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    Johnson Controls Reports Q4 and FY24 Results; Initiates FY25 Guidance

    11/6/24 6:55:00 AM ET
    $JCI
    Industrial Machinery/Components
    Industrials
    Get the next $JCI alert in real time by email
    • Q4 sales increased 7% and organic sales increased 10%*
    • Full year sales increased 2% and organic sales increased 4%*
    • Q4 GAAP EPS of $0.95; Q4 Adjusted EPS* of $1.28
    • Full year GAAP EPS of $2.52; full year Adjusted EPS of $3.71
    • Q4 Orders +8% organically year-over-year
    • Building Solutions backlog of $13.1 billion increased 7% organically year-over-year

    *

    This news release contains non-GAAP financial measures. Definitions and reconciliations of the non-GAAP financial measures can be found in the attached footnotes. Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures. Unless otherwise indicated, historical results represent the consolidated results of the Company, inclusive of the Residential & Light Commercial business, which was classified as discontinued operations during the fiscal fourth quarter of 2024. See footnote one for additional details. 

    CORK, Ireland, Nov. 6, 2024 /PRNewswire/ -- Johnson Controls International plc (NYSE:JCI), a global leader for smart, healthy and sustainable buildings, today reported fiscal fourth quarter 2024 GAAP earnings per share ("EPS") of $0.95. Excluding special items, adjusted EPS was $1.28.

    Q4 sales increased 7% to $7.4 billion and organic sales increased 10%. Full year sales from increased 2% to $27.4 billion and organic sales increased 4%.

    For the quarter, GAAP net income was $633 million and adjusted net income was $858 million.

    "We are very pleased with our strong end to the fiscal year and our fourth quarter results, which delivered double-digit organic sales growth and robust margin expansion," said George Oliver, Chairman and CEO. "Johnson Controls is entering fiscal 2025 with momentum.  Backlog is at record levels and we are well positioned to deliver continued profitable top line growth.  Importantly, the actions taken during the year to simplify our portfolio are allowing us to focus our resources on expanding Johnson Controls as a leading pure-play building solutions provider.  We are driving greater outcomes for our customers globally across the building lifecycle while unlocking shareholder value."

    FISCAL Q4 SEGMENT RESULTS

    The financial highlights presented in the tables below include both continuing and discontinued operations and are in accordance with GAAP, unless otherwise indicated. All comparisons are to the fiscal fourth quarter of 2023.

    A slide presentation to accompany the results can be found in the Investor Relations section of Johnson Controls' website at http://investors.johnsoncontrols.com.

    Building Solutions North America





    Fiscal Q4

    (in millions)



    2024



    2023



    Change

    Sales



    $     3,223



    $     2,778



    16 %

    Segment EBITA













    GAAP



    484



    427



    13 %

    Adjusted (non-GAAP)



    484



    427



    13 %

    Segment EBITA Margin %













    GAAP



    15.0 %



    15.4 %



            (40 bp)

    Adjusted (non-GAAP)



    15.0 %



    15.4 %



            (40 bp)

    Sales in the quarter of $3.2 billion increased 16% over the prior year. Organic sales also increased 16% led by growth greater than 20% in Applied HVAC & Controls.

    Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 7% year-over-year. Backlog at the end of the quarter of $9.1 billion increased 10% compared to the prior year, excluding M&A and adjusted for foreign currency.

    Segment EBITA margin of 15.0% declined 40 basis points versus the prior year primarily due to unfavorable mix, as Systems grew faster than Service. 

    Building Solutions EMEA/LA (Europe, Middle East, Africa/Latin America)





    Fiscal Q4

    (in millions)



    2024



    2023



    Change

    Sales



    $     1,113



    $     1,045



    7 %

    Segment EBITA













    GAAP



    111



    82



    35 %

    Adjusted (non-GAAP)



    128



    82



    56 %

    Segment EBITA Margin %













    GAAP



    10.0 %



    7.8 %



            220 bp

    Adjusted (non-GAAP)



    11.5 %



    7.8 %



            370 bp

    Sales in the quarter of $1.1 billion increased 7% over the prior year. Organic sales grew 10% versus the prior year led by double-digit growth in Controls, Security, and Industrial Refrigeration.

    Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 14% year-over-year. Backlog at the end of the quarter of $2.5 billion increased 10% year-over-year, excluding M&A and adjusted for foreign currency.

    Segment EBITA margin of 10.0% expanded 220 basis points versus the prior year driven by improved productivity and by the positive mix from the growth in Service.  Adjusted segment EBITA in Q4 2024 excludes a non-recurring loss associated with the equity method accounting for a joint venture.

    Building Solutions Asia Pacific





    Fiscal Q4

    (in millions)



    2024



    2023



    Change

    Sales



    $        664



    $        697



    (5 %)

    Segment EBITA













    GAAP



    94



    94



    — %

    Adjusted (non-GAAP)



    94



    94



    — %

    Segment EBITA Margin %













    GAAP



    14.2 %



    13.5 %



              70 bp

    Adjusted (non-GAAP)



    14.2 %



    13.5 %



              70 bp

    Sales in the quarter of $664 million declined 5% versus the prior year. Organic sales also declined 5% versus the prior year as mid single-digit Service growth was more than offset by continued weakness in the Systems business in China.  

    Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 6% year-over-year. Backlog at the end of the quarter of $1.5 billion decreased 10% year-over-year, excluding M&A and adjusted for foreign currency.

    Segment EBITA margin of 14.2% improved 70 basis points versus the prior year as positive mix from our Service business offset a decline in our Systems business.

    Global Products





    Fiscal Q4*

    (in millions)



    2024



    2023



    Change

    Sales



    $     2,394



    $     2,386



    — %

    Segment EBITA













    GAAP



    670



    502



    33 %

    Adjusted (non-GAAP)



    670



    502



    33 %

    Segment EBITA Margin %













    GAAP



    28.0 %



    21.0 %



            700 bp

    Adjusted (non-GAAP)



    28.0 %



    21.0 %



            700 bp

    *Includes results for both continuing operations and discontinued operations related to the sale of the Residential and Light Commercial HVAC business.  See footnote one for additional details.

    Sales in the quarter of $2.4 billion were flat versus the prior year. Organic sales grew 8% versus the prior year as growth in Commercial and Residential HVAC were offset by declines in both Fire & Security and Industrial Refrigeration.

    Segment EBITA margin of 28.0% expanded 700 basis points versus the prior year driven primarily by operational efficiencies leading to productivity improvements.

    Corporate





    Fiscal Q4

    (in millions)



    2024



    2023



    Change

    Corporate Expense













    GAAP



    $           158



    $            70



    126 %

    Adjusted (non-GAAP)



    114



    49



    133 %

    Adjusted Corporate expense excludes certain transaction/separation costs.

