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    Johnson Controls Reports Strong Q2 Results; Raises FY25 Guidance

    5/7/25 6:55:00 AM ET
    $JCI
    Industrial Machinery/Components
    Industrials
    Get the next $JCI alert in real time by email
    • Q2 sales increased 1% and organic sales increased 7%*
    • Q2 GAAP EPS of $0.71; Q2 Adjusted EPS* of $0.82
    • Q2 orders increased 5% organically year-over-year
    • Building Solutions backlog of $14.0 billion increased 12% organically year-over-year
    • Initiates 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, safe, healthy and sustainable buildings, today reported fiscal second quarter 2025 GAAP earnings per share ("EPS") of $0.71. Adjusted EPS was $0.82. 

    Sales in the quarter of $5.7 billion increased 1% over the prior year on an as reported basis and 7% organically. GAAP income from continuing operations was $473 million. Adjusted income from continuing operations was $545 million.

    "The Johnson Controls team delivered strong second quarter results, highlighted by organic sales growth, margin expansion and record backlog," said Joakim Weidemanis, CEO. "The results reflect the strengthened execution from our team as well as broad-based and sustained demand for our differentiated solutions. We have a strong foundation in place and by starting to increase customer focus and implement lean and business system approaches, we can take the first step to accelerate our momentum and enhance value for all of our stakeholders."

    FISCAL Q2 SEGMENT RESULTS

    The financial highlights presented in the tables below exclude discontinued operations and are in accordance with GAAP, unless otherwise indicated. All comparisons are to the second quarter of fiscal 2024.

    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 Q2

    (in millions)



    2025



    2024



    Change

    Sales



    $     2,916



    $     2,739



    6 %

    Segment EBITA













    GAAP



    390



    373



    5 %

    Adjusted (non-GAAP)



    390



    373



    5 %

    Segment EBITA Margin %













    GAAP



    13.4 %



    13.6 %



            (20 bp)

    Adjusted (non-GAAP)



    13.4 %



    13.6 %



            (20 bp)

    Sales in the quarter of $2.9 billion increased 6% over the prior year. Organic sales increased 7% over the prior year, led by continued strength across Applied HVAC and Controls.

    Excluding M&A and adjusted for foreign currency, orders increased 4% year-over-year and backlog of $9.8 billion increased 11% year-over-year.

    Segment EBITA margin of 13.4% declined 20 basis points versus the prior year as Systems growth outpaced Service growth.

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





    Fiscal Q2

    (in millions)



    2025



    2024



    Change

    Sales



    $     1,085



    $     1,064



    2 %

    Segment EBITA













    GAAP



    136



    89



    53 %

    Adjusted (non-GAAP)



    136



    89



    53 %

    Segment EBITA Margin %













    GAAP



    12.5 %



    8.4 %



            410 bp 

    Adjusted (non-GAAP)



    12.5 %



    8.4 %



            410 bp 

    Sales in the quarter of $1.1 billion increased 2% over the prior year. Organic sales grew 5% versus the prior year quarter led by 9% growth in Service, including solid growth in Applied HVAC and Fire and Security sales.

    Excluding M&A and adjusted for foreign currency, orders increased 10% year-over-year and backlog of $2.7 billion increased 10% year-over-year. 

    Segment EBITA margin of 12.5% expanded 410 basis points versus the prior year driven by productivity improvements and positive mix from growth in Service.

    Building Solutions Asia Pacific





    Fiscal Q2

    (in millions)



    2025



    2024



    Change

    Sales



    $        542



    $        491



    10 %

    Segment EBITA













    GAAP



    79



    54



    46 %

    Adjusted (non-GAAP)



    79



    54



    46 %

    Segment EBITA Margin %













    GAAP



    14.6 %



    11.0 %



            360 bp 

    Adjusted (non-GAAP)



    14.6 %



    11.0 %



            360 bp 

    Sales in the quarter of $542 million increased 10% versus the prior year. Organic sales increased 13% versus the prior year led by strong double-digit growth from both Service and Systems.

    Excluding M&A and adjusted for foreign currency, orders were flat year-over-year and backlog of $1.5 billion increased 21% year-over-year.

    Segment EBITA margin of 14.6% increased 360 basis points versus the prior year driven by productivity improvements.

    Global Products





    Fiscal Q2

    (in millions)



    2025



    2024



    Change

    Sales



    $     1,133



    $     1,303



    (13 %)

    Segment EBITA













    GAAP



    341



    290



    18 %

    Adjusted (non-GAAP)



    343



    316



    9 %

    Segment EBITA Margin %













    GAAP



    30.1 %



    22.3 %



            780 bp 

    Adjusted (non-GAAP)



    30.3 %



    24.3 %



            600 bp 

    Sales in the quarter of $1.1 billion declined 13% versus the prior year. Organic sales grew 8% versus the prior year, led by positive price and volume growth. Excluding the impact of divestitures, Applied HVAC grew over 20% with strong double-digit growth in North America and EMEA/LA.

    Segment EBITA margin of 30.1% expanded 780 basis points versus the prior year due to enhanced operational efficiencies and increased volumes, excluding the impact of divestitures. Adjusted segment EBITA in Q2 2025 excludes transformation costs. Adjusted segment EBITA in Q2 2024 excludes costs for a product quality issue, partially offset by favorable earn-out adjustments.

    Corporate





    Fiscal Q2

    (in millions)



    2025



    2024



    Change

    Corporate Expense













    GAAP



    $           186



    $            92



    102 %

    Adjusted (non-GAAP)



    135



    83



    63 %

    Corporate expenses increased over the prior year as a result of certain corporate accruals combined with the impact of stranded costs from the planned divestiture of the R&LC HVAC business. Adjusted Corporate expense in Q2 2025 excludes certain transaction/separation costs and transformation costs. Adjusted Corporate expense in Q2 2024 excludes certain transaction/separation costs and cyber incident costs.

    OTHER Q2 ITEMS

    • Cash provided by operating activities was $550 million. Free cash flow was $456 million and adjusted free cash flow was $463 million.
    • The Company paid dividends of $245 million.
    • The Company repurchased 4.1 million shares of common stock for $330 million.

    GUIDANCE

    The following forward-looking statements regarding organic sales growth, adjusted segment EBITA margin, adjusted segment EBITA margin improvement, adjusted EPS and adjusted free cash flow conversion are non-GAAP financial measures and are presented on a continuing operations basis excluding the Residential and Light Commercial HVAC business, which was classified as discontinued operations beginning in 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 third quarter and full year GAAP financial results from continuing operations.

    The Company initiated fiscal 2025 third quarter guidance:

    • Organic sales growth of mid-single digits
    • Adjusted segment EBITA margin of ~17.5%
    • Adjusted EPS before special items of ~$0.97 to $1.00

    The Company raised fiscal 2025 full year guidance:

    • Organic sales growth of mid-single digits (unchanged)
    • Adjusted segment EBITA margin improvement of ~90 basis points year-over-year (previously more than 80 bps)
    • Adjusted EPS before special items of ~$3.60 (previously ~$3.50 to $3.60)
    • Adjusted free cash flow conversion of ~100% (previously ~90%+)

    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, 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 this communication, statements regarding Johnson Controls' future financial position, sales, costs, earnings, cash flows, other measures of results of operations, synergies and integration opportunities, capital expenditures, debt levels and market outlook are forward-looking statements. Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" and terms of similar meaning are also generally intended to identify forward-looking statements.  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 manage macroeconomic and geopolitical volatility, including changes to laws or policies governing foreign trade, including tariffs, economic sanctions, foreign exchange and capital controls, import/export controls or other trade restrictions as well as supply chain disruptions; the ability of Johnson Controls to manage general economic, business and capital market conditions, including the impacts of trade restrictions, recessions, economic downturns and global price inflation; 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 completing Johnson Controls' Chief Executive Officer transition; the ability to innovate and adapt to emerging technologies, ideas and trends in the marketplace, including the incorporation of technologies such as artificial intelligence; fluctuations in the cost and availability of public and private financing for Johnson Controls' customers; the ability to manage disruptions caused by international conflicts, including Russia and Ukraine and the ongoing conflicts in the Middle East; 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; 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; 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 ended September 30, 2024 filed with the SEC on November 19, 2024, which is available at www.sec.gov and www.johnsoncontrols.com under the "Investors" tab. The description of certain of these risks is supplemented in Item 1A of Part II of Johnson Controls subsequently filed Quarterly Reports on Form 10-Q. 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

