At a glance
Johnson Controls International PLC is worth $88.74B, about 29 times its fiscal 2025 earnings. Revenue grew 2.8% to $23.60B in fiscal 2025, with 13.9% kept as profit; over 3 years it has grown 4.6% a year. It pays a 1.09% dividend yield, raised every year for at least 5 years, and returned $15.24B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +29.6% over the past year with dividends reinvested and +16.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.2% in the 2020 crash (S&P 500: 33.7%) and 41.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 26 months after the lows.
The business in plain English
Johnson Controls makes, installs and services the equipment that keeps commercial buildings comfortable, safe and running. Its products include commercial heating, ventilation and air-conditioning (HVAC) equipment, industrial refrigeration, building controls, security systems, and fire detection and suppression systems, sold under brands such as YORK, Metasys, Simplex, Ansul and Grinnell. Customers include data center operators, hospitals, universities, manufacturers, office owners, airports and government agencies. Based in Cork, Ireland, the company traces its roots to Wisconsin in 1885 and took its current form when Johnson Controls combined with Tyco in 2016.
Products and systems brought in about 68% of the company's $23.6 billion in revenue for the fiscal year ended September 30, 2025. Services such as maintenance, repair, retrofits and replacements made up the other 32%. The large amount of equipment it has already installed brings repeat service work. Its OpenBlue software adds remote diagnostics and predictive maintenance, which are meant to bring in recurring revenue. Backlog, or signed work not yet delivered, was $16.6 billion at that date.
Alongside the July 31, 2025, sale of its residential and light commercial HVAC business to Bosch, the company reorganized into three regional segments. In fiscal 2025, the Americas produced 67% of revenue. Europe, the Middle East and Africa added 21%, and Asia Pacific 12%. The United States alone accounted for 56%.
Price history
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JCI +29.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products and systems | $16.12B | 68.3% |
| Services | $7.47B | 31.7% |
By business segment
| Americas | $15.83B | 67.1% |
| EMEA | $4.97B | 21.1% |
| APAC | $2.80B | 11.9% |
By geography
| United States | $13.30B | 56.4% |
| Other Non-United States | $10.29B | 43.6% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $6.61B, up 9.3% from a year earlier, and net income was $749.0M (+6.8%).
- For fiscal 2025, revenue was $23.60B (+2.8% year over year; +4.6% a year from FY2022 to FY2025) with a 13.9% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +4.6% watch |
|---|---|
| Free cash flow margin | 9% watch |
| Return on equity (FY2025) | 25.5% good |
| Return on assets (FY2025) | 8.7% good |
| Net cash (cash minus debt) | $-8.83B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $22.32B | $631.0M | $2.04B |
| FY2021 | $23.67B | $1.64B | $2.00B |
| FY2022 | $20.64B | $1.53B | $750.0M |
| FY2023 | $22.33B | $1.85B | $1.41B |
| FY2024 | $22.95B | $1.71B | $1.07B |
| FY2025 | $23.60B | $3.29B | $2.12B |
Valuation snapshot
| Market value | $88.74B |
|---|---|
| P/E ratio | 29.1 |
| Dividend yield | 1.09% |
Rank among 1514 US companies
Market value at each year end
Johnson Controls International’s market value went from $38.58B at the end of 2016 to $88.74B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $88.74B | +21.1% |
| 2025 | $73.29B | +40.6% |
| 2024 | $52.14B | +32.9% |
| 2023 | $39.23B | -10.7% |
| 2022 | $43.95B | -23.1% |
| 2021 | $57.14B | +70.3% |
| 2020 | $33.56B | +7.9% |
| 2019 | $31.10B | +14.9% |
| 2018 | $27.06B | -23.3% |
| 2017 | $35.27B | -8.6% |
| 2016 | $38.58B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JCI price data to Nov 2, 2026 | +23.4% | +29.6% | +44.7% | +16.9% | +16.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.4% |
| 2025 | +54.0% |
| 2024 | +39.8% |
| 2023 | -7.6% |
| 2022 | -19.3% |
| 2021 | +77.5% |
| 2020 | +17.6% |
| 2019 | +40.9% |
| 2018 | -19.9% |
| 2017 | -5.1% |
| 2016 | +50.6% |
| 2015 | -23.6% |
| 2014 | +11.0% |
| 2013 | +46.4% |
| 2012 | +29.3% |
| 2011 | +15.5% |
| 2010 | +20.3% |
| 2009 | +70.2% |
| 2008 | -44.1% |
| 2007 | -59.3% |
| 2006 | +11.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.6% over that stretch · deepest drop along the way 66.6%, back to its old high 25.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.6% over that stretch · deepest drop along the way 44.2%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.4% over that stretch · deepest drop along the way 41.7%, back to its old high 26.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 11 sales ($18.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | Lei Zhang Schlitz VP & Pres, GP & Solutions | sell | $6.8M |
| May 8, 2026 | Lei Zhang Schlitz VP & Pres, GP & Solutions | sell | $3.5M |
| Aug 4, 2026 | Lei Zhang Schlitz VP & Pres, GP & Solutions | sell | $3.2M |
| May 8, 2026 | Lei Zhang Schlitz VP & Pres, GP & Solutions | sell | $2.1M |
| Oct 28, 2026 | Juergen Tinggren Director | sell | $637K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 9.4% | Mar 31, 2026 |
| BlackRock, Inc. | 7.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in JCI
| GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index | 7.61% |
| GUNZ Tuttle Capital Self Defense Index ETF | 5.93% |
| CCSO Carbon Collective Climate Solutions U.S. Equity ETF | 5.12% |
| PKB Invesco Building & Construction ETF | 4.86% |
| SIMS SPDR S&P Kensho Intelligent Structures ETF | 3.55% |
| XHB SPDR S&P Homebuilders ETF | 3.5% |
| BLCR iShares Large Cap Core Active ETF | 3.06% |
| MID American Century Mid Cap Growth Impact | 2.54% |
What could go wrong
- Asbestos product lawsuits. The company faces product lawsuits involving asbestos, a mineral once used in building materials and linked to serious illness. It warns the litigation could hurt its finances and cash flow.