    OTHER Q4 ITEMS

    • Total cash provided by operating activities of $1,526 million included cash from continuing operations of $1,352 million and cash from discontinued operations of $174 million. Free cash flow was $1,318 million and adjusted free cash flow was $1,087 million.
    • The Company paid dividends of $247 million.
    • The Company repurchased 5.4 million shares of common stock for approximately $370 million.
    • The Company recorded pre-tax restructuring and impairment costs for continuing and discontinued operations of $145 million, comprised primarily of severance and other charges related to ongoing restructuring actions and certain asset impairments.
    • The Company signed a definitive agreement to sell its Residential and Light Commercial HVAC business (the "R&LC Business"), which includes the North America Ducted businesses and the global Residential joint venture with Hitachi Global Life Solutions, Inc. ("Hitachi"), of which Johnson Controls owns 60% and Hitachi owns 40%, to Bosch Group for approximately $8.1 billion in cash with the Company's portion of the aggregate consideration being approximately $6.7 billion. The transaction is expected to close in the fourth quarter of fiscal 2025, subject to required regulatory approvals and other customary closing conditions.
    • The Company announced a multi-year restructuring plan to address stranded costs and further right-size its global operations following its previously announced portfolio simplification actions. The Company expects to incur approximately $400 million in restructuring costs over the next three years, resulting in expected annual cost savings of approximately $500 million.

    GUIDANCE

    The following forward-looking statements regarding organic sales growth, adjusted segment EBITA margin, adjusted segment EBITA margin improvement and adjusted EPS are non-GAAP financial measures and are presented on a continuing operations basis excluding the R&LC Business, which was classified as discontinued operations during the fiscal fourth quarter of 2024. These non-GAAP financial measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts excluded is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period and the high variability of certain amounts, such as mark-to-market adjustments. Organic revenue growth excludes the effect of acquisitions, divestitures and foreign currency. The Company is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to its most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on the Company's fiscal 2025 first quarter and full year GAAP financial results from continuing operations.

    The Company initiated fiscal 2025 first quarter continuing operations guidance:

    • Organic sales growth of mid-single digits
    • Adjusted segment EBITA margin of ~14.5%
    • Adjusted EPS before special items of ~$0.57 to $0.60

    The Company initiated fiscal 2025 full year continuing operations guidance:

    • Organic sales growth of mid-single digits
    • Adjusted segment EBITA margin improvement of more than 50 basis points, year-over-year
    • Adjusted EPS before special items of ~$3.40 to $3.50

    CONFERENCE CALL & WEBCAST INFO

    Johnson Controls will host a conference call to discuss this quarter's results at 8:30 a.m. ET today, which can be accessed by dialing 844-763-8274 (in the United States) or +1-412-717-9224 (outside the United States), or via webcast. A slide presentation will accompany the prepared remarks and has been posted on the investor relations section of the Johnson Controls website at https://investors.johnsoncontrols.com/news-and-events/events-and-presentations. A replay will be made available approximately two hours following the conclusion of the conference call.

    ABOUT JOHNSON CONTROLS

    At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.  

    Building on a proud history of nearly 140 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering.

    Today, with a global team of almost 100,000 experts in more than 150 countries, Johnson Controls offers the world`s largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry.

    Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.

    JOHNSON CONTROLS CONTACTS:

    INVESTOR CONTACTS:

    MEDIA CONTACT:





    Jim Lucas

    Danielle Canzanella

    Direct: +1 414.340.1752

    Direct: +1 203.499.8297

    Email: [email protected]

    Email: [email protected]





    Michael Gates



    Direct: +1 414.524.5785



    Email: [email protected] 



    JOHNSON CONTROLS INTERNATIONAL PLC CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    Johnson Controls International plc has made statements in this communication that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. However, the absence of these words does not mean that a statement is not forward-looking. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond its control, that could cause its actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: Johnson Controls' ability to develop or acquire new products and technologies that achieve market acceptance and meet applicable quality and regulatory requirements; the ability of Johnson Controls to execute on its operating model and drive organizational improvement; Johnson Controls' ability to successfully execute and complete portfolio simplification, including the completion of the divestiture of the Residential and Light Commercial business, as well as the possibility that the expected benefits of such actions will not be realized or will not be realized within the expected time frame; the ability to hire and retain senior management and other key personnel, including successfully executing Johnson Controls' Chief Executive Officer succession plan; the ability to innovate and adapt to emerging technologies, ideas and trends in the marketplace, including the incorporation of technologies such as artificial intelligence; the ability to manage general economic, business and capital market conditions, including the impact of recessions, economic downturns and global price inflation; fluctuations in the cost and availability of public and private financing for Johnson Controls' customers; the ability to manage macroeconomic and geopolitical volatility, including supply chain shortages and the conflicts between Russia and Ukraine and Israel and Hamas; managing the risks and impacts of potential and actual security breaches, cyberattacks, privacy breaches or data breaches; maintaining and improving the capacity, reliability and security of Johnson Controls' enterprise information technology infrastructure; the ability to manage the lifecycle cybersecurity risk in the development, deployment and operation of Johnson Controls' digital platforms and services; changes to laws or policies governing foreign trade, including economic sanctions, tariffs, foreign exchange and capital controls, import/export controls or other trade restrictions; fluctuations in currency exchange rates; changes or uncertainty in laws, regulations, rates, policies, or interpretations that impact Johnson Controls' business operations or tax status; the ability to adapt to global climate change, climate change regulation and successfully meet Johnson Controls' public sustainability commitments; risks and uncertainties related to the settlement with a nationwide class of public water systems concerning the use of AFFF; the outcome of litigation and governmental proceedings; the risk of infringement or expiration of intellectual property rights; Johnson Controls' ability to manage disruptions caused by catastrophic or geopolitical events, such as natural disasters, armed conflict, political change, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments;  any delay or inability of Johnson Controls to realize the expected benefits and synergies of recent portfolio transactions; the tax treatment of recent portfolio transactions; significant transaction costs and/or unknown liabilities associated with such transactions; labor shortages, work stoppages, union negotiations, labor disputes and other matters associated with the labor force; and the cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Johnson Controls business is included in the section entitled "Risk Factors" in Johnson Controls Annual Report on Form 10-K for the fiscal year filed with the SEC, which is available at www.sec.gov and www.johnsoncontrols.com under the "Investors" tab, and such factors may be updated from time to time in Johnson Controls filings with the SEC, which are or will be accessible on the SEC's website at www.sec.gov. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements. The forward-looking statements included in this communication are made only as of the date of this document, unless otherwise specified, and, except as required by law, Johnson Controls assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this communication.

     

    FINANCIAL STATEMENTS



    Johnson Controls International plc

    Consolidated Statements of Income

    (in millions, except per share data; unaudited)





    Three Months Ended

    September 30,



    Twelve Months Ended

    September 30,



    2024



    2023



    2024



    2023

    Net sales















    Products and systems

    $        4,391



    $        4,128



    $      15,967



    $      15,789

    Services

    1,857



    1,725



    6,985



    6,542



    6,248



    5,853



    22,952



    22,331

    Cost of sales















    Products and systems

    2,872



    2,877



    10,677



    10,736

    Services

    1,108



    1,004



    4,198



    3,791



    3,980



    3,881



    14,875



    14,527

















    Gross profit

    2,268



    1,972



    8,077



    7,804

















    Selling, general and administrative expenses

    1,368



    1,309



    5,661



    5,387

    Restructuring and impairment costs

    133



    212



    510



    1,049

    Net financing charges

    96



    56



    342



    258

    Equity income (loss)

    (23)



    1



    (42)



    3

















    Income from continuing operations before income taxes

    648



    396



    1,522



    1,113

















    Income tax provision (benefit)