    March 31,



    Six Months Ended

    March 31,



    2025



    2024



    2025



    2024

    Net sales















    Products and systems

    $       3,865



    $       3,883



    $       7,550



    $       7,487

    Services

    1,811



    1,714



    3,552



    3,319



    5,676



    5,597



    11,102



    10,806

    Cost of sales















    Products and systems

    2,523



    2,616



    4,979



    5,107

    Services

    1,084



    1,059



    2,128



    1,999



    3,607



    3,675



    7,107



    7,106

















    Gross profit

    2,069



    1,922



    3,995



    3,700

















    Selling, general and administrative expenses

    1,427



    2,064



    2,826



    3,398

    Restructuring and impairment costs

    62



    239



    95



    274

    Net financing charges

    80



    89



    166



    176

    Equity income (loss)

    1



    (1)



    1



    (3)

















    Income (loss) from continuing operations before income taxes

    501



    (471)



    909



    (151)

















    Income tax provision (benefit)

    26



    (153)



    73



    (173)

















    Income (loss) from continuing operations

    475



    (318)



    836



    22

















    Income from discontinued operations, net of tax

    51



    84



    141



    148

















    Net income (loss)

    526



    (234)



    977



    170

















    Income (loss) attributable to noncontrolling interests















    Continuing operations

    2



    3



    —



    3

    Discontinued operations

    46



    40



    80



    70

















    Net income (loss) attributable to Johnson Controls

    $          478



    $        (277)



    $          897



    $            97

















    Income (loss) attributable to Johnson Controls















    Continuing operations

    $          473



    $        (321)



    $          836



    $            19

    Discontinued operations

    5



    44



    61



    78

    Total

    $          478



    $        (277)



    $          897



    $            97

















    Basic earnings (loss) per share attributable to Johnson Controls















    Continuing operations

    $         0.72



    $       (0.47)



    $         1.27



    $         0.03

    Discontinued operations

    0.01



    0.06



    0.09



    0.11

    Total

    $         0.73



    $       (0.41)



    $         1.36



    $         0.14

















    Diluted earnings (loss) per share attributable to Johnson Controls















    Continuing operations

    $         0.71



    $       (0.47)



    1.26



    0.03

    Discontinued operations

    0.01



    0.06



    0.09



    0.11

    Total

    $         0.72



    $       (0.41)



    $         1.35



    $         0.14

     

    Johnson Controls International plc

    Condensed Consolidated Statements of Financial Position

    (in millions; unaudited)





    March 31, 2025



    September 30, 2024

    Assets















    Cash and cash equivalents

    $                      795



    $                      606

    Accounts receivable - net

    5,858



    6,051

    Inventories

    1,756



    1,774

    Current assets held for sale

    1,856



    1,595

    Other current assets

    1,085



    1,153

    Current assets

    11,350



    11,179









    Property, plant and equipment - net

    2,422



    2,403

    Goodwill

    16,509



    16,725

    Other intangible assets - net

    3,883



    4,130

    Noncurrent assets held for sale

    3,101



    3,210

    Other noncurrent assets

    5,102



    5,048

    Total assets

    $                 42,367



    $                 42,695









    Liabilities and Equity















    Short-term debt

    $                   1,261



    $                      953

    Current portion of long-term debt

    558



    536

    Accounts payable

    3,254



    3,389

    Accrued compensation and benefits

    832



    1,048

    Deferred revenue

    2,380



    2,160

    Current liabilities held for sale

    1,544



    1,431

    Other current liabilities

    1,988



    2,438

    Current liabilities

    11,817



    11,955









    Long-term debt

    8,167



    8,004

    Pension and postretirement benefit obligations

    181



    217

    Noncurrent liabilities held for sale

    429



    405

    Other noncurrent liabilities

    4,741



    4,753

    Long-term liabilities

    13,518



    13,379









    Shareholders' equity attributable to Johnson Controls

    15,805



    16,098

    Noncontrolling interests

    1,227



    1,263

    Total equity

    17,032



    17,361

    Total liabilities and equity

    $                 42,367



    $                 42,695

     

    Consolidated Statements of Cash Flows

    (in millions; unaudited)





    Three Months

    Ended March 31,



    Six Months Ended

    March 31,



    2025



    2024



    2025



    2024

    Operating Activities of Continuing Operations















    Income (loss) from continuing operations attributable to Johnson Controls

    $     473



    $   (321)



    $     836



    $       19

    Income from continuing operations attributable to noncontrolling interests

    2



    3



    —



    3

    Income (loss) from continuing operations

    475



    (318)



    836



    22

    Adjustments to reconcile net income to cash provided (used) by operating activities:















    Depreciation and amortization

    202



    215



    395



    423

    Pension and postretirement income and contributions

    (21)



    (15)



    (37)



    (31)

    Deferred income taxes

    (53)



    (339)



    (107)