- Irish incorporation brings tax and legal risks. The company is incorporated in Ireland. U.S. tax changes could see it taxed as a U.S. corporation, and the IRS may challenge its non-U.S. status. Irish law may give shareholders less protection than U.S. law.
- Restructuring after the Bosch sale may disappoint. Following the sale of its residential HVAC unit to Bosch, the company has committed to a multi-year restructuring to cut leftover costs. Delays, extra costs, lost customers or smaller-than-expected savings could hurt profits.
- Reliance on its own installation network. A large share of revenue comes through the company's own global sales and installation network. Equipment it installs leads to later service and replacement work, so losing ground there could weaken the business.
- Falling behind rivals on new technology. Growth depends on launching competitive products quickly, including liquid cooling for data centers, energy efficiency and artificial intelligence. Rivals such as Trane, Carrier and Siemens could win customers with better offerings.
- Demand from cyclical industries. Some industries the company serves are cyclical. In a downturn, customers may delay building projects and equipment purchases, which could cut demand for its products and services.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Johnson Controls has raised its dividend for five straight fiscal years, from $1.04 per share in fiscal 2020 to $1.51 in fiscal 2025, about 7.7% a year. The fiscal 2025 dividend used about 30% of earnings and 46% of free cash flow (cash left after investing in the business). The yield was a modest 1.02% as of October 28, 2026. Buybacks (repurchases of its own stock) totaled $10.6 billion over fiscal 2021–2025, against $4.6 billion in dividends, and the share count fell 14% from October 2021 to June 2026. Irish withholding tax may apply to dividends.
Downturns have hit the shares hard. In the 2008 financial crisis, when the company traded as Tyco International, they fell about 67% and took roughly 26 months to recover. They fell 44% in the 2020 COVID crash, recovering in about five months, and 42% in the 2022 bear market, taking about 26 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Johnson Controls make money?
Johnson Controls earns money from building equipment and the services that keep it running. Products and systems, such as commercial heating and air-conditioning (HVAC), industrial refrigeration, controls, security and fire systems, brought in about 68% of its $23.6 billion in revenue for the fiscal year ended September 30, 2025. Services, including maintenance, repair, retrofits and replacements, provided about 32%. The Americas segment produced 67% of revenue. Its OpenBlue software adds data-driven services meant to generate recurring revenue.
Does Johnson Controls raise its dividend every year?
It has raised it for five straight fiscal years, through fiscal 2025. Dividends per share rose from $1.04 in fiscal 2020 to $1.51 in fiscal 2025, about 7.7% a year. The fiscal 2025 dividend used about 30% of earnings and 46% of free cash flow. The yield was 1.02% as of October 28, 2026, so the income is modest. Because the company is Irish, its dividends may be subject to Irish withholding tax.
Is Johnson Controls a US or Irish company?
It is an Irish company with deep U.S. roots. Johnson Controls International plc is headquartered in Cork, Ireland, and its shares trade on the New York Stock Exchange. The original Johnson Controls was founded in Wisconsin in 1885 and combined with Tyco in 2016, after which Tyco took the Johnson Controls name. The United States supplied about 56% of fiscal 2025 revenue. Being Irish means dividends may face Irish withholding tax, and share transfers may face Irish stamp duty, a transaction tax.
Why did Johnson Controls exit residential HVAC?
To focus on commercial buildings, the company says. On July 31, 2025, it completed the sale of its residential and light commercial HVAC business to Bosch, including its North America Ducted business and its global residential joint venture with Hitachi. With the earlier sale of Air Distribution Technologies, the aim is a simpler company focused on growth, profit and cash flow. It has also committed to a multi-year restructuring to cut leftover costs, which may not deliver all expected savings.
How has Johnson Controls stock performed?
Strongly over the long run, with sharp drops along the way. As of October 28, 2026, the stock was up 41.9% over one year, and had gained about 18.8% a year over five years and 17.5% a year over ten. It fell 44% in the 2020 COVID crash and 42% in the 2022 bear market. The price-to-earnings ratio (share price divided by yearly earnings per share) was 31.3, using fiscal 2025 earnings, which nearly doubled from fiscal 2024.