    110



    (92)



    111



    (468)

















    Income from continuing operations

    538



    488



    1,411



    1,581

















    Income from discontinued operations, net of tax

    140



    93



    489



    452

















    Net income

    678



    581



    1,900



    2,033

















    Income from continuing operations attributable to

    noncontrolling interests

    2



    7



    4



    19

















    Income from discontinued operations attributable to

    noncontrolling interests

    43



    25



    191



    165

















    Net income attributable to Johnson Controls

    $          633



    $          549



    $        1,705



    $        1,849

















    Amounts attributable to Johnson Controls ordinary

    shareholders:















    Income from continuing operations

    $          536



    $          481



    $        1,407



    $        1,562

           Income from discontinued operations

    97



    68



    298



    287

    Net income

    $          633



    $          549



    $        1,705



    $        1,849

















    Basic earnings per share attributable to Johnson Controls















    Continuing operations

    $         0.80



    $         0.71



    $         2.09



    $         2.28

    Discontinued operations

    0.15



    0.10



    0.44



    0.42

    Total

    $         0.95



    $         0.81



    $         2.53



    $         2.70

































    Diluted earnings per share attributable to Johnson Controls















    Continuing operations

    $         0.80



    $         0.70



    $         2.08



    $         2.27

    Discontinued operations

    0.15



    0.10



    0.44



    0.42

    Total

    $         0.95



    $         0.80



    $         2.52



    $         2.69

     

    Johnson Controls International plc

    Condensed Consolidated Statements of Financial Position

    (in millions; unaudited)





    September 30, 2024



    September 30, 2023

    Assets















    Cash and cash equivalents

    $                      606



    $                      828

    Accounts receivable - net

    6,051



    5,494

    Inventories

    1,774



    1,872

    Current assets held for sale

    1,595



    1,552

    Other current assets

    1,153



    991

    Current assets

    11,179



    10,737









    Property, plant and equipment - net

    2,403



    2,374

    Goodwill

    16,725



    16,772

    Other intangible assets - net

    4,130



    4,772

    Noncurrent assets held for sale

    3,210



    3,105

    Other noncurrent assets

    5,048



    4,482

    Total assets

    $                 42,695



    $                 42,242









    Liabilities and Equity















    Short-term debt

    $                      953



    $                      361

    Current portion of long-term debt

    536



    645

    Accounts payable

    3,389



    3,498

    Accrued compensation and benefits

    1,048



    847

    Deferred revenue

    2,160



    1,923

    Current liabilities held for sale

    1,431



    1,375

    Other current liabilities

    2,438



    2,435

    Current liabilities

    11,955



    11,084









    Long-term debt

    8,004



    7,818

    Pension and postretirement benefits

    217



    252

    Noncurrent liabilities held for sale

    405



    407

    Other noncurrent liabilities

    4,753



    4,987

    Long-term liabilities

    13,379



    13,464









    Shareholders' equity attributable to Johnson Controls

    16,098



    16,545

    Noncontrolling interests

    1,263



    1,149

    Total equity

    17,361



    17,694

    Total liabilities and equity

    $                 42,695



    $                 42,242

     

    Johnson Controls International plc

    Consolidated Statements of Cash Flows

    (in millions; unaudited)





    Three Months Ended

    September 30,



    Twelve Months Ended

    September 30,



    2024



    2023



    2024



    2023

    Operating Activities of Continuing Operations















    Income from continuing operations attributable to Johnson Controls

    $         536



    $         481



    $      1,407



    $      1,562

    Income from continuing operations attributable to noncontrolling interests

    2



    7



    4



    19

    Net income

    538



    488



    1,411



    1,581

    Adjustments to reconcile net income to cash provided by operating activities:















    Depreciation and amortization

    192



    202



    816



    745

    Pension and postretirement benefit expense (income)

    (10)



    83



    (43)



    58

    Pension and postretirement contributions

    10



    (5)



    (6)



    (48)

    Equity in earnings of partially-owned affiliates, net of dividends received

    23



    (2)



    44



    (3)

    Deferred income taxes

    —



    (337)



    (403)



    (602)

    Non-cash restructuring and impairment charges

    78



    126



    411



    827

    Equity-based compensation expense

    26



    18



    107



    107

    Other - net

    15



    (20)



    (112)



    (117)

    Changes in assets and liabilities, excluding acquisitions and divestitures:















    Accounts receivable

    (46)



    240



    (537)



    (259)

    Inventories

    168



    141



    (17)



    (58)

    Other assets

    78



    31



    (482)



    (187)

    Restructuring reserves

    5



    25



    (76)



    57

    Accounts payable and accrued liabilities

    466



    (17)



    645



    (85)

    Accrued income taxes

    (191)



    95



    (190)



    (160)

    Cash provided by operating activities from continuing operations

    1,352



    1,068



    1,568



    1,856

















    Investing Activities of Continuing Operations















    Capital expenditures

    (195)



    (139)



    (494)



    (446)

    Sale of property, plant and equipment

    1



    3



    1



    30

    Acquisition of businesses, net of cash acquired

    (4)



    (466)



    (3)



    (726)

    Business divestitures, net of cash divested

    326



    28



    345



    28

    Other - net

    (26)



    (1)



    (33)



    21

    Cash used by investing activities from continuing operations

    102



    (575)



    (184)



    (1,093)

















    Financing Activities of Continuing Operations















    Net proceeds (payments) from borrowings with maturities less than three months

    (655)



    195



    48



    (75)

    Proceeds from debt

    —



    2



    1,281



    1,173

    Repayments of debt

    (486)



    (1,019)



    (924)



    (1,555)

    Stock repurchases and retirements

    (370)



    (12)



    (1,246)



    (625)

    Payment of cash dividends

    (247)



    (251)



    (1,000)



    (980)

    Other - net

    —



    20



    (107)



    3

    Cash used by financing activities from continuing operations

    (1,758)



    (1,065)



    (1,948)



    (2,059)

















    Discontinued Operations















    Cash provided by operating activities

    174



    322



    530



    365

    Cash used by investing activities

    (13)



    (33)



    (37)



    (91)

    Cash provided (used) by financing activities

    —



    2



    (132)



    (115)

    Cash provided by discontinued operations

    161



    291



    361



    159

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

    30



    62



    59



    (5)

    Change in cash, cash equivalents and restricted cash held for sale

    (8)



    (4)



    (6)



    (5)

    Decrease in cash, cash equivalents and restricted cash

    (121)



    (223)



    (150)



    (1,147)

    Cash, cash equivalents and restricted cash at beginning of period

    888



    1,140



    917



    2,064

    Cash, cash equivalents and restricted cash at end of period

    767



    917



    767



    917

    Less: Restricted cash

    161



    89



    161



    89

    Cash and cash equivalents at end of period

    $         606



    $         828



    $         606



    $         828

    FOOTNOTES

    1.     Sale of Residential and Light Commercial HVAC Business

    The Company signed a definitive agreement in July 2024 to sell its Residential and Light Commercial HVAC business (the "R&LC Business"), which includes the North America Ducted businesses and the global Residential joint venture with Hitachi Global Life Solutions, Inc. ("Hitachi"), of which Johnson Controls owns 60% and Hitachi owns 40%. The R&LC Business, which was previously reported in the Global Products segment, meets the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the consolidated financial statements as a discontinued operation, and assets and liabilities were retrospectively reclassified as held for sale for all periods presented. Unless otherwise noted, all activities and amounts reported in the following footnotes include both the continuing operations of the Company and activities and amounts related to the R&LC business.

