Selected Financial Data
since 2005
Income Statement
Motorola Solutions Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating earnings (loss) | Net earnings (loss) attributable to Motorola Solutions, Inc. |
|---|---|---|---|
| Dec 31, 2023 | 9,978) | 2,294) | 1,709) |
| Dec 31, 2022 | 9,112) | 1,661) | 1,363) |
| Dec 31, 2021 | 8,171) | 1,667) | 1,245) |
| Dec 31, 2020 | 7,414) | 1,383) | 949) |
| Dec 31, 2019 | 7,887) | 1,581) | 868) |
| Dec 31, 2018 | 7,343) | 1,255) | 966) |
| Dec 31, 2017 | 6,380) | 1,282) | (155) |
| Dec 31, 2016 | 6,038) | 1,067) | 560) |
| Dec 31, 2015 | 5,695) | 994) | 610) |
| Dec 31, 2014 | 5,881) | (1,006) | 1,299) |
| Dec 31, 2013 | 8,696) | 1,215) | 1,099) |
| Dec 31, 2012 | 8,698) | 1,256) | 881) |
| Dec 31, 2011 | 8,203) | 858) | 1,158) |
| Dec 31, 2010 | 19,282) | 789) | 633) |
| Dec 31, 2009 | 22,044) | (148) | (51) |
| Dec 31, 2008 | 30,146) | (2,391) | (4,244) |
| Dec 31, 2007 | 36,622) | (553) | (49) |
| Dec 31, 2006 | 42,879) | 4,092) | 3,661) |
| Dec 31, 2005 | 36,843) | 4,696) | 4,578) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 is characterized by a profound structural transformation, marked by an initial period of severe contraction followed by a long-term phase of stabilization and steady growth.
- Revenue Trajectory
- A significant decline in net sales is observed between 2005 and 2011, where revenues fell from 36,843 million USD to 8,203 million USD. This sharp contraction suggests a major strategic shift or divestiture of business segments. Following 2011, the revenue trend shifted to a consistent upward trajectory, growing incrementally from 8,698 million USD in 2012 to 9,978 million USD by the end of 2023.
- Operational Performance
- Operating earnings exhibited extreme volatility during the first decade of the analyzed period. Significant operational losses occurred between 2007 and 2009, with a peak deficit of 2,391 million USD in 2008, and another notable dip to 1,006 million USD in 2014. However, from 2015 onward, operating earnings entered a period of sustained expansion, culminating in a peak of 2,294 million USD in 2023, indicating improved operational efficiency and cost management.
- Net Profitability
- Net earnings closely mirror the volatility of operating results, particularly the severe losses recorded in 2008, which reached 4,244 million USD. After a period of fluctuation between 2010 and 2017, including a net loss of 155 million USD in 2017, the company achieved a consistent trend of profitability. Net earnings have grown steadily from 966 million USD in 2018 to 1,709 million USD in 2023.
In summary, the data indicates a transition from a high-revenue, high-volatility model to a lower-revenue but more stable and profitable operational framework. The most recent five-year period demonstrates a positive correlation between increasing net sales and expanding profit margins at both the operating and net levels.
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Balance Sheet: Assets
Motorola Solutions Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 5,725) | 13,336) |
| Dec 31, 2022 | 5,255) | 12,814) |
| Dec 31, 2021 | 5,412) | 12,189) |
| Dec 31, 2020 | 4,327) | 10,876) |
| Dec 31, 2019 | 4,178) | 10,642) |
| Dec 31, 2018 | 4,272) | 9,409) |
| Dec 31, 2017 | 3,950) | 8,208) |
| Dec 31, 2016 | 3,468) | 8,463) |
| Dec 31, 2015 | 4,582) | 8,387) |
| Dec 31, 2014 | 6,879) | 10,423) |
| Dec 31, 2013 | 7,020) | 11,851) |
| Dec 31, 2012 | 7,401) | 12,679) |
| Dec 31, 2011 | 8,768) | 13,929) |
| Dec 31, 2010 | 17,154) | 25,577) |
| Dec 31, 2009 | 16,032) | 25,603) |
| Dec 31, 2008 | 17,363) | 27,869) |
| Dec 31, 2007 | 22,222) | 34,812) |
| Dec 31, 2006 | 30,975) | 38,593) |
| Dec 31, 2005 | 27,869) | 35,649) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset trajectory of Motorola Solutions Inc. between 2005 and 2023 is characterized by a period of significant contraction followed by a phased recovery and stabilization. Total assets peaked in 2006 before undergoing a prolonged decline that lasted nearly a decade, eventually pivoting toward a steady growth trend starting in 2016.
- Total Asset Trends
- Total assets reached a maximum of US$ 38,593 million in 2006. A substantial reduction followed, with the asset base decreasing to US$ 8,387 million by 2015, representing a contraction of approximately 78% from the peak. From 2016 onward, a consistent upward trend emerged, with total assets rising to US$ 13,336 million by the end of 2023.
- Current Asset Dynamics
- Current assets mirrored the general downward trend of total assets, peaking in 2006 at US$ 30,975 million and falling to a low of US$ 3,468 million in 2016. Following this trough, current assets entered a period of gradual recovery, increasing to US$ 5,725 million by December 31, 2023.
