Analyst Consensus ?
ConsensusBuy34 ratings
Bullish2470.6%
Neutral617.6%
Bearish411.8%
Motorola Solutions, Inc. · MSI · FY2026 Q1 · Calendar Q2 2026
MSI Q1 2026: Revenue and EPS Beat, Guidance Raised, Shares Fall 12%
Motorola Solutions reported Q1 FY2026 revenue of $2.71B (up 7% YoY) and non-GAAP EPS of $3.37, beating consensus on both lines. Software and Services growth led at 18%, and the backlog held at a record $15.7B, defying management's own expectation of a sequential decline. The company raised full-year revenue and EPS guidance, citing Silvus performance and broad public-safety demand. Three acquisitions (Exacom and Hyper closed; Bell Canada LMR pending) extend the recurring-revenue base by approximately $100M. Despite the beat-and-raise, the stock dropped 11.4% in the session following the report, with an abnormal return of -12.2% against a rising benchmark. The reaction is consistent with analyst concerns flagged on the call about memory component costs (expected to more than double in 2026) and tariff exposure under IEEPA and Section 122. Shares have since partially recovered 5.9%, and…
Reported After market closeNYSETechnology
$73.09B market cap
100quality score
Company context
Snapshot as of publicationMotorola Solutions, Inc. delivers essential communication and data analysis capabilities vital for critical operations across the United States, the United Kingdom, Canada, and other international markets. The company structures its extensive operations into two primary segments: Products and Systems Integration, and Software and Services. The Products and Systems Integration division offers a comprehensive suite of infrastructure, various devices, accessories, and video security solutions, alongside expert services for the deployment and seamless integration of systems, hardware, software, and specialized applications. This segment caters to governmental bodies, public safety agencies, and commercial enterprises that rely on private communication networks, advanced video security systems, and robust tools for managing mobile workforces.…
Earnings scorecard
Reported versus consensus
Reported EPS
$3.37
Consensus $3
EPS surprise
+4.0%
Reported versus consensus
Reported revenue
$2.71B
Consensus $2.70B
Revenue surprise
+0.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$437.58Current
$254Low
$430.2Average
$530High
Latest persisted target per named analyst; persisted current price 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 |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | May 11, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 8, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | May 8, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 12, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Dec 17, 2025 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 29, 2025 |
| UBS | Buy | Buy | Maintain | Aug 8, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 26, 2024 |
| Raymond James | Outperform | Outperform | Maintain | Nov 8, 2024 |
| B of A Securities | Buy | Buy | Maintain | Oct 23, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 3, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | May 5, 2023 |
| Edward Jones | Hold | Buy | Downgrade | Jan 23, 2023 |
| Loop Capital | Buy | Buy | Maintain | Apr 26, 2022 |
| Argus Research | Buy | Hold | Upgrade | Nov 11, 2021 |
| MKM Partners | Buy | Buy | Maintain | Nov 5, 2021 |
| Northcoast Research | Neutral | Buy | Downgrade | Oct 28, 2021 |
| Citigroup | Buy | Buy | Maintain | Aug 9, 2021 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 5, 2021 |
| William Blair | Outperform | Outperform | Maintain | Dec 10, 2020 |
| CFRA | Hold | Hold | Maintain | Feb 12, 2020 |
| Citi | Buy | Buy | Maintain | Aug 2, 2019 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 2, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| BTIG Research | Buy | Buy | Maintain | Mar 16, 2018 |
| Gabelli & Co. | Buy | Hold | Upgrade | Feb 6, 2017 |
| Bernstein | Outperform | Market Perform | Upgrade | Feb 23, 2016 |
| Macquarie | Underperform | Underperform | Maintain | Oct 22, 2015 |
| Wells Fargo | Underperform | Underperform | Maintain | Sep 11, 2015 |
| Goldman Sachs | Sell | Neutral | Downgrade | May 5, 2015 |
| Nomura | Neutral | Neutral | Maintain | Feb 19, 2015 |
