[JCI] Johnson Controls: Q4 2026 earnings preview on backlog conversion

Johnson Controls makes commercial heating, ventilation and air-conditioning equipment, industrial refrigeration, building controls, fire and security systems, and installs, maintains and retrofits them for data centers, hospitals, universities and commercial buildings[1]. The company is scheduled to hold its earnings call on 2026-10-27[2], when it will report fiscal fourth quarter 2026, the three months ended September 30, 2026, a print that will test Johnson Controls backlog conversion. In the latest disclosed quarter, fiscal Q3 2026 (April to June 2026), revenue was $6.614 billion, up 9% as reported and 10% organically[3]; adjusted EBIT margin was 16.9%[4], and adjusted EPS was $1.42 versus $1.05 a year earlier[5]; solutions and services orders were $6.8 billion, up 27% organically, and backlog reached $21.0 billion, up 32% organically[6]. On July 29 the company guided fourth-quarter organic growth of 9% to 10%, operating leverage of 45% to 50% and adjusted EPS of about $1.55, and raised full-year guidance for organic growth from about 6% to about 8% and for adjusted EPS from about $4.85 to about $5.05[7]. According to analyst estimates compiled by Drillr as of October 12, 2026, the consensus from 11 analysts puts fourth-quarter revenue at $7.035 billion, and the consensus from 12 analysts puts EPS at $1.58, slightly above the company's guidance of about $1.55, although the data source does not state the EPS basis[8].

Three things matter most in this report. The first is whether backlog turns into revenue on time: backlog has grown by more than 30% in a year, yet organic revenue rose only 7% in the first nine months, and 9% to 10% organic growth in the fourth quarter requires Americas products and systems to sustain the roughly 12% growth it posted in the third quarter[9]; otherwise the full-year target of about 8% will be missed. The second is whether profit expansion can continue: products and systems gross margin fell 110 basis points year over year in the third quarter, but selling, general and administrative expenses (SG&A) fell $10 million, lifting operating margin by 260 basis points[10], and the 45% to 50% operating leverage guided for the fourth quarter tests whether this mix of flat costs and fast revenue growth can last. The third is whether the high-margin service business is slowing: third-quarter service revenue grew 7% organically, but service orders grew only 4%[11] and the Americas service backlog fell 1% year over year[12], so fourth-quarter service growth and orders will show whether the gap is a contained security problem or is starting to reach service revenue.

Company Background and Business Structure

Johnson Controls is a building equipment and services platform shaped by several large acquisitions and one large sale. The company is incorporated and headquartered in Cork, Ireland, and traces its roots to a business founded in Wisconsin in 1885 to make and install automatic temperature-control systems; it added HVAC and refrigeration equipment by acquiring York International in 2005 and fire and security by merging with Tyco in 2016[13]. On July 31, 2025, it sold its residential and light commercial HVAC business, including the North American ducted business and the global residential joint venture with Hitachi, to Bosch for net cash proceeds of approximately $5.6 billion after tax and transaction-related expenses, and that business has since been reported as discontinued operations[13].

The company reports three regional segments, and the Americas contribute about two-thirds of revenue. In fiscal 2025 the Americas generated $15.831 billion, or 67%; EMEA $4.968 billion, or 21%; and Asia Pacific $2.797 billion, or 12%; total revenue was $23.596 billion, of which products and systems contributed $16.124 billion and services $7.472 billion[14]. Customers include data centers, hospitals and pharmaceutical plants, universities, governments, industrial sites and commercial buildings, and management says data centers account for about 18% of fiscal 2026 revenue[15].

The business chain runs from factory manufacturing to long-term service after a building is handed over. The company makes chillers, air-handling and control equipment in its own plants, using mainly steel, copper, aluminum and semiconductors[16]; equipment and installation contracts recognize revenue over time using a cost-input method, about four to twenty-four months separate the first deliverable from the last piece of equipment, and long-term service contracts are recognized on a straight-line basis[17]. After delivery, a global field organization roughly twice the scale of its nearest competitor provides maintenance, repair, retrofit and monitoring services[18], which is why service earns a clearly higher gross margin than equipment: in the third quarter, products and systems gross margin was 34.5% and service gross margin was 44.1%[10].

