Exhibit 99.1
emrprlogo2.jpg
Emerson Reports Second Quarter 2025 Results; Updates 2025 Outlook
ST. LOUIS (May 7, 2025) - Emerson (NYSE: EMR) today reported results1 for its second quarter ended March 31, 2025 and updated its full year outlook for fiscal 2025. Emerson also declared a quarterly cash dividend of $0.5275 per share of common stock payable June 10, 2025 to stockholders of record on May 16, 2025.
(dollars in millions, except per share)2024 Q22025 Q2Change
Underlying Orders2
4%
Net Sales$4,376$4,4321%
Underlying Sales3
2%
Pretax Earnings$711$629
Margin16.3%14.2%(210) bps
Adjusted Segment EBITA4
$1,139$1,240
Margin26.0%28.0%200 bps
GAAP Earnings Per Share$0.95$0.86(9)%
Adjusted Earnings Per Share5
$1.36$1.489%
Operating Cash Flow$733$82513%
Free Cash Flow$651$73814%
Management Commentary
“Emerson delivered strong underlying orders in the second quarter with margin expansion and adjusted earnings exceeding our expectations,” said Emerson President and Chief Executive Officer Lal Karsanbhai. “We achieved another quarter of record gross profit and adjusted segment EBITA margins, supported by our Emerson Management System and demonstrating the value customers attribute to our leading technology. Our superior first half performance and ability to navigate the tariff environment give us the confidence to update our 2025 outlook."

Karsanbhai continued, “We have also marked the conclusion of Emerson's portfolio transformation with the completion of the AspenTech buy-in on March 12. We are pleased to be making significant progress on the integration. In addition, our review of strategic alternatives for our Safety & Productivity segment concluded the best value for our shareholders is to retain the business and continue to drive the segment's industry leading margins and cash flow. Looking ahead, we are excited to capitalize on the growth potential of our transformed portfolio, supported by secular drivers, and to sustain the excellent operational performance we have consistently delivered since 2021.”
2025 Outlook
The fiscal year 2025 guidance framework now reflects the full ownership of AspenTech. Net sales guidance increases to ~4%, as the impact from foreign exchange is now expected to be flat, and underlying sales are held at the midpoint. GAAP EPS decreases due to transaction-related costs, while adjusted EPS guidance increases at the midpoint. Expectations for operating cash flow and free cash flow are updated to $3.5B - $3.6B and $3.1B - $3.2B, respectively, as strong operational performance partially offsets transaction-related headwinds of ~$0.2B. The 2025 outlook assumes returning ~$2.3B to shareholders through $1.1B of share repurchases and ~$1.2B of dividend.
Guidance figures are approximate.
2025 Q3
2025
Net Sales Growth4.5% - 5.5%~4%
Underlying Sales Growth3.5% - 4.5%~4%
Earnings Per Share$1.04 - $1.08$4.05 - $4.20
Amortization of Intangibles~$0.36~$1.34
Restructuring / Related Costs~$0.06~$0.20
Acquisition / Divestiture Fees and Related Costs~$0.02~$0.22
Discrete taxes related to AspenTech transaction$0.09
Adjusted Earnings Per Share$1.48 - $1.52$5.90 - $6.05
Operating Cash Flow$3.5B - $3.6B
Free Cash Flow$3.1B - $3.2B


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1 Results are presented on a continuing operations basis.
2 Underlying orders do not include AspenTech.
3 Underlying sales excludes the impact of currency translation, and significant acquisitions and divestitures.
4 Adjusted segment EBITA represents segment earnings excluding restructuring and intangibles amortization expense.
5 Adjusted EPS excludes intangibles amortization expense, restructuring and related costs, acquisition/divestiture gains, losses, fees and related costs, and discrete taxes.
Conference Call
Today, beginning at 7:00 a.m. Central Time / 8:00 a.m. Eastern Time, Emerson management will discuss the second quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/investors at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.
About Emerson
Emerson (NYSE: EMR) is a global industrial technology leader that provides advanced automation. With an unmatched portfolio of intelligent devices, controls systems, and industrial software, Emerson delivers solutions that automate and optimize business performance. Headquartered in Saint Louis, Missouri, Emerson combines innovative technology with proven operational excellence to power the future of automation. For more information, visit Emerson.com.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC. The outlook contained herein represents the Company's expectation for its consolidated results, other than as noted herein.
Emerson uses our Investor Relations website, www.Emerson.com/investors, as a means of disclosing information
which may be of interest or material to our investors and for complying with disclosure obligations under Regulation
FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases,
SEC filings, public conference calls, webcasts and social media. The information contained on, or that may be
accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Investors:Media:
Colleen MettlerJoseph Sala / Greg Klassen
(314) 553-2197Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