    2.     Non-GAAP Measures

    The Company reports various non-GAAP measures in this earnings release and the related earnings presentation.  Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures. Refer to footnotes three through eight for further information on the calculations of the non-GAAP measures and reconciliations of the non-GAAP measures to the most comparable GAAP measures.

    Organic sales

    Organic sales growth excludes the impact of acquisitions, divestitures and foreign currency. Management believes organic sales growth is useful to investors in understanding period-over-period sales results and trends.

    Cash flow

    Adjusted free cash flow and adjusted free cash flow conversion are non-GAAP measures which exclude the impacts of the following:

    • JC Capital cash flows primarily include activity associated with finance/notes receivables and inventory and/or capital expenditures related to lease arrangements. JC Capital net income is primarily related to interest income on the finance/notes receivable and profit recognized on arrangements with sales-type lease components.
    • Effective January 1, 2024, the Company has excluded the impact of discontinuing its accounts receivables factoring programs from adjusted free cash flow and adjusted free cash flow conversion. The Company has also re-baselined the prior year adjusted free cash flow measures to present a more comparative measure without the impact of factoring.
    • Cash payments related to the water systems AFFF settlement and cash receipts for AFFF-related insurance recoveries.

    Management believes free cash flow and adjusted free cash flow measures are useful to investors in understanding the strength of the Company and its ability to generate cash. These non-GAAP measures can also be used to evaluate the Company's ability to generate cash flow from operations and the impact that this cash flow has on its liquidity. Management also believes adjusted free cash flows are useful to investors in understanding period-over-period cash flows, cash trends and ongoing cash flows of the Company.

    Adjusted financial measures

    Adjusted financial measures include adjusted segment EBITA, adjusted net income, adjusted earnings per share, adjusted EBIT, adjusted EBITDA and adjusted corporate expenses. These non-GAAP measures are derived by excluding certain amounts from the corresponding financial measures determined in accordance with GAAP. The determination of the excluded amounts is a matter of management judgment and depends upon the nature and variability of the underlying expense or income amounts and other factors.

    As detailed in the tables included in footnotes four through seven, the following items were excluded from certain financial measures:

    • Net mark-to-market adjustments are the result of adjusting restricted asbestos investments and pension and postretirement plan assets to their current market value. These adjustments may have a favorable or unfavorable impact on results.
    • Restructuring and impairment costs, net of NCI represents restructuring costs attributable to Johnson Controls including costs associated with exit plans or other restructuring plans that will have a more significant impact on the underlying cost structure of the organization. Impairment costs primarily relate to write-downs of goodwill, intangible assets and assets held for sale to their fair value.
    • Water systems AFFF settlement and insurance recoveries include amounts related to a settlement with a nationwide class of public water systems concerning the use of AFFF manufactured and sold by a subsidiary of the Company, and AFFF-related insurance recoveries.
    • Transaction/separation costs include costs associated with significant mergers and acquisitions.
    • Earn-out adjustments relate to earn-out liabilities associated with certain significant acquisitions and may have a favorable or unfavorable impact on results.
    • Warehouse fire loss relates to an uninsured loss attributable to a fire at a warehouse in Menominee, Michigan.
    • Cyber incident costs primarily represent expenses, net of insurance recoveries, associated with the response to, and remediation of, a cybersecurity incident which occurred in September 2023.
    • Global products product quality issue are costs related to a product quality issue within the Global Products segment that is unusual due to the magnitude of the expected cost to remediate in comparison to typical product quality issues experienced by the Company.
    • Loss on divestiture relates to the sale of the ADTi business.
    • EMEA/LA joint venture loss relates to certain non-recurring losses associated with the equity method accounting of a joint venture company.
    • Discrete tax items, net includes the net impact of discrete tax items within the period, including the following types of items: changes in estimates associated with valuation allowances, changes in estimates associated with reserves for uncertain tax positions, withholding taxes recorded upon changes in indefinite re-investment assertions for businesses to be disposed of, impacts from statutory rate changes, and the recording of significant tax credits.
    • Related tax impact includes the tax impact of the various adjusting/excluded items.

    Management believes the exclusion of these items is useful to investors due to the unusual nature and/or magnitude of the amounts. When considered together with unadjusted amounts, adjusted financial measures are useful to investors in understanding period-over-period operating results, business trends and ongoing operations of the Company. Management may also use these metrics as guides in forecasting, budgeting and long-term planning processes and for compensation purposes.

    Debt ratios

    Management believes that net debt to adjusted EBITDA, a non-GAAP measure, is useful to understanding the Company's financial condition as the ratio provides an overview of the extent to which the Company relies on external debt financing for its funding and also is a measure of risk to its shareholders.

    3. Sales

    The following tables include sales from both continuing and discontinued operations and detail the changes in sales attributable to organic growth, foreign currency, acquisitions, divestitures and other (unaudited):



    Three Months Ended September 30

    Net sales

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Net sales - 2023

    $  2,778



    $  1,045



    $    697



    $  4,520



    $  2,386



    $  6,906

    Base year adjustments























    Divestitures and other

    —



    —



    (7)



    (7)



    (135)



    (142)

    Foreign currency

    (2)



    (31)



    6



    (27)



    (26)



    (53)

    Adjusted base net sales

    2,776



    1,014



    696



    4,486



    2,225



    6,711

    Acquisitions

    —



    2



    —



    2



    —



    2

    Organic growth

    447



    97



    (32)



    512



    169



    681

    Net sales - 2024

    $  3,223



    $  1,113



    $    664



    $  5,000



    $  2,394



    $  7,394

























    Growth %:























    Net sales

    16 %



    7 %



    (5 %)



    11 %



    — %



    7 %

    Organic growth

    16 %



    10 %



    (5 %)



    11 %



    8 %



    10 %



























    Twelve Months Ended September 30

    Net sales

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Net sales - 2023

    $ 10,330



    $  4,096



    $  2,746



    $ 17,172



    $  9,621



    $ 26,793

    Base year adjustments























    Divestitures and other

    —



    (3)



    (58)



    (61)



    (147)



    (208)

    Foreign currency

    13



    (39)



    (62)



    (88)



    (170)



    (258)

    Adjusted base net sales

    10,343



    4,054



    2,626



    17,023



    9,304



    26,327

    Acquisitions

    48



    9



    51



    108



    29



    137

    Organic growth

    957



    233



    (440)



    750



    204



    954

    Net sales - 2024

    $ 11,348



    $  4,296



    $  2,237



    $ 17,881



    $  9,537



    $ 27,418

























    Growth %:























    Net sales

    10 %



    5 %



    (19 %)



    4 %



    (1 %)



    2 %

    Organic growth

    9 %



    6 %



    (17 %)



    4 %



    2 %



    4 %

     



    Three Months Ended September 30

    Products and systems revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Products and systems revenue - 2023

    $  1,727



    $    570



    $    498



    $ 2,795



    $  2,386



    $  5,181

    Base year adjustments























    Divestitures and other

    —



    (1)