    (419)

    Noncash restructuring and impairment charges

    25



    244



    33



    253

    Equity-based compensation

    31



    25



    59



    54

    Other - net

    24



    (15)



    32



    (37)

    Changes in assets and liabilities:















    Accounts receivable

    (191)



    (549)



    93



    (509)

    Inventories

    (12)



    (29)



    (27)



    (135)

    Other assets

    (42)



    5



    (213)



    (190)

    Restructuring reserves

    (5)



    (46)



    (3)



    (60)

    Accounts payable and accrued liabilities

    180



    517



    (227)



    202

    Accrued income taxes

    (63)



    (21)



    (35)



    (10)

    Cash provided (used) by operating activities from continuing operations

    550



    (326)



    799



    (437)

















    Investing Activities of Continuing Operations















    Capital expenditures

    (94)



    (128)



    (210)



    (210)

    Other - net

    (18)



    (4)



    (7)



    14

    Cash used by investing activities from continuing operations

    (112)



    (132)



    (217)



    (196)

















    Financing Activities of Continuing Operations















    Net proceeds from borrowings with maturities less than three months

    346



    427



    358



    1,543

    Proceeds from debt

    —



    —



    775



    422

    Repayments of debt

    (502)



    (163)



    (502)



    (163)

    Stock repurchases and retirements

    (330)



    (474)



    (660)



    (474)

    Payment of cash dividends

    (245)



    (252)



    (490)



    (504)

    Proceeds from the exercise of stock options

    61



    8



    105



    20

    Employee equity-based compensation withholding taxes

    (2)



    (1)



    (31)



    (24)

    Other - net

    (3)



    (41)



    (29)



    (80)

    Cash provided (used) by financing activities from continuing operations

    (675)



    (496)



    (474)



    740

















    Discontinued Operations















    Cash provided (used) by operating activities

    49



    123



    47



    (12)

    Cash used by investing activities

    (17)



    (5)



    (27)



    (15)

    Cash used by financing activities

    (65)



    (55)



    (65)



    (63)

    Cash provided (used) by discontinued operations

    (33)



    63



    (45)



    (90)

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

    (169)



    (41)



    (15)



    19

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

    (1)



    (4)



    3



    1

    Increase (decrease) in cash, cash equivalents and restricted cash

    (440)



    (936)



    51



    37

    Cash, cash equivalents and restricted cash at beginning of period

    1,258



    1,890



    767



    917

    Cash, cash equivalents and restricted cash at end of period

    818



    954



    818



    954

    Less: Restricted cash

    23



    116



    23



    116

    Cash and cash equivalents at end of period

    $     795



    $     838



    $     795



    $     838

    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 ("R&LC") HVAC 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 HVAC 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 reclassified as held for sale for all periods presented. Unless otherwise noted, all activities and amounts reported in the following footnotes include only continuing operations of the Company and exclude activities and amounts related to the R&LC HVAC 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

    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 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.

    Adjusted financial measures

    Adjusted financial measures include adjusted segment EBITA, adjusted segment EBITA margin, 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 five through eight, 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.
    • Transformation costs represent incremental expenses incurred in association with strategic growth initiatives and cost saving opportunities in order to realize the benefits of portfolio simplification and the Company's lifecycle solutions strategy.
    • Earn-out adjustments relate to earn-out liabilities associated with certain significant acquisitions and may have a favorable or unfavorable impact on results.
    • 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 costs 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 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 detail the changes in sales from continuing operations attributable to organic growth, foreign currency, acquisitions, divestitures and other (unaudited):



    Three Months Ended March 31

    Net sales

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Net sales - 2024

    $  2,739



    $  1,064



    $      491



    $  4,294



    $  1,303



    $  5,597

    Base year adjustments























    Divestitures and other

    —



    —



    —



    —



    (242)



    (242)

    Foreign currency

    (10)



    (36)



    (11)



    (57)



    (12)



    (69)

    Adjusted base net sales

    2,729



    1,028



    480



    4,237



    1,049



    5,286

    Acquisitions

    —



    9



    —



    9



    —



    9

    Organic growth

    187



    48



    62



    297



    84



    381

    Net sales - 2025

    $  2,916



    $  1,085



    $      542



    $  4,543



    $  1,133



    $  5,676

























    Growth %:























    Net sales

    6 %



    2 %



    10 %



    6 %



    (13) %



    1 %

    Organic growth

    7 %



    5 %



    13 %



    7 %



    8 %



    7 %





    Six Months Ended March 31

    Net sales

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Net sales - 2024

    $  5,226



    $  2,102



    $      998



    $  8,326



    $  2,480



    $ 10,806

    Base year adjustments























    Divestitures and other

    —



    —



    —



    —



    (475)



    (475)

    Foreign currency

    (13)



    (61)



    (14)



    (88)



    (14)



    (102)

    Adjusted base net sales

    5,213



    2,041



    984



    8,238



    1,991



    10,229

    Acquisitions

    —



    12



    —



    12



    —



    12

    Organic growth

    447



    105



    85



    637



    224



    861

    Net sales - 2025

    $  5,660



    $  2,158



    $  1,069



    $  8,887



    $  2,215



    $ 11,102

























    Growth %:























    Net sales

    8 %



    3 %



    7 %



    7 %



    (11) %



    3 %

    Organic growth

    9 %



    5 %



    9 %



    8 %



    11 %



    8 %





    Three Months Ended March 31

    Products and systems revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Products and systems revenue - 2024

    $  1,700



    $      572



    $      308



    $ 2,580



    $  1,303



    $  3,883

    Base year adjustments























    Divestitures and other

    —



    —



    —



    —



    (242)



    (242)

    Foreign currency

    (5)



    (20)



    (7)



    (32)



    (12)



    (44)

    Adjusted products and systems revenue

    1,695



    552



    301



    2,548



    1,049



    3,597

    Acquisitions

    —



    7



    —



    7



    —



    7

    Organic growth

    135



    6



    36



    177



    84



    261

    Products and systems revenue -  2025

    $  1,830



    $      565



    $      337



    $ 2,732



    $  1,133



    $  3,865

























    Growth %:























    Products and systems revenue

    8 %



    (1) %



    9 %



    6 %



    (13) %



    — %

    Organic growth

    8 %



    1 %



    12 %



    7 %



    8 %



    7 %





    Six Months Ended March 31

    Products and systems revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Products and systems revenue - 2024

    $  3,218



    $  1,144



    $      645



    $ 5,007



    $  2,480



    $  7,487

    Base year adjustments























    Divestitures and other

    —



    —



    —



    —



    (475)



    (475)

    Foreign currency

    (5)



    (32)



    (10)



    (47)



    (14)



    (61)

    Adjusted products and systems revenue

    3,213



    1,112



    635



    4,960



    1,991



    6,951

    Acquisitions

    —



    9



    —



    9



    —



    9

    Organic growth

    311



    19



    36



    366



    224



    590

    Products and systems revenue -  2025

    $  3,524



    $  1,140



    $      671



    $ 5,335



    $  2,215



    $  7,550

























    Growth %:























    Products and systems revenue

    10 %



    — %



    4 %



    7 %



    (11) %



    1 %

    Organic growth

    10 %



    2 %



    6 %



    7 %



    11 %



    8 %





    Three Months Ended March 31

    Service revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Service revenue - 2024

    $  1,039



    $      492



    $      183



    $ 1,714



    $         —



    $  1,714

    Base year adjustments























    Divestitures and other

    —



    —



    —



    —



    —



    —

    Foreign currency

    (5)



    (16)



    (4)



    (25)



    —



    (25)

    Adjusted base service revenue

    1,034



    476



    179



    1,689



    —



    1,689

    Acquisitions

    —



    2



    —



    2



    —



    2

    Organic growth

    52



    42



    26



    120



    —



    120

    Service revenue -  2025

    $  1,086



    $      520



    $      205



    $ 1,811



    $         —



    $  1,811

























    Growth %:























    Service revenue

    5 %



    6 %



    12 %



    6 %



    — %



    6 %

    Organic growth

    5 %



    9 %



    15 %



    7 %



    — %



    7 %





    Six Months Ended March 31

    Service revenue

    Building Solutions









    (in millions)

    North

    America



    EMEA/LA



    Asia

    Pacific



    Total



    Global

    Products



    Total JCI

    plc

    Service revenue - 2024

    $  2,008



    $      958



    $      353



    $ 3,319



    $         —



    $  3,319

    Base year adjustments























    Divestitures and other

    —



    —



    —



    —



    —



    —

    Foreign currency

    (8)



    (29)



    (4)



    (41)



    —



    (41)

    Adjusted base service revenue

    2,000



    929



    349



    3,278



    —



    3,278

    Acquisitions

    —



    3



    —



    3



    —



    3

    Organic growth

    136



    86



    49



    271



    —



    271

    Service revenue -  2025

    $  2,136



    $  1,018



    $      398



    $ 3,552



    $         —



    $  3,552

























    Growth %:























    Service revenue

    6 %



    6 %



    13 %



    7 %



    — %



    7 %

    Organic growth

    7 %



    9 %



    14 %



    8 %



    — %



    8 %

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

    The following table includes operating cash flow conversion, free cash flow and free cash flow conversion (unaudited):



    Three Months Ended

    March 31,



    Six Months Ended

    March 31,

    (in millions)

    2025



    2024



    2025



    2024

    Cash provided (used) by operating activities from continuing operations

    $      550



    $   (326)



    $      799



    $   (437)

    Income (loss) from continuing operations attributable to Johnson Controls

    473



    (321)



    836



    19

    Operating cash flow conversion

    116 %



    *



    96 %



    *

















    Cash provided (used) by operating activities from continuing operations

    550



    (326)



    799



    (437)

    Capital expenditures

    (94)



    (128)



    (210)



    (210)

    Free cash flow (non-GAAP)

    $      456



    $   (454)



    $      589



    $   (647)

















    Income (loss) from continuing operations attributable to Johnson Controls

    473



    (321)



    836



    19

    Free cash flow conversion from net income (non-GAAP)

    96 %



    *



    70 %



    *



    * Measure not meaningful

    The following table includes adjusted free cash flow and adjusted free cash flow conversion (unaudited):



    Three Months Ended

    March 31,



    Six Months Ended

    March 31,

    (in millions)

    2025



    2024



    2025



    2024

    Free cash flow (non-GAAP)

    $        456



    $    (454)



    $        589



    $    (647)

    Adjustments:















    JC Capital cash used by operating activities

    11



    32



    77



    120

    Water systems AFFF settlement cash payments and insurance

         recoveries

    (11)



    —



    386



    —

    Impact from discontinuation of factoring programs

    7



    —



    14



    —

    Adjusted free cash flow (non-GAAP)

    463



    (422)



    1,066



    (527)

    Prior year impact from factoring programs

    —



    619



    —



    534

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

    $        463



    $        197



    $    1,066



    $             7

















    Adjusted net income attributable to JCI (non-GAAP)

    $        545



    $        471



    $        971



    $        786

    JC Capital net income (loss)

    9



    (3)



    4



    (5)

    Adjusted net income attributable to JCI, excluding JC Capital (non-

         GAAP)

    $        554



    $        468



    $        975



    $        781

    Adjusted free cash flow conversion (non-GAAP)

    84 %



    42 %



    109 %



    1 %

    5. EBITA, EBIT and Corporate Expense

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



    Three Months Ended March 31,



    Six Months Ended March 31,



    Actual



    Adjusted

    (Non-GAAP)



    Actual



    Adjusted

    (Non-GAAP)

    (in millions)

    2025



    2024



    2025



    2024



    2025



    2024



    2025



    2024

































    Segment EBITA































    Building Solutions North America

    $    390



    $    373



    $    390



    $    373



    $    722



    $    658



    $    722



    $    658

    Building Solutions EMEA/LA

    136



    89



    136



    89



    244



    169



    244



    169

    Building Solutions Asia Pacific

    79



    54



    79



    54



    128



    100



    128



    100

    Global Products

    341



    290



    343



    316



    667



    557



    669



    583

































    EBIT (non-GAAP)































    Income (loss) from continuing operations:































    Attributable to Johnson Controls

    $    473



    $   (321)



    $    545



    $    471



    $    836



    $       19



    $    971



    $    786

    Attributable to noncontrolling interests

    2



    3



    2



    3



    —



    3



    —



    3

    Income (loss) from continuing operations

    475



    (318)



    547



    474



    836



    22



    971



    789

    Less: Income tax provision (benefit)  (1)

    26



    (153)



    74



    64



    73



    (173)



    132



    105

    Income (loss) before income taxes

    501



    (471)



    621



    538



    909



    (151)



    1,103



    894

    Net financing charges

    80



    89



    80



    89



    166



    176



    166



    176

                   EBIT (non-GAAP)

    $    581



    $   (382)



    $    701



    $    627



    $ 1,075



    $       25



    $ 1,269



    $ 1,070



    (1) Adjusted income tax provision (benefit) excludes the related tax impacts of pre-tax adjusting items.