(tables attached)

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Table 1
EMERSON AND SUBSIDIARIES
CONSOLIDATED OPERATING RESULTS
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
Quarter Ended March 31,Six Months Ended March 31,
2024202520242025
Net sales$4,376 $4,432 $8,493 $8,608 
     Cost of sales2,092 2,061 4,293 4,002 
     SG&A expenses1,296 1,283 2,573 2,506 
     Gain on subordinated interest(79)— (79)— 
     Other deductions, net330 418 781 646 
     Interest expense, net57 41 101 50 
     Interest income from related party1
(31)— (62)— 
Earnings from continuing operations before income taxes711 629 886 1,404 
Income taxes162 199 178 382 
Earnings from continuing operations549 430 708 1,022 
Discontinued operations, net of tax(46)— (73)— 
Net earnings503 430 635 1,022 
Less: Noncontrolling interests in subsidiaries2 (55)(8)(48)
Net earnings common stockholders$501 $485 $643 $1,070 
Earnings common stockholders
Earnings from continuing operations$547 $485 $716 $1,070 
Discontinued operations(46)— (73)— 
Net earnings common stockholders$501 $485 $643 $1,070 
Diluted avg. shares outstanding574.1 565.4 573.7 568.2 
Diluted earnings per share common stockholders
Earnings from continuing operations$0.95 $0.86 $1.24 $1.88 
Discontinued operations(0.08)— (0.12)— 
Diluted earnings per common share$0.87 $0.86 $1.12 $1.88 
Quarter Ended March 31,Six Months Ended March 31,
2024202520242025
Other deductions, net
     Amortization of intangibles$273 $229 $547 $457 
     Restructuring costs30 21 113 32 
     Other27 168 121 157 
          Total$330 $418 $781 $646 
1 Represents interest on the Copeland note receivable.

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Table 2
EMERSON AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN MILLIONS, UNAUDITED)
Sept 30, 2024Mar 31, 2025
Assets
     Cash and equivalents$3,588 $1,887 
     Receivables, net2,927 2,901 
     Inventories2,180 2,216 
     Other current assets1,497 1,623 
Total current assets10,192 8,627 
     Property, plant & equipment, net2,807 2,757 
     Goodwill18,067 17,999 
     Other intangible assets10,436 9,823 
     Other2,744 2,772 
Total assets$44,246 $41,978 
Liabilities and equity
     Short-term borrowings and current maturities of long-term debt$532 $6,187 
     Accounts payable1,335 1,340 
     Accrued expenses3,875 3,319 
Total current liabilities5,742 10,846 
     Long-term debt7,155 8,176 
     Other liabilities3,840 3,690 
Equity
     Common stockholders' equity 21,636 19,249 
     Noncontrolling interests in subsidiaries5,873 17 
Total equity27,509 19,266 
Total liabilities and equity$44,246 $41,978 

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Table 3
EMERSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN MILLIONS, UNAUDITED)
Six Months Ended March 31,
 20242025
Operating activities  
Net earnings$635 $1,022 
Earnings from discontinued operations, net of tax73 — 
Adjustments to reconcile net earnings to net cash provided by operating activities:
        Depreciation and amortization846 767 
        Stock compensation147 127 
        Amortization of acquisition-related inventory step-up231 — 
        Gain on subordinated interest(79)— 
        Changes in operating working capital(347)(203)
        Other, net(329)(110)
            Cash from continuing operations1,1771,603
            Cash from discontinued operations(19)(585)
            Cash provided by operating activities1,1581,018
Investing activities
Capital expenditures(159)(170)
Purchases of businesses, net of cash and equivalents acquired(8,342)(36)
Proceeds from subordinated interest79 — 
Other, net(68)(58)
    Cash from continuing operations(8,490)(264)
    Cash from discontinued operations1 — 
    Cash used in investing activities(8,489)(264)
Financing activities
Net increase in short-term borrowings2,464 2,628 
Proceeds from short-term borrowings greater than three months99 2,496 
Proceeds from long-term debt— 1,544 
Dividends paid(600)(598)
Purchases of common stock(175)(1,122)
AspenTech purchases of common stock(129)— 
Purchase of noncontrolling interest— (7,171)
Settlement of AspenTech share awards— (76)
Other, net(46)(83)
    Cash provided by (used in) financing activities1,613 (2,382)
Effect of exchange rate changes on cash and equivalents(15)(73)
Decrease in cash and equivalents(5,733)(1,701)
Beginning cash and equivalents8,051 3,588 
Ending cash and equivalents$2,318 $1,887 

