Johnson Controls International plc (JCI)

Hold Recap: Q3 FY26

The Backlog Starts Paying: Cash Recovers, but Faster Growth Comes at a Lower Incremental Margin

Hold Recap: Q2 FY26

The Margin Is Finally Segment-Led. The Backlog Just Got Twelve Months Longer.

Hold Recap: Q1 FY26

A Record Order Book That Still Only Buys Mid-Single Digits