    The following tables include the reconciliations of segment EBITA as reported to adjusted segment EBITA and adjusted segment EBITA margin (unaudited):



    Three Months Ended March 31,

    (in millions)

    Building Solutions

    North America



    Building Solutions

    EMEA/LA



    Building Solutions

    Asia Pacific



    Global Products



    2025



    2024



    2025



    2024



    2025



    2024



    2025



    2024

































    Sales

    $ 2,916



    $ 2,739



    $ 1,085



    $ 1,064



    $  542



    $ 491



    $ 1,133



    $ 1,303

































    Segment EBITA

    $  390



    $  373



    $  136



    $    89



    $    79



    $    54



    $ 341



    $ 290

































    Adjusting items:































    Transformation costs

    —



    —



    —



    —



    —



    —



    2



    —

    Earn-out adjustments

    —



    —



    —



    —



    —



    —



    —



    (7)

    Global Products product quality costs

    —



    —



    —



    —



    —



    —



    —



    33

































    Adjusted segment EBITA

    (non-GAAP)

    $  390



    $  373



    $  136



    $    89



    $    79



    $    54



    $ 343



    $ 316

































    Adjusted segment EBITA Margin %

    (non-GAAP)

    13.4 %



    13.6 %



    12.5 %



    8.4 %



    14.6 %



    11.0 %



    30.3 %



    24.3 %



































    Six Months Ended March 31,

    (in millions)

    Building Solutions

    North America



    Building Solutions

    EMEA/LA



    Building Solutions

    Asia Pacific



    Global Products



    2025



    2024



    2025



    2024



    2025



    2024



    2025



    2024

































    Sales

    $ 5,660



    $ 5,226



    $ 2,158



    $ 2,102



    $ 1,069



    $ 998



    $ 2,215



    $ 2,480

































    Segment EBITA

    $  722



    $  658



    $  244



    $  169



    $  128



    $ 100



    $ 667



    $ 557

































    Adjusting items:































    Transformation costs

    —



    —



    —



    —



    —



    —



    2



    —

    Earn-out adjustments

    —



    —



    —



    —



    —



    —



    —



    (7)

    Global Products product quality costs

    —



    —



    —



    —



    —



    —



    —



    33

































    Adjusted segment EBITA

    (non-GAAP)

    $  722



    $  658



    $  244



    $  169



    $  128



    $ 100



    $ 669



    $ 583

































    Adjusted segment EBITA Margin %

    (non-GAAP)

    12.8 %



    12.6 %



    11.3 %



    8.0 %



    12.0 %



    10.0 %



    30.2 %



    23.5 %

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



    Three Months Ended March 31,



    Six Months Ended March 31,

    (in millions)

    2025



    2024



    2025



    2024

















    Corporate expense (GAAP)

    $                   186



    $                      92



    $                   357



    $                   231











    .





    Adjusting items:















    Transaction/separation costs

    (7)



    (5)



    (18)



    (5)

    Transformation costs

    (44)



    —



    (77)



    —

    Cyber incident costs

    —



    (4)







    (27)

    Adjusted corporate expense (non-GAAP)

    $                   135



    $                      83



    $                   262



    $                   199

    6.  Net Income and Diluted Earnings Per Share

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



    Three Months Ended March 31,



    Income from continuing

    operations attributable to JCI



    Diluted earnings

     per share

    (in millions, except per share)

    2025



    2024



    2025



    2024

















    As reported (GAAP)

    $                 473



    $               (321)



    $                0.71



    $              (0.47)

















    Adjusting items:















    Net mark-to-market adjustments

    13



    (15)



    0.02



    (0.02)

    Earn-out adjustments

    —



    (7)



    —



    (0.01)

    Restructuring and impairment costs, net of NCI

    62



    239



    0.09



    0.35

    Water systems AFFF settlement

    —



    750



    —



    1.10

    Water systems AFFF insurance recoveries

    (8)



    —



    (0.01)



    —

    Global Products product quality costs

    —



    33



    —



    0.05

    Transaction/separation costs

    7



    5



    0.01



    0.01

    Transformation costs

    46



    —



    0.07



    —

    Cyber incident costs

    —



    4



    —



    0.01

    Discrete tax items

    (36)



    —



    (0.05)



    —

    Related tax impact

    (12)



    (217)



    (0.02)



    (0.32)

    Adjusted (non-GAAP)*

    $                 545



    $                 471



    $                0.82



    $                0.69



    * May not sum due to rounding





    Six Months Ended March 31,



    Income from continuing

    operations attributable to JCI



    Diluted earnings

     per share

    (in millions, except per share)

