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OTIS FY2026 Q1 SOFTENING

Otis Worldwide Corporation 실적 발표

Apr 22, 2026 · 04:30 ET Christina MendezJudy MarksRob Cortero
Buzzberg 분석

Service margin to expand in Q4, return to growth

Otis reported a solid Q1 with 1% organic sales growth, strong modernization orders (up 11%) and a record backlog near $20B. Service margins contracted 160bps to 23% due to investment costs, negative portfolio mix, and Middle East disruptions. Management narrowed FY2026 EPS guidance to $4.20-$4.24 (lowered high end) and expects service margin expansion in H2. New equipment orders ex-China grew 5% and North America was robust (orders up >20%). Service organic sales grew 5% but operating margin fell 160bps to 23% from investments, mix, and inflation; management expects sequential improvement and Q4 year-over-year margin expansion.

Buzzberg 분석 Service margin to expand in Q4, return to growth Otis reported a solid Q1 with 1% organic sales growth, strong modernization orders (up 11%) and a record backlog near $20B. Service margins contracted 160bps to 23% due to investment costs, negative portfolio mix, and Middle East disruptions. Management narrowed FY2026 EPS guidance to $4.20-$4.24 (lowered high end) and expects service margin expansion in H2. New equipment orders ex-China grew 5% and North America was robust (orders up >20%). Service organic sales grew 5% but operating margin fell 160bps to 23% from investments, mix, and inflation; management expects sequential improvement and Q4 year-over-year margin expansion. 전체 분석 보기분석 접기

Otis reported a solid Q1 with 1% organic sales growth, strong modernization orders (up 11%) and a record backlog near $20B. Service margins contracted 160bps to 23% due to investment costs, negative portfolio mix, and Middle East disruptions. Management narrowed FY2026 EPS guidance to $4.20-$4.24 (lowered high end) and expects service margin expansion in H2. New equipment orders ex-China grew 5% and North America was robust (orders up >20%). Service organic sales grew 5% but operating margin fell 160bps to 23% from investments, mix, and inflation; management expects sequential improvement and Q4 year-over-year margin expansion.

  • Modernization orders +11% (backlog +30%) and repair +10%; strong demand from aging install base.
  • New equipment orders +1% overall, but +5% ex-China; Americas orders +>20% for 7th straight quarter.
  • China new equipment orders down low teens; service revenue in China exceeded new equipment for first time since spin.
Revenue $3.566B -6% QoQ
EPS $0.89 -14% QoQ
Gross margin 30.34% reported
Op margin 15.11% reported

이번 분기에 달라진 점

01
Margins

Service margin to expand in Q4, return to growth

Reported gross margin was 30.34%, reinforcing the quarter's better-than-guided profitability.

02
Demand

Modernization backlog up 30%, orders up 11%

Management acknowledges near-term service margin pressure and headwinds from Middle East conflict, but expresses confidence in sequential improvement and returns to margin expansion by Q4, backed by strong orders and backlog.

03
Demand

Repair organic sales growth expected ~10%

Modernization backlog up 30%, orders up 11%. Management acknowledges near-term service margin pressure and headwinds from Middle East conflict, but expresses confidence in sequential improvement and returns to margin expansion by Q4, backed by strong orders and backlog.

04
Demand

New equipment orders strong in Americas, up 20%

Modernization backlog up 30%, orders up 11%. Management acknowledges near-term service margin pressure and headwinds from Middle East conflict, but expresses confidence in sequential improvement and returns to margin expansion by Q4, backed by strong orders and backlog.

AI, 자본지출 및 수요 분석

AI

플랫폼 및 수익화

Management highlighted the launch of Otis One IoT platform and a majority investment in WeMaintain, a digital and AI-enabled elevator service provider, to drive service growth and leverage data/AI for predictive maintenance and pricing. These investments are expected to contribute incremental growth and enhance competitive positioning.

수요

수주 및 전환

Modernization backlog up 30%, orders up 11%. Management acknowledges near-term service margin pressure and headwinds from Middle East conflict, but expresses confidence in sequential improvement and returns to margin expansion by Q4, backed by strong orders and backlog.

자본지출

투자 및 생산능력

Management did not provide specific capex guidance, but mentioned investing in field colleagues, sales capabilities, and tools (including AI pricing algorithm) to support service growth, with $50 million of incremental investments in 2026. They also launched new products like Otis Robust for data centers and Otis Viva for aging populations.

톤 · Cautiously Confident

Management acknowledges near-term service margin pressure and headwinds from Middle East conflict, but expresses confidence in sequential improvement and returns to margin expansion by Q4, backed by strong orders and backlog.

향후 가이던스

SofteningGuidance · revenue to $15.2B · was IN LINE last Q
지표기간범위중간값상태
EPSFY2026$4.20–$4.24$4.22LOWERED
Free cash flowFY2026$1.6B–$1.65B$1.625BGUIDED
RevenueFY2026$15.1B–$15.3B$15.2BGUIDED

가이던스 신뢰도

1 / 1달성 또는 상회
제시 시점지표목표 기간가이던스실제결과
FY2025 Q3EPSFY2025$4.04–$4.08$4.05Met / beat