Rockwell Automation, Inc.

Solid Q3 performance beats expectations (growth + profitability) - Reported sales +8% YoY and organic sales +10% YoY. - Organic growth impacted by Sensia dissolution ~-3% and currency ~+1%. - Earnings: adjusted EPS $3.49, up >20% YoY, driven by strong volume/mix and operating execution. - Enterprise operating margin 22.3% (expanded ~280 bps YoY). Gross margin 49.5% (+70 bps YoY). - Free cash flow in Q3: $654M, $165M higher than prior year (better working capital + stronger income).

Segment/product mix driving growth; short-cycle strength remains key - Products outperform longer-cycle solutions; modernization projects drove most growth. - Intelligent Devices: organic +10% YoY; Intelligent Devices adoption strong (e.g., PointMax I/O, PowerFlex drives, FLEXLINE MCCs). - Production Logistics business: double-digit growth (wins across Food & Beverage, Semiconductor, Life Sciences). - Software & Control: organic +18% YoY, mainly Logix. - Lifecycle Services: organic -2% YoY; book-to-bill 0.97; growth constrained by still-missing CapEx recovery in Food & Beverage and parts of process.

Guidance raised for FY2026 (confidence but still cautious on CapEx + inflation) - Updated full-year sales outlook: reported and organic growth both 7.5%–9.5% (midpoint ~8.5%), raised from prior guidance. - Assumes ~150 bps favorable currency, offset by Sensia impact. - Organic annual recurring revenue (ARR) expected mid-single-digit growth. - Enterprise operating margin expected 21.5%, +260 bps YoY. - Adjusted EPS raised to $13.00–$13.30 (midpoint $13.15), ~25% YoY growth. - Free cash flow conversion targeted 100% of free cash flow conversion for FY2026. - Q4 expectation: sales low single digits sequentially, but margin ~flat vs Q3 due to solutions mix (configure-to-order seasonality) and ongoing inflation headwind.