Financial History and Current Position

On a continuing-operations basis, Johnson Controls has grown revenue and gross profit steadily over the past three fiscal years. Revenue was $22.331 billion, $22.952 billion and $23.596 billion in fiscal 2023 to 2025, gross profit was $7.804 billion, $8.077 billion and $8.592 billion, gross margin in fiscal 2025 was 36.4%, and net income attributable to the company from continuing operations was $1.721 billion[19]. Fiscal 2025 segment EBITA was $2.882 billion in the Americas, up 8%; $649 million in EMEA, up 16%; and $476 million in Asia Pacific, roughly flat[20].

Fiscal 2025 cash went mainly to large buybacks, and proceeds from the residential HVAC sale also flowed back to shareholders. Operating cash flow from continuing operations was $2.554 billion and capital expenditure was $434 million; the company repurchased $5.991 billion of stock and paid $976 million in dividends[21]. At September 30, 2025, backlog including products totaled $16.6 billion, and solutions and services backlog was $14.9 billion, up 13%[22].

In the first nine months of fiscal 2026 (October 2025 to June 2026), both revenue and margins were clearly better than a year earlier. Nine-month revenue was $18.553 billion, up 8% and 7% organically[23]; gross margin was 36.7%[10]; adjusted EBIT was $2.790 billion, a 15.0% margin versus 12.4% a year earlier[4]; adjusted EPS was $3.50 versus $2.52[5]; and adjusted free cash flow was $2.133 billion, a 98% conversion rate[24].

The balance sheet remains at relatively low leverage after the large buyback. At June 30, 2026, net debt was $8.834 billion, 1.9 times trailing 12-month adjusted EBITDA[25]. Through accelerated repurchases, the company invested $5.0 billion to buy back 43.69 million shares at an average price of $114.43, has about $3.9 billion of repurchase authorization remaining, and pays a quarterly dividend of $0.40 per share[26].

Operating Model

Revenue comes from order-driven products and systems and installed-base-driven services, and the two carry very different lags. In the first nine months of fiscal 2026, products and systems were 68% of revenue and services 32%[23]. Products and systems revenue equals shipments of equipment from backlog plus installation progress recognized under the cost-input method; orders enter backlog first and are delivered over four to twenty-four months[17]. On the fiscal Q2 2026 call, management said about 70% of backlog would be delivered over the next 12 months, with some deliveries pushed out because of customer infrastructure[27], and on the Q1 call it said backlog content was shippable within 12 months but dependent on customer acceptance[28]. Service revenue consists of long-term maintenance contracts, billed repair, retrofit and energy services, and security monitoring, driven by the installed equipment base, renewals and price, so changes in orders reach service revenue more slowly and smoothly than equipment revenue.

Profit is the sum of two revenue streams with different gross margins, and cost control then sets the final margin. In the third quarter, products and systems gross margin was 34.5%, down 110 basis points, service gross margin was 44.1%, up 370 basis points, and combined gross margin was 37.4%; subtracting $1.407 billion of SG&A (21.3% of revenue) and restructuring, transformation and other adjusted items yields EBIT[10]. The company manages profit on adjusted EBIT, which was $1.121 billion in the third quarter, a 16.9% margin, with operating leverage (the change in adjusted EBIT divided by the change in revenue) of 45.6%[4]; by segment, adjusted EBITA margin was 21.1% in the Americas, 14.3% in EMEA and 21.2% in Asia Pacific[29]. Adjusted EPS also depends on an adjusted tax rate of about 17% and the post-buyback share count, with 610 million diluted shares in the third quarter versus 657 million a year earlier[5], so a rising share of data center systems first pressures products and systems gross margin, and cost leverage and the lower share count then determine the direction of EPS.

Cash flow comes from profit plus working-capital swings from project advances and progress billing, and capital spending is relatively light. Fiscal 2025 operating cash flow from continuing operations was $2.554 billion and capital expenditure was $434 million[21]; in the first nine months of fiscal 2026 operating cash flow was $2.572 billion, capital expenditure was $243 million, and adjusted free cash flow was $2.133 billion, a 98% conversion rate[24], against full-year guidance of about 100% conversion[7]. Cash goes mainly to buybacks, dividends and acquisitions, with quarterly dividends totaling about $245 million[26], and net debt of 1.9 times adjusted EBITDA at the end of June is below the company's long-term target range[25].

Industry and Competitive Position

Johnson Controls competes with a handful of large multinationals in commercial building equipment, while the building services market is highly fragmented. Its larger competitors in commercial HVAC, building controls, fire and security include Honeywell International, Siemens Smart Infrastructure, Schneider Electric, Carrier Global, Trane Technologies, Vertiv, API Group and Daikin Industries; contracts are awarded mainly on performance, quality, price, technology, application engineering and project management, and the loss of any single customer would not be material[30].

Data center cooling is the company's fastest-growing area and the one with the most distinctive competitive dynamics. Management explained that hyperscalers typically design in a small number of vendors early in the data center architecture process and then split purchase volume across the selected vendors, so suppliers with better lead times and supply reliability can win more than their initial allocation[31]. Management says the company is gaining share in its focus categories, and that coolant distribution units (CDUs) will begin shipping in the fourth quarter with a pipeline now exceeding $1 billion[15].

The company's documented advantage is the scale of its field service, and its weak spot is security. Management describes a global field presence of sales staff, solution architects and technicians roughly twice the scale of its nearest competitor[18]; it also acknowledges that security is less differentiated than HVAC and is currently matching a flat underlying market[32]. The available material provides no quantitative share or margin comparison with competitors, and the data center revenue share and share gains come only from oral statements on earnings calls, so any view of competitive position rests on the company's own account.

Core Debates

Backlog has grown by more than 30% in a year to $21 billion, yet revenue grew only 7% in the first nine months. With fourth-quarter guidance calling for 9% to 10% organic growth, can those orders turn into revenue on schedule?

This question decides whether full-year guidance is met, because the Americas generate most of the profit. In the third quarter, Americas adjusted segment EBITA was $951 million, about 73% of the three segments combined[29]; full-year guidance of about 8% organic growth and about $5.05 of adjusted EPS both rest on 9% to 10% organic growth in the fourth quarter[7]. Applying the company's 45% to 50% operating leverage guidance, every percentage point of fourth-quarter revenue shortfall (about $64 million) would cost about $30 million of adjusted EBIT.

Orders and backlog are growing much faster than revenue, and the gap is widest in the Americas. Third-quarter organic revenue grew 10% overall[3]; the Americas grew 11%, with products and systems up 12% and services up 10%[33]; Asia Pacific grew 15%[34]; and EMEA grew only 1%[35]. Americas products and systems revenue was $3.194 billion versus $2.847 billion a year earlier, but nine-month organic growth for Americas products and systems was only 7%[36]. Solutions and services orders were $6.8 billion, up 27% organically, including $4.8 billion in the Americas, up 37%; backlog was $21.0 billion, up 32%, including $15.9 billion in the Americas, up 40%[6], and the Americas backlog increase was led by 47% growth in products and systems[12]. Backlog was $18.2 billion at the end of December 2025 (up 20%) with first-quarter orders of $7.0 billion (up 39%)[37], and $20.0 billion at the end of March 2026 (up 26%) with second-quarter orders of $7.4 billion (up 30%)[38].

Turning backlog into revenue runs through factory capacity, on-time delivery and power readiness at customer sites. The chain runs from the construction plans of hyperscalers and other mission-critical customers to applied HVAC orders for chillers, computer-room air conditioning and CDUs, then into backlog, then into products and systems revenue recognized on delivery and under the cost-input method, and finally into total organic revenue growth, gross profit and adjusted EBIT. Management says data centers account for about 18% of fiscal 2026 revenue and CDUs will begin shipping in the fourth quarter[15], but in the second quarter it also said some backlog had been pushed out because of customer infrastructure[27]. An alternative reading is that part of the high order and backlog growth reflects a definitional change: from fiscal 2026, orders include certain equipment-only sales for longer-cycle projects and backlog has been restated on the new basis[39], while the size of the resulting overstatement has not been disclosed; and because large data center projects depend on customers' power connections, backlog growth may not convert proportionally into revenue over the next four quarters.

