Otis Worldwide 第二季業績佳 服務銷售增11.3% 每股盈利1.12美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 ____________________________________ 
FORM 10-Q 
____________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 
Commission file number 001-39221
____________________________________ 

OTIS WORLDWIDE CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________ 
Delaware 83-3789412
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)

One Carrier Place, Farmington, Connecticut 06032
(Address of principal executive offices, including zip code)

(860) 674-3000
(Registrant's telephone number, including area code)
____________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange 
on which registered
Common Stock ($0.01 par value)OTISNew York Stock Exchange

0.318% Notes due 2026OTIS/26New York Stock Exchange
2.875% Notes due 2027OTIS/27New York Stock Exchange
0.934% Notes due 2031OTIS/31New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý.    No  ¨.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý.    No  ¨.
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerýAccelerated Filer¨

Non-accelerated Filer¨Smaller Reporting Company☐

Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐.    No  ý.

As of July 15, 2026 there were 380,669,339 shares of Common Stock outstanding.

2

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OTIS WORLDWIDE CORPORATION
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended June 30, 2026 
 
 Page

PART I – FINANCIAL INFORMATION
4

Item 1. Financial Statements:
4

Condensed Consolidated Statements of Operations for the quarters ended June 30, 2026 and 2025
4

Condensed Consolidated Statements of Operations for the six months ended June 30, 2026 and 2025
5

Condensed Consolidated Statements of Comprehensive Income for the quarters and six months ended June 30, 2026 and 2025
6

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
7

Condensed Consolidated Statements of Changes in Equity for the quarters ended June 30, 2026 and 2025
8

Condensed Consolidated Statements of Changes in Equity for the six months ended June 30, 2026 and 2025
9

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
10

Notes to Condensed Consolidated Financial Statements
11

Report of Independent Registered Public Accounting Firm
30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
31

Item 3. Quantitative and Qualitative Disclosures About Market Risk
46

Item 4. Controls and Procedures
46

PART II – OTHER INFORMATION
49

Item 1. Legal Proceedings
49

Item 1A. Risk Factors
49

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
49

Item 5. Other Information
49

Item 6. Exhibits
50

SIGNATURES
51

Otis Worldwide Corporation's and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or tradenames of Otis Worldwide Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and service designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. As used herein, the terms "we," "us," "our," "the Company" or "Otis," unless the context otherwise requires, mean Otis Worldwide Corporation and its subsidiaries. References to Internet websites in this Form 10-Q are provided for convenience only. Information available through these websites is not incorporated by reference into this Form 10-Q.
3

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PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements

OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 

 Quarter Ended June 30,
(dollars in millions, except per share amounts; shares in millions)20262025
Net sales:
Product sales$1,279 $1,276 
Service sales2,580 2,319 
3,859 3,595 
Costs and expenses:
Cost of products sold1,081 1,066 
Cost of services sold1,642 1,440 
Research and development39 38 
Selling, general and administrative520 499 
3,282 3,043 
Other income (expense), net(2)(5)
Operating profit575 547 
Non-service pension cost (benefit)2 — 
Interest expense (income), net26 26 
Net income before income taxes547 521 
Income tax expense (benefit)98 98 
Net income449 423 

Less: Noncontrolling interest in subsidiaries' earnings21 30 
Net income attributable to Otis Worldwide Corporation$428 $393 

Earnings per share (Note 2):
Basic$1.12 $1.00 
Diluted$1.12 $0.99 

Weighted average number of shares outstanding:
Basic shares382.6393.7
Diluted shares383.5395.8

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 

 Six Months Ended June 30,
(dollars in millions, except per share amounts; shares in millions)20262025
Net sales:
Product sales$2,428 $2,439 
Service sales4,997 4,506 
7,425 6,945 
Costs and expenses:
Cost of products sold2,039 2,042 
Cost of services sold3,168 2,813 
Research and development77 75 
Selling, general and administrative1,030 963 
6,314 5,893 
Other income (expense), net3 (94)
Operating profit1,114 958 
Non-service pension cost (benefit)2 — 
Interest expense (income), net85 71 
Net income before income taxes1,027 887 
Income tax expense (benefit)225 208 
Net income802 679 
Less: Noncontrolling interest in subsidiaries' earnings34 43 

Net income attributable to Otis Worldwide Corporation$768 $636 

Earnings per share (Note 2):

Basic$1.99 $1.61 
Diluted$1.99 $1.60 

Weighted average number of shares outstanding:
Basic shares385.2395.1
Diluted shares386.4397.3

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Quarter Ended June 30,Six Months Ended June 30,
(dollars in millions)2026202520262025

Net income$449 $423 $802 $679 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments48 (170)100 (293)
Pension and postretirement benefit plan adjustments— — — 1 

