Form 8-K

8-K — Otis Worldwide Corp

Accession: 0001781335-26-000124

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0001781335

SIC: 3600 (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — otis-20261028.htm (Primary)

EX-99 (a2026-09x308xkerexhibit99.htm)

GRAPHIC (otis-20261028_g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: otis-20261028.htm · Sequence: 1

otis-20261028

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026

____________________________________

OTIS WORLDWIDE CORPORATION

(Exact name of registrant as specified in its charter)

____________________________________

Delaware 001-39221 83-3789412

(State or other jurisdiction

of incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

One Carrier Place

Farmington, Connecticut 06032

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code

(860) 674-3000

N/A

(Former name or former address, if changed since last report)

____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock ($0.01 par value) OTIS New York Stock Exchange

0.318% Notes due 2026 OTIS/26 New York Stock Exchange

2.875% Notes due 2027 OTIS/27 New York Stock Exchange

0.934% Notes due 2031 OTIS/31 New York Stock Exchange

Section 2—Financial Information

Item 2.02. Results of Operations and Financial Condition.

On October 28, 2026, Otis Worldwide Corporation (“Otis”) issued a press release announcing its third quarter 2026 results.

The press release issued October 28, 2026 is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by Otis under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Section 9—Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Exhibit Description

Press Release, dated October 28, 2026, issued by Otis Worldwide Corporation.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

OTIS WORLDWIDE CORPORATION

(Registrant)

Date: October 28, 2026 By:

/s/ Cristina Méndez

Cristina Méndez

Executive Vice President and Chief Financial Officer

EX-99

Filename: a2026-09x308xkerexhibit99.htm · Sequence: 2

Document

Exhibit 99

OTIS REPORTS THIRD QUARTER 2026 RESULTS

Otis delivers high single digit Service net sales growth and low single digit New Equipment net sales growth; Service operating profit margin improved sequentially; broadly maintaining full year outlook

Third quarter 2026

•Net sales up 6% and organic sales up 6%, driven by Service net sales up 8% with organic sales up 7%, and New Equipment net sales up 3% with organic sales up 3%

•GAAP operating profit up $34 million and adjusted operating profit down $6 million

•Service operating profit margin improved by 100 bps sequentially to 24.2%

•Modernization orders up 10% at constant currency, backlog up 20% at actual and constant currency

•Operating cash flow of $337 million; adjusted free cash flow of $272 million

Year-to-date 2026

•Net sales up 7% and organic sales up 4%, driven by Service net sales up 10% with organic sales up 7%

•GAAP operating profit up $190 million and adjusted operating profit down $41 million

•Operating cash flow of $1.0 billion; adjusted free cash flow of $834 million

•Share repurchases of approximately $800 million and dividends of approximately $500 million, returning approximately $1.3 billion to shareholders

FARMINGTON, Conn., October 28, 2026 – Otis Worldwide Corporation (NYSE:OTIS) reported third quarter 2026 net sales of $3.9 billion with organic sales up 6% versus the prior year. GAAP earnings per share (EPS) increased 14% to $1.08 and adjusted EPS of $1.05 was flat compared to the prior year.

"Otis delivered another quarter of strong top-line growth, supported by sustained performance across all Service lines and growth in New Equipment. Our investments in field capability and AI-enabled pricing, combined with disciplined execution, continue to support double digit modernization growth and high single digit repair growth. Alongside our focus on service quality, reliability, uptime, and cost control, these actions drove the incremental increase in Service margin to above 24%," said Chair, CEO & President Judy Marks. "The third quarter Service revenue growth and sequential margin improvement continue to reinforce our Service flywheel strategy and give us confidence in the steps we are taking to build a stronger foundation for sustained growth."

Key Figures

Quarter Ended September 30, Nine Months Ended September 30,

(dollars in millions, except per share amounts) 2026 2025 Y/Y Y/Y (CFX) 2026 2025 Y/Y Y/Y (CFX)

Net sales $ 3,914 $ 3,690 6 % 6 % $ 11,339 $ 10,635 7 % 5 %

Organic sales growth 6 % 4 %

GAAP

Operating profit $ 620 $ 586 $ 34 $ 1,734 $ 1,544 $ 190

Operating profit margin 15.8 % 15.9 % (10) bps 15.3 % 14.5 % 80 bps

Net income $ 414 $ 374 11 % $ 1,182 $ 1,010 17 %

Earnings per share $ 1.08 $ 0.95 14 % $ 3.07 $ 2.55 20 %

Adjusted non-GAAP comparison

Operating profit $ 626 $ 632 $ (6) $ (3) $ 1,763 $ 1,804 $ (41) $ (73)

Operating profit margin 16.0 % 17.1 % (110) bps 15.5 % 17.0 % (150) bps

Net income $ 402 $ 411 (2) % $ 1,138 $ 1,195 (5) %

Earnings per share $ 1.05 $ 1.05 — % $ 2.96 $ 3.02 (2) %

Third quarter net sales of $3.9 billion, increased 6% versus the prior year, driven by Service net sales with growth in all lines of business, and New Equipment net sales with growth in the Americas, EMEA, and Asia Pacific partially offset by a decline in China.

Third quarter GAAP operating profit of $620 million increased $34 million driven primarily by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted operating profit of $626 million decreased $6 million at actual currency and $3 million at constant currency, with the benefits from growth in Service more than offset by a decline in New Equipment. GAAP operating profit margin contracted 10 basis points to 15.8% and adjusted operating profit margin of 16.0% declined 110 basis points versus the prior year driven by unfavorable segment performance, partially offset by segment mix. While the performance was impacted by ongoing investment in key Service growth initiatives, Service operating profit margin improved sequentially by 100 bps.

GAAP EPS of $1.08 increased 14% compared to the prior year primarily driven by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted EPS of $1.05 was flat versus the prior year with the benefits from lower share count and minority interest offset by a higher tax rate, higher interest, and unfavorable FX rates.

Service

Quarter Ended September 30, Nine Months Ended September 30,

(dollars in millions) 2026 2025 Y/Y Y/Y (CFX) 2026 2025 Y/Y Y/Y (CFX)

Net sales $ 2,616 $ 2,433 8 % 9 % $ 7,613 $ 6,939 10 % 8 %

Organic sales 7 % 7 %

Segment operating profit $ 633 $ 621 $ 12 $ 20 $ 1,788 $ 1,736 $ 52 $ 26

Segment operating profit margin 24.2 % 25.5 % (130) bps 23.5 % 25.0 % (150) bps

In the third quarter, net sales of $2.6 billion increased 8%, with a 7% increase in organic sales. Organic maintenance and repair sales increased 4% and organic modernization sales increased 20%.

Segment operating profit of $633 million increased $12 million at actual currency and increased $20 million at constant currency as higher volume, favorable pricing and other employment related cost reductions were partially offset by higher labor cost including the impact of ongoing strategic initiatives and productivity, and unfavorable mix. Segment operating profit margin contracted 130 basis points to 24.2%, but improved 100 bps sequentially.

New Equipment

Quarter Ended September 30, Nine Months Ended September 30,

(dollars in millions) 2026 2025 Y/Y Y/Y (CFX) 2026 2025 Y/Y Y/Y (CFX)

Net sales $ 1,298 $ 1,257 3 % 3 % $ 3,726 $ 3,696 1 % (1) %

Organic sales 3 % (1) %

Segment operating profit $ 42 $ 59 $ (17) $ (22) $ 120 $ 193 $ (73) $ (79)

Segment operating profit margin 3.2 % 4.7 % (150) bps 3.2 % 5.2 % (200) bps

In the third quarter, net sales of $1.3 billion increased 3%, with a 3% increase in organic sales, driven by low teens growth in the Americas, mid-single digit growth in EMEA, and high single digit growth in Asia Pacific, partially offset by a greater than 20% decline in China.

Segment operating profit of $42 million decreased $17 million at actual currency and $22 million at constant currency primarily from unfavorable price and mix, partially offset by productivity and higher volume. Segment operating profit margin contracted 150 basis points to 3.2%.

New Equipment orders were up 1% at constant currency with low teens growth in the Americas, and low single digit growth in both EMEA and Asia Pacific, partially offset by low teens decline in China. New Equipment backlog increased 4% at actual currency and constant currency.

Cash flow

Quarter Ended September 30, Nine Months Ended September 30,

(dollars in millions) 2026 2025 Y/Y 2026 2025 Y/Y

Cash flow from operations $ 337 $ 374 $ (37) $ 1,017 $ 779 $ 238

Free cash flow $ 298 $ 337 $ (39) $ 901 $ 672 $ 229

Adjusted free cash flow $ 272 $ 337 $ (65) $ 834 $ 766 $ 68

Third quarter cash flow changes were driven by an increase in net income offset by changes in working capital.

2026 Outlook1

Otis is maintaining its full year outlook for the following:

•Net sales of $15.1 to $15.3 billion

•Organic sales up low to mid-single digits

◦Organic New Equipment sales down low single digits to flat

◦Organic Service sales up mid to high single digits

•Adjusted operating profit of approximately $2.4 billion, down $45 to $15 million at constant currency; down $30 million to flat at actual currency

•Adjusted EPS of $4.01 to $4.05

•Adjusted free cash flow of ~$1.5 billion (vs. prior range of $1.50 to $1.55 billion)

1 Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.

About Otis

Otis is the world’s leading elevator and escalator manufacturing, installation, service and modernization company. We move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide, the industry’s largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.

Use and Definitions of Non-GAAP Financial Measures

Otis Worldwide Corporation ("Otis") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Below are our non-GAAP financial measures:

Non-GAAP measure Definition

Organic sales Represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a non-recurring and/or nonoperational nature ("other significant items"). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company’s ongoing operational performance.

Adjusted selling, general and administrative ("SG&A") expense Represents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items.

Adjusted operating profit Represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.

Adjusted net interest expense Represents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition related financing costs and related net interest expense pending the completion of a transaction and other significant items.

Adjusted noncontrolling interest in earnings

Represents noncontrolling interest in earnings (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.

Adjusted net income

Represents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.

Adjusted earnings per share ("EPS")

Represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects.

Adjusted effective tax rate

Represents the effective tax rate (a GAAP measure) adjusted for other significant items and the tax impact of restructuring costs and other significant items.

Constant currency GAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure "at constant currency" or "CFX" to show changes in our financial results without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company’s ongoing operational performance.

Free cash flow Represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Otis’ ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted free cash flow Represents cash flow from operations (a GAAP measure) less capital expenditures, adjusted to exclude certain items management believes affect the comparability of operating results. Management believes adjusted free cash flow is a useful measure of liquidity that provides investors additional information regarding the Company’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.

Management believes that organic sales, adjusted SG&A expense, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing period-to-period comparisons of the results of the Company’s ongoing operational performance.

When we provide our expectations for adjusted net sales, organic sales, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted effective tax rate, adjusted EPS, free cash flow and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Cautionary Statement

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for Otis’ future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term," "near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, restructuring or transformation actions (including UpLift and related reorganization and outsourcing activities), credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions, or statements that relate to climate change and our intent to achieve certain sustainability targets or other corporate responsibility initiatives, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein, including financial market conditions, fluctuations in commodity prices and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis’ customers and suppliers; (2) the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate, including as a result of the U.S. midterm elections, tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflicts and instability in the Middle East and the conflict between Russia and Ukraine on general market conditions, commodity costs, global trade policies and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond; (3) challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis’ capital structure; (6) the timing and scope of future repurchases of Otis’ common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (8) cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof, including with respect to UpLift and related impacts of reorganization, change management and outsourcing activities, as applicable; (9) new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and maintaining our competitiveness; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work stoppages, and labor

inflation in the markets in which Otis and its businesses operate globally; (13) the effect of changes in laws, regulations and enforcement priorities in the U.S., including as a result of the midterm elections, and other countries in which Otis and its businesses operate; (14) the ability of Otis to retain and hire key personnel; (15) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (16) the determination by the Internal Revenue Service (the "IRS") and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") of Otis and Carrier Global Corporation ("Carrier") from United Technologies Corporation (now known as RTX Corporation ("RTX"); and (17) our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis’ registration statement on Form 10 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Otis Worldwide Corporation

Condensed Consolidated Statements of Operations

Quarter Ended September 30,

Nine Months Ended September 30,

(Unaudited) (Unaudited)

(dollars in millions, except per share amounts; shares in millions) 2026 2025 2026 2025

Net Sales $ 3,914 $ 3,690 $ 11,339 $ 10,635

Costs and Expenses:

Cost of products and services sold 2,759 2,557 7,966 7,412

Research and development 40 36 117 111

Selling, general and administrative 489 504 1,519 1,467

Total Costs and Expenses 3,288 3,097 9,602 8,990

Other income (expense), net (6) (7) (3) (101)

Operating profit 620 586 1,734 1,544

Non-service pension cost (benefit) — 4 2 4

Interest expense (income), net 68 61 153 132

Net income before income taxes 552 521 1,579 1,408

Income tax expense (benefit) 126 129 351 337

Net income 426 392 1,228 1,071

Less: Noncontrolling interest in subsidiaries' earnings 12 18 46 61

Net income attributable to Otis Worldwide Corporation $ 414 $ 374 $ 1,182 $ 1,010

Earnings Per Share of Common Stock:

Basic $ 1.09 $ 0.96 $ 3.08 $ 2.57

Diluted $ 1.08 $ 0.95 $ 3.07 $ 2.55

Weighted Average Number of Shares Outstanding:

Basic shares 381.0 391.0 384.0 393.7

Diluted Shares 381.9 392.8 385.1 395.8

Otis Worldwide Corporation

Reconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin

Quarter Ended September 30,

Nine Months Ended September 30,

(Unaudited) (Unaudited)

(dollars in millions) 2026 2025 2026

2025

Net Sales

New Equipment $ 1,298 $ 1,257 $ 3,726 $ 3,696

Service 2,616 2,433 7,613 6,939

Total Net Sales $ 3,914 $ 3,690 $ 11,339 $ 10,635

Operating Profit

New Equipment $ 42 $ 59 $ 120 $ 193

Service 633 621 1,788 1,736

Total segment operating profit 675 680 1,908 1,929

Corporate and Unallocated (55) (94) (174) (385)

Total Otis GAAP Operating Profit 620 586 1,734 1,544

UpLift restructuring — 27 — 72

Other restructuring 5 6 23 41

UpLift transformation costs — 10 — 51

Separation-related adjustments 1

— 4 5 65

Litigation-related settlement costs 2

— — — 21

Held for sale impairment — — — 10

Other, net 1 (1) 1 —

Total Otis Adjusted Operating Profit $ 626 $ 632 $ 1,763 $ 1,804

Reported Total Operating Profit Margin 15.8 % 15.9 % 15.3 % 14.5 %

Adjusted Total Operating Profit Margin 16.0 % 17.1 % 15.5 % 17.0 %

1 Separation-related adjustments in the quarters and nine months ended September 30, 2026 and 2025 represent estimated amounts due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related to a favorable ruling received in August 2024 regarding a tax litigation in Germany.

2 Litigation-related settlement costs in the nine months ended September 30, 2025 represent the aggregate amount of settlement costs and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary course of business due to the size, complexity and/or unique facts of these matters.

Otis Worldwide Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate

Quarter Ended September 30,

Nine Months Ended September 30,

(Unaudited) (Unaudited)

(dollars in millions, except per share amounts) 2026

2025

2026

2025

Adjusted Operating Profit $ 626 $ 632 $ 1,763 $ 1,804

Non-service pension cost (benefit) — 4 2 4

Adjusted net interest expense 1, 2

69 61 196 164

Adjusted income from operations before income taxes 557 567 1,565 1,636

Income tax expense (benefit) 126 129 351 337

Tax impact on restructuring and non-recurring items 2 10 6 42

Non-recurring tax items 1

15 — 35 12

Adjusted net income from operations 414 428 1,173 1,245

Adjusted noncontrolling interest 2, 3

12 17 35 50

Adjusted net income attributable to common shareholders $ 402 $ 411 $ 1,138 $ 1,195

GAAP net income attributable to common shareholders $ 414 $ 374 $ 1,182 $ 1,010

UpLift restructuring — 27 — 72

Other restructuring 5 6 23 41

UpLift transformation costs — 10 — 51

Separation-related adjustments — 4 5 65

Litigation-related settlement costs — — — 21

Held for sale impairment — — — 10

Interest income related to non-recurring tax items 1, 2

(1) — (32) (16)

Tax effects of restructuring, non-recurring items and other adjustments (2) (10) (6) (42)

Non-recurring tax items 1, 2

(15) — (35) (12)

Other, net 3

1 — 1 (5)

Adjusted net income attributable to common shareholders $ 402 $ 411 $ 1,138 $ 1,195

Diluted Earnings Per Share $ 1.08 $ 0.95 $ 3.07 $ 2.55

Impact to diluted earnings per share (0.03) 0.10 (0.11) 0.47

Adjusted Diluted Earnings Per Share $ 1.05 $ 1.05 $ 2.96 $ 3.02

Effective Tax Rate 22.8 % 24.8 % 22.2 % 23.9 %

Impact of adjustments on effective tax rate 2.9 % (0.3) % 2.8 % — %

Adjusted Effective Tax Rate 25.7 % 24.5 % 25.0 % 23.9 %

1 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and related interest income were recorded in 2024. Income tax expense is reflected as adjusted without $15 million of income tax benefit for the quarter and nine months ended September 30, 2026. No related income tax benefit was recorded in 2025. Net interest expense is reflected as adjusted without $1 million and $8 million of interest income for the quarter and nine months ended September 30, 2026, respectively, compared to $2 million for the nine months ended September 30, 2025.

