Sees FY26 free cash flow about $21B. Expects FY26 adjusted pre-tax operating margin to increase “at least” 50 bps. Sees FY26 effective tax rate 17.5%-18.5%. Expects “heavy investment” in Q1 compared to rest of year. Expects higher EPS growth in 2H26 vs. 1H26. Expects tariffs to be “linear” in 2026.
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