Emerson Electric Co.

Solid Q3 performance & momentum across growth verticals (beats expectations) - Sales / orders: Underlying sales +6% YoY, with underlying orders +7%; broad-based across all business groups. - Software strength: Software & Systems up 11% underlying (driven by Test & Measurement +23% and Control Systems & Software +7%). - Intelligent momentum: Growth verticals +27% YoY, led by Semiconductor +53% and Power +37%. - Ovation / Test & Measurement highlights: Ovation orders +31%; NI Semiconductor Test Systems win to improve test accuracy/consistency for AI-related semiconductor components.

Profitability, EPS, and cash flow well ahead (margin expansion + strong FCF) - Adjusted segment EBITDA margin: 28.5%, up +140 bps (better-than-expected volume + favorable mix; price/cost and reductions offset inflation). - Adjusted EPS: $1.71, +13% YoY, above the top of guidance. - Free cash flow: $1.3B in Q3 (+36% YoY) with 27.1% margin; year-to-date FCF +9% with 19% margin. - Tariff cash benefit aided GAAP: $82M tariff refunds received in Q3, improving cash and GAAP margin (tariff items removed from adjusted results).

Raising full-year guidance (strong second-half step-up) - 2026 sales: raising to ~+5% GAAP and ~+3.5% underlying (with meaningful 2H step-up). - Margins: still expects ~28% adjusted segment EBITDA margin for the year. - 2026 EPS: raising to ~$6.55. - 2026 free cash flow: ~$3.6B. - Q4 expectations: Sales ~+5%; adjusted segment EBITDA margin ~28.5%; adjusted EPS ~ $1.85.