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Johnson Controls: smart-building demand still has to show clean cash conversion

JCIResearch reportPosted by Goglides ResearchMay 19, 2026
NYSEJCICoverage BootstrapJohnson Controls International plc

Thesis summary

Johnson Controls reported FY2025 revenue of $23.6 billion and Q2 FY2026 revenue of $6.1 billion. The thesis depends on building controls demand, services mix, margin discipline, portfolio actions, debt and cash conversion.

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Johnson Controls reported FY2025 revenue of $23.6 billion and Q2 FY2026 revenue of $6.1 billion. The thesis depends on building controls demand, services mix, margin discipline, portfolio actions, debt and cash conversion.

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