---
schema_version: "secwatch.filing_event.v1"
accession: "0001781335-23-000013"
form_type: "8-K"
ticker: "OTIS"
cik: "0001781335"
company_name: "Otis Worldwide Corp"
filed_at: "2023-04-26T23:59:59+00:00"
generated_at: "2026-06-16T13:24:11.909380+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Otis Q1 adjusted EPS $0.80 beats; raises buyback target to $700-800M; updates FY outlook

## Summary
- Q1 adjusted EPS $0.80 (+5.3% YoY); GAAP EPS $0.79 (+8.2%); organic sales +3.6%.
- New Equipment orders up 7.4% at constant currency; adjusted backlog +10% at constant currency.
- Service organic sales +6.3%; operating profit +$40M at constant currency.
- Free cash flow $253M (76% conversion); FY free cash flow guidance reaffirmed $1.5-1.55B.
- FY adjusted EPS guidance raised to $3.40-3.50; share repurchase target increased to $700-800M.

## SEC filing metadata
- accession: 0001781335-23-000013
- form_type: 8-K
- ticker: OTIS
- cik: 0001781335
- company_name: Otis Worldwide Corp
- filed_at: 2023-04-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1781335/000178133523000013/0001781335-23-000013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1781335/000178133523000013/otis-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001781335-23-000013
- JSON: https://secwatch.observer/filing/0001781335-23-000013.json
- Plain text: https://secwatch.observer/filing/0001781335-23-000013.txt

## Key facts
- Earnings Releases
  Otis Worldwide Corp reported Full year 2023 results: revenue $13.9 to $14.2 billion, EPS $3.40 to $3.50.
  - Period: Full year 2023
  - Revenue: $13.9 to $14.2 billion
  - EPS: $3.40 to $3.50
  - Result: guidance update
  source text: decreased $221 million versus prior year due to working capital increases from payment timing. 2023 Outlook 1 Otis is revising its full year outlook: • Adjusted net sales of $13.9 to $14.2 billion, up 2.5 to 4.5% • Organic sales up 4 to 6% ◦ Organic New Equipment sales up 3 to 5% ◦ Organic Service sales up 5 to 7% • Adjusted operating profit of $2.2 to $2.3
  evidence_url: https://www.sec.gov/Archives/edgar/data/1781335/000178133523000013/0001781335-23-000013-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.