Change in unrealized cash flow hedging4 (7)6 (7)
Other comprehensive income (loss), net of tax52 (177)106 (299)
Comprehensive income (loss), net of tax501 246 908 380 
Less: Comprehensive (income) loss attributable to noncontrolling interest(19)(38)(32)(55)
Comprehensive income attributable to Otis Worldwide Corporation$482 $208 $876 $325 

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(dollars in millions)June 30, 2026December 31, 2025
Assets
Cash and cash equivalents$813 $1,096 

Accounts receivable (net of allowance for expected credit losses of $129 and $125)
3,985 3,688 
Contract assets824 699 
Inventories686 613 
Other current assets531 405 

Total Current Assets6,839 6,501 
Future income tax benefits426 407 
Fixed assets (net of accumulated depreciation of $1,291 and $1,261)
755 743 
Operating lease right-of-use assets580 554 
Intangible assets, net387 343 
Goodwill1,794 1,695 
Other assets375 410 
Total Assets$11,156 $10,653 
Liabilities and Equity (Deficit)
Short-term borrowings and current portion of long-term debt$1,390 $1,056 
Accounts payable2,099 2,142 
Accrued liabilities1,713 1,847 
Contract liabilities3,023 2,611 

Total Current Liabilities8,225 7,656 
Long-term debt7,046 6,900 
Future pension and postretirement benefit obligations411 419 
Operating lease liabilities410 397 
Future income tax obligations 196 223 
Other long-term liabilities322 329 
Total Liabilities16,610 15,924 
Commitments and contingent liabilities (Note 15)
Redeemable noncontrolling interest106 75 
Shareholders' Equity (Deficit):

Common Stock and additional paid-in capital353 333 

Treasury Stock(5,005)(4,198)
Accumulated deficit(117)(440)

Accumulated other comprehensive income (loss)(979)(1,087)
Total Shareholders' Equity (Deficit)(5,748)(5,392)
Noncontrolling interest188 46 
Total Equity (Deficit)(5,560)(5,346)
Total Liabilities and Equity (Deficit)$11,156 $10,653 

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

(dollars in millions, except per share amounts)Common Stock
and Additional
Paid-In CapitalTreasury
 StockAccumulated
DeficitAccumulated Other Comprehensive Income (Loss)Total
Shareholders' 
Equity (Deficit)Noncontrolling
InterestTotal
 Equity (Deficit)Redeemable
Noncontrolling
Interest

Quarter Ended June 30, 2026
Balance as of March 31, 2026$332 $(4,601)$(378)$(1,033)$(5,680)$171 $(5,509)$74 
Net income— — 428 — 428 21 449 — 
Other comprehensive income (loss), net of tax— — — 54 54 (1)53 (1)
Stock-based compensation and Common Stock issued under employee plans20 — (1)— 19 — 19 — 

Cash dividends declared ($0.44 per common share)
— — (167)— (167)— (167)— 
Repurchase of Common Shares— (404)— — (404)— (404)— 
Dividends attributable to noncontrolling interest— — — — — (4)(4)(1)
Acquisitions, disposals and other changes1 — 1 — 2 1 3 34 
Balance as of June 30, 2026$353 $(5,005)$(117)$(979)$(5,748)$188 $(5,560)$106 

Quarter Ended June 30, 2025
Balance as of March 31, 2025$278 $(3,646)$(889)$(871)$(5,128)$75 $(5,053)$62 
Net income— — 393 — 393 30 423 — 
Other comprehensive income (loss), net of tax— — — (185)(185)4 (181)4 
Stock-based compensation and Common Stock issued under employee plans22 — (3)— 19 — 19 — 
Cash dividends declared ($0.42 per common share)
— — (164)— (164)— (164)— 
Repurchase of Common Shares— (302)— — (302)— (302)— 
Dividends attributable to noncontrolling interest— — — — — (13)(13)— 
Acquisitions, disposals and other changes— — — — — 1 1 — 
Balance as of June 30, 2025$300 $(3,948)$(663)$(1,056)$(5,367)$97 $(5,270)$66 

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

(dollars in millions, except per share amounts)Common Stock
and Additional
Paid-In CapitalTreasury
 StockAccumulated
DeficitAccumulated Other Comprehensive Income (Loss)Total
Shareholders' 
Equity (Deficit)Noncontrolling
InterestTotal
 Equity (Deficit)Redeemable
Noncontrolling
Interest

