Motorola Solutions Reports 8% Revenue Growth to $10.8 Billion for Fiscal Year 2024

Motorola Solutions, Inc. reported a solid financial performance for the fiscal year ending December 31, 2024, with net sales reaching $10.8 billion, an increase of 8% from $10.0 billion in 2023. The company's operating earnings also rose to $2.7 billion, up from $2.3 billion in the previous year. However, net earnings attributable to Motorola Solutions decreased slightly to $1.6 billion, or $9.23 per diluted share, compared to $1.7 billion, or $9.93 per diluted share, in 2023. The decline in net earnings was attributed to increased expenses, including higher employee incentive costs and legal matters.

The company’s two segments, Products and Systems Integration and Software and Services, contributed to the overall growth. The Products and Systems Integration segment generated $6.9 billion in net sales, a 10% increase from $6.2 billion in 2023, while the Software and Services segment saw a 5% increase to $3.9 billion from $3.7 billion. Notably, the backlog at the end of 2024 stood at $14.7 billion, reflecting a $438 million increase from the previous year, with approximately 57% of the backlog expected to be recognized as revenue in 2025.

Strategically, Motorola Solutions has been active in expanding its capabilities through acquisitions. In 2024, the company acquired several businesses, including 3tc Software for $22 million and Noggin for $91 million, enhancing its command center and critical event management software offerings. The company also invested significantly in research and development, with expenditures totaling $917 million in 2024, up from $858 million in 2023, to support innovation across its product lines.

Operationally, Motorola Solutions serves over 100,000 public safety and enterprise customers across more than 100 countries. The company reported a diverse customer base, with the U.S. government being its largest customer, accounting for approximately 9% of consolidated net sales. The company’s workforce comprised about 21,000 employees globally, with a focus on fostering a diverse and inclusive workplace.

Looking ahead, Motorola Solutions anticipates continued growth driven by the increasing demand for secure and reliable communication systems, particularly in public safety. The company expects to leverage its integrated technologies across LMR Communications, Video, and Command Center solutions to enhance customer safety and operational efficiency. The outlook remains positive, with expectations for further expansion in both domestic and international markets, particularly as public safety needs evolve and the adoption of cloud-based solutions increases.