The fourth-quarter report can test the speed of backlog conversion directly. Readers should watch whether overall organic growth lands at 9% to 10% or higher, whether Americas products and systems organic growth stays around 12%, whether September backlog remains at or above $21 billion, and whether CDUs begin shipping on schedule. If fourth-quarter organic growth falls below 8%, backlog is converting more slowly than guided and the full-year target of about 8% is missed; if backlog falls by more than $500 million from the end of June, order replenishment is slowing rather than deliveries simply speeding up.

Products and systems gross margin is falling year over year, yet operating margin has risen sharply, mainly because expenses have barely grown. Can that leverage hold within the guided 45% to 50% in the fourth quarter?

Whether profit expansion lasts shapes how the market reads this round of rapid EPS growth. Adjusted EPS rose from $2.52 in the first nine months of fiscal 2025 to $3.50 in the same period of fiscal 2026[5], and the company raised full-year guidance from about $4.85 to about $5.05[7]. If gross margin dilution deepens and costs stop holding flat, faster-growing data center systems would dilute margins instead.

Third-quarter margin gains came mainly from service gross margin and costs, not from products and systems themselves. Third-quarter gross margin was 37.4% versus 37.1% a year earlier; products and systems gross margin was 34.5%, down 110 basis points, and service gross margin was 44.1%, up 370 basis points; SG&A was $1.407 billion, $10 million less than the prior year's $1.417 billion, and fell from 23.4% to 21.3% of revenue[10]. Adjusted EBIT was $1.121 billion, a 16.9% margin, up 260 basis points, with operating leverage of 45.6%[4]; management said faster growth in systems than in service creates a small mix headwind and that operating leverage would remain above 30% over the next 12 to 24 months[40]. The prior-year fourth-quarter comparisons must be derived: adjusted EBIT of about $988 million and a margin of about 15.3%[25], products and systems gross margin of about 34.7%, and SG&A of about $1.521 billion, or about 23.6% of revenue[19].

Whether cost leverage holds depends on whether service gross margin falls back and on the timing of expenses. The chain runs from a rising share of large systems projects such as data centers, which lifts products and systems revenue but lowers its gross margin (possible causes include project pricing, capacity ramp-up, tariffs and raw material costs), alongside a business system that improves sales and field efficiency and cuts headquarters costs, keeping SG&A roughly flat; together these set adjusted EBIT margin and operating leverage, which then pass through a share count reduced by the $5 billion buyback to adjusted EPS and free cash flow conversion. An alternative reading is that a substantial part of the third-quarter margin gain came from an unusual improvement in service gross margin and from expense timing rather than from more profitable products and systems; if service gross margin falls back, overall leverage would depend more heavily on cost control. The company has not explained the sharp service margin improvement or the products and systems margin decline, so the separate contributions of pricing, mix, capacity ramp-up and tariffs cannot yet be distinguished, and no usable baseline exists for prior-year fourth-quarter adjusted EPS.

Fourth-quarter operating leverage and products and systems gross margin are the most direct tests. Readers should watch whether operating leverage lands at 45% to 50%, whether products and systems gross margin stops declining year over year, whether SG&A as a share of revenue keeps improving by about 200 basis points, and whether adjusted EPS reaches about $1.55. If operating leverage falls below 40% and adjusted EPS comes in below $1.50, profit expansion has started to slow; if products and systems gross margin turns positive year over year, concerns about mix dilution were overstated.

Service revenue is growing 7%, but service orders rose only 4% and the Americas service backlog is shrinking. Could the high-margin service business become the next source of slowdown?

Service is the company's highest-margin revenue, so a slowdown there would cut both revenue growth and overall gross margin. Service is about one-third of revenue with a gross margin of about 44%, roughly 10 percentage points above products and systems; third-quarter service gross profit was $890 million, 36% of company gross profit[10].