    —



    (1)



    (135)



    (136)

    Foreign currency

    (1)



    2



    3



    4



    (26)



    (22)

    Adjusted products and systems revenue

    1,726



    571



    501



    2,798



    2,225



    5,023

    Acquisitions

    —



    1



    —



    1



    —



    1

    Organic growth

    364



    24



    (44)



    344



    169



    513

    Products and systems revenue -  2024

    $  2,090



    $    596



    $    457



    $ 3,143



    $  2,394



    $  5,537

























    Growth %:























    Products and systems revenue

    21 %



    5 %



    (8 %)



    12 %



    — %



    7 %

    Organic growth

    21 %



    4 %



    (9 %)



    12 %



    8 %



    10 %



























    Twelve Months Ended September 30

    Products and systems revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Products and systems revenue - 2023

    $  6,368



    $  2,275



    $  1,987



    $ 10,630



    $  9,621



    $20,251

    Base year adjustments























    Divestitures and other

    —



    (2)



    —



    (2)



    (147)



    (149)

    Foreign currency

    13



    37



    (48)



    2



    (170)



    (168)

    Adjusted products and systems revenue

    6,381



    2,310



    1,939



    10,630



    9,304



    19,934

    Acquisitions

    5



    5



    30



    40



    29



    69

    Organic growth

    713



    (1)



    (486)



    226



    204



    430

    Products and systems revenue -  2024

    $  7,099



    $  2,314



    $  1,483



    $ 10,896



    $  9,537



    $ 20,433

























    Growth %:























    Products and systems revenue

    11 %



    2 %



    (25 %)



    3 %



    (1 %)



    1 %

    Organic growth

    11 %



    — %



    (25 %)



    2 %



    2 %



    2 %

     



    Three Months Ended September 30

    Service revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Service revenue - 2023

    $  1,051



    $    475



    $    199



    $ 1,725



    $       —



    $  1,725

    Base year adjustments























    Divestitures and other

    —



    1



    (7)



    (6)



    —



    (6)

    Foreign currency

    (1)



    (33)



    3



    (31)



    —



    (31)

    Adjusted base service revenue

    1,050



    443



    195



    1,688



    —



    1,688

    Acquisitions

    —



    1



    —



    1



    —



    1

    Organic growth

    83



    73



    12



    168



    —



    168

    Service revenue -  2024

    $  1,133



    $    517



    $    207



    $ 1,857



    $       —



    $  1,857

























    Growth %:























    Service revenue

    8 %



    9 %



    4 %



    8 %



    — %



    8 %

    Organic growth

    8 %



    16 %



    6 %



    10 %



    — %



    10 %



























    Twelve Months Ended September 30

    Service revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Service revenue - 2023

    $  3,962



    $  1,821



    $    759



    $ 6,542



    $       —



    $  6,542

    Base year adjustments























    Divestitures and other

    —



    (1)



    (58)



    (59)



    —



    (59)

    Foreign currency

    —



    (76)



    (14)



    (90)



    —



    (90)

    Adjusted base service revenue

    3,962



    1,744



    687



    6,393



    —



    6,393

    Acquisitions

    43



    4



    21



    68



    —



    68

    Organic growth

    244



    234



    46



    524



    —



    524

    Service revenue - 2024

    $  4,249



    $  1,982



    $    754



    $ 6,985



    $       —



    $  6,985

























    Growth %:























    Service revenue

    7 %



    9 %



    (1 %)



    7 %



    — %



    7 %

    Organic growth

    6 %



    13 %



    7 %



    8 %



    — %



    8 %

    4.   Cash Flow, Free Cash Flow and Free Cash Flow Conversion

    The following table includes free cash flow and free cash flow conversion attributable to both continuing and discontinued operations (unaudited):



    Three Months Ended

    September 30,



    Twelve Months Ended

    September 30,

    (in millions)

    2024



    2023



    2024



    2023

    Cash provided by operating activities

    $            1,526



    $            1,390



    $            2,098



    $            2,221



    Capital expenditures

    (208)



    (173)



    (532)



    (539)



    Free cash flow (non-GAAP)

    $            1,318



    $            1,217



    $            1,566



    $            1,682





















    Net income attributable to JCI

    $               633



    $              549



    $            1,705



    $            1,849



    Free cash flow conversion from net

    income (non-GAAP)

    208 %



    222 %



    92 %



    91 %



    The following table includes adjusted free cash flow and adjusted free cash flow conversion attributable to both continuing and discontinued operations (unaudited):



    Three Months Ended

    September 30,



    Twelve Months Ended

    September 30,

    (in millions)

    2024



    2023



    2024



    2023

    Free cash flow (non-GAAP)

    $       1,318



    $       1,217



    $       1,566



    $       1,682

    Adjustments:















    JC Capital cash used by operating activities

    9



    56



    179



    137

    Water systems AFFF settlement cash payments and

    insurance recoveries

    (257)



    —



    (14)



    —

    Impact from discontinuation of factoring programs

    17



    —



    665



    —

    Adjusted free cash flow (non-GAAP)

    1,087



    1,273



    2,396



    1,819

    Prior year impact from factoring programs

    —



    (284)



    —



    (205)

    Re-baselined adjusted free cash flow  (non-GAAP)

    $       1,087



    $          989



    $       2,396



    $       1,614

















    Adjusted net income attributable to JCI (non-GAAP)

    $          858



    $          719



    $       2,510



    $       2,405

    JC Capital net income

    (8)



    1



    (16)



    (11)

    Adjusted net income attributable to JCI, excluding

    JC Capital (non-GAAP)

    $          850



    $          720



    $       2,494



    $       2,394

    Adjusted free cash flow conversion (non-GAAP)

    128 %



    137 %



    96 %



    67 %

    5. EBITA, EBIT and Corporate Expense

    The Company evaluates the performance of its business units primarily on segment EBITA. The following table includes both continuing and discontinued operations (unaudited):



    Three Months Ended September 30,



    Twelve Months Ended September 30,



    Actual



    Adjusted

    (Non-GAAP)



    Actual



    Adjusted

    (Non-GAAP)

    (in millions; unaudited)

    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

































    Segment EBITA































    Building Solutions North America

    $     484



    $     427



    $     484



    $     427



    1,663



    $  1,394



    $  1,602



    $  1,394

    Building Solutions EMEA/LA

    111



    82



    128



    82



    391



    316



    408



    316

    Building Solutions Asia Pacific

    94



    94



    94



    94



    261



    343



    261



    343

    Global Products

    670



    502



    670



    502



    2,123



    1,965



    2,149



    1,975

































    EBIT (non-GAAP)































    Net income attributable to JCI

    $     633



    $     549



    $     858



    $     719



    $  1,705



    $  1,849



    $  2,510



    $  2,405

    Income attributable to

    noncontrolling interests (1)

    45



    32



    46



    36



    195



    184



    202



    188

    Net income

    678



    581



    904



    755



    1,900



    2,033



    2,712



    2,593

    Income tax provision (benefit)(2)

    153



    (57)



    143



    118



    252



    (323)



    432



    405

    Income before income taxes

    831



    524



    1,047



    873



    2,152



    1,710



    3,144



    2,998

    Net financing charges

    96



    63



    96



    63



    359



    281



    359



    281

                   EBIT (non-GAAP)

    $     927



    $     587



    $  1,143



    $     936



    $  2,511



    $  1,991



    $  3,503



    $  3,279





    (1)

    Adjusted income attributable to noncontrolling interests excludes the impact of restructuring and impairment costs.