- Asset Composition Shift
- A significant shift in the proportion of current assets relative to total assets is observed over the analyzed period. In 2006, current assets comprised approximately 80% of the total asset base. By 2023, this proportion decreased to approximately 43%, indicating a fundamental change in the balance sheet structure and a higher relative concentration of non-current assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Motorola Solutions Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt, including current portion | Total Motorola Solutions, Inc. stockholders’ equity (deficit) | |
|---|---|---|---|
| Dec 31, 2023 | 5,736) | 6,018) | 724) |
| Dec 31, 2022 | 4,560) | 6,014) | 116) |
| Dec 31, 2021 | 4,063) | 5,693) | (40) |
| Dec 31, 2020 | 3,489) | 5,175) | (558) |
| Dec 31, 2019 | 3,439) | 5,129) | (700) |
| Dec 31, 2018 | 3,096) | 5,320) | (1,293) |
| Dec 31, 2017 | 2,931) | 4,471) | (1,742) |
| Dec 31, 2016 | 2,668) | 4,396) | (964) |
| Dec 31, 2015 | 2,193) | 4,390) | (106) |
| Dec 31, 2014 | 2,250) | 3,400) | 2,735) |
| Dec 31, 2013 | 3,220) | 2,461) | 3,659) |
| Dec 31, 2012 | 3,335) | 1,863) | 3,265) |
| Dec 31, 2011 | 3,815) | 1,535) | 5,214) |
| Dec 31, 2010 | 8,710) | 2,799) | 10,885) |
| Dec 31, 2009 | 8,261) | 3,901) | 9,775) |
| Dec 31, 2008 | 10,620) | 4,184) | 9,507) |
| Dec 31, 2007 | 12,500) | 4,323) | 15,447) |
| Dec 31, 2006 | 15,425) | 4,397) | 17,142) |
| Dec 31, 2005 | 12,488) | 4,254) | 16,673) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory of the liabilities and equity structure from 2005 to 2023 reveals a significant transformation in the capital composition, characterized by a prolonged period of equity erosion followed by a recent recovery and a shift in debt obligations.
- Current Liabilities Analysis
- A volatile trend is observed in current liabilities, which peaked at 15,425 million US$ in 2006 before entering a sustained period of contraction. This downward trend reached its lowest point of 2,193 million US$ in 2015. Following this trough, current liabilities have steadily increased for eight consecutive years, reaching 5,736 million US$ by the end of 2023, suggesting an increase in short-term financial obligations.
- Long-Term Debt Trends
- Long-term debt, including the current portion, remained relatively stable between 2005 and 2009, hovering around 4,000 million US$. A sharp decline occurred between 2010 and 2011, with debt dropping to a minimum of 1,535 million US$. From 2012 onward, a consistent upward trend is evident, with debt levels climbing steadily to 6,018 million US$ by 2023, surpassing the initial levels seen at the start of the period.
- Stockholders' Equity and Deficit Patterns
- The most notable shift is found in the stockholders' equity, which transitioned from a strong positive position of 16,673 million US$ in 2005 to a prolonged deficit. Equity declined sharply starting in 2008 and entered negative territory in 2015. This deficit peaked in 2017 at -1,742 million US$. A gradual recovery is observable from 2018 through 2021, culminating in a return to positive equity in 2022 (116 million US$) and further growth to 724 million US$ in 2023.
- Capital Structure Observations
- The data indicates a period of high financial risk between 2015 and 2021, where the organization operated with negative stockholders' equity while simultaneously beginning to increase its long-term debt load. The recent transition back to positive equity in 2022 and 2023, occurring alongside rising total liabilities, suggests a strategic shift in financing or a period of retained earnings accumulation after years of capital depletion.
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Cash Flow Statement
Motorola Solutions Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used for) operating activities | Net cash (used for) provided by investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 2,044) | (414) | (1,295) |
| Dec 31, 2022 | 1,823) | (1,387) | (906) |
| Dec 31, 2021 | 1,837) | (742) | (429) |
| Dec 31, 2020 | 1,613) | (437) | (966) |
| Dec 31, 2019 | 1,823) | (934) | (1,144) |
| Dec 31, 2018 | 1,075) | (1,266) | 220) |
| Dec 31, 2017 | 1,346) | (448) | (722) |
| Dec 31, 2016 | 1,165) | (1,002) | (1,042) |
| Dec 31, 2015 | 1,005) | (528) | (2,382) |
| Dec 31, 2014 | (685) | 3,208) | (1,715) |
| Dec 31, 2013 | 944) | 2,010) | (1,207) |
| Dec 31, 2012 | 1,068) | 797) | (2,305) |
| Dec 31, 2011 | 848) | 2,426) | (5,528) |
| Dec 31, 2010 | 1,534) | 246) | (468) |
| Dec 31, 2009 | 629) | (668) | (210) |
| Dec 31, 2008 | 242) | 794) | (645) |
| Dec 31, 2007 | 785) | 2,379) | (3,301) |
| Dec 31, 2006 | 3,499) | (1,048) | (3,161) |
| Dec 31, 2005 | 4,605) | (2,384) | (1,190) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile exhibits a significant transition from a period of high volatility and asset restructuring between 2005 and 2014 toward a more stabilized, mature operational phase from 2015 through 2023. The overall trajectory indicates a strengthening of core operational efficiency and a consistent strategy of capital return to shareholders.
