2028 key financial targets
FCF conversion (2)
Revenue $ in billions
Adj. operating margin*
Adj. EPS*
200-400 bps
18-26% CAGR
4,000 bps
7-10% CAGR
~12-14%
~$18-22
~90%+
~$13-14
~10%
~$10.6
~50%
~$11
2025 (1)
2025 (1)
2025 (1)
2025 (1)
2028
2028
2028
Avg. 2026-2028
* Non-GAAP estimates. See appendix for reconciliation to GAAP results. Note: All estimates exclude future M&A activities. (1) 2025 figures reflects guidance provided on 1/30/25, unless otherwise stated, which was before impact of tariff announcements; on 4/30/25 provided estimated net EPS impact including cost reduction actions totaling ~$0.50. (2) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income.
Improved financial returns reflect well-defined strategic plan
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