Name: Johnson Controls International plc (NYSE:JCI) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Johnson Controls International plc, income statement, revenues

US$ in millions

12 months ended:	Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018
Building Solutions North America	10,330)	9,367)	8,685)	8,605)	9,031)	8,679)
Building Solutions EMEA/LA	4,096)	3,845)	3,727)	3,440)	3,655)	3,696)
Building Solutions Asia Pacific	2,746)	2,714)	2,654)	2,403)	2,658)	2,553)
HVAC	6,820)	6,756)	6,173)	5,685)	—)	—)
Fire & Security	2,446)	2,367)	2,192)	1,957)	—)	—)
Industrial Refrigeration	355)	250)	237)	227)	—)	—)
Global Products	9,621)	9,373)	8,602)	7,869)	—)	—)
Global Products (legacy)	—)	—)	—)	—)	8,624)	8,472)
Power Solutions	—)	—)	—)	—)	—)	8,000)
Revenue	26,793)	25,299)	23,668)	22,317)	23,968)	31,400)

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).

Total revenue experienced a significant contraction between 2018 and 2020, decreasing from $31.4 billion to $22.3 billion. This decline is largely attributable to structural changes in the business portfolio, most notably the removal of the Power Solutions segment, which contributed $8.0 billion in 2018. Following the 2020 low, a consistent recovery trend is observed, with annual revenues climbing steadily to reach $26.8 billion by September 30, 2023.

Geographic Revenue Performance: Building Solutions North America represents the largest regional revenue stream and the primary driver of growth. After a dip to $8.6 billion in 2020, this segment expanded consistently, reaching $10.3 billion by 2023. Building Solutions EMEA/LA and Asia Pacific exhibited more moderate but stable growth patterns since 2020, with EMEA/LA increasing from $3.4 billion to $4.1 billion and Asia Pacific rising from $2.4 billion to $2.7 billion over the same period.
Product Segment Analysis: Since the implementation of detailed product reporting in 2020, all categorized segments have shown upward trajectories. HVAC revenue grew from $5.7 billion in 2020 to $6.8 billion in 2023. Global Products demonstrated similar strength, increasing from $7.9 billion to $9.6 billion. Fire & Security and Industrial Refrigeration also maintained positive growth gradients, with the former reaching $2.4 billion and the latter $355 million by the end of the analyzed period.
Portfolio Composition and Structural Shifts: A fundamental shift in the revenue base occurred between 2018 and 2020. The elimination of the Power Solutions segment and the transition away from legacy Global Products reporting indicate a strategic realignment. The subsequent growth from 2021 through 2023 suggests a successful transition toward a more streamlined focus on Building Solutions and integrated product offerings, as evidenced by the synchronized growth across all current product lines.

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