- Operating Cash Flow Trends
- Net cash provided by operating activities experienced a severe decline from 2005 to 2008, falling from 4,605 million to 242 million. Following a period of fluctuation and a notable deficit in 2014 where cash flow dropped to -685 million, a consistent recovery trend emerged. From 2015 onward, operating cash flows returned to positive territory and grew steadily, reaching a peak of 2,044 million by 2023. This suggests a sustained improvement in the company's ability to generate cash from its primary business operations.
- Investing Activity Patterns
- Investing activities reveal two distinct strategic phases. Between 2007 and 2014, the company frequently reported large positive cash inflows, including significant peaks in 2011 (2,426 million) and 2014 (3,208 million), which typically indicate divestitures or the sale of business segments. Conversely, from 2015 to 2023, the pattern shifted to consistent negative cash flows, ranging from -414 million to -1,387 million. This transition denotes a pivot from asset liquidation toward a period of sustained capital expenditure and reinvestment in the company's infrastructure or growth initiatives.
- Financing Activity Analysis
- Financing activities remained predominantly negative throughout the majority of the period, indicating a persistent trend of cash outflows. The most substantial outflow occurred in 2011, totaling -5,528 million. While there was a brief positive inflow of 220 million in 2018, the trend resumed downward from 2019 to 2023. These consistent outflows suggest a long-term commitment to debt reduction, dividend payments, or share repurchase programs.
- Aggregate Cash Flow Synthesis
- The synchronization of cash flows in the latter decade (2014-2023) reflects a classic mature corporate financial model: increasing positive cash flow from operations is used to fund both strategic capital investments (negative investing cash flow) and the return of capital to providers of finance (negative financing cash flow). This represents a stabilization of the financial structure compared to the volatile movements observed in the first decade of the analysis.
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Per Share Data
Motorola Solutions Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 10.23 | 9.93 | 3.62 |
| Dec 31, 2022 | 8.14 | 7.93 | 3.25 |
| Dec 31, 2021 | 7.36 | 7.17 | 2.92 |
| Dec 31, 2020 | 5.58 | 5.45 | 2.63 |
| Dec 31, 2019 | 5.21 | 4.95 | 2.35 |
| Dec 31, 2018 | 5.95 | 5.62 | 2.13 |
| Dec 31, 2017 | -0.95 | -0.95 | 1.93 |
| Dec 31, 2016 | 3.30 | 3.24 | 1.70 |
| Dec 31, 2015 | 3.06 | 3.02 | 1.43 |
| Dec 31, 2014 | 5.29 | 5.29 | 1.30 |
| Dec 31, 2013 | 4.13 | 4.06 | 1.14 |
| Dec 31, 2012 | 3.01 | 2.96 | 0.96 |
| Dec 31, 2011 | 3.47 | 3.41 | 0.22 |
| Dec 31, 2010 | 1.90 | 1.87 | 0.00 |
| Dec 31, 2009 | -0.16 | -0.16 | 0.35 |
| Dec 31, 2008 | -13.11 | -13.11 | 1.40 |
| Dec 31, 2007 | -0.15 | -0.15 | 1.40 |
| Dec 31, 2006 | 10.50 | 10.23 | 1.26 |
| Dec 31, 2005 | 12.95 | 12.67 | 1.12 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share between 2005 and 2023 is characterized by a period of extreme volatility in the first decade followed by a sustained recovery and growth phase in the second decade. Earnings per share experienced significant fluctuations, including periods of substantial losses, while dividend distributions transitioned from a period of instability to a consistent upward trajectory.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited a severe downturn between 2007 and 2009, reaching a nadir in 2008 with a basic loss of 13.11 USD per share. A recovery phase began in 2010, with earnings returning to positive territory and generally trending upward through 2014, peaking at 5.29 USD. After a brief period of instability and a loss of 0.95 USD in 2017, a strong and consistent growth trend emerged from 2018 through 2023, with basic earnings per share rising from 5.95 USD to 10.23 USD.
- Dividend Distribution Patterns
- Dividend per share showed steady growth from 2005 to 2008, increasing from 1.12 USD to 1.40 USD. This growth was interrupted in 2009 by a sharp reduction to 0.35 USD, followed by a year of no recorded payments in 2010. Since 2011, however, there has been an uninterrupted annual increase in dividends, growing from 0.22 USD to 3.62 USD by 2023, indicating a stabilized and disciplined capital return policy.
- Basic versus Diluted Earnings Correlation
- A close correlation is maintained between basic and diluted earnings per share throughout the entire period. The variance between the two metrics was most pronounced during the high-earnings years of 2005 and 2006. In years of net losses, such as 2008 and 2017, basic and diluted earnings converged to identical values. The narrow gap between these figures in the latter part of the timeline suggests a limited impact from dilutive securities on the overall earnings per share.
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