Analyst Consensus ?
ConsensusHold42 ratings
Bullish2252.4%
Neutral1740.5%
Bearish37.1%
Emerson Electric Co. · EMR · FY2026 Q2 · Calendar Q2 2026
Emerson Edges Past EPS, Raises Guidance Amid $8.2B Backlog
Emerson's Q2 FY2026 results show a company executing well in its growth verticals — power, LNG, semiconductors, and aerospace — while navigating headwinds from Middle East conflict and soft Chinese chemical demand. The EPS beat was marginal ($1.54 vs $1.53 estimate) and revenue slightly missed ($4.56B vs $4.59B), but the decision to raise adjusted EPS guidance while modestly trimming the sales growth outlook signals margin discipline and favorable mix. The $8.2B backlog (+9% YoY) provides strong second-half visibility. Software ACV growth of 9% and early AI deployments — notably the Aramco optimization solution using Aspen Hybrid Models — point to a structural shift in the portfolio, though AI revenue contribution remains nascent. The stock's +6.9% post-earnings move on 2.1x normal volume suggests the market focused on the guidance raise and backlog strength rather than the slight…
Reported After market closeNYSEIndustrials
$85.03B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.54
Consensus $1.53
EPS surprise
+0.7%
Reported versus consensus
Reported revenue
$4.56B
Consensus $4.59B
Revenue surprise
-0.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+6.9%
Event window
SPY move
+1.4%
Same window
Abnormal move
+5.6%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-4.0%
Up to 20 sessions
EMRSPY benchmark
Ask FN2 about EMR FY2026 Q2
Transcript, numbers and history already loaded
Why did EMR rise 6.9% after beating EPS estimates in FY2026 Q2?What changed in EMR's guidance and outlook in FY2026 Q2?Give me the bull and bear case for EMR after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q2 FY2026 brought underlying sales growth of 5%, accelerating from 2% in Q1, with Test & Measurement (+12%) and Ovation power solutions (mid-teens) leading. Software and Systems orders rose 18% YoY, and annual contract value reached $1.64B (+9%). Backlog grew to $8.2B, up 9% year-over-year. Management raised the lower end of full-year adjusted EPS guidance from $6.40 to $6.45 (keeping the $6.55 ceiling) while trimming the sales growth outlook to approximately 3%, citing Middle East conflict disruption and China chemical demand weakness. A roughly $100M Middle East rebuild and restart opportunity was identified, expected to unfold over several quarters. The company deployed an AI-driven optimization solution for Aramco using Aspen Hybrid Models, marking an early but concrete AI revenue proof point. Apple SVP and General Counsel Jennifer Neustadt was appointed to Emerson's board.
Guidance delta
Full-year adjusted EPS guidance tightened from $6.40-$6.55 to $6.45-$6.55, lifting the floor by $0.05. Sales growth guidance was modestly lowered to approximately 3% due to Middle East conflict headwinds and China weakness. The $2.2B capital return target for fiscal 2026 was maintained. Guidance sentiment shifted from 'maintained' in Q1 to 'raised' in Q2.
Key takeaways
- EPS of $1.54 narrowly beat the $1.53 consensus; revenue of $4.56B slightly missed the $4.59B estimate.
- Underlying sales growth accelerated to 5% from 2% in Q1, led by Test & Measurement (+12%) and Ovation power (mid-teens).
- Full-year adjusted EPS guidance raised to $6.45-$6.55; sales growth outlook trimmed to ~3% citing Middle East conflict and China weakness.
- Backlog reached $8.2B (+9% YoY), providing strong second-half visibility.
- Software ACV grew 9% to $1.64B; AI revenue impact still early but Aramco deployment is a concrete proof point.
Management priorities
- Expand AI-driven optimization solutions (Aspen Hybrid Models) across the customer base.
- Showcase new innovations at upcoming AspenTech and NI user conferences.
- Continue capitalizing on power and LNG project pipeline across growth verticals.
- Maintain aggressive share repurchase and dividend program targeting $2.2B in fiscal 2026 capital returns.