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Table 4
EMERSON AND SUBSIDIARIES
SEGMENT SALES AND EARNINGS
(DOLLARS IN MILLIONS, UNAUDITED)
The following tables show results for the Company's segments on an adjusted segment EBITA basis and are intended to supplement the Company's results of operations, including its segment earnings which are defined as earnings before interest and taxes. The Company defines adjusted segment and total segment EBITA as segment earnings excluding intangibles amortization expense, and restructuring and related expense. Adjusted segment and total segment EBITA, and adjusted segment and total segment EBITA margin are measures used by management and may be useful for investors to evaluate the Company's segments' operational performance.
Quarter Ended March 31,
20242025ReportedUnderlying
Sales
Final Control$1,051 $1,073 2 %3 %
Measurement & Analytical1,013 1,002 (1)%— %
Discrete Automation632 615 (3)%(1)%
Safety & Productivity365 339 (7)%(6)%
Intelligent Devices$3,061 $3,029 (1)%— %
Control Systems & Software1
965 1,062 10 %11 %
Test & Measurement367 359 (2)%(1)%
Software and Control$1,332 $1,421 7 %7 %
Eliminations(17)(18)
Total$4,376 $4,432 1 %2 %



Sales Growth by Geography
Quarter Ended March 31,
Americas3 %
Europe (1)%
Asia, Middle East & Africa3 %










1 AspenTech was fully acquired on March 12, 2025 and is now an independent business unit inside of the Control Systems & Software reporting segment.

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Table 4 cont.
Six Months Ended March 31,
20242025ReportedUnderlying
Sales
Final Control$1,991 $2,049 3 %4 %
Measurement & Analytical1,960 1,977 1 %2 %
Discrete Automation1,245 1,195 (4)%(3)%
Safety & Productivity687 651 (5)%(5)%
Intelligent Devices$5,883 $5,872 — %1 %
Control Systems & Software1,897 2,055 8 %9 %
Test & Measurement749 718 (4)%(3)%
Software and Control$2,646 $2,773 5 %6 %
Eliminations(36)(37)
Total$8,493 $8,608 1 %2 %


Sales Growth by Geography
Six Months Ended March 31,
Americas3 %
Europe (2)%
Asia, Middle East & Africa3 %

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Table 4 cont.
Quarter Ended March 31,Quarter Ended March 31,
20242025
As Reported (GAAP)Adjusted EBITA
(Non-GAAP)		As Reported (GAAP)Adjusted EBITA
(Non-GAAP)
Earnings
Final Control$259$274$267$290
 Margins24.7 %26.1 %24.9 %27.0 %
Measurement & Analytical274 287 266 279 
 Margins27.0 %28.3 %26.6 %27.8 %
Discrete Automation116 131 117 130 
 Margins18.4 %20.9 %19.0 %21.2 %
Safety & Productivity83 91 75 82 
 Margins22.7 %24.7 %22.2 %24.3 %
Intelligent Devices$732$783$725$781
 Margins23.9 %25.6 %23.9 %25.8 %
Control Systems & Software143 278 239 372 
 Margins14.8 %28.8 %22.5 %35.0 %
Test & Measurement(79)78 (24)87 
 Margins(21.7)%21.4 %(6.8)%24.2 %
Software and Control$64$356$215$459
 Margins4.7 %26.7 %15.1 %32.3 %
Corporate items and interest expense, net:
Stock compensation(73)(59)(59)(50)
Unallocated pension and postretirement costs38 38 27 27 
Corporate and other(103)(46)(238)(74)
Gain on subordinated interest79 — — — 
Interest expense, net(57)— (41)— 
Interest income from related party1
31 — — — 
Pretax Earnings / Adjusted EBITA$711$1,072$629$1,143
 Margins16.3 %24.5 %14.2 %25.8 %
Supplemental Total Segment Earnings:
Adjusted Total Segment EBITA$1,139$1,240
 Margins26.0 %28.0 %
1 Represents interest on the Copeland note receivable.

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Table 4 cont.

