Analyst Consensus ?
ConsensusBuy34 ratings
Bullish2470.6%
Neutral617.6%
Bearish411.8%
Motorola Solutions, Inc. · MSI · FY2026 Q2 · Calendar Q3 2026
MSI Q2: Record growth, higher guidance, and rising capacity needs
The Q2 evidence supports a constructive growth case: record revenue, double-digit demand across key platforms, higher full-year guidance, and an expanding backlog. The main tests are execution on capacity and acquisitions, plus the effect of rising memory costs on margins.
Reported After market closeNYSETechnology
$76.58B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.41
Consensus $3.85
EPS surprise
+14.5%
Reported versus consensus
Reported revenue
$3.13B
Consensus $3.00B
Revenue surprise
+4.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+8.2%
Event window
SPY move
-0.2%
Same window
Abnormal move
+8.4%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
-0.4%
Up to 20 sessions
MSISPY benchmark
Ask FN2 about MSI FY2026 Q2
Transcript, numbers and history already loaded
Why did MSI rise 8.2% after beating EPS estimates in FY2026 Q2?What changed in MSI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for MSI after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management reported faster revenue growth, a larger backlog, increased capital investment, and a new D-Fend acquisition. The company also continued to raise full-year guidance while emphasizing memory-cost and capacity risks.
Guidance delta
Management raised full-year revenue guidance to $12.975 billion and non-GAAP EPS guidance to $17.62-$17.72.
Key takeaways
- Q2 revenue grew 13% to a record level, while operating margin expanded 140 basis points.
- Backlog reached $15.6 billion, up 11% year over year.
- Management cited strong demand for Silvus, APX NEXT, D-Series, and video and AI solutions.
- D-Fend and the pending Bell Canada LMR transaction remain central to the growth strategy.
Management priorities
- Scale Silvus production and expand manufacturing capacity
- Launch APX NEXT XN and grow APX NEXT app subscriptions
- Close and integrate the D-Fend acquisition
- Expand the sales force and deploy D-Series, video, and AI solutions
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$457.31Current
$254Low
$447.41Average
$550High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 26, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 7, 2026 |
| UBS | Buy | Buy | Maintain | Aug 6, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 6, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Dec 17, 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 $457.32. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $550 | $483.55 | +20.3% | Aug 26, 2026 |
| Truist Financial | Analyst unavailable | $545 | $469.03 | +19.2% | Aug 7, 2026 |
| Morgan Stanley | Meta Marshall | $476 | $474.04 | +4.1% | Aug 6, 2026 |
| UBS | Analyst unavailable | $520 | $438.14 | +13.7% | Aug 6, 2026 |
| Barclays | Tim Long | $529 | $438.14 | +15.7% | Aug 6, 2026 |
| Truist Financial | Analyst unavailable | $525 | $391.76 | +14.8% | May 8, 2026 |
| Raymond James | Analyst unavailable | $530 | $390.44 | +15.9% | May 8, 2026 |
| Piper Sandler | Analyst unavailable | $499 | $465.69 | +9.1% | Feb 12, 2026 |
| Morgan Stanley | Analyst unavailable | $470 | $464.41 | +2.8% | Feb 12, 2026 |
| Barclays | Tim Long | $506 | $465.73 | +10.6% | Feb 12, 2026 |
| Piper Sandler | James Fish | $443 | $381.02 | -3.1% | Jan 5, 2026 |
| Morgan Stanley | Meta Marshall | $436 | $363.83 | -4.7% | Dec 17, 2025 |
| Northcoast Research | Analyst unavailable | $450 | $370.78 | -1.6% | Dec 1, 2025 |
| Barclays | Tim Long | $495 | $431.98 | +8.2% | Oct 31, 2025 |
| Piper Sandler | James Fish | $495 | $470.72 | +8.2% | Sep 23, 2025 |
| Evercore ISI | Tim Yocum/Vicki Tzolov | $525 | $470.1 | +14.8% | Aug 29, 2025 |
| Barclays | Tim Long | $509 | $445.1 | +11.3% | Aug 8, 2025 |
| Deutsche Bank | Matt Niknam | $440 | $401.69 | -3.8% | Aug 6, 2024 |
| Deutsche Bank | Matt Niknam | $385 | $364.91 | -15.8% | Jun 3, 2024 |
| Argus Research | Jim Kelleher | $410 | $358.17 | -10.3% | May 7, 2024 |
| Evercore ISI | Amit Daryanani | $400 | $347.92 | -12.5% | Mar 25, 2024 |
| Credit Suisse | Analyst unavailable | $270 | $262.35 | -41.0% | Jan 11, 2023 |
| Loop Capital Markets | Fahad Najam | $295 | $223.16 | -35.5% | Apr 28, 2022 |
| Cowen & Co. | Paul Silverstein | $254 | $226.36 | -44.5% | Aug 6, 2021 |
Track every rating change on MSI the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All MSI earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the MSI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-06T15:28:05.631172+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-09-22T14:40:53.472964+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T14:40:53.470230+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 2026-09-22. For educational purposes only; not investment advice.