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EMR · Q3 2026
Archived report (Q3 2026). Latest deep dive →
The quarter in brief
A strong quarter with sales up 7% and net income up 22.5% driven by Software & Systems (Test & Measurement +23%) and 270bps of pretax margin expansion, though a one-time $82M IEEPA tariff refund and lighter restructuring-adjusted comparability flatter the GAAP growth.
Net Earnings
$718M
up 22.5% y/y
Revenue
$4,873M
up 7.0% y/y
Operating Earnings
$1,001M
up 18.6% y/y
Gross Profit
$2,655M
up 10.4% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Control Systems & Software | $1,199 · +7% |
| Test & Measurement | $445 · +23% |
| Sensors & Safety | $1,091 · +8% |
| Final Control | $1,586 · +4% |
| Safety & Productivity | $552 · +3% |
| Revenue | $4,873 · +7.0% |
| Cost of Sales | $2,218 · +2.7% |
| Gross Profit | $2,655 · +10.4% · 54.5% margin |
| SG&A | $1,343 · +6.1% |
| Other Deductions, net | $311 · +4.4% · incl. $204M amort.*, $87M restructuring |
| Operating Earnings | $1,001 · +18.6% · 20.5% margin |
| Interest Expense, net | $85 · -10.5% |
| Pretax Earnings | $916 · +24.8% · 18.8% margin |
| Income Taxes | $198 · +28.6% |
| Net Earnings | $718 · +22.5% · $1.28 diluted EPS |
Verdict: a strong quarter with sales up 7% and net income up 22.5% driven by Software & Systems (Test & Measurement +23%) and 270bps of pretax margin expansion, though a one-time $82M IEEPA tariff refund and lighter restructuring-adjusted comparability flatter the GAAP growth.
OCF $1,425M (+34%); FCF $1,323M (+36%); quarterly dividend $0.555/share declared; FY26 buybacks ~$1B and dividends ~$1.2B guided; FY26 net sales growth guided ~5%.
Source and notation
* marks non-cash / ≈ estimated. Source: Emerson Electric press release / 10-Q (SEC EDGAR).
Open as an image: EMR, Q3 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “EMR Q3 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/emr/q3-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/emr/q3-2026"><img src="https://whoreportstoday.com/t/emr/q3-2026/sankey.png" alt="EMR Q3 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/emr/q3-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/emr/q3-2026">EMR Q3 2026 earnings chart (Who Reports Today)</a>
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- GAAP pretax earnings included a one-time $82M IEEPA tariff refund embedded in Corporate and other, boosting margin by ~1.7pts.
- Adjusted EPS $1.71 vs GAAP $1.28; gap driven by $253M intangibles amortization, $99M restructuring/related costs, and $32M acquisition/divestiture costs.
- Test & Measurement swung from a $26M GAAP loss to $11M GAAP earnings, with sales up 23% y/y — the standout segment.
- Final Control absorbed $48M of restructuring/related costs in Q3'26 vs $8M prior year, compressing GAAP margin despite 4% sales growth.
- Software & Systems (Control Systems & Software + Test & Measurement) grew sales 11% and remains Emerson's highest-margin adjusted EBITA segment at 31.8%.
- Interest expense, net fell to $85M from $95M y/y, aiding pretax earnings alongside the tariff refund.
What distorts the picture in this report and what to watch beyond the headlines.
EMR — Emerson Electric designs and manufactures products for industrial, commercial, and consumer markets, focusing on automation and climate technologies.
The company is headquartered in St. Louis, Missouri.
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