| Mizuho | Underperform | Neutral | Downgrade | May 22, 2014 |
| Tigress Financial | Buy | Buy | Maintain | Apr 1, 2013 |
| Morgan Keegan | Outperform | Outperform | Maintain | Feb 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $437.58. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $525 | $391.76 | +20.0% | May 8, 2026 |
| Raymond James | Analyst unavailable | $530 | $390.44 | +21.1% | May 8, 2026 |
| Piper Sandler | Analyst unavailable | $499 | $465.69 | +14.0% | Feb 12, 2026 |
| Morgan Stanley | Analyst unavailable | $470 | $464.41 | +7.4% | Feb 12, 2026 |
| Barclays | Tim Long | $506 | $465.73 | +15.6% | Feb 12, 2026 |
| Piper Sandler | James Fish | $443 | $381.02 | +1.2% | Jan 5, 2026 |
| Morgan Stanley | Meta Marshall | $436 | $363.83 | -0.4% | Dec 17, 2025 |
| Northcoast Research | Analyst unavailable | $450 | $370.78 | +2.8% | Dec 1, 2025 |
| Barclays | Tim Long | $495 | $431.98 | +13.1% | Oct 31, 2025 |
| Piper Sandler | James Fish | $495 | $470.72 | +13.1% | Sep 23, 2025 |
| Evercore ISI | Tim Yocum/Vicki Tzolov | $525 | $470.1 | +20.0% | Aug 29, 2025 |
| Barclays | Tim Long | $509 | $445.1 | +16.3% | Aug 8, 2025 |
| Deutsche Bank | Matt Niknam | $440 | $401.69 | +0.6% | Aug 6, 2024 |
| Deutsche Bank | Matt Niknam | $385 | $364.91 | -12.0% | Jun 3, 2024 |
| Argus Research | Jim Kelleher | $410 | $358.17 | -6.3% | May 7, 2024 |
| Evercore ISI | Amit Daryanani | $400 | $347.92 | -8.6% | Mar 25, 2024 |
| Credit Suisse | Analyst unavailable | $270 | $262.35 | -38.3% | Jan 11, 2023 |
| Loop Capital Markets | Fahad Najam | $295 | $223.16 | -32.6% | Apr 28, 2022 |
| Cowen & Co. | Paul Silverstein | $254 | $226.36 | -42.0% | Aug 6, 2021 |
Track every rating change on MSI the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-11.4%
Event window
SPY move
+0.8%
Same window
Abnormal move
-12.2%
Stock minus SPY
Volume
3.5×
Versus trailing sessions
Subsequent drift
+5.9%
Up to 20 sessions
MSISPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth decelerated from 12% in Q4 2025 to 7% in Q1 2026, though Software and Services accelerated to 18% growth. The backlog remained at the record $15.7B level set in Q4, contrary to management's prior expectation of a sequential decline. Acquisition focus shifted from the Q4 Silvus and BlueEye deals to Exacom, Hyper, and the pending Bell Canada LMR transaction. A new competitive threat emerged with Axon entering the 911 market, whereas the prior quarter's competitive focus was on Anduril in defense. Memory component costs emerged as a more acute concern, with spend expected to more than double in 2026, prompting new mitigation strategies. Partnerships expanded to include T-Mobile and Starlink for APX NEXT satellite connectivity. Hyper AI for 911 call handling was introduced as a new product capability.
Guidance delta
Full-year FY2026 revenue and non-GAAP EPS guidance were raised from the levels established at Q4 2025 (revenue $12.7B, non-GAAP EPS $16.70 to $16.85), driven by Silvus performance and public-safety growth. Management continues to target approximately 100 basis points of operating margin expansion despite tariff and memory cost headwinds. Capex outlook remains stable.
Key takeaways
- Revenue of $2.71B beat consensus by 0.6%; non-GAAP EPS of $3.37 beat by 4.0%.
- Software and Services grew 18% year-over-year, leading all segments.
- Backlog held at a record $15.7B, contrary to the expected sequential decline.
- Full-year revenue and non-GAAP EPS guidance were raised.
- Exacom and Hyper acquisitions closed; Bell Canada LMR purchase pending, adding approximately $100M in recurring revenue.
- Operating margin expected to expand roughly 100bps despite tariff and memory cost headwinds.
Management priorities
- Roll out Assist Suites and AI-assist capabilities across the product portfolio.
- Integrate APX NEXT with T-Mobile and Starlink for satellite connectivity.
- Launch the StreamCaster 5200 MANET radio via Silvus.
- Close the Bell Canada LMR network services acquisition.
- Continue R&D investment in Silvus and LMR technologies.
- Pursue further M&A to expand digital evidence and LMR services capabilities.
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 · 2026-07-29T13:31:16.807100+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T13:31:16.804105+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.