Quarter Ended March 31,Quarter Ended March 31,
20242025
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Amortization of
Intangibles1
Restructuring
and
Related Costs2
Final Control$22 $(7)$21 $2 
Measurement & Analytical12 1 11 2 
Discrete Automation8 7 8 5 
Safety & Productivity7 1 6 1 
Intelligent Devices$49 $2 $46 $10 
Control Systems & Software132 3 127 6 
Test & Measurement141 16 105 6 
Software and Control$273 $19 $232 $12 
Corporate— 12 3— 5 3
Total$322 $33 $278 $27 
1 Amortization of intangibles includes $49 and $49 reported in cost of sales for the three months ended March 31, 2024 and 2025, respectively.
2 Restructuring and related costs includes $3 and $6 reported in cost of sales and selling, general and administrative expenses for the three months ended March 31, 2024 and 2025, respectively.
3 Corporate restructuring of $5 for the three months ended March 31, 2025 includes $1 related to integration-related stock compensation expense attributable to AspenTech. Corporate restructuring of $12 for the three months ended March 31, 2024 includes $10 related to integration-related stock compensation expense attributable to NI.
Quarter Ended March 31,
Depreciation and Amortization20242025
Final Control$39 $41 
Measurement & Analytical33 31 
Discrete Automation21 22 
Safety & Productivity15 14 
Intelligent Devices108 108 
Control Systems & Software152 146 
Test & Measurement153 119 
Software and Control305 265 
Corporate11 11 
Total$424 $384 





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Table 5
EMERSON AND SUBSIDIARIES
ADJUSTED CORPORATE AND OTHER SUPPLEMENTAL
(DOLLARS IN MILLIONS, UNAUDITED)
The following table shows the Company's stock compensation and corporate and other expenses on an adjusted basis. The Company's definition of adjusted stock compensation excludes integration-related stock compensation expense. The Company's definition of adjusted corporate and other excludes corporate restructuring and related costs, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. This metric is useful for reconciling from total adjusted segment EBITA to the Company's consolidated adjusted EBITA.

Quarter Ended March 31,
20242025
 Stock compensation (GAAP)$(73)$(59)
 Integration-related stock compensation expense14 
1
9 
2
 Adjusted stock compensation (non-GAAP)$(59)$(50)
Quarter Ended March 31,
20242025
 Corporate and other (GAAP)$(103)$(238)
 Corporate restructuring and related costs2 4 
 Acquisition / divestiture costs16 160 
 Loss on divestiture of business39 — 
 Adjusted corporate and other (non-GAAP)$(46)$(74)
1 Integration-related stock compensation expense for the three months ended March 31, 2024 relates to NI and includes $10 reported as restructuring costs.
2 Integration-related stock compensation expense for the three months ended March 31, 2025 relates to AspenTech and includes $1 reported as restructuring costs.



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Table 6
EMERSON AND SUBSIDIARIES
ADJUSTED EBITA & EPS SUPPLEMENTAL
(AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
The following tables, which show results on an adjusted EBITA basis and diluted earnings per share on an adjusted basis, are intended to supplement the Company's discussion of its results of operations herein. The Company defines adjusted EBITA as earnings excluding interest expense, net, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments. Adjusted earnings per share excludes intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction-related costs, and certain gains, losses or impairments. Adjusted EBITA, adjusted EBITA margin, and adjusted earnings per share are measures used by management and may be useful for investors to evaluate the Company's operational performance.
Quarter Ended March 31,
20242025
Pretax earnings $711$629
Percent of sales16.3 %14.2 %
Interest expense, net5741
Interest income from related party1
(31)—
Amortization of intangibles322278
Restructuring and related costs3327
Acquisition/divestiture fees and related costs20168
Loss on divestiture of business39—
Gain on subordinated interest(79)—
Adjusted EBITA$1,072$1,143
Percent of sales24.5 %25.8 %
Quarter Ended March 31,
20242025
GAAP earnings from continuing operations per share$0.95$0.86
Amortization of intangibles0.360.32
Restructuring and related costs0.050.04
Discrete taxes related to AspenTech transaction—0.09
Acquisition/divestiture fees and related costs0.030.17
Loss on divestiture of business0.07—
Gain on subordinated interest(0.10)—
Adjusted earnings from continuing operations per share$1.36$1.48
1 Represents interest on the Copeland note receivable

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Table 6 cont.
Quarter Ended March 31, 2025
Pretax
Earnings		Income
Taxes		Earnings from
Cont.
Ops.
Non-Controlling
Interests 3
Net
Earnings
Common
Stockholders		Diluted
Earnings
Per
Share
As reported (GAAP)$629 $199 $430 $(55)$485 $0.86 
Amortization of intangibles278
1
63215321830.32
Restructuring and related costs27
2
522— 220.04
Acquisition/divestiture fees and related costs1682214648 980.17
Discrete taxes related to AspenTech transaction—(49)49— 490.09
Adjusted (non-GAAP)$1,102 $240 $862 $25 $837 $1.48 
Interest expense, net41 
Adjusted EBITA (non-GAAP)$1,143 
1 Amortization of intangibles includes $49 reported in cost of sales.
2 Restructuring and related costs includes $6 reported in cost of sales and selling, general and administrative expenses.
3 Non-Controlling Interests for AspenTech ceased as of March 12, 2025 with the completion of the buy-in.


