Otis Worldwide Corp (NYSE: OTIS) is an elevator and escalator company that designs, manufactures, installs, and services passenger and freight elevators, escalators, and moving walkways. It makes money through two segments: New Equipment, which sells and installs units, and Service, which provides maintenance, repair, and modernization contracts on its installed base and third-party equipment. The Service segment generated $9.4B in net sales and $2.4B in operating profit in FY2025, representing 65% of total net sales and 91% of total segment operating profit, while New Equipment contributed $5.0B in net sales and $240M in operating profit. Total net sales were $14.4B in FY2025. International operations represented approximately 71% of net sales in FY2025. Judith F. Marks serves as Chair, President and CEO, and Cristina Méndez as CFO, as of the 10-K filed February 5, 2026. The Service segment's recurring economics contrast sharply with the thin-margin New Equipment business, where operating margins were 4.8% in FY2025 versus 25.1% in Service.

Revenue model

Two segments: New Equipment (transactional, project-based sales of elevators, escalators, and moving walkways) and Service (recurring maintenance, repair, and modernization contracts). Service was 65% of net sales and 91% of segment operating profit in FY2025. New Equipment was 35% of net sales and 9% of segment operating profit in FY2025.

Products and services

Passenger and freight elevators including the Gen360 elevator platform and SkyRise high-rise elevator platform. Escalators and moving walkways. Otis ONE IoT solution for real-time monitoring and predictive maintenance. Modernization and repair services for installed base and third-party equipment.

Customers and end markets

New Equipment customers include real estate and building developers, general contractors, and government agencies for infrastructure projects such as airports, railways, and metros. Service customers span the broad installed base of buildings using Otis and third-party elevator and escalator equipment. No single customer is material to Otis as a whole, per the FY2025 10-K.

Value-chain role

Vertically integrated manufacturer, installer, and servicer of vertical transportation equipment. Sells directly through its own sales force, augmented by agents and distributors in China and certain other geographies. Service teams perform maintenance both on-site and remotely via the Otis ONE IoT platform.

Geographic exposure

International operations represented approximately 71% of net sales in FY2025. The company operates across residential, commercial, and infrastructure end markets globally, with noted exposure in China where distribution relies partly on agents.

Source: SEC 10-K, filed 2026-02-05

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