Service revenue is still growing, but orders and backlog have already slowed. Third-quarter service revenue was $2.018 billion, up 7% organically, with the Americas up 10%, EMEA up 1% and Asia Pacific up 3%[41], and nine-month service organic growth was also 7%[23]; over the same quarter service orders grew only 4% while systems orders grew 40%[11], and the Americas service backlog fell 1% year over year[12]. Management said security is less differentiated than HVAC and is matching a flat underlying market, and it hopes to lift that business gradually to mid-to-high single-digit growth[32]; on the second-quarter call management also cited unbalanced price and volume in security service[42]. Service gross margin was 44.1% in the third quarter versus 40.4% a year earlier, and 43.8% for the first nine months versus 40.2%[10], while the prior-year fourth quarter was about 40.6% (derived)[19].

Whether slower service orders reach revenue depends on which part of the business is slowing. The chain runs from the installed equipment base, including new data center installations, and customer demand for maintenance, repair, retrofit and energy services, to service orders and contract renewals, with security service exposed to competition and price-volume imbalance; orders then enter a service backlog that counts only one year, become service revenue and service gross profit at a gross margin of about 44%, and finally affect overall gross margin and adjusted EBIT. An alternative reading is that the order slowdown is concentrated in security, while HVAC maintenance keeps expanding with data center installations, so short-term swings in orders and backlog may not reach service revenue. Service order growth is disclosed only orally on earnings calls, with no table split by business, so the available material cannot yet show which reading is right.

Fourth-quarter service growth and service orders can separate a contained problem from a broad slowdown. Readers should watch whether fourth-quarter service organic growth holds at 7%, whether service order growth recovers to about 7%, and whether service gross margin stays above 43%. If service organic growth falls below 5% and service orders stop growing, the order slowdown has reached revenue; if service orders return above 7%, the security drag is only a local problem.

Risks and Falsifiers

Conflict in the Middle East continues to suppress EMEA growth, and the company assumes operating conditions there will not improve over the next few quarters. Third-quarter EMEA revenue was $1.264 billion with organic growth of only 1%[35], and adjusted segment EBITA was $181 million, a 14.3% margin[29]; management said the Middle East accounts for about 10% of EMEA revenue[32] and guided EMEA to flat to very low single-digit growth in the fourth quarter[43]. If fourth-quarter EMEA organic growth is 2% or higher, this risk is falsified.

Tariffs and higher costs for steel, copper, aluminum and semiconductors could land between contract signing and delivery, leaving fixed-price backlog contracts unable to reprice in time. In its fiscal 2025 annual report the company said tariffs imposed by the United States and other nations have raised raw material costs[16], and if backlog cannot be converted on time because of supply chain disruption, it carries pricing risk from cost inflation between booking and conversion[44]. The exposed lines are products and systems gross margin and adjusted EBIT, and every fixed-price portion of the $21 billion backlog carries this risk; if fourth-quarter products and systems gross margin stops declining year over year and the company does not cite profit pressure from tariffs or raw materials, the concern weakens.

Power and electrical infrastructure delays at data center customers could push signed orders out, so backlog grows faster than revenue. On the second-quarter call management said power and electrical infrastructure issues were affecting data center customers' delivery timelines[45], and some backlog was pushed out as a result[27]; under the company's revenue recognition rules, equipment and installation revenue is recognized with delivery and project progress[17]. The exposed lines are third-quarter products and systems revenue of $4.596 billion[36] and adjusted EBIT, with every percentage point of fourth-quarter organic growth shortfall worth about $64 million of revenue; if fourth-quarter organic growth is at least 10% and the company no longer mentions customer-side delivery delays, this risk is falsified.

A rising share of large data center systems projects, capacity ramp-up or tariffs that cannot be passed on could keep products and systems gross margin falling. Third-quarter products and systems gross profit was about $1.584 billion at a 34.5% gross margin[10], and on third-quarter revenue each percentage point of gross margin decline costs about $46 million of gross profit. If fourth-quarter products and systems gross margin is no lower than the prior-year level of about 34.7%, this risk is falsified.

