Motorola Solutions Inc

Q2 performance: strong upside and profitability/margin expansion - Revenue +13% YoY (above guidance), driven by double-digit growth in both segments and all 3 technologies. - Products & Systems Integration (P&SI) +15% YoY; Software & Services +10% YoY. - Operating margin expanded materially: +140 bps operating margin expansion (non-GAAP basis) *excluding* IEEPA tariff refund benefits; Q2 included ~$60M benefit from IEEPA refunds. - EPS strong: GAAP EPS $3.33 (vs. $3.04 prior year) and non-GAAP EPS $4.41 (+24% YoY, +$0.84).

Guidance raised: strong second half momentum; forecasts for Q3 and full-year - Q3 outlook: ~8% sales growth with non-GAAP EPS $4.39–$4.44. - Full-year outlook raised: - Revenue ~ $12.975B (previously ~$12.8B; raise of ~$175M). - Non-GAAP EPS $17.62–$17.72 (previously ~$16.87–$16.99). - Growth expectations remain double-digit across segments/technologies: - P&SI expected +11% (up from prior 8–9%) - Software & Services expected +11% (up from prior 10–11%) - MCN +10–11% (up from prior 8–9%); Video +11%; Command Center ~+15% - Management attributed the raise mainly to MCN strength (including Silvus now ~ $850M full-year, and LMR +~$75M contribution).

Backlog/order visibility: record orders and backlog; sequencing explains some decline - Record Q2 ending backlog $15.6B, +11% YoY (+ $1.5B), driven by record Q2 orders. - Sequential backlog slightly down (~-$71M) due to revenue recognition (not deteriorating demand). - Software & Services backlog grew strongly YoY (+$1.2B) due to multiyear contracts; P&SI backlog up YoY (+$329M) but down sequentially due to shipment/recognition timing.