Six Months Ended June 30, 2026
Balance as of December 31, 2025$333 $(4,198)$(440)$(1,087)$(5,392)$46 $(5,346)$75 
Net income— — 768 — 768 34 802 — 
Other comprehensive income (loss), net of tax— — — 108 108 — 108 (2)
Stock-based compensation and Common Stock issued under employee plans28 — (1)— 27 — 27 — 
Cash dividends declared ($0.86 per common share)
— — (330)— (330)— (330)— 
Repurchase of Common Shares— (807)— — (807)— (807)— 
Dividends attributable to noncontrolling interest— — — — — (7)(7)(1)
Acquisitions, disposals and other changes(8)— — — (8)1 (7)34 
Noncontrolling interest adjustment (Note 1)— — (114)— (114)114 — — 
Balance as of June 30, 2026$353 $(5,005)$(117)$(979)$(5,748)$188 $(5,560)$106 

Six Months Ended June 30, 2025
Balance as of December 31, 2024$265 $(3,390)$(978)$(745)$(4,848)$63 $(4,785)$57 
Net income— — 636 — 636 43 679 — 
Other comprehensive income (loss), net of tax— — — (311)(311)6 (305)6 
Stock-based compensation and Common Stock issued under employee plans35 — (2)— 33 — 33 — 
Cash dividends declared ($0.81 per common share)
— — (319)— (319)— (319)— 
Repurchase of Common Shares— (558)— — (558)— (558)— 
Dividends attributable to noncontrolling interest— — — — — (15)(15)— 
Acquisitions, disposals and other changes— — — — — — — 3 
Balance as of June 30, 2025$300 $(3,948)$(663)$(1,056)$(5,367)$97 $(5,270)$66 

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 Six Months Ended June 30,
(dollars in millions)20262025
Operating Activities:
Net income$802 $679 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization83 86 
Deferred income tax expense (benefit)(38)(74)
Stock compensation cost39 44 

Change in operating assets and liabilities, net of acquisitions:
Accounts receivable, net(300)(146)
Contract assets and liabilities, current284 70 
Inventories(79)(15)
Other current assets67 10 
Accounts payable(48)(212)
Accrued liabilities(68)23 

Pension contributions(21)(27)
Other operating activities, net(41)(33)
Net cash flows provided by (used in) operating activities680 405 
Investing Activities:
Capital expenditures(77)(70)
Acquisitions of businesses and intangible assets, net of cash (Note 5)(193)(82)
Net proceeds from the sale of fixed assets— 34 

Purchase of short-term investments(84)— 
Receipts (payments) on settlements of derivative contracts35 (200)
Other investing activities, net3 (2)
Net cash flows provided by (used in) investing activities(316)(320)
Financing Activities:
Net proceeds from (repayments of) borrowings (maturities of 90 days or less)(33)473 

Proceeds from issuance of long-term debt700 — 
Payment of debt issuance costs(5)— 
Repayment of long-term debt(135)(1,300)

Dividends paid on Common Stock(330)(319)
Repurchases of Common Stock(807)(561)
Acquisition of noncontrolling interest shares(10)— 
Dividends paid to noncontrolling interest(7)(5)
Other financing activities, net6 (10)
Net cash flows provided by (used in) financing activities(621)(1,722)

Effect of exchange rate changes on cash and cash equivalents1 19 
Net increase (decrease) in cash, cash equivalents and restricted cash(256)(1,618)
Cash, cash equivalents and restricted cash, beginning of year1,105 2,321 
Cash, cash equivalents and restricted cash, end of period849 703 
Less: Restricted cash36 15 

Cash and cash equivalents, end of period$813 $688 

See accompanying Notes to Condensed Consolidated Financial Statements.
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OTIS WORLDWIDE CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1: General

The Condensed Consolidated Financial Statements as of June 30, 2026 and for the quarters and six months ended June 30, 2026 and 2025 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The Condensed Consolidated Balance Sheet as of December 31, 2025 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States ("U.S."). The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the Company's annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for fiscal year 2025 ("2025 Form 10-K" or "Form 10-K").

Unless the context otherwise requires, references to "Otis," "we," "us," "our" and "the Company" refer to Otis Worldwide Corporation and its subsidiaries.

There have been no changes to the Company's significant accounting policies described in the Company's 2025 Form 10-K that have a material impact on the Company's Condensed Consolidated Financial Statements and the related notes.

Use of Estimates. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates.

We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of macroeconomic developments, including geopolitical conflicts, inflationary pressures, higher interest rates, tighter credit conditions and changes in global trade policies including higher tariffs in the U.S. and other countries, as of June 30, 2026 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Condensed Consolidated Financial Statements as of June 30, 2026 and for the quarters and six months ended June 30, 2026 and 2025 resulting from our assessments of these matters, future assessment of our expectations of the magnitude and duration of these macroeconomic developments, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods.

New import tariffs implemented in 2025 and 2026 by the U.S. and other countries, as currently in effect, could have a material impact on our results in 2026 and future years. The impact of tariffs is dependent upon negotiations with customers and suppliers and other mitigation efforts and potential further changes in global trade policies, including higher tariffs in the U.S. or other countries. 

