Emerson Electric Co (EMR) · Oct 13, 2026 · Other events
Accounting recast — FY26 nine-month adjusted EPS $4.72 vs $4.71 previously reported
Emerson’s earnings recast modestly changes historical EPS under mark-to-market accounting, but leaves sales, operating performance and the business story intact.
Emerson is shifting its portfolio toward industrial automation, software and AI; its latest reported quarter showed 7% underlying orders growth, 6% underlying sales growth and $1.71 of adjusted EPS. This filing does not report a new quarter or change guidance. It recasts prior periods to reflect adoption of mark-to-market accounting for pension and postretirement plans. 〔0〕
| Period | Net sales | Diluted EPS | Adjusted EPS |
|---|---|---|---|
| FY26 nine months | $13,781M, unchanged | $3.46 vs. $3.45 | $4.72 vs. $4.71 |
| FY26 third quarter | $4,873M, unchanged | $1.28, unchanged | $1.71, unchanged |
| FY25 full year | $18,016M, unchanged | $4.00 vs. $4.04 | $6.01 vs. $6.00 |
| FY24 full year | $17,492M, unchanged | $3.44 vs. $3.43 | $5.35 vs. $5.49 |
The operating story barely moves. Revenue, cost of sales and selling, general and administrative expenses are unchanged across the recast periods; the adjustments run mainly through other deductions, taxes and pension-related mark-to-market effects. The cumulative FY26 nine-month pretax impact is only $8 million, lifting diluted EPS by one cent and adjusted EPS by one cent. (Fiscal 2026 recast income statement; adjusted EBITA reconciliation)
The historical presentation is mixed, not the underlying business. FY25 reported diluted EPS is reduced by four cents while adjusted EPS rises by one cent; FY24 adjusted EPS falls by fourteen cents. Those movements reflect how mark-to-market effects are classified and allocated, rather than a change in sales, demand, margins or cash-generating operations. (Fiscal 2025 and Fiscal 2024 recast income statements)
Bottom line: This is accounting housekeeping, not a business update. It slightly changes the historical EPS record but leaves Emerson’s automation growth story and current operating trajectory essentially intact.
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