EMERSON ELECTRIC COEMR
EMERSON ELECTRIC CO Segments Disclosure
BUSINESS SEGMENTS INFORMATION
As disclosed in Note 4, on March 12, 2025, Emerson completed its purchase of the remaining outstanding shares of common stock of AspenTech not already owned by the Company. As a result of the transaction, AspenTech is now a wholly owned subsidiary of the Company. AspenTech was reorganized upon completion of the transaction and now reports to Control Systems & Software leadership. AspenTech's results, which were previously reported as a separate segment, are now consolidated into the Control Systems & Software segment for all periods presented. Prior year amounts have been reclassified to conform to the current year presentation. In 2024, the Company completed the acquisition of NI on October 11, 2023. NI is now referred to as Test & Measurement and reported as a segment in the Software and Control business group.
| INTELLIGENT DEVICES | SOFTWARE AND CONTROL | |||||||||||||
•Final Control | •Control Systems & Software | |||||||||||||
•Measurement & Analytical | •Test & Measurement | |||||||||||||
•Discrete Automation | ||||||||||||||
•Safety & Productivity | ||||||||||||||
The Final Control segment is a leading global provider of control valves, isolation valves, shutoff valves, pressure relief valves, pressure safety valves, actuators, and regulators for process and hybrid industries. These solutions respond to commands from a control system to continuously and precisely control and regulate the flow of liquids or gases to achieve safe operation along with reliability, sustainability and optimized performance.
The Measurement & Analytical segment is a leading supplier of intelligent instrumentation measuring the physical properties of liquids or gases, such as pressure, temperature, level, flow, acoustics, corrosion, pH, conductivity, water quality, toxic gases, and flame. These devices transfer data and asset management information to control systems and automation software, allowing process and hybrid industry operators to make educated decisions regarding production, reliability, sustainability and safety.
The Discrete Automation segment includes solenoid valves, pneumatic valves, valve position indicators, pneumatic cylinders and actuators, air preparation equipment, pressure and temperature switches, electric linear motion solutions, programmable automation control systems and software, electrical distribution equipment, and materials joining solutions used primarily in discrete industries.
The Safety & Productivity segment delivers tools for professionals and homeowners that support infrastructure, promote safety and enhance productivity. Pipe-working tools include pipe wrenches and cutters, pipe threading and roll grooving equipment, battery hydraulic tools for press connections, drain cleaners and diagnostic systems, including sewer inspection cameras and locating equipment. Electrical tools include conduit benders and cable pulling equipment, battery hydraulic tools for cutting and crimping electrical cable, and hole-making equipment. Other professional tools include water jetters, wet-dry vacuums, commercial vacuums and hand tools.
The Control Systems & Software segment provides control systems and software that control plant processes by collecting and analyzing information from measurement devices in the plant. These technologies determine optimal settings with software based on a customer's specific algorithms and use that information to adjust valves, pumps, motors, drives and other control hardware for maximum product quality, process efficiency, sustainability and safety. These solutions include distributed control systems, safety instrumented systems, SCADA systems, application software, digital twins, asset performance management and cybersecurity. Control Systems & Software solutions are predominantly used by process and hybrid manufacturers. This segment also includes the AspenTech business, which is a global leader in asset optimization software that enables industrial manufacturers to design, operate and maintain their operations for maximum performance. AspenTech combines decades of modeling, simulation and optimization capabilities with industrial operations expertise and applies advanced analytics to improve the profitability and sustainability of production assets. The purpose-built software drives value for customers by improving operational efficiency and maximizing productivity, reducing unplanned downtime and safety risks, and minimizing energy consumption and emissions.
The Test & Measurement segment provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost. The Test & Measurement business spans the full range of customer needs including modular instrumentation, data acquisition and control solutions, and general-purpose development software.
The principal distribution method for each segment is direct sales forces, although the Company also uses independent sales representatives and distributors. Due to its global presence, certain of the Company's international operations are subject to risks including the stability of governments and business conditions in foreign countries which could result in adverse changes in exchange rates, changes in regulations or disruption of operations.