- Leverage digital grid management and DeltaV control system enhancements for new project wins.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$161.7Previous close
$95Low
$139.84Average
$186High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Underweight | Underweight | Maintain | Oct 19, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 15, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 14, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 9, 2026 |
| TD Cowen | Hold | Hold | Maintain | Sep 25, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Aug 24, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Aug 14, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 5, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 7, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Feb 9, 2026 |
| Deutsche Bank | Hold | Buy | Downgrade | Feb 5, 2026 |
| Oppenheimer | Perform | Outperform | Downgrade | Jan 27, 2026 |
| UBS | Buy | Neutral | Upgrade | Jan 5, 2026 |
| Jefferies | Hold | Buy | Downgrade | Dec 10, 2025 |
| B of A Securities | Buy | Buy | Maintain | Jul 2, 2025 |
| Keybanc | Overweight | Overweight | Maintain | Jul 1, 2025 |
| Baird | Neutral | Neutral | Maintain | May 8, 2025 |
| Loop Capital | Buy | Buy | Maintain | Dec 2, 2024 |
| Berenberg | Buy | Buy | Maintain | Mar 6, 2024 |
| Vertical Research | Buy | Hold | Upgrade | Sep 15, 2023 |
| Argus Research | Buy | Hold | Upgrade | Aug 28, 2023 |
| HSBC | Buy | Hold | Upgrade | Jun 15, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 18, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 21, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 10, 2022 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jan 19, 2021 |
| Argus | Hold | Buy | Downgrade | Aug 13, 2019 |
| Bank of America | Buy | Buy | Maintain | Oct 4, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 3, 2018 |
| Stifel | Buy | Buy | Maintain | May 3, 2018 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Feb 1, 2018 |
| Buckingham Research | Underperform | Neutral | Downgrade | Aug 19, 2016 |
| CLSA | Underperform | Sell | Maintain | Aug 3, 2016 |
| Standpoint Research | Hold | Buy | Downgrade | Feb 29, 2016 |
| Societe Generale | Hold | Buy | Downgrade | Nov 5, 2015 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Feb 9, 2015 |
| Nomura | Buy | Buy | Maintain | Feb 3, 2015 |
| Canaccord Genuity | Hold | Hold | Maintain | Mar 27, 2013 |
| Ladenburg Thalmann | Hold | Buy | Downgrade | Feb 6, 2013 |
| Macquarie | Neutral | Outperform | Downgrade | Oct 1, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $161.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $180 | $161.08 | +11.3% | Oct 15, 2026 |
| Wells Fargo | Stephen Tusa | $177 | $156.08 | +9.5% | Sep 24, 2026 |
| Morgan Stanley | Analyst unavailable | $135 | $157.72 | -16.5% | Aug 28, 2026 |
| D.A. Davidson | Analyst unavailable | $155 | $157.17 | -4.1% | Aug 24, 2026 |
| Bernstein | Varun Govindaraj | $186 | $164.05 | +15.0% | Aug 14, 2026 |
| BMO Capital | Analyst unavailable | $175 | $156.91 | +8.2% | Aug 7, 2026 |
| Robert W. Baird | Analyst unavailable | $171 | $158.88 | +5.8% | Aug 5, 2026 |
| RBC Capital | Analyst unavailable | $179 | $158.88 | +10.7% | Aug 5, 2026 |
| Bernstein | Analyst unavailable | $169 | $139.56 | +4.5% | Jul 20, 2026 |
| KeyBanc | Ken Newman | $170 | $138.88 | +5.1% | Jul 13, 2026 |
| Wolfe Research | Analyst unavailable | $167 | $138.9 | +3.3% | Jul 9, 2026 |