We also assessed certain accounting matters as they relate to the ongoing conflict between Russia and Ukraine and the conflicts in the Middle East, including, but not limited to, our allowance for credit losses, the carrying value of long-lived assets, revenue recognition and the classification of assets. There was not a material impact to our Condensed Consolidated Financial Statements as of June 30, 2026 and for the quarters and six months ended June 30, 2026 and 2025 resulting from our assessment of these matters. We continue to assess the impact on our results of operations, financial position and overall performance as the situations develop and any broader implications they may have on the global economy. 

German Tax Litigation. In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company began receiving refunds during 2025 and anticipates the refund process to continue through 2026. As a result, our Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 include an income tax receivable of approximately $35 million and $75 million, respectively, and an interest receivable of approximately $20 million and $65 million, respectively.

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Pursuant to the Tax Matters Agreement ("TMA") with United Technologies Corporation ("UTC"), our former parent, subsequently renamed RTX Corporation ("RTX"), and based on the facts and contractual provisions, additional information received from RTX and indemnity payments during 2025, the Company estimated the amount payable to RTX as a result of the outcome of the German tax litigation to be $56 million as of December 31, 2025. Based on indemnity payments made to RTX and adjustments to the indemnity payable in the six months ended June 30, 2026, the Company now estimates the remaining amount payable to RTX to be $55 million. The adjustments to the indemnity payable resulted in indemnification expense of $5 million for the six months ended June 30, 2026, compared to $6 million and $58 million for the quarter and six months ended June 30, 2025, respectively. There was no indemnification expense in the quarter ended June 30, 2026. This indemnification expense is included in Other income (expense), net in the Condensed Consolidated Statements of Operations for the quarters and six months ended June 30, 2026 and 2025, respectively. This estimate could further change due to the parties' continuing dispute concerning the scope of the final indemnity amount, which will be resolved pursuant to the procedures set forth in the TMA.

See Note 10, "Income Taxes" and Note 15, "Contingent Liabilities" for additional information.

Supplier Finance Programs. Certain Otis subsidiaries participate in supplier finance programs, under which we agree to pay third-party financial institutions the stated amounts of confirmed invoices from suppliers on the original due dates of the invoices, while the participating suppliers generally have the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions. The outstanding obligations confirmed by the Company as valid to the financial institutions under our supplier finance programs were $716 million and $831 million as of June 30, 2026 and December 31, 2025, respectively, including $98 million and $80 million as of June 30, 2026 and December 31, 2025, respectively, related to programs with payment terms of 240 days from the invoice date. These obligations are included in Accounts payable in the Condensed Consolidated Balance Sheets, and all activity related to the obligations is presented within operating activities in the Condensed Consolidated Statements of Cash Flows.

Noncontrolling Interest Adjustment. In the quarter ended March 31, 2026, the Company recorded an out of period adjustment to correct an immaterial error within Equity, recognizing $114 million in Noncontrolling interest and Accumulated deficit resulting from previous step acquisitions. This misstatement did not have an impact on previous results of operations or cash flows.

Note 2: Earnings per Share

 Quarter Ended June 30,Six Months Ended June 30,
(dollars in millions, except per share amounts; shares in millions)2026202520262025

Net income attributable to common shareholders$428 $393 $768 $636 

Basic weighted average number of shares outstanding382.6 393.7 385.2 395.1 
Stock awards and equity units (share equivalent)0.9 2.1 1.2 2.2 
Diluted weighted average number of shares outstanding383.5 395.8 386.4 397.3 

Earnings Per Share of Common Stock:

Basic$1.12$1.00$1.99$1.61

Diluted$1.12$0.99$1.99$1.60

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options, when the average market price of Otis' common stock ("Common Stock") is lower than the exercise price of the related stock awards during the period because the effect would be anti-dilutive. In addition, the computation of diluted earnings per share excludes the effect of the potential exercise of stock awards when the awards' assumed proceeds exceed the average market price of the common shares during the period. Lastly, the computations of diluted earnings per share include outstanding awards granted prior to the separation and distribution ("Separation") of each of Otis and Carrier Global Corporation from UTC, our former parent, subsequently renamed RTX Corporation, and converted upon the Separation, in accordance with the Employee Matters Agreement, dated as of April 2, 2020, by and among UTC, Otis and Carrier Global Corporation. There were 3.2 million and 1.0 million of anti-dilutive stock awards excluded from the computation for the quarter and six months ended June 30, 2026, respectively, compared to 0.5 million for the same periods in 2025.

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The impact of redeemable noncontrolling interest to Net income attributable to common shareholders was immaterial in the quarters and six months ended June 30, 2026 and 2025.

Note 3: Revenue Recognition

We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606: Revenue from Contr