The primary income measure used for assessing segment performance and making operating decisions is earnings before interest and income taxes. In the statements below, Other deductions is largely comprised of restructuring, intangibles amortization and foreign currency transaction (gains) losses. Certain expenses are reported at Corporate, including stock compensation expense and a portion of pension and postretirement benefit costs. Corporate and other includes unallocated corporate expenses, acquisition/divestiture costs, first year acquisition accounting charges (which include fair value adjustments related to inventory, backlog and deferred revenue) and other items. Corporate assets are primarily comprised of cash and cash equivalents, investments, certain fixed assets and assets held-for-sale. Summarized below is information about the Company's operations by business segment and by geography.
The chief operating decision maker ("CODM") is the Company's President and Chief Executive Officer. The CODM regularly reviews the financial information presented below, including against forecasted results, to assess each segment's operating performance and to make resource allocation decisions.
The following tables present the financial results for each segment.
| 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Final Control | Measurement & Analytical | Discrete Automation | Safety & Productivity | Intelligent Devices | Control Systems & Software | Test & Measurement | Software & Control | |||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 3,970 | 3,595 | 2,635 | 1,388 | 11,588 | 3,648 | — | 3,648 | |||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 2,177 | 1,648 | 1,387 | 795 | 6,007 | 1,818 | — | 1,818 | ||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 829 | 972 | 680 | 269 | 2,750 | 1,058 | — | 1,058 | ||||||||||||||||||||||||||||||||||||||||||
| Other deductions, net | 99 | 39 | 59 | 18 | 215 | 350 | — | 350 | ||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) | $ | 865 | 936 | 509 | 306 | 2,616 | 422 | — | 422 | |||||||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Final Control | Measurement & Analytical | Discrete Automation | Safety & Productivity | Intelligent Devices | Control Systems & Software | Test & Measurement | Software & Control | |||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 4,204 | 4,061 | 2,506 | 1,390 | 12,161 | 3,935 | 1,464 | 5,399 | |||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 2,246 | 1,799 | 1,334 | 796 | 6,175 | 1,883 | 387 | 2,270 | ||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 862 | 1,097 | 640 | 265 | 2,864 | 1,118 | 723 | 1,841 | ||||||||||||||||||||||||||||||||||||||||||
| Other deductions, net | 119 | 109 | 66 | 21 | 315 | 362 | 644 | 1,006 | ||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) | $ | 977 | 1,056 | 466 | 308 | 2,807 | 572 | (290) | 282 | |||||||||||||||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Final Control | Measurement & Analytical | Discrete Automation | Safety & Productivity | Intelligent Devices | Control Systems & Software | Test & Measurement | Software & Control | |||||||||||||||||||||||||||||||||||||||||||
| Net Sales | $ | 4,380 | 4,143 | 2,521 | 1,356 | 12,400 | 4,205 | 1,486 | 5,691 | |||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 2,323 | 1,843 | 1,340 | 773 | 6,279 | 1,917 | 381 | 2,298 | ||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 869 | 1,101 | 645 | 264 | 2,879 | 1,073 | 734 | 1,807 | ||||||||||||||||||||||||||||||||||||||||||
| Other deductions, net | 107 | 87 | 67 | 28 | 289 | 320 | 439 | 759 | ||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) | $ | 1,081 | 1,112 | 469 | 291 | 2,953 | 895 | (68) | 827 | |||||||||||||||||||||||||||||||||||||||||
The following table reconciles the total segment results from the tables above to the Company's consolidated results.