Heavier competition and price-volume imbalance in security could drag on service orders and the Americas service backlog, and then on high-margin service revenue. Third-quarter service revenue was $2.018 billion[41] and service gross profit was $890 million[10], and each percentage point of lower service organic growth costs about $20 million of revenue; management has acknowledged price-volume imbalance in security service[42], and the Americas service backlog fell 1% year over year[12]. If fourth-quarter service order growth returns above 7% and the Americas service backlog returns to growth, this risk is falsified.

What to Watch Next

• Backlog conversion: overall organic growth was 10% in the third quarter and 7% for nine months; watch whether the fourth quarter lands at 9% to 10% or higher, since below 8% would mean backlog is converting more slowly than guided.
• Americas products and systems: organic growth was 12% in the third quarter on $3.194 billion of revenue; a clear slowdown from that pace would signal weaker conversion momentum.
• Backlog level and CDUs: backlog was $21.0 billion at the end of June, up 32%; watch whether September backlog stays at or above $21 billion and whether CDUs begin shipping, since a decline of more than $500 million would signal slower order replenishment.
• Operating leverage and margin: third-quarter leverage was 45.6% with a 16.9% adjusted EBIT margin; leverage below 40% together with adjusted EPS below $1.50 would show profit expansion slowing.
• Products and systems gross margin: 34.5% in the third quarter, down 110 basis points, against about 34.7% in the prior-year fourth quarter; a positive year-over-year change would show mix dilution concerns were overstated.
• SG&A and EPS: SG&A was 21.3% of revenue and adjusted EPS $1.42 in the third quarter; watch for roughly 200 basis points of further SG&A improvement and adjusted EPS of about $1.55, since stalled improvement and EPS below guidance would weaken the leverage case.
• Service growth and orders: service revenue grew 7% and service orders 4%; revenue below 5% with no order growth would mean the slowdown has reached revenue, while orders back above 7% would mean the problem is local.
• Service gross margin: 44.1% in the third quarter; watch whether it stays above 43%, since a clear decline would weaken overall margin.

Conclusion

Johnson Controls' results rest on two forces: equipment and systems orders from large projects such as data centers, and high-margin service supported by the installed base. In the first nine months of fiscal 2026, revenue was $18.553 billion with 7% organic growth, adjusted EBIT margin rose from 12.4% to 15.0%, adjusted EPS rose from $2.52 to $3.50, backlog reached $21.0 billion at the end of June, and net debt stood at 1.9 times adjusted EBITDA. The central unresolved relationship is whether rapid backlog growth can become 9% to 10% organic revenue growth in the fourth quarter, and whether cost leverage and the service business can keep supporting margins while products and systems gross margin declines.

In the more than two months since the third-quarter report on July 29, 2026, no verifiable outside analysis with independent reasoning could be included. The material available over this period consisted mainly of results recaps, call transcripts, brokers' adjustments to their stock views, executive changes and dividend announcements; two articles discussing data centers and backlog could not be accessed, and their publication dates and reasoning could not be verified, so they are not used as outside views. Readers currently have only the company's own disclosures and guidance to work from, and none of the three core debates has yet been cross-checked by independent analysis.

The combination that would materially strengthen the current understanding is fourth-quarter organic growth of 9% to 10% or more, September backlog of at least $21 billion, operating leverage of 45% to 50%, a halt in the year-over-year decline of products and systems gross margin, and service orders back around 7%. Conversely, organic growth below 8%, a backlog decline of more than $500 million from the end of June, operating leverage below 40%, or service organic growth below 5% with service orders no longer growing would show that at least one link among backlog conversion, cost leverage and the service business is loosening.

Sources

[1] JCI 10-K filed 2025-11-14 · nature of operations · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[2] Drillr earnings calendar (updated 2026-10-12) · JCI 2026-10-27 call · 2026-10-12 · Drillr earnings calendar

[3] JCI 8-K filed 2026-07-29 · Q3 FY2026 highlights · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[4] JCI 8-K filed 2026-07-29 · adjusted EBIT reconciliation · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[5] JCI 8-K filed 2026-07-29 · adjusted EPS reconciliation · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[6] JCI 10-Q filed 2026-07-29 · orders and backlog at June 30, 2026 · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000087/jci-20260630.htm

[7] JCI 8-K filed 2026-07-29 · FY2026 Q4 and full-year guidance · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[8] Drillr analyst_financial_estimates (updated 2026-10-12) · JCI quarter ending 2026-09-30 · 2026-10-12 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[9] JCI 8-K filed 2026-07-29 · Q3 products and systems organic growth · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[10] JCI 8-K filed 2026-07-29 · Q3 income statement · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[11] JCI Q3 FY2026 earnings call 2026-07-29 · systems and service orders · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[12] JCI 10-Q filed 2026-07-29 · backlog composition · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000087/jci-20260630.htm

[13] JCI 10-K filed 2025-11-14 · history and R&LC HVAC divestiture · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[14] JCI 10-K filed 2025-11-14 · FY2025 revenue by segment and type · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[15] JCI Q3 FY2026 earnings call 2026-07-29 · data center share and CDU shipments · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[16] JCI 10-K filed 2025-11-14 · raw materials and tariffs · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[17] JCI 10-K filed 2025-11-14 · revenue recognition · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[18] JCI Q3 FY2026 earnings call 2026-07-29 · competitive advantages · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[19] JCI 10-K filed 2025-11-14 · FY2025 income statement · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[20] JCI 10-K filed 2025-11-14 · FY2025 segment EBITA · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[21] JCI 10-K filed 2025-11-14 · FY2025 cash flows · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[22] JCI 10-K filed 2025-11-14 · backlog and orders at September 30, 2025 · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[23] JCI 10-Q filed 2026-07-29 · nine-month revenue by segment and type · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000087/jci-20260630.htm

[24] JCI 8-K filed 2026-07-29 · free cash flow and conversion · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[25] JCI 8-K filed 2026-07-29 · net debt and trailing adjusted EBIT · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[26] JCI 10-Q filed 2026-07-29 · share repurchase and liquidity · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000087/jci-20260630.htm

[27] JCI Q2 FY2026 earnings call 2026-05-06 · backlog delivery timing · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[28] JCI Q1 FY2026 earnings call 2026-02-04 · backlog shippable within 12 months · 2026-02-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[29] JCI 8-K filed 2026-07-29 · Q3 adjusted segment EBITA margins · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[30] JCI 10-K filed 2025-11-14 · competition · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[31] JCI Q3 FY2026 earnings call 2026-07-29 · hyperscaler vendor selection · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[32] JCI Q3 FY2026 earnings call 2026-07-29 · stated risks · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[33] JCI 8-K filed 2026-07-29 · Q3 Americas results · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[34] JCI 8-K filed 2026-07-29 · Q3 APAC results · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[35] JCI 8-K filed 2026-07-29 · Q3 EMEA results · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[36] JCI 10-Q filed 2026-07-29 · Q3 revenue by segment and type · 2026-07-29 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000087/jci-20260630.htm

[37] JCI 10-Q filed 2026-02-04 · backlog and orders at December 31, 2025 · 2026-02-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000019/jci-20251231.htm

[38] JCI 10-Q filed 2026-05-06 · backlog and orders at March 31, 2026 · 2026-05-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/833444/000083344426000050/jci-20260331.htm

[39] JCI 8-K filed 2026-07-29 · orders and backlog definition · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[40] JCI Q3 FY2026 earnings call 2026-07-29 · applied HVAC capacity and mix · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] JCI 8-K filed 2026-07-29 · Q3 service revenue organic growth · 2026-07-29 · 8-K · https://www.sec.gov/Archives/edgar/data/833444/000083344426000083/q3ex991xq3fy26earningsrele.htm

[42] JCI Q2 FY2026 earnings call 2026-05-06 · service orders Q&A · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[43] JCI Q3 FY2026 earnings call 2026-07-29 · Q4 EMEA outlook · 2026-07-29 · earnings-call · https://gateway.drillr.ai/mcp/private

[44] JCI 10-K filed 2025-11-14 · backlog conversion pricing risk · 2025-11-14 · 10-K · https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm

[45] JCI Q2 FY2026 earnings call 2026-05-06 · stated risks · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private