Otis Worldwide Corp
Otis Worldwide Corp designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. The company operates through two segments, New Equipment and Service, and serves residential, commercial, retail, and infrastructure projects across a global network spanning more than 200 countries and territories.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDesign, manufacture, sale, and installation of elevators, escalators, and moving walkways for new projects.
Maintenance, repair, and modernization services for installed elevator and escalator fleets.
Products
Reported · share of revenue- Service Maintenance and Repair52.6 %
- Products34.6 %
- Service Modernization12.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Otis sells new equipment mainly to real estate developers, general contractors, and government agencies involved in buildings and infrastructure. Its service business is sold to building owners, facility managers, housing associations, and public-sector operators that need ongoing maintenance and modernization for installed equipment. The customer base is broad and geographically dispersed, with no single customer or contract being material to the company as a whole.
Buy new elevators, escalators, and moving walkways for residential, commercial, retail, and mixed-use projects.
Buy maintenance, repair, and modernization services to keep installed equipment operating and compliant.
Buy new equipment for airports, railways, metros, and other public infrastructure projects.
Buy recurring service contracts and modernization work for multi-site residential assets.
Strategy
Otis focuses on converting new equipment installations into long-duration service relationships, using its installed base to support recurring maintenance and modernization revenue. The company also relies on a centralized global operating model with local execution, which helps it standardize product development while adapting sales and service delivery to local codes and customer needs.
Service relationships are recurring and deepen customer retention after installation.
The installed base creates future service and modernization opportunities.
Elevator demand is shaped by local codes, customer preferences, and project execution.
Geography
2025Otis serves customers in over 200 countries and territories and has a direct physical presence in more than 70 countries. International operations represented approximately 71% of net sales in 2025, showing that the business is globally diversified but still exposed to local construction cycles, regulation, and currency movements. China has been an important operating market through local joint ventures, while the company also maintains a broad branch and office network worldwide.
Share of the revenue the company reports by geography.
Risks
Otis is exposed to construction and infrastructure cycles, so slower building activity or weaker public spending can reduce demand for new equipment. The business also faces supply chain disruption, commodity and wage inflation, tariffs, foreign exchange, and local competitive pressure, especially in service where many independent providers compete. Because the company operates globally, political, regulatory, and site-access issues can affect production, installation, and maintenance delivery.
- Construction and infrastructure cycle exposureImpact: HighLikelihood: Medium
New equipment demand depends on building starts, remodeling, and public infrastructure spending.
Exposure: New Equipment segment
- Foreign exchange and trade policyImpact: MediumLikelihood: Medium
A large share of sales comes from outside the U.S., creating translation and tariff exposure.
Exposure: International operations
- Supply chain and site-access disruptionImpact: MediumLikelihood: Medium
Installation and maintenance require timely parts delivery and access to customer buildings.
Exposure: Global operations
- Joint venture and divestiture-related exposureImpact: MediumLikelihood: Low
Partnership structures and divestitures can leave residual obligations or execution risk.
Exposure: China and corporate transactions
- Fragmented service competitionImpact: Medium
Independent service providers and local operators compete aggressively on price and coverage.
Exposure: Service segment
Accounting
Judgemental itemsNew equipment and modernization projects may recognize revenue differently from recurring maintenance work.
Impact: Affects timing of sales and margin recognition across quarters
The company has goodwill from acquisitions and must test it for recoverability annually.
Impact: Could create non-cash charges if reporting unit values decline
A large share of revenue comes from outside the U.S., so exchange rates affect reported results.
Impact: Can move sales and operating profit without changing local demand
Past transactions and joint ventures can leave guarantees, indemnities, or other exposures.
Impact: May affect cash flows and expense recognition
Similar listed companies
Publicly listed companies with a comparable business focus.
Owens Corning
OC · Abrasive, Asbestos & Misc Nonmetallic Mineral Prods
Owens Corning is a U.S.-based building products company organized around Roofing, Insulation, and Doors.
Icts International N V
ICTSF · Services-Business Services, NEC
APi Group Corp
APG · Services-To Dwellings & Other Buildings
APi Group Corp is a U.S.-based business services company focused on fire and life safety, electronic security, elevators and escalators, and specialty contracting services.
AlTi Global, Inc.
ALTI · Investment Advice
Expeditors International of Washington, Inc
EXPD · Arrangement of Transportation of Freight & Cargo
Expeditors International of Washington is a non-asset-based global logistics company that arranges the movement of freight and cargo across air, ocean, and ground networks.
Titan International, Inc. (DE)
TWI · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Titan International is a U.S.-based industrial manufacturer of wheels, tires, assemblies, and undercarriage products for off-highway equipment.
Last updated: 24/09/2026