Form 10-Q · Quarterly report
Otis Worldwide 10-Q, filed Oct 29, 2026
- Filed
- CIK
- 0001781335
- Accession no.
- 0001781335-26-000127
Summary
Otis Worldwide reported third-quarter 2026 net sales of $3.91 billion, up 6% from a year earlier, while gross margin narrowed to 29.5% from 30.7%, and said its UpLift operating-model restructuring had produced roughly $200 million in run-rate savings against about $300 million in transformation costs. The elevator and escalator maker also estimated $55 million remaining payable to former parent RTX under their Tax Matters Agreement stemming from a German tax litigation it won in 2024.
Key points
- Net sales for the nine months ended September 30, 2026 were $11.34 billion, up 7% year over year.
- Third-quarter organic volume rose 6%, driven by 7% growth in Service and 3% in New Equipment; for the nine months, Service grew 7% while New Equipment fell 1%.
- Otis recorded $5 million of indemnification expense in the first nine months of 2026 related to the German tax litigation, with no such expense in the third quarter.
- Otis said it does not expect ongoing Middle East conflicts to materially affect its business and has no operations in Russia, Iran, or material sales in Israel, Gaza, or Lebanon.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management's Discussion BUSINESS OVERVIEW Business Summary We are the world’s leading elevator and escalator manufacturing, installation, service and modernization company. Our Company is organized into two segments, New Equipment and Service. Through our New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings and infrastructure projects. Our New Equipment customers include real-estate and building developers and general contractors who develop and/or design buildings for residential, commercial, retail or mixed-use activity. …
An excerpt of the text as filed with the SEC, cut for length.
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