| Sales | Earnings (Loss) | ||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||||
| Segment Totals | $ | 15,236 | 17,560 | 18,091 | $ | 3,038 | 3,089 | 3,780 | |||||||||||||||||||||||||||
| Corporate items: | |||||||||||||||||||||||||||||||||||
| Stock compensation | (250) | (260) | (263) | ||||||||||||||||||||||||||||||||
| Unallocated pension and postretirement costs | 171 | 144 | 109 | ||||||||||||||||||||||||||||||||
| Corporate and other | (224) | (664) | (455) | ||||||||||||||||||||||||||||||||
| Loss on Copeland note receivable | — | (279) | — | ||||||||||||||||||||||||||||||||
| Gain on subordinated interest | 161 | 79 | — | ||||||||||||||||||||||||||||||||
| Eliminations/Interest | (71) | (68) | (75) | (34) | (175) | (237) | |||||||||||||||||||||||||||||
| Interest income from related party | 41 | 86 | — | ||||||||||||||||||||||||||||||||
| Total | $ | 15,165 | 17,492 | 18,016 | $ | 2,903 | 2,020 | 2,934 | |||||||||||||||||||||||||||
In 2025, stock compensation included $35 of integration-related stock compensation expense attributable to AspenTech (of which $22 was reported as restructuring costs) and $12 attributable to NI (of which $3 was reported as restructuring costs). In 2024, stock compensation included $58 of integration-related stock compensation expense attributable to NI (of which $43 was reported as restructuring costs). Corporate and other for 2025, 2024 and 2023, respectively, includes acquisition/divestiture fees and related costs of $255 ($42 of which is reported in operating profit; amounts primarily relate to AspenTech), $205 ($109 of which is reported in operating profit), and $84 ($15 of which is reported in operating profit). Additionally, in 2024, Corporate and other includes acquisition-related inventory step-up amortization of $231 and divestiture losses totaling $48, while 2023 includes a loss of $47 related to the Company's exit of business operations in Russia. Corporate and other in 2023 also included a mark-to-market gain of $24 related to foreign currency forward contracts entered into by AspenTech and a mark-to-market gain of $56 related to the Company's equity investment in National Instruments Corporation (see Note 6).
| Total Assets | Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||
| Final Control | $ | 5,614 | 5,706 | 5,889 | $ | 170 | 159 | 161 | $ | 93 | 93 | 102 | |||||||||||||||||||||||||||||||||||||||||
| Measurement & Analytical | 3,976 | 4,122 | 4,253 | 121 | 138 | 140 | 93 | 84 | 107 | ||||||||||||||||||||||||||||||||||||||||||||
| Discrete Automation | 2,493 | 2,470 | 2,569 | 84 | 87 | 87 | 56 | 61 | 61 | ||||||||||||||||||||||||||||||||||||||||||||
| Safety & Productivity | 1,238 | 1,228 | 1,273 | 57 | 58 | 60 | 35 | 46 | 46 | ||||||||||||||||||||||||||||||||||||||||||||
| Intelligent Devices | 13,321 | 13,526 | 13,984 | 432 | 442 | 448 | 277 | 284 | 316 | ||||||||||||||||||||||||||||||||||||||||||||
| Control Systems & Software | 16,199 | 15,903 | 15,758 | 582 | 594 | 550 | 39 | 46 | 51 | ||||||||||||||||||||||||||||||||||||||||||||
| Test & Measurement | — | 9,210 | 8,809 | — | 607 | 476 | — | 27 | 29 | ||||||||||||||||||||||||||||||||||||||||||||
| Software and Control | 16,199 | 25,113 | 24,567 | 582 | 1,201 | 1,026 | 39 | 73 | 80 | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate and other (includes assets held-for-sale) | 13,226 | 5,607 | 3,413 | 37 | 46 | 44 | 47 | 62 | 35 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 42,746 | 44,246 | 41,964 | $ | 1,051 | 1,689 | 1,518 | $ | 363 | 419 | 431 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization includes intellectual property, customer relationships and capitalized software.
