Johnson Controls International Plc (JCI): F3Q26 First Take: 3Q beat, strong orders, FY26 guidance raised

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Equity Research

29 July 2026 | 9:48AM EDT

Johnson Controls International Plc (JCI): F3Q26 First Take: 3Q beat,

strong orders, FY26 guidance raised

Bottom line: 3Q beat, strong orders, FY26 guidance raised. JCI posted F3Q

segment EBITA that was +7%/+9% vs. GS/FactSet consensus driven by stronger

organic growth and margins in Americas and APAC. Orders were strong, +27%

organically y/y (vs +30% organically in F2Q26), with backlog ($21.0bn) +32% y/y.

Orders and backlog growth continue to be driven by robust growth in systems.

Looking forward, JCI raised the FY26 EPS guide to ~$5.05 (from ~$4.85)and

introduced a F4Q26 EPS guide of ~$1.55, which is above consensus of $1.52. The

FY26 EPS guide now implies +34% EPS growth and assumes +8% organic growth

(prior ~+6%), which could prove conservative given recent order trends. We view this

as a strong all around release and expect the shares to outperform as a result.

What happened

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JCI reported F3Q26 adj. EPS of $1.42 vs. GS/FactSet consensus of $1.31/$1.30.

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Organic growth was +10% compared to GS: +6.9%. By segment, Americas

organic growth was +11% (GS: +7.8%), EMEA organic growth was +1% (GS:

+3.0%), and Asia Pacific organic growth was +15% (GS: +9.0%).

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JCI raised the FY26 EPS guidance to ~$5.05 (GS/cons $4.90/$4.90), predicated

on organic growth of ~+8% (vs. Prior/GS: ~+6%/+6.2%). Operating leverage is

expected to be 45% to 50% (vs. prior ~50%). FCF (adj.) conversion is expected to

be ~100%.

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JCI provided F4Q26 EPS guidance of ~$1.55 (vs. cons $1.52).

Joe Ritchie

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Goldman Sachs & Co. LLC

Luke McCollester, CFA

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Goldman Sachs & Co. LLC

Aanvi Patodia

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Goldman Sachs India SPL

Ken Chen

Goldman Sachs & Co. LLC

Jatin Khanna

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Goldman Sachs India SPL

Devashish Sharma

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Goldman Sachs India SPL

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