Johnson Controls
ConvictionModerate
Sells and installs engineered building systems (HVAC/chillers, fire detection & suppression, security, controls) then attaches long-duration, recurring service, maintenance, and software (OpenBlue) contracts on the installed base; project-plus-service model with a large systems-and-services backlog. Now a focused commercial-buildings operator after exiting residential/light-commercial HVAC.
Revenue
$23.6B FY2025continuing operations); ~$24-25B FY2026 run-rate implied by ~6% organic growth and 8% Q2 reported growthRev growth
+3% reported / +6% organic FY2025+8% reported / +6% organic in Q2 FY2026; FY2026 guide ~6% organicGross margin
~36%approx; derived, not separately reported post-reorganizationOp margin
~15-16% adjusted segment EBITAFY2025 blended: Americas 18.4%, EMEA 13.2%, APAC 17.0%); GAAP operating margin lower after corporate/restructuringCapex intensity
~3% of salesasset-light-leaning; ~$0.6-0.7B/yrMarket cap
~$87-89BNYSE: JCI, June 2026; ~$87.2B on 2026-06-12 per Macrotrends, ~$88B late JuneThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (figures from Q2 FY2026 earnings released 2026-05-06 for the quarter ended 2026-03-31, plus FY2025 10-K for the fiscal year ended 2025-09-30; market data mid/late June 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence