Motorola Solutions

Motorola Solutions makes communication and security technology for public safety agencies and companies. Its three technologies are mission critical networks (land mobile radio systems and devices, and broadband products such as those of Silvus), video security and access control, and command center software for 911 centers and police. It reports two segments: Products and Systems Integration, and Software and Services.

In Q3 2026, sales were $3.38 billion: mission critical networks gave $2.51 billion, video $594 million and command center $271 million. Sales were $11.68 billion in 2025. The company is based in Chicago, and Greg Brown is its chairman and chief executive officer.

Motorola Solutions trades at a premium because investors pay for a large installed base of public safety radio networks, steady service revenue and a record backlog. Backlog reached a record $16.6 billion at the end of Q3 2026, up 14%. The non-GAAP operating margin rose to 32.5% in Q3 2026 from 30.5%, and the company raised its 2026 outlook three times, to revenue of about $13.05 billion and non-GAAP EPS of $17.94 to $17.99.

For the premium to be earned, three things must be true. Organic growth must stay strong after the purchases of Silvus in 2025 and D-Fend in 2026; acquisitions added $211 million of revenue in Q3 2026. The margin must hold while memory chip and other supply costs rise.

Debt of $10.1 billion must come down from free cash flow, which fell to $589 million in Q3 2026 from $733 million because of higher tax and interest payments. The premium can shrink if government budgets get smaller, if the acquired businesses grow more slowly, or if supply costs rise more. The Q4 2026 report, expected in February 2027 with the first 2027 outlook, is the next test.

1. Nov 4, 2026Passed

   Q3 2026 results and 2026 outlookDouble-digit sales growth, a higher non-GAAP margin and a kept or higher 2026 outlook pass; a lower outlook fails.Outcome: Sales rose 12%, the non-GAAP operating margin rose to 32.5%, backlog reached a record $16.6 billion and the company raised its 2026 outlook.
2. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2026 non-GAAP EPS of $17.94 or more, a backlog near its record and a 2027 outlook for growth in sales and EPS pass; a lower backlog or a weak outlook fail.
3. Jun 2027 · est.Pending

   Close of the Bell Canada network services purchaseA close in the first half of 2027, as the company expects, passes; a long delay or a block fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Motorola Solutions reported Q3 2026 results. Sales rose 12% to $3.38 billion, and acquisitions added $211 million. GAAP EPS fell to $3.06 from $3.33, mainly because of a higher charge for the Silvus earnout, and non-GAAP EPS rose 16% to $4.69. Backlog reached a record $16.6 billion. The company raised its 2026 outlook to revenue of about $13.05 billion and non-GAAP EPS of $17.94 to $17.99, and it raised its expected operating cash flow to $3.05 billion.
• September 9, 2026The Board added $2 billion to the share buyback program. About $0.6 billion of the old authority remained at the end of Q2 2026.
• August 20, 2026Motorola Solutions completed the purchase of D-Fend Solutions, a maker of counter-drone technology, for $1.3 billion net of cash. It paid mainly with $950 million of senior notes that it issued on August 17, 2026: $350 million of 4.85% notes due 2029 and $600 million of 5.65% notes due 2036.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Oct 3, 2026Filed November 4, 2026 · msi-20261003
• 8-KEarnings releaseFiled November 4, 2026 · msi-20261104
• 8-KOther company newsFiled September 9, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 17, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jul 4, 2026Filed August 5, 2026 · msi-20260704
• 8-KEarnings releaseFiled August 5, 2026 · msi-20260805
• 8-KShareholder vote resultsFiled May 20, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Apr 4, 2026Filed May 7, 2026 · msi-20260404
• 8-KEarnings releaseFiled May 7, 2026 · msi-20260507
• 8-KChange of directors or officersFiled March 12, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 68505)

• Most customers are governments. Budget cuts, late grants or a long government shutdown can delay orders and payments.
• Memory chip prices rose in 2026 because of demand from AI, and tariffs and export rules change often. Higher costs can lower margins on radios and video products.
• The company bought Silvus for $4.4 billion in 2025 and D-Fend for $1.3 billion in 2026. If these businesses grow more slowly, the purchases can earn low returns. The Silvus sellers can earn up to $600 million more in shares through July 2028, and the company recorded charges of $178 million for this earnout in the first nine months of 2026.
• Debt rose to $10.11 billion at October 3, 2026 from $9.16 billion at the end of 2025. Net interest expense rose to $315 million in the first nine months of 2026 from $192 million a year earlier.

Motorola Solutions funds itself mainly with senior notes. Total debt was $10.11 billion at October 3, 2026: $750 million of short-term borrowings and $9.36 billion of long-term debt. Read more

Dividend yield

0.9% (last 12 months, at today’s price of $527.97)

Paid per share

$4.84 in the last 12 months (4 payments)

Current annual rate

$4.84 ($1.21 × 4 a year)

Payout ratio

35% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 16, 2026, $1.21 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 11.3% a year. Over the last 10 years, the dividend grew by about 11.4% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.