    (2)

    Adjusted income tax provision (benefit) excludes the net tax impacts of pre-tax adjusting items and discrete tax items.

    The following tables reconcile segment EBITA to adjusted segment EBITA (unaudited) attributable to both continuing and discontinued operations:



    Three Months Ended September 30,

    (in millions)

    Building Solutions

    North America



    Building Solutions

    EMEA/LA



    Building Solutions

    Asia Pacific



    Global Products



    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

































    Segment EBITA

    $     484



    $     427



    $     111



    $      82



    $      94



    $      94



    $   670



    $   502

































    Adjusting items:































    EMEA/LA joint venture loss

    —



    —



    17



    —



    —



    —



    —



    —

































    Adjusted segment EBITA

    (non-GAAP)

    $     484



    $     427



    $     128



    $      82



    $      94



    $      94



    $   670



    $   502





    Twelve Months Ended September 30,

    (in millions)

    Building Solutions

    North America



    Building Solutions

    EMEA/LA



    Building Solutions

    Asia Pacific



    Global Products



    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

































    Segment EBITA

    $  1,663



    $  1,394



    $     391



    $     316



    $     261



    $    343



    $ 2,123



    $ 1,965

































    Adjusting items:































    Earn-out adjustments

    (61)



    —



    —



    —



    —



    —



    (7)



    (30)

    Uninsured warehouse fire loss

    —



    —



    —



    —



    —



    —



    —



    40

    Global Products product quality

    costs

    —



    —



    —



    —



    —



    —



    33



    —

    EMEA/LA joint venture loss

    —



    —



    17



    —



    —



    —



    —



    —

































    Adjusted segment EBITA

    (non-GAAP)

    $  1,602



    $  1,394



    $     408



    $     316



    $     261



    $    343



    $ 2,149



    $ 1,975

    The following table reconciles Corporate expense from both continuing and discontinued operations as reported to the comparable adjusted amounts (unaudited):



    Three Months Ended

    September 30,



    Twelve Months Ended

    September 30,

    (in millions)

    2024



    2023



    2024



    2023

















    Corporate expense (GAAP)

    $          158



    $            70



    $         531



    $          432

















    Adjusting items:















    Transaction/separation costs

    (44)



    (21)



    (72)



    (122)

    Cyber incident costs

    —



    —



    (27)



    —

    Adjusted corporate expense (non-GAAP)

    $          114



    $            49



    $         432



    $          310

    6.  Net Income and Diluted Earnings Per Share

    The following tables reconcile net income attributable to JCI and diluted earnings per share as reported to the comparable adjusted amounts (unaudited):



    Three Months Ended September 30,



    Net income attributable to

    JCI



    Diluted earnings

     per share

    (in millions, except per share)

    2024



    2023



    2024



    2023

















    As reported (GAAP)

    $          633



    $          549



    $        0.95



    $         0.80

















    Adjusting items:















    Net mark-to-market adjustments

    (16)



    108



    (0.02)



    0.16

    Restructuring and impairment costs, net of NCI

    144



    216



    0.22



    0.31

    AFFF insurance recoveries

    (16)



    —



    (0.02)



    —

    Transaction/separation costs

    44



    21



    0.07



    0.03

    Loss on divestiture

    42



    —



    0.06



    —

    EMEA/LA joint venture loss

    17



    —



    0.03



    —

    Tax impact of adjusting items, net

    10



    (54)



    0.01



    (0.08)

    Discrete tax items, net

    —



    (121)



    —



    (0.18)

    Adjusted (non-GAAP)*

    $          858



    $          719



    $        1.28



    $         1.05





    *

    May not sum due to rounding







    Twelve Months Ended September 30,



    Net income attributable to

    JCI



    Diluted earnings

    per share

    (in millions, except per share)

    2024



    2023



    2024



    2023

















    As reported (GAAP)

    $       1,705



    $        1,849



    $        2.52



    $         2.69

















    Adjusting items:















      Net mark-to-market adjustments

    (58)



    92



    (0.09)



    0.13

      Restructuring and impairment costs, net of NCI

    537



    1,060



    0.79



    1.54

      Water systems AFFF settlement

    750



    —



    1.11



    —

    AFFF insurance recoveries

    (367)



    —



    (0.54)



    —

      Transaction/separation costs

    72



    122



    0.11



    0.18

      Earn-out adjustments

    (68)



    (30)



    (0.10)



    (0.04)

      Warehouse fire loss

    —



    40



    —



    0.06

      Cyber incident costs

    27



    —



    0.04



    —

      Global Products product quality issue

    33



    —



    0.05



    —

    Loss on divestiture

    42



    —



    0.06



    —

    EMEA/LA joint venture loss

    17



    —



    0.03



    —

    Tax impact of adjusting items, net

    (123)



    (169)



    (0.18)



    (0.25)

    Discrete tax items,net

    (57)



    (559)



    (0.08)



    (0.81)

    Adjusted (non-GAAP)*

    $       2,510



    $        2,405



    $        3.71



    $         3.50





    *

    May not sum due to rounding

    The following table reconciles the denominators used to calculate basic and diluted earnings per share (in millions; unaudited):



    Three Months Ended

    September 30,



    Twelve Months Ended

    September 30,



    2024



    2023



    2024



    2023









    Weighted average shares outstanding















    Basic weighted average shares outstanding

    665.3



    680.3



    673.8



    684.3

    Effect of dilutive securities:















    Stock options, unvested restricted stock and

    unvested performance share awards

    2.8



    3.0



    2.2



    3.1

    Diluted weighted average shares outstanding

    668.1



    683.3



    676.0



    687.4

    7.  Debt Ratios

    The following table includes both continuing and discontinued operations and details net debt to income before income taxes and net debt to adjusted EBITDA (unaudited):

    (in millions)

    September 30, 2024



    June 30, 2024



    September 30, 2023

    Short-term debt

    $                      953



    $                   1,523



    $                      385

    Current portion of long-term debt

    536



    998



    645

    Long-term debt

    8,004



    7,867



    7,818

    Total debt

    9,493



    10,388



    8,848

    Less: cash and cash equivalents

    611



    862



    835

    Net debt

    $                   8,882



    $                   9,526



    $                   8,013













    Last twelve months income before income

    taxes

    $                   2,152



    $                   1,845



    $                   1,710













    Net debt to income before income taxes

                             4.1x



                             5.2x



                             4.7x













    Last twelve months adjusted EBITDA (non-

    GAAP)

    $                   4,382



    $                   4,210



    $                   4,127













    Net debt to adjusted EBITDA (non-GAAP)

    2.0x



    2.3x



    1.9x

    The following table reconciles net income to adjusted EBIT and adjusted EBITDA (unaudited):



    Twelve Months Ended

    (in millions)

    September 30, 2024



    June 30, 2024



    September 30, 2023

    Net income

    $                     1,900



    $                     1,803



    $                     2,033

    Income tax provision (benefit)

    252



    42



    (323)

    Net financing charges

    359



    326



    281

    EBIT

    2,511



    2,171



    1,991

    Adjusting items:











    Net mark-to-market adjustments

    (58)



    66



    92

    Restructuring and impairment costs

    544



    619



    1,064

    Water systems AFFF settlement

    750



    750



    —

    AFFF insurance recoveries

    (367)



    (351)



    —

    Transaction/separation costs

    72



    49



    122

    Earn-out adjustments

    (68)



    (68)



    (30)

    Warehouse fire loss

    —



    —



    40

    Cyber incident costs

    27



    27



    —

    Global Products product quality issue

    33



    33



    —

    Loss on divestiture

    42



    —



    —

    EMEA/LA joint venture loss

    17



    —



    —

    Adjusted EBIT (non-GAAP)

    3,503



    3,296



    3,279

    Depreciation and amortization

    879



    914



    848

    Adjusted EBITDA (non-GAAP)

    $                     4,382



    $                     4,210



    $                     4,127

    8.  Income Taxes

    The Company's effective tax rate before consideration of certain excluded items was approximately 13.75% for the three and twelve months ending September 30, 2024 and approximately 13.5% for the three and twelve months ending September 30, 2023.

    9.  Statements of Income

    The following tables include statements of income for both continuing and discontinued operations.



    Three Months Ended

    September 30, 2024



    Three Months Ended

    September 30, 2023



    Continuing

    Operations



    Discontinued

    Operations



    Combined



    Continuing

    Operations



    Discontinued

    Operations



    Combined

    Net sales























    Products and systems

    $        4,391



    $        1,146



    $        5,537



    $        4,128



    $        1,053



    $        5,181

    Services

    1,857



    —



    1,857



    1,725



    —



    1,725



    6,248



    1,146



    7,394



    5,853



    1,053



    6,906

    Cost of sales























    Products and systems

    2,872



    832



    3,704



    2,877



    817



    3,694

    Services

    1,108



    —



    1,108



    1,004



    —



    1,004



    3,980



    832



    4,812



    3,881



    817



    4,698

























    Gross profit

    2,268



    314



    2,582



    1,972



    236



    2,208

























    Selling, general and

    administrative expenses

    1,368



    200



    1,568



    1,309



    167



    1,476

    Restructuring and impairment

    costs

    133



    12



    145



    212



    8



    220

    Net financing charges

    96



    —



    96



    56



    7



    63

    Equity income (loss)

    (23)



    81



    58



    1



    74



    75

























    Income before income taxes

    648



    183



    831



    396



    128



    524

























    Income tax provision (benefit)

    110



    43



    153



    (92)



    35



    (57)

























    Net income

    538



    140



    678



    488



    93



    581

























    Income attributable to

    noncontrolling interests

    2



    43



    45



    7



    25



    32

























    Net income attributable to

    Johnson Controls

    $          536



    $            97



    $          633



    $          481



    $            68



    $          549

















































    Earnings per share attributable to

    Johnson Controls























    Basic

    $         0.80



    $          0.15



    $         0.95



    $         0.71



    $          0.10



    0.81

    Diluted

    0.80



    0.15



    0.95



    0.70



    0.10



    0.80



























    Twelve Months Ended

    September 30, 2024



    Twelve Months Ended

    September 30, 2023



    Continuing

    Operations



    Discontinued

    Operations



    Combined



    Continuing

    Operations



    Discontinued

    Operations



    Combined

    Net sales























    Products and systems

    $      15,967



    $        4,466



    $      20,433



    $      15,789



    $        4,462



    $      20,251

    Services

    6,985



    —



    6,985



    6,542



    —



    6,542



    22,952



    4,466



    27,418



    22,331



    4,462



    26,793

    Cost of sales























    Products and systems

    10,677



    3,300



    13,977



    10,736



    3,295



    14,031

    Services

    4,198



    —



    4,198



    3,791



    —



    3,791



    14,875



    3,300



    18,175



    14,527



    3,295



    17,822

























    Gross profit

    8,077



    1,166



    9,243



    7,804



    1,167



    8,971

























    Selling, general and

    administrative expenses

    5,661



    761



    6,422



    5,387



    794



    6,181

    Restructuring and impairment

    costs

    510



    34



    544



    1,049



    15



    1,064

    Net financing charges

    342



    17



    359



    258



    23



    281

    Equity income (loss)

    (42)



    276



    234



    3



    262



    265

























    Income before income taxes

    1,522



    630



    2,152



    1,113



    597



    1,710

























    Income tax provision (benefit)

    111



    141



    252



    (468)



    145



    (323)

























    Net income

    1,411



    489



    1,900



    1,581



    452



    2,033

























    Income attributable to

    noncontrolling interests

    4



    191



    195



    19



    165



    184

























    Net income attributable to

    Johnson Controls

    $        1,407



    $          298



    $        1,705



    $        1,562



    $          287



    $        1,849

















































    Earnings per share attributable to

    Johnson Controls























    Basic

    $         2.09



    $          0.44



    $         2.53



    $         2.28



    $          0.42



    $         2.70

    Diluted

    2.08



    0.44



    2.52



    2.27



    0.42



    2.69

    10.  Quarterly Results - Continuing Operations

    The following tables include reconciliations of EBIT to adjusted EBIT, diluted EPS to adjusted diluted EPS, and Global Products segment EBITA to Global Products adjusted segment EBITA for continuing operations only.



    Fiscal 2024

    (in millions, except per share)

    Q1



    Q2



    Q3



    Q4



    Year





















    Net sales

    $      5,209



    $      5,597



    $      5,898



    $      6,248



    $    22,952





















    Net income attributable to JCI

    $         340



    $       (321)



    $         852



    $         536



    $      1,407

    Income attributable to NCI

    —



    3



    (1)



    2



    4

    Net income (loss)

    340



    (318)



    851



    538



    1,411

    Income tax provision (benefit)

    (20)



    (153)



    174



    110



    111

    Income (loss) before income taxes

    320



    (471)



    1,025



    648



    1,522

    Net financing charges

    87



    89



    70



    96



    342

    EBIT (Non-GAAP)

    407



    (382)



    1,095



    744



    1,864

    Adjusting items:



















    Net mark-to-market adjustments

    (22)



    (15)



    (5)



    (6)



    (48)

    Restructuring and impairment costs, net of NCI

    35



    239



    102



    133



    509

    Water systems AFFF settlement

    —



    750



    —



    —



    750

    AFFF insurance recoveries

    —



    —



    (351)



    (16)



    (367)

    Transaction/separation costs

    —



    5



    10



    17



    32

    Earn-out adjustments

    —



    (7)



    (61)



    —



    (68)

    Uninsured warehouse fire loss

    —



    —



    —



    —



    —

    Cyber incident costs

    23



    4



    —



    —



    27

    Global Products product quality issue

    —



    33



    —



    —



    33

    Loss on divestiture

    —



    —



    —



    42



    42

    EMEA/LA joint venture loss

    —



    —



    —



    17



    17





















    Adjusted EBIT (Non-GAAP)

    $         443



    $         627



    $         790



    $         931



    $      2,791





















    Diluted EPS

    $        0.50



    $      (0.47)



    $        1.25



    $        0.80



    $        2.08

    Adjusting items:



















    Net mark-to-market adjustments

    (0.03)



    (0.02)



