Otis Reports 7% Sales Increase in Second Quarter 2026

Otis Worldwide Corporation announced its second quarter 2026 financial results, with net sales rising 7% to $3.9 billion compared to the previous year. The growth was primarily fueled by the company's service segment, which saw organic sales increase by 9%. Sales of new equipment remained flat but showed sequential improvement.

The company highlighted that its service growth reached its highest level since its spin-off, benefiting from double-digit expansion in modernization and repair services and accelerating maintenance trends. Executives characterized the quarter as solid, emphasizing the traction of their service strategy.

For the quarter, Otis reported a 13% increase in GAAP earnings per share (EPS) to $1.12, while adjusted EPS saw a 4% decrease to $1.01. GAAP operating profit rose by $28 million, whereas adjusted operating profit declined by $25 million year-over-year.

Approximately $400 million was returned to shareholders through share repurchases. For the first half of 2026, net sales increased 7% to $7.4 billion, with organic service sales growing 7%. Otis expressed confidence in long-term growth opportunities within its service portfolio, citing an aging installed base and increasing customer focus on reliability.