Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2863.6%
Neutral1636.4%
Bearish00.0%
Johnson Controls International plc · JCI · FY2026 Q2 · Calendar Q2 2026
Johnson Controls Posts 45% EPS Growth as Data-Center Orders Drive Record Backlog
Johnson Controls extended its strong run in Q2 FY2026, with adjusted EPS up 45% and EBIT margin expansion of 310 basis points to 15.5%, driven by 30% YoY order growth and a record $20 billion backlog. Data-center cooling demand remains the dominant growth engine, complemented by applied HVAC strength in biologics, semiconductors, and battery manufacturing. The company raised full-year guidance for the second consecutive quarter, advanced its proprietary business system to 1,400 employees, and acquired Alloy Enterprises to deepen thermal-management capabilities. The stock initially declined on the report despite the beat, though shares recovered in subsequent sessions.
Reported Before market openNYSEBasic Materials
$85.59B market cap
100quality score
Company context
Snapshot as of publicationJohnson Controls International plc, together with its subsidiaries, engages in engineering, manufacturing, commissioning, and retrofitting building products and systems in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company designs, manufactures, sells, installs, and services heating, ventilating, air conditioning, controls, building management, refrigeration, integrated electronic security, integrated fire detection and suppression systems, and digital solutions. It also provides energy solutions and technical services, including inspection, scheduled maintenance, and repair and replacement of mechanical and control systems, as well as data-driven building solutions. It sells its products and services to commercial, residential security, institutional, industrial, data center, marine, and governmental customers. Johnson Controls International plc was incorporated in 1885 and is based in Cork, Ireland.
Earnings scorecard
Reported versus consensus
Reported EPS
$1.19
Consensus $1
EPS surprise
+6.2%
Reported versus consensus
Reported revenue
$6.14B
Consensus $6.08B
Revenue surprise
+1.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$140.28Previous close
$65Low
$107.51Average
$180High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 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 | Overweight | Overweight | Maintain | Jun 9, 2026 |
| UBS | Buy | Buy | Maintain | Jun 2, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jun 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 7, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 7, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 7, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 6, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 7, 2025 |
| Argus Research | Buy | Buy | Maintain | Nov 7, 2025 |
| Jefferies | Hold | Buy | Downgrade | Jul 24, 2025 |
| Baird | Neutral | Neutral | Maintain | Jul 17, 2025 |
| Oppenheimer | Perform | Outperform | Downgrade | Jun 20, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | May 12, 2025 |
| Melius Research | Hold | Buy | Downgrade | Jan 28, 2025 |
| B of A Securities | Buy | Buy | Maintain | Sep 27, 2024 |
| HSBC | Hold | Buy | Downgrade | Jan 31, 2024 |
| Vertical Research | Hold | Buy | Downgrade | Dec 13, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 4, 2022 |
| OTR Global | Positive | Mixed | Upgrade | Apr 27, 2021 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Dec 9, 2020 |
| CFRA | Buy | Buy | Maintain | May 1, 2020 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 9, 2020 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Feb 19, 2019 |
| Argus | Buy | Hold | Upgrade | Aug 21, 2018 |
| Susquehanna | Neutral | Positive | Downgrade | Nov 15, 2017 |
| Vertical Group | Hold | Buy | Downgrade | Nov 10, 2017 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 23, 2017 |
| Bernstein | Outperform | Outperform | Maintain | Sep 16, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Sep 8, 2016 |
| William Blair | Market Perform | Outperform | Downgrade | Dec 2, 2015 |
| Nomura | Buy | Buy | Maintain | Oct 2, 2015 |
| Ascendiant Capital | Buy | Buy | Maintain | Dec 23, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Feb 19, 2014 |
| Lazard | Buy | Neutral | Upgrade | May 13, 2013 |
| Credit Agricole | Buy | Outperform | Maintain | Mar 14, 2013 |
| Stifel Nicolaus | Buy | Buy | Maintain | Nov 1, 2012 |
| Stifel | Buy | Buy | Maintain | Nov 1, 2012 |
| Needham | Hold | Buy | Downgrade | Nov 1, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | Jul 24, 2012 |
| Bank of America | Buy | Buy | Maintain | Jul 19, 2012 |
| Wunderlich Securities | Buy | Buy | Maintain | Jul 6, 2012 |
| Wunderlich | Buy | Buy | Maintain | Jul 6, 2012 |
| Guggenheim | Buy | Buy | Maintain | Mar 7, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $140.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $176 | $147.75 | +25.5% | Jun 9, 2026 |
| Morgan Stanley | Chris Snyder | $175 | $144.05 | +24.8% | Jun 9, 2026 |
| Wolfe Research | Analyst unavailable | $171 | $141.99 | +21.9% | Jun 3, 2026 |
| UBS | Amit Mehrotra | $180 | $141.26 | +28.3% | Jun 2, 2026 |
| RBC Capital | Analyst unavailable | $154 | $139.12 | +9.8% | May 7, 2026 |
| Barclays | Julian Mitchell | $144 | $143.14 | +2.7% | May 7, 2026 |
| Morgan Stanley | Christopher Snyder | $140 | $134.99 | -0.2% | Mar 11, 2026 |
| RBC Capital | Deane Dray | $140 | $131.97 | -0.2% | Feb 5, 2026 |
| Mizuho Securities | Analyst unavailable | $130 | $131.39 | -7.3% | Feb 5, 2026 |
| Goldman Sachs | Analyst unavailable | $154 | $129.49 | +9.8% | Feb 5, 2026 |
| Robert W. Baird | Analyst unavailable | $132 | $129.49 | -5.9% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $136 | $129.49 | -3.1% | Feb 5, 2026 |
| Morgan Stanley | Analyst unavailable | $130 | $111.51 | -7.3% | Jan 13, 2026 |
| Melius Research | Scott Davis | $148 | $113.95 | +5.5% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $125 | $113.95 | -10.9% | Jan 7, 2026 |
| Goldman Sachs | Analyst unavailable | $142 | $122.25 | +1.2% | Nov 6, 2025 |
| UBS | Amit Mehrotra | $124 | $123 | -11.6% | Nov 6, 2025 |
| Barclays | Julian Mitchell | $90 | $95.28 | -35.8% | May 14, 2025 |
| Wells Fargo | Joe O’Dea | $100 | $91.68 | -28.7% | May 8, 2025 |
| Barclays | Analyst unavailable | $85 | $80.07 | -39.4% | Mar 10, 2025 |
| Wells Fargo | Joesph O'Dea | $92 | $79.17 | -34.4% | Jan 7, 2025 |
| Argus Research | John Eade | $88 | $79.25 | -37.3% | Dec 20, 2024 |
| Bank of America Securities | Andrew Obin | $80 | $68.6 | -43.0% | Sep 10, 2024 |
| Morgan Stanley | Chris Snyder | $85 | $69.38 | -39.4% | Sep 6, 2024 |
| RBC Capital | Sector Perform | $69 | $67.82 | -50.8% | Aug 14, 2024 |
| RBC Capital | Deane Dray | $61 | $71.03 | -56.5% | Aug 1, 2024 |
| Barclays | Julian Mitchell | $62 | $68.19 | -55.8% | Jun 21, 2024 |
| Barclays | Julian Mitchell | $61 | $65.13 | -56.5% | Apr 2, 2024 |
| RBC Capital | Deane Dray | $67 | $56.08 | -52.2% | Dec 11, 2023 |
| Morgan Stanley | Joshua Pokrzywinski | $73 | $58.51 | -48.0% | May 5, 2023 |
| Oppenheimer | Analyst unavailable | $72 | $66.36 | -48.7% | Feb 2, 2023 |
| Wells Fargo | Analyst unavailable | $72 | $65.02 | -48.7% | Jan 5, 2023 |
| Barclays | Analyst unavailable | $75 | $65.65 | -46.5% | Jan 5, 2023 |
| Citigroup | Analyst unavailable | $68 | $65.77 | -51.5% | Dec 9, 2022 |
| Deutsche Bank | Analyst unavailable | $74 | $66.98 | -47.2% | Dec 5, 2022 |
| J.P. Morgan | Analyst unavailable | $70 | $67.63 | -50.1% | Dec 2, 2022 |
| Morgan Stanley | Analyst unavailable | $62 | $54.89 | -55.8% | Sep 1, 2022 |
| Morgan Stanley | Analyst unavailable | $61 | $55.53 | -56.5% | Aug 8, 2022 |
| Oppenheimer | Analyst unavailable | $63 | $55.1 | -55.1% | Aug 8, 2022 |
| Jefferies | Stephen Volkmann | $65 | $50.34 | -53.7% | Jul 26, 2022 |