2 Certain tax reserves were adjusted in the second quarter of 2026 and 2025. As a result, Net interest expense and Noncontrolling interest are reflected as adjusted without $35 million of interest income and $11 million of the noncontrolling interest share of the reserve adjustments, respectively, for the nine months ended September 30, 2026, compared to $30 million and $16 million, respectively, for the same period in 2025.

3 Noncontrolling interest is reflected as adjusted without $1 million and $5 million for the quarter and nine months ended September 30, 2025, respectively.

Otis Worldwide Corporation

Components of Changes in Net Sales

Quarter Ended September 30, 2026 Compared with Quarter Ended September 30, 2025

Factors Contributing to Total % Change in Net Sales

Organic FX

Translation Acquisitions /

Divestitures, net and Other Total

New Equipment 3% —% —% 3%

Service 7% (1)% 2% 8%

Maintenance and Repair 4% (1)% 1% 4%

Modernization 20% —% —% 20%

Total Net Sales 6% —% —% 6%

Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025

Factors Contributing to Total % Change in Net Sales

Organic FX

Translation Acquisitions /

Divestitures, net and Other Total

New Equipment (1)% 2% —% 1%

Service 7% 2% 1% 10%

Maintenance and Repair 5% 2% 1% 8%

Modernization 17% 1% 1% 19%

Total Net Sales 4% 2% 1% 7%

Components of Changes in New Equipment Backlog

September 30, 2026

Y/Y Growth %

New Equipment Backlog increase at actual currency 4%

Foreign exchange impact to New Equipment Backlog —%

New Equipment Backlog increase at constant currency 4%

Components of Changes in Modernization Backlog

September 30, 2026

Y/Y Growth %

Modernization Backlog increase at actual currency 20%

Foreign exchange impact to Modernization Backlog —%

Modernization Backlog increase at constant currency 20%

Otis Worldwide Corporation

Reconciliation of Segment and Total Adjusted Operating Profit at Constant Currency

Quarter Ended September 30, 2026 Compared with Quarter Ended September 30, 2025

(dollars in millions) 2026

2025

Y/Y

New Equipment

Segment Operating Profit $ 42 $ 59 $ (17)

Impact of foreign exchange (5) — (5)

Segment Operating Profit at constant currency $ 37 $ 59 $ (22)

Service

Segment Operating Profit $ 633 $ 621 $ 12

Impact of foreign exchange 8 — 8

Segment Operating Profit at constant currency $ 641 $ 621 $ 20

Otis Consolidated

Adjusted Operating Profit $ 626 $ 632 $ (6)

Impact of foreign exchange 3 — 3

Adjusted Operating Profit at constant currency $ 629 $ 632 $ (3)

Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025

(dollars in millions) 2026 2025 Y/Y

New Equipment

Segment Operating Profit $ 120 $ 193 $ (73)

Impact of foreign exchange (6) — (6)

Segment Operating Profit at constant currency $ 114 $ 193 $ (79)

Service

Segment Operating Profit $ 1,788 $ 1,736 $ 52

Impact of foreign exchange (26) — (26)

Segment Operating Profit at constant currency $ 1,762 $ 1,736 $ 26

Otis Consolidated

Adjusted Operating Profit $ 1,763 $ 1,804 $ (41)

Impact of foreign exchange (32) — (32)

Adjusted Operating Profit at constant currency $ 1,731 $ 1,804 $ (73)

Otis Worldwide Corporation

Condensed Consolidated Balance Sheet

September 30, 2026 December 31, 2025

(dollars in millions) (Unaudited)

Assets

Cash and cash equivalents $ 866 $ 1,096

Accounts receivable, net 4,058 3,688

Contract assets 908 699

Inventories 689 613

Other current assets 397 405

Total Current Assets 6,918 6,501

Future income tax benefits 423 407

Fixed assets, net 771 743

Operating lease right-of-use assets 596 554

Intangible assets, net 379 343

Goodwill 1,846 1,695

Other assets 377 410

Total Assets $ 11,310 $ 10,653

Liabilities and Equity (Deficit)

