 69% of FY2025 segment sales and Software and Control 31%. Operating cash flow was $3.1B.

By business group (before eliminations): three-year mixShare of the total each fiscal year
Intelligent DevicesSoftware and Control

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Net sales
$4.9B Q3 FY2026
$4.6B Q3 FY2025
7.0% increase
Net income
$718M Q3 FY2026
$586M Q3 FY2025
22.5% increase

Source: Emerson 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

By group

Intelligent Devices
$2.7B Q3 FY2026
$2.5B Q3 FY2025
5.6% increase

Source: Emerson 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026

  • Cash & equivalents $2.2B at Jun 30, 2026, vs $1.5B at FY2025 end.
  • Total debt $13.1B at Jun 30, 2026, vs $13.1B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $2.9B vs $2.1B a year earlier.

The bull case and the bear case

The bull case

  • Net sales rose 3.0% in FY2025 to $18.0B, and net earnings rose 16.5% to $2.3B. 10-K, FY2025
  • Software and Control sales grew 5.4% in FY2025. 10-K, FY2025
  • Net sales in the quarter ended Jun 30, 2026 was $4.9B, up 7.0% on a year earlier, and net income rose 22.5% to $718M. 10-Q, quarter ended Jun 30, 2026

The bear case

  • Total debt rose 70.6% in FY2025 to $13.1B, mainly to buy the rest of AspenTech, as the 10-K explains. 10-K, FY2025
  • Cash and equivalents fell 57.0% in FY2025 to $1.5B. 10-K, FY2025
  • FY2023 net earnings of $13.2B included a large gain on selling a majority stake in its Copeland climate business, so they aren't comparable with later years. 10-K, FY2025
  • The 10-K lists economic cycles, acquisitions, international operations, supply chains and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Emerson makes automation equipment and software for factories, energy plants and other industrial sites, including valves, measurement instruments and control systems.

Intelligent Devices sells valves, actuators, measurement instruments and other equipment used to run industrial processes. Software and Control sells control systems and industrial software, including AspenTech and test and measurement products.

Its fiscal year ends September 30.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Emerson's latest 10-K. Read the original for the full list.

  1. EconomyCustomers in energy, chemicals and manufacturing cut spending in downturns.
  2. AcquisitionsIntegrating large purchases may cost more or deliver less than planned.
  3. InternationalMuch of its business is outside the US, bringing currency and trade risks.
  4. Supply chainShortages of parts can delay orders.
  5. DebtBorrowing for acquisitions raises interest costs.
  6. CybersecurityIts control systems run critical industrial sites.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net sales$15.2B$17.5B$18.0B
Net earnings to Emerson$13.2B$2.0B$2.3B
Operating cash flow$637M$3.3B$3.1B
Cash & equivalents (year end)$8.1B$3.6B$1.5B
Total debt (year end)$8.2B$7.7B$13.1B
Diluted shares577M574M567M
  • Net sales: Sales of automation equipment such as valves, measurement instruments and control systems, plus industrial software.
  • Net earnings to Emerson: Net earnings common stockholders, after the share belonging to minority owners, including discontinued operations.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in recent filings.
  • Total debt: Short-term borrowings and current maturities plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of the two segments' sales before eliminations, so they add up to slightly more than reported net sales.
  • The 10-K's Item 1 and Item 1A have no separate anchors, so both links open Part I of the filing.

Recent filings

FormFiledPeriod
10-QAug 4, 2026Jun 30, 2026
10-QMay 5, 2026Mar 31, 2026
10-QFeb 3, 2026Dec 31, 2025
DEF 14ADec 12, 2025Sep 30, 2025
10-KNov 10, 2025Sep 30, 2025

Latest filings

  1. Oct 136:57 AM ET

    8-K

    Emerson files an 8-K on quarterly results

    Emerson filed a Form 8-K on Oct 13, 2026 at 6:57 AM ET under Item 2.02 (Results of Operations and Financial Condition).

All Emerson filings notes →

Common questions about Emerson

How does Emerson make money?

Emerson's net sales were $18.0B in fiscal 2025. Intelligent Devices was 69% of FY2025 segment sales and Software and Control 31%. Operating cash flow was $3.1B. Source: 10-K for fiscal 2025, filed Nov 10, 2025.

What was Emerson's revenue in fiscal 2025?

$18.0B of net sales for the fiscal year ended Sep 30, 2025, up 3.0% from $17.5B in fiscal 2024. Fiscal 2023 was $15.2B. Source: 10-K for fiscal 2025, filed Nov 10, 2025.

Is Emerson profitable?

Emerson reported net earnings to Emerson of $2.3B for fiscal 2025, up 16.5% from $2.0B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $718M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 10, 2025.

What did Emerson report in its latest quarterly filing?

Net sales were $4.9B in the quarter ended Jun 30, 2026, up 7.0% from $4.6B a year earlier. Net income was $718M, up 22.5% from $586M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.

How much cash and debt does Emerson have?

Emerson had $2.2B in cash and cash equivalents and $13.1B of total debt on Jun 30, 2026. Total debt here is short-term borrowings and current maturities plus long-term debt, at carrying value. Source: 10-Q filed Aug 4, 2026.

What are the main risks Emerson lists?

Emerson's 10-K for fiscal 2025, filed Nov 10, 2025, lists its risk factors in Item 1A. We group them into 6 areas: Economy; acquisitions; international; supply chain; debt; cybersecurity. The first: Customers in energy, chemicals and manufacturing cut spending in downturns. Source: 10-K, Item 1A Risk Factors.

Where do these Emerson numbers come from?

From Emerson's own SEC filings: the 10-K for fiscal 2025 (filed Nov 10, 2025) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in EMR
The editor holds no position in Emerson (EMR). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell EMR from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold EMR, and it doesn't consider your situation.

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EmersonEMRFY2025$18.0B+3.0%$2.3B
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Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.