| Mizuho Securities | Analyst unavailable | $65 | $47.03 | -53.7% | Jul 18, 2022 |
| Barclays | Analyst unavailable | $60 | $47.67 | -57.2% | Jul 8, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $47.82 | -61.5% | Jul 7, 2022 |
| Wells Fargo | Analyst unavailable | $60 | $48.44 | -57.2% | Jun 29, 2022 |
| Goldman Sachs | Analyst unavailable | $62 | $47.44 | -55.8% | Jun 23, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $59 | $55 | -57.9% | Jun 7, 2022 |
| Barclays | Analyst unavailable | $65 | $50.89 | -53.7% | May 24, 2022 |
| RBC Capital | Analyst unavailable | $61 | $54.59 | -56.5% | May 5, 2022 |
| Credit Suisse | John Walsh | $73 | $54.83 | -48.0% | May 5, 2022 |
| Morgan Stanley | Analyst unavailable | $71 | $54.84 | -49.4% | May 5, 2022 |
| Barclays | Julian Mitchell | $80 | $66.2 | -43.0% | Apr 5, 2022 |
| Deutsche Bank | Nicole DeBlase | $80 | $68.88 | -43.0% | Feb 3, 2022 |
| Jefferies | Stephen Volkmann | $90 | $73.39 | -35.8% | Jan 24, 2022 |
| Cowen & Co. | Gautam Khanna | $86 | $80.87 | -38.7% | Dec 31, 2021 |
| UBS | Markus Mittermaier | $92 | $77.03 | -34.4% | Dec 14, 2021 |
| Citigroup | Andrew Kaplowitz | $81 | $73.75 | -42.3% | Nov 8, 2021 |
| Oppenheimer | Noah Kaye | $86 | $74.62 | -38.7% | Sep 9, 2021 |
| HSBC | Puneet Garg | $66 | $70.41 | -53.0% | Aug 4, 2021 |
| Wolfe Research | Nigel Coe | $83 | $69.75 | -40.8% | Jul 12, 2021 |
| Goldman Sachs | Joe Ritchie | $83 | $67.72 | -40.8% | Jun 30, 2021 |
| Argus Research | John Eade | $72 | $63.75 | -48.7% | May 6, 2021 |
Track every rating change on JCI the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-1.2%
Event window
SPY move
+1.4%
Same window
Abnormal move
-2.6%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+3.0%
Up to 20 sessions
JCISPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Order growth moderated from ~40% in Q1 to 30% in Q2 but remained robust, while backlog grew from $18 billion to a record $20 billion. Margin expansion accelerated from 190 to 310 basis points. The company added the Alloy Enterprises acquisition for thermal-management technology, released a second AI-factory reference design guide, and shifted capex outlook to increasing. New risks emerged around Section 232 tariffs and Middle East geopolitical conflict.
Guidance delta
Full-year guidance was raised for the second straight quarter, following the Q1 increase to approximately $4.70 in adjusted EPS. Management cited stronger margins and continued order momentum as drivers. Capex outlook moved to increasing as the company invests in capacity to support data-center demand over the next 12-18 months.
Key takeaways
- Orders grew 30% YoY with data-center demand driving a record $20 billion backlog
- Adjusted EBIT margin expanded 310 basis points to 15.5% and adjusted EPS rose 45%
- Full-year guidance raised for the second consecutive quarter
- Business system rollout now engages 1,400 employees, supporting productivity gains
- Service segment showed security softness with pricing-volume imbalance, though overall service margin improved
- Capacity investments position the company to meet demand for the next 12-18 months
Management priorities
- Roll out AI factory design guides for water-cooled and air-cooled chiller architectures
- Integrate Alloy's thermal-management technology into CDUs, chillers, and cold plates
- Host investor events at lighthouse sites to showcase business system implementation
- Expand capacity to support data-center order volume for the next 12-18 months
- Deploy the business system across commercial, service, manufacturing, and innovation functions
Related earnings events
Basic MaterialsSources
- 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 · 2026-07-29T06:11:43.829004+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T06:11:43.826257+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 . For educational purposes only; not investment advice.