Short-term borrowings and current portion of long-term debt $ 1,224 $ 1,056

Accounts payable 2,145 2,142

Accrued liabilities 1,704 1,847

Contract liabilities 2,979 2,611

Total Current Liabilities 8,052 7,656

Long-term debt 7,051 6,900

Future pension and postretirement benefit obligations 421 419

Operating lease liabilities 419 397

Future income tax obligations 198 223

Other long-term liabilities 327 329

Total Liabilities 16,468 15,924

Redeemable noncontrolling interest 106 75

Shareholders' Equity (Deficit):

Common Stock and additional paid-in capital 371 333

Treasury Stock (5,005) (4,198)

Retained earnings (accumulated deficit) 125 (440)

Accumulated other comprehensive income (loss) (921) (1,087)

Total Shareholders' Equity (Deficit) (5,430) (5,392)

Noncontrolling interest 166 46

Total Equity (Deficit) (5,264) (5,346)

Total Liabilities and Equity (Deficit) $ 11,310 $ 10,653

Otis Worldwide Corporation

Condensed Consolidated Statement of Cash Flows

Quarter Ended September 30,

Nine Months Ended September 30,

(Unaudited) (Unaudited)

(dollars in millions) 2026 2025 2026 2025

Operating Activities:

Net income from operations $ 426 $ 392 $ 1,228 $ 1,071

Adjustments to reconcile net income to net cash flows provided by operating activities:

Depreciation and amortization 41 44 124 130

Deferred income tax expense (benefit) — (28) (38) (102)

Stock compensation cost 18 19 57 63

Change in operating assets and liabilities, net of acquisitions:

Accounts receivable, net (47) (45) (347) (191)

Contract assets and liabilities, current (130) (54) 154 16

Inventories 1 (37) (78) (52)

Other current assets 13 66 80 76

Accounts payable 29 19 (19) (193)

Accrued liabilities (17) (2) (85) 21

Pension contributions (10) (9) (31) (36)

Other operating activities, net 13 9 (28) (24)

Net cash flows provided by (used in) operating activities 337 374 1,017 779

Investing Activities:

Capital expenditures (39) (37) (116) (107)

Acquisitions of businesses and intangible assets, net of cash (2) (10) (195) (92)

Other investing activities, net 102 (9) 56 (177)

Net cash flows provided by (used in) investing activities 61 (56) (255) (376)

Financing Activities:

Increase (decrease) in short-term borrowings, net (152) (193) (185) 280

Issuance of long-term debt, net — 500 700 500

Payment of debt issuance costs — (5) (5) (5)

Repayment of long-term debt — — (135) (1,300)

Dividends paid on Common Stock (168) (164) (498) (483)

Repurchases of Common Stock — (248) (807) (809)

Acquisition of noncontrolling interest shares (1) — (11) —

Dividends paid to noncontrolling interest (37) (57) (44) (62)

Other financing activities, net (18) (1) (12) (11)

Net cash flows provided by (used in) financing activities (376) (168) (997) (1,890)

Summary of Activity:

Net cash provided by (used in) operating activities

337 374 1,017 779

Net cash provided by (used in) investing activities 61 (56) (255) (376)

Net cash provided by (used in) financing activities (376) (168) (997) (1,890)

Effect of exchange rate changes on cash and cash equivalents 7 — 8 19

Net increase (decrease) in cash, cash equivalents and restricted cash 29 150 (227) (1,468)

Cash, cash equivalents and restricted cash, beginning of period 849 703 1,105 2,321

Cash, cash equivalents and restricted cash, end of period 878 853 878 853

Less: Restricted cash 12 13 12 13

Cash and cash equivalents, end of period $ 866 $ 840 $ 866 $ 840

Otis Worldwide Corporation

Adjusted Free Cash Flow Reconciliation

Quarter Ended September 30, Nine Months Ended September 30,

(Unaudited) (Unaudited)

(dollars in millions)

2026 2025 2026 2025

Net cash flows provided by operating activities (GAAP) $ 337 $ 374 $ 1,017 $ 779

Capital expenditures (39) (37) (116) (107)

Free cash flow (Non-GAAP) 298 337 901 672

Adjustments for:

UpLift restructuring payments 3 9 17 28

UpLift transformation payments 3 16 14 49

Separation-related payments 1

— 20 63 92

German Tax Litigation refunds, net 2

(32) (45) (161) (75)

Adjusted free cash flow (Non-GAAP) $ 272 $ 337 $ 834 $ 766

1 These represent payments to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement.

2 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company began receiving refunds during 2025 and anticipates the refund process to continue through 2026.

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