Rockwell Automation, Inc.

Strong Q3 performance; momentum broadening beyond short-cycle - Q3 reported sales +8% YoY and organic sales +10% YoY. - Intelligent Devices organic +10% (pointing to strong adoption of PointMax I/O, incremental PowerFlex drives, FLEXLINE MCCs). - Software & Control organic +18% YoY (driven by Logix; recurring software momentum). - Lifecycle Services organic -2% YoY with book-to-bill 0.97 (services growth constrained by lack of CapEx recovery in Food & Beverage and parts of process).

Earnings and cash flow beat expectations - Enterprise operating margin 22.3%; adjusted EPS $3.49 (both up double digits YoY). - Free cash flow in Q3: $654M, above expectations and +$165M vs prior year, driven by higher pretax income and good working capital management.

FY2026 guidance raised; profitability and EPS growth expected to continue - Full-year reported and organic sales growth raised to 7.5%–9.5% (8.5% midpoint). - Organic annual recurring revenue (ARR) expected to grow mid-single digits (described as below initial expectations in Q3 due to recurring Lifecycle softness). - Enterprise operating margin expected 21.5% (+260 bps YoY). - Adjusted EPS guidance raised to $13.00–$13.30 (midpoint $13.15, ~+25% vs FY2025). - Free cash flow conversion expected ~100% for FY2026. - Notable modeling detail: guidance includes ~150 bps favorable currency, partially offset by Sensia dissolution impact; no IEEPA refunds/claims assumed (per Supreme Court decision).