Otis Worldwide Business Summary

Otis Worldwide Corp (OTIS) is the preeminent global leader in the vertical transportation industry, commanding approximately 18% of the worldwide new equipment market. The company operates through two primary business segments: New Equipment and Service. Revenue is generated via the design, manufacture, and installation of elevators and escalators, but the business is increasingly defined by its high-margin Service segment, which accounts for roughly 62% of net sales and over 85% of operating profit through recurring maintenance, repair, and modernization contracts for an installed base of 2.4 million units. Otis competes directly with KONE Corporation, Schindler Group, and TK Elevator, maintaining its market-leading position by leveraging its massive service scale and proprietary digital IoT solutions, such as Otis ONE, to drive operational efficiency and customer retention. Following its 2020 spin-off from United Technologies, Otis is led by Chair, CEO, and President Judy Marks, an electrical engineer with a 40-year pedigree including senior leadership roles at IBM, Lockheed Martin, and Siemens AG. The executive team was further strengthened in early 2026 with the appointments of Enrique Miñarro Viseras as Chief Operating Officer, formerly of Ingersoll Rand and Emerson, and Claire Miller as Chief Growth Officer. Financial operations are overseen by EVP and CFO Cristina Méndez, a telecommunications engineering veteran with extensive experience from Telefónica Group. The company is backed by major institutional investors including Vanguard and BlackRock, and its board features seasoned directors such as Lead Independent Director Christopher J. Kearney and former American Tower CEO Thomas A. Bartlett.