    2025



    2024



    2025



    2024

















    As reported (GAAP)

    $                 836



    $                   19



    $                1.26



    $                0.03

















    Adjusting items:















    Net mark-to-market adjustments

    14



    (37)



    0.02



    (0.05)

    Earn-out adjustments

    —



    (7)



    —



    (0.01)

    Restructuring and impairment costs, net of NCI

    95



    274



    0.14



    0.40

    Water systems AFFF settlement

    —



    750



    —



    1.10

    Water systems AFFF insurance recoveries

    (12)



    —



    (0.02)



    —

    Global Products product quality issue

    —



    33



    —



    0.05

    Transaction/separation costs

    18



    5



    0.03



    0.01

    Transformation costs

    79



    —



    0.12



    —

    Cyber incident costs

    —



    27



    —



    0.04

    Discrete tax items

    (36)



    (57)



    (0.05)



    (0.08)

    Related tax impact

    (23)



    (221)



    (0.03)



    (0.32)

    Adjusted (non-GAAP)*

    $                 971



    $                 786



    $                1.46



    $                1.15



    * 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 March

    31,



    Six Months Ended March

    31,



    2025



    2024



    2025



    2024









    Weighted average shares outstanding















    Basic weighted average shares outstanding

    659.1



    679



    $         660.6



    $         679.9

    Effect of dilutive securities:















    Stock options, unvested restricted stock and unvested

    performance share awards

    1.9



    —



    2.4



    1.6

    Diluted weighted average shares outstanding

    661.0



    679.0



    663.0



    681.5

    For the three months ended March 31, 2024, the total number of potential dilutive shares due to stock options, unvested restricted stock and unvested performance share awards was 1.6 million. However, these items were not included in the computation of diluted loss per share for the three months ended March 31, 2024 since to do so would decrease the loss per share.

    7.  Debt Ratios

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

    (in millions)

    March 31, 2025



    December 31, 2024



    March 31, 2024

    Short-term debt

    $                   1,261



    $                       882



    $                   2,210

    Current portion of long-term debt

    558



    522



    1,165

    Long-term debt

    8,167



    8,589



    7,348

    Total debt

    9,986



    9,993



    10,723

    Less: cash and cash equivalents

    795



    1,237



    838

    Net debt

    $                   9,191



    $                   8,756



    $                   9,885













    Last twelve months income before income taxes

    $                   2,582



    $                   1,610



    $                       811













    Net debt to income before income taxes

                              3.6x 



                              5.4x 



                            12.2x 













    Last twelve months adjusted EBITDA (non-GAAP)

    $                   3,779



    $                   3,733



    $                   3,423













    Net debt to adjusted EBITDA (non-GAAP)

    2.4x



    2.3x



    2.9x

    The following table reconciles income from continuing operations to adjusted EBIT and adjusted EBITDA (unaudited):



    Twelve Months Ended

    (in millions)

    March 31, 2025



    December 31, 2024



    March 31, 2024

    Income from continuing operations

    $                 2,225



    $                 1,432



    $                 1,457

    Income tax provision (benefit)

    357



    178



    (646)

    Income before income taxes

    2,582



    1,610



    811

    Net financing charges

    332



    341



    306

    EBIT

    2,914



    1,951



    1,117

    Adjusting items:











    Net mark-to-market adjustments

    4



    (24)



    57

    Restructuring and impairment costs

    330



    507



    565

    Water systems AFFF settlement

    —



    750



    750

    Water systems AFFF insurance recoveries

    (379)



    (371)



    —

    Earn-out adjustments

    (61)



    (68)



    (7)

    Transaction/separation costs

    45



    43



    68

    Transformation costs

    79



    33



    —

    Cyber incident costs

    —



    4



    27

    Global Products product quality costs

    —



    33



    33

    Loss on divestiture

    42



    42



    —

    EMEA/LA joint venture loss

    17



    17



    —

    Adjusted EBIT (non-GAAP)

    2,991



    2,917



    2,610

    Depreciation and amortization

    788



    816



    813

    Adjusted EBITDA (non-GAAP)

    $                 3,779



    $                 3,733



    $                 3,423

    8.  Income Taxes

    The Company's effective tax rate before consideration of certain excluded items was approximately 12.0% for the three and six months ending March 31, 2025 and 11.9% and 11.7% for the three and six months ending March 31, 2024, respectively.

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

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/johnson-controls-reports-strong-q2-results-raises-fy25-guidance-302447970.html

    SOURCE Johnson Controls International plc

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