| D.A. Davidson | Chris Dankert | $145 | $146.52 | -10.3% | Jun 15, 2026 |
| Bernstein | Varun Govindaraj | $175 | $142.42 | +8.2% | Jun 9, 2026 |
| RBC Capital | Analyst unavailable | $169 | $145.68 | +4.5% | May 6, 2026 |
| Barclays | Analyst unavailable | $144 | $138.4 | -10.9% | May 6, 2026 |
| BMO Capital | Daniel DiCicco | $150 | $126.31 | -7.2% | Mar 26, 2026 |
| Stephens | Analyst unavailable | $155 | $157.38 | -4.1% | Feb 9, 2026 |
| Evercore ISI | Analyst unavailable | $185 | $153.02 | +14.4% | Feb 5, 2026 |
| KeyBanc | Analyst unavailable | $185 | $157.32 | +14.4% | Feb 5, 2026 |
| Deutsche Bank | Nicole Deblase | $170 | $157.32 | +5.1% | Feb 4, 2026 |
| RBC Capital | Deane Dray | $176 | $155.84 | +8.8% | Feb 4, 2026 |
| Mizuho Securities | Brett Linzey | $173 | $152.1 | +7.0% | Feb 4, 2026 |
| Robert W. Baird | Analyst unavailable | $168 | $157.54 | +3.9% | Feb 4, 2026 |
| Wells Fargo | Joseph O'Dea | $160 | $152.1 | -1.1% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $125 | $144.25 | -22.7% | Jan 9, 2026 |
| Barclays | Analyst unavailable | $145 | $145.62 | -10.3% | Jan 7, 2026 |
| Wells Fargo | Joseph O'Dea | $145 | $145.62 | -10.3% | Jan 7, 2026 |
| UBS | Analyst unavailable | $168 | $135.82 | +3.9% | Jan 4, 2026 |
| Evercore ISI | Analyst unavailable | $170 | $136.64 | +5.1% | Dec 15, 2025 |
| Jefferies | Saree Boroditsky | $145 | $135.28 | -10.3% | Dec 10, 2025 |
| Wells Fargo | Joseph O'Dea | $135 | $116.15 | -16.5% | May 21, 2025 |
| Barclays | Analyst unavailable | $110 | $118.57 | -32.0% | Mar 10, 2025 |
| Wells Fargo | Joseph O'Dea | $140 | $120.68 | -13.4% | Jan 7, 2025 |
| Loop Capital Markets | Chris Dankert | $155 | $132.03 | -4.1% | Dec 2, 2024 |
| Oppenheimer | Christopher Glynn | $150 | $126.86 | -7.2% | Nov 6, 2024 |
| KeyBanc | Ken Newman | $140 | $117.27 | -13.4% | Nov 6, 2024 |
| Robert W. Baird | Michael Halloran | $125 | $117.27 | -22.7% | Nov 6, 2024 |
| Mizuho Securities | Brett Linzey | $140 | $117.27 | -13.4% | Nov 6, 2024 |
| Deutsche Bank | Nicole DeBlase | $140 | $117.67 | -13.4% | Nov 5, 2024 |
| KeyBanc | Ken Newman | $125 | $117.27 | -22.7% | Nov 5, 2024 |
| Morgan Stanley | Christopher Snyder | $105 | $99.97 | -35.1% | Sep 6, 2024 |
| Mizuho Securities | Brett Linzey | $130 | $99.54 | -19.6% | Aug 8, 2024 |
| RBC Capital | Deane Dray | $139 | $99.54 | -14.0% | Aug 8, 2024 |
| Argus Research | John Eade | $130 | $114.82 | -19.6% | May 14, 2024 |
| Loop Capital Markets | Chris Dankert | $135 | $115.88 | -16.5% | May 10, 2024 |
| Wells Fargo | Joseph O'Dea | $133 | $112.65 | -17.7% | May 9, 2024 |
| Mizuho Securities | Brett Linzey | $135 | $112.65 | -16.5% | May 9, 2024 |
| RBC Capital | Deane Dray | $140 | $112.65 | -13.4% | May 9, 2024 |
| Robert W. Baird | Michael Halloran | $116 | $112.65 | -28.3% | May 9, 2024 |
| Deutsche Bank | Nicole DeBlase | $138 | $112.65 | -14.7% | May 8, 2024 |
| Barclays | Julian Mitchell | $105 | $113.54 | -35.1% | Apr 2, 2024 |
| Mizuho Securities | Brett Linzey | $118 | $94.68 | -27.0% | Jan 4, 2024 |
| Morgan Stanley | Analyst unavailable | $93 | $89.86 | -42.5% | Feb 7, 2023 |
| UBS | Analyst unavailable | $100 | $96.11 | -38.2% | Jan 4, 2023 |
| Citigroup | Analyst unavailable | $109 | $94.19 | -32.6% | Dec 9, 2022 |
| Wells Fargo | Analyst unavailable | $95 | $93.75 | -41.2% | Nov 30, 2022 |
| RBC Capital | Analyst unavailable | $110 | $93.62 | -32.0% | Nov 30, 2022 |
| Oppenheimer | Analyst unavailable | $115 | $95.98 | -28.9% | Nov 16, 2022 |