Geographic Information
Sales by major geographic destination are summarized below:
| 2023 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Americas | AMEA | Europe | Total | Americas | AMEA | Europe | Total | |||||||||||||||||||||||||||||||||||||||||||
| Final Control | $ | 1,949 | 1,481 | 540 | 3,970 | $ | 2,010 | 1,647 | 547 | 4,204 | ||||||||||||||||||||||||||||||||||||||||
| Measurement & Analytical | 1,847 | 1,222 | 526 | 3,595 | 2,046 | 1,382 | 633 | 4,061 | ||||||||||||||||||||||||||||||||||||||||||
| Discrete Automation | 1,234 | 720 | 681 | 2,635 | 1,178 | 646 | 682 | 2,506 | ||||||||||||||||||||||||||||||||||||||||||
| Safety & Productivity | 1,049 | 70 | 269 | 1,388 | 1,048 | 73 | 269 | 1,390 | ||||||||||||||||||||||||||||||||||||||||||
| Intelligent Devices | 6,079 | 3,493 | 2,016 | 11,588 | 6,282 | 3,748 | 2,131 | 12,161 | ||||||||||||||||||||||||||||||||||||||||||
| Control Systems & Software | 1,729 | 1,104 | 815 | 3,648 | 1,862 | 1,181 | 892 | 3,935 | ||||||||||||||||||||||||||||||||||||||||||
| Test & Measurement | — | — | — | — | 654 | 389 | 421 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||
| Software and Control | 1,729 | 1,104 | 815 | 3,648 | 2,516 | 1,570 | 1,313 | 5,399 | ||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 7,808 | 4,597 | 2,831 | 15,236 | $ | 8,798 | 5,318 | 3,444 | 17,560 | ||||||||||||||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||
| Americas | AMEA | Europe | Total | ||||||||||||||||||||||||||
| Final Control | $ | 2,164 | 1,662 | 555 | 4,381 | ||||||||||||||||||||||||
| Measurement & Analytical | 2,052 | 1,461 | 631 | 4,144 | |||||||||||||||||||||||||
| Discrete Automation | 1,218 | 630 | 672 | 2,520 | |||||||||||||||||||||||||
| Safety & Productivity | 1,042 | 67 | 246 | 1,355 | |||||||||||||||||||||||||
| Intelligent Devices | 6,476 | 3,820 | 2,104 | 12,400 | |||||||||||||||||||||||||
| Control Systems & Software | 2,042 | 1,238 | 925 | 4,205 | |||||||||||||||||||||||||
| Test & Measurement | 696 | 391 | 399 | 1,486 | |||||||||||||||||||||||||
| Software and Control | 2,738 | 1,629 | 1,324 | 5,691 | |||||||||||||||||||||||||
| Total | $ | 9,214 | 5,449 | 3,428 | 18,091 | ||||||||||||||||||||||||
Sales in the U.S. were $7,481, $7,091 and $6,327 for 2025, 2024 and 2023, respectively, while Asia, Middle East & Africa includes sales in China of $1,829, $1,901 and $1,804 in those years.
| Property, Plant and Equipment | ||||||||||||||||||||
| 2023 | 2024 | 2025 | ||||||||||||||||||
| Americas | $ | 1,442 | 1,672 | 1,717 | ||||||||||||||||
| Asia, Middle East & Africa | 428 | 542 | 601 | |||||||||||||||||
| Europe | 493 | 593 | 553 | |||||||||||||||||
| Total | $ | 2,363 | 2,807 | 2,871 | ||||||||||||||||
Property, plant and equipment located in the U.S. was $1,498 in 2025, $1,474 in 2024 and $1,261 in 2023.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 10, 2025 | Showing above |
| 2024 | Nov 12, 2024 | |
| 2023 | Nov 13, 2023 | |
| 2022 | Nov 14, 2022 | |
| 2021 | Nov 15, 2021 | |
| 2020 | Nov 16, 2020 | |
| 2019 | Nov 18, 2019 | |
| 2018 | Nov 19, 2018 | |
| 2017 | Nov 20, 2017 | |
| 2016 | Nov 16, 2016 | |
| 2015 | Nov 18, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.