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Reconciliations of Non-GAAP Financial Measures & OtherTable 7
Reconciliations of Non-GAAP measures with the most directly comparable GAAP measure (dollars in millions, except per share amounts). See tables 4 through 6 for additional non-GAAP reconciliations.
2025 Q2 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) /
Divestitures		Underlying
Final Control2 %1 %— %3 %
Measurement & Analytical(1)%1 %— %— %
Discrete Automation(3)%2 %— %(1)%
Safety & Productivity(7)%1 %— %(6)%
Intelligent Devices(1)%1 %— %— %
Control Systems & Software10 %1 %— %11 %
Test & Measurement(2)%1 %— %(1)%
Software and Control7 %— %— %7 %
Emerson1 %1 %— %2 %
Six Months Ended March 31, 2025 Underlying Sales ChangeReported(Favorable) / Unfavorable FX(Acquisitions) /
Divestitures		Underlying
Final Control3 %1 %— %4 %
Measurement & Analytical1 %1 %— %2 %
Discrete Automation(4)%1 %— %(3)%
Safety & Productivity(5)%— %— %(5)%
Intelligent Devices— %1 %— %1 %
Control Systems & Software8 %1 %— %9 %
Test & Measurement(4)%1 %— %(3)%
Software and Control5 %1 %— %6 %
Emerson1 %1 %— %2 %
Underlying Growth Guidance2025 Q3 Guidance2025
Guidance
Reported (GAAP)4.5% - 5.5%~4%
(Favorable) / Unfavorable FX~1 pt-
(Acquisitions) / Divestitures--
Underlying (non-GAAP)3.5% - 4.5%~4%

2024 Q2 Adjusted Segment EBITAEBITEBIT
Margin		Amortization
of
Intangibles		Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$259 24.7 %$22 $(7)$274 26.1 %
Measurement & Analytical274 27.0 %12 1 287 28.3 %
Discrete Automation116 18.4 %8 7 131 20.9 %
Safety & Productivity83 22.7 %7 1 91 24.7 %
Intelligent Devices$732 23.9 %$49 $2 $783 25.6 %
Control Systems & Software143 14.8 %132 3 278 28.8 %
Test & Measurement(79)(21.7)%141 16 78 21.4 %
Software and Control$64 4.7 %$273 $19 $356 26.7 %

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2025 Q2 Adjusted Segment EBITAEBITEBIT
Margin		Amortization
of
Intangibles		Restructuring and Related CostsAdjusted Segment EBITAAdjusted Segment EBITA Margin
Final Control$267 24.9 %$21 $2 $290 27.0 %
Measurement & Analytical266 26.6 %11 2 279 27.8 %
Discrete Automation117 19.0 %8 5 130 21.2 %
Safety & Productivity75 22.2 %6 1 82 24.3 %
Intelligent Devices$725 23.9 %$46 $10 $781 25.8 %
Control Systems & Software239 22.5 %127 6 372 35.0 %
Test & Measurement(24)(6.8)%105 6 87 24.2 %
Software and Control$215 15.1 %$232 $12 $459 32.3 %

Total Adjusted Segment EBITA2024 Q22025 Q2
Pretax earnings (GAAP)$711$629
Margin16.3 %14.2 %
Corporate items and interest expense, net85311
Amortization of intangibles322278
Restructuring and related costs2122
Adjusted segment EBITA (non-GAAP)$1,139$1,240
Margin26.0 %28.0 %


Free Cash Flow2024 Q22025 Q22025E
($ in billions)
Operating cash flow (GAAP)$733 $825  $3.5 - $3.6
Capital expenditures(82)(87)~(0.4)
Free cash flow (non-GAAP)$651 $738 $3.1 - $3.2

Note 1: Underlying sales and orders exclude the impact of currency translation and significant acquisitions and divestitures.
Note 2: All fiscal year 2025E figures are approximate, except where range is given.