| Argus Research | Analyst unavailable | $98 | $89.95 | -39.4% | Aug 16, 2022 |
| RBC Capital | Deane Dray | $102 | $87.5 | -36.9% | Aug 10, 2022 |
| Deutsche Bank | Analyst unavailable | $99 | $87.46 | -38.8% | Aug 10, 2022 |
| Credit Suisse | Analyst unavailable | $106 | $88.06 | -34.4% | Aug 10, 2022 |
| Morgan Stanley | Analyst unavailable | $97 | $87.92 | -40.0% | Aug 10, 2022 |
| Mizuho Securities | Analyst unavailable | $86 | $87.92 | -46.8% | Aug 10, 2022 |
| Mizuho Securities | Analyst unavailable | $85 | $79.94 | -47.4% | Jul 18, 2022 |
| Deutsche Bank | Analyst unavailable | $97 | $78.71 | -40.0% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $89 | $79.05 | -45.0% | Jul 13, 2022 |
| Barclays | Analyst unavailable | $80 | $80.87 | -50.5% | Jul 8, 2022 |
| Wells Fargo | Analyst unavailable | $87 | $81.52 | -46.2% | Jun 29, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $95 | $90.25 | -41.2% | Jun 7, 2022 |
| Barclays | Julian Mitchell | $87 | $88.4 | -46.2% | May 31, 2022 |
| Wells Fargo | Analyst unavailable | $96 | $88.01 | -40.6% | May 9, 2022 |
| Wells Fargo | Joseph O’Dea | $100 | $90.38 | -38.2% | May 2, 2022 |
| Wolfe Research | Nigel Coe | $115 | $98.42 | -28.9% | Apr 3, 2022 |
| Oppenheimer | Christopher Glynn | $110 | $93.76 | -32.0% | Mar 16, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $108 | $96.59 | -33.2% | Feb 3, 2022 |
| Bernstein | Brendan Luecke | $100 | $94.8 | -38.2% | Jan 10, 2022 |
| Barclays | Julian Mitchell | $99 | $95.33 | -38.8% | Jan 4, 2022 |
| UBS | Markus Mittermaier | $116 | $94.08 | -28.3% | Nov 18, 2021 |
| Loop Capital Markets | Chris Dankert | $124 | $93.82 | -23.3% | Nov 17, 2021 |
| Berenberg Bank | Phil Buller | $100 | $96.32 | -38.2% | Oct 7, 2021 |
| Stephens | Tommy Moll | $120 | $96.32 | -25.8% | Oct 7, 2021 |
| Cowen & Co. | Gautam Khanna | $115 | $103.02 | -28.9% | Aug 12, 2021 |
| Bank of America Securities | Andrew Obin | $120 | $99.52 | -25.8% | Aug 5, 2021 |
| J.P. Morgan | Stephen Tusa | $100 | $93.24 | -38.2% | Jun 29, 2021 |
Track every rating change on EMR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEmerson Electric Co. is an international technology and engineering firm that delivers diverse solutions to industrial, commercial, and residential clients across the Americas, Asia, the Middle East, Africa, and Europe. The company's operations are divided into two main segments: Automation Solutions, and Commercial & Residential Solutions. Through its Automation Solutions division, Emerson provides a range of products including advanced measurement and analytical instruments, industrial valves, and sophisticated process control software and systems. This segment caters to a broad spectrum of industries such as oil and gas, refining, chemical processing, power generation, life sciences, food and beverage, automotive manufacturing, pulp and paper production, metals and mining, and municipal water utilities. The Commercial & Residential Solutions segment focuses on climate control and other essential home and business applications.…
Historical context
All EMR earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
Missed on EPS
- KOFFY2026 Q3 · October 26, 2026-9.0% EPS-1.9% move
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T07:51:29.131327+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T07:51:29.128603+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-29. For educational purposes only; not investment advice.