    (0.01)



    (0.01)



    (0.07)

    Restructuring and impairment costs, net of NCI

    0.05



    0.35



    0.15



    0.20



    0.75

    Water systems AFFF settlement

    —



    1.10



    —



    —



    1.11

    AFFF insurance recoveries

    —



    —



    (0.52)



    (0.02)



    (0.54)

    Transaction/separation costs

    —



    0.01



    0.01



    0.03



    0.05

    Earn-out adjustments

    —



    (0.01)



    (0.09)



    —



    (0.10)

    Cyber incident costs

    0.03



    0.01



    —



    —



    0.04

    Global Products product quality issue

    —



    0.05



    —



    —



    0.05

    Loss on divestiture

    —



    —



    —



    0.06



    0.06

    EMEA/LA joint venture loss

    —



    —



    —



    0.03



    0.03

    Tax impact of adjusting items

    (0.01)



    (0.32)



    0.14



    0.03



    (0.16)

    Discrete tax items

    (0.08)



    —



    —



    —



    (0.08)





















    Adjusted diluted EPS (Non-GAAP)*

    $        0.46



    $        0.69



    $        0.95



    $        1.11



    $        3.21





















    Weighted shares outstanding

    682.4



    679.0



    672.8



    668.1



    676.0





    *

    May not sum due to rounding







    Fiscal 2023

    (in millions, except per share)

    Q1



    Q2



    Q3



    Q4



    Year





















    Net sales

    $      5,155



    $      5,546



    $      5,777



    $      5,853



    $    22,331





















    Net income attributable to JCI

    $          97



    $          44



    $         940



    $         481



    $      1,562

    Income attributable to NCI

    4



    1



    7



    7



    19

    Net income 

    101



    45



    947



    488



    1,581

    Income tax provision (benefit)

    (3)



    8



    (381)



    (92)



    (468)

    Income before income taxes

    98



    53



    566



    396



    1,113

    Net financing charges

    62



    66



    74



    56



    258

    EBIT (Non-GAAP)

    160



    119



    640



    452



    1,371

    Adjusting items:



















    Net mark-to-market adjustments

    (3)



    4



    (17)



    111



    95

    Restructuring and impairment costs, net of NCI

    343



    415



    79



    212



    1,049

    Transaction/separation costs

    26



    29



    43



    20



    118

    Earn-out adjustments





    (30)



    —



    —



    (30)

    Uninsured warehouse fire loss

    40



    —



    —



    —



    40





















    Adjusted EBIT (Non-GAAP)

    $         566



    $         537



    $         745



    $         795



    $      2,643





















    Diluted EPS

    $        0.14



    $        0.07



    $        1.36



    $        0.70



    $        2.27

    Adjusting items:



















    Net mark-to-market adjustments

    —



    0.01



    (0.02)



    0.16



    0.14

    Restructuring and impairment costs, net of NCI

    0.50



    0.60



    0.12



    0.31



    1.53

    Transaction/separation costs

    0.04



    0.04



    0.06



    0.03



    0.17

    Earn-out adjustments

    —



    (0.04)



    —



    —



    (0.04)

    Uninsured warehouse fire loss

    0.06



    —



    —



    —



    0.06

    Tax impact of adjusting items

    (0.09)



    (0.06)



    (0.02)



    (0.08)



    (0.24)

    Discrete tax items

    —



    —



    (0.64)



    (0.18)



    (0.81)





















    Adjusted diluted EPS (Non-GAAP)*

    $        0.63



    $        0.62



    $        0.87



    $        0.95



    $        3.07





















    Weighted shares outstanding

    690.3



    689.7



    686.2



    683.3



    687.4





    *

    May not sum due to rounding







    Global Products

    (in millions)

    Fiscal 2024



    Fiscal 2023



    Q1



    Q2



    Q3



    Q4



    Year



    Q1



    Q2



    Q3



    Q4



    Year









































    Segment EBITA

    $  267



    $  290



    $  387



    $  459



    $ 1,403



    $  299



    $  305



    $  355



    $  358



    $ 1,317









































    Adjusting items:







































    Earn-out adjustments

    —



    (7)



    —



    —



    (7)



    —



    (30)



    —



    —



    (30)

    Uninsured warehouse fire

    loss

    —



    —



    —



    —



    —



    40



    —



    —



    —



    40

    Global Products product

    quality costs

    —



    33



    —



    —



    33



    —



    —



    —



    —



    —









































    Adjusted segment EBITA

    (non-GAAP)

    $  267



    $  316



    $  387



    $  459



    $ 1,429



    $  339



    $  275



    $  355



    $  358



    $ 1,327

     

    Johnson Controls Logo. (PRNewsFoto/JOHNSON CONTROLS, INC.) (PRNewsFoto/)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/johnson-controls-reports-q4-and-fy24-results-initiates-fy25-guidance-302297463.html

    SOURCE Johnson Controls International plc

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    • Johnson Controls Reports Strong Q2 Results; Raises FY25 Guidance

      Q2 sales increased 1% and organic sales increased 7%*Q2 GAAP EPS of $0.71; Q2 Adjusted EPS* of $0.82Q2 orders increased 5% organically year-over-yearBuilding Solutions backlog of $14.0 billion increased 12% organically year-over-yearInitiates fiscal Q3 and raises full year fiscal 2025 guidance**  This news release contains non-GAAP financial measures. Definitions and reconciliations of the non-GAAP financial measures can be found in the attached footnotes. Non-GAAP measures should be considered in addition to, and not as replacements for, the most comparable GAAP measures. CORK, Ireland, May 7, 2025 /PRNewswire/ -- Johnson Controls International plc (NYSE:JCI), a global leader for smart, saf

      5/7/25 6:55:00 AM ET
      $JCI
      Industrial Machinery/Components
      Industrials
    • Johnson Controls Announces Second Quarter 2025 Earnings Conference Call Webcast

      CORK, Ireland, April 9, 2025 /PRNewswire/ -- Johnson Controls International plc (NYSE:JCI), the global leader for smart, healthy and sustainable buildings, announces the following webcast:  What: Johnson Controls Second Quarter Fiscal 2025 Earnings Conference Call When: Wednesday, May 7, 2025, at 8:30 a.m. ET How: The conference call for investors can be accessed in the following ways: Live via webcast at http://investors.johnsoncontrols.com/news-and-events/events-and-presentations Note: A slide presentation will be available that morning for downloading.Live via telephone (for "listen-only" participants and those who would like to ask a question) by dialing 833-752-4340 (in the United State

      4/9/25 8:45:00 AM ET
      $JCI
      Industrial Machinery/Components
      Industrials
    • Johnson Controls Announces Quarterly Dividend

      CORK, Ireland, March 12, 2025 /PRNewswire/ -- The board of directors of Johnson Controls International plc (NYSE:JCI), the global leader in smart, healthy and sustainable buildings, has approved a regular quarterly dividend of $0.37 per share of common stock, payable on April 17, 2025, to shareholders of record at the close of business on March 24, 2025. Johnson Controls has paid a consecutive dividend since 1887. About Johnson ControlsAt Johnson Controls (NYSE:JCI), we transform the environments where people live, work,  learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the p

      3/12/25 8:45:00 AM ET
      $JCI
      Industrial Machinery/Components
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