“All in, this represents operating profit growth of more than $3 billion compared to our updated '25 guide driven by commercial services.”

In context

“e second quarter results momentarily. But so far, in '25, we're off to an excellent start enabling us to raise both our near- and longer-term outlook. For 2028, we're raising our outlook for profit and free cash flow by $1.5 billion versus our prior view driven by strong operating and commercial services performance. We expect to sustain strong adjusted revenue growth at a double-digit compounded rate, which will be supported by robust demand for services and equipment. We expect to drive meaningful operating leverage over that period with adjusted EPS reaching of roughly $8.40. Operating profit is expected to reach approximately $11.5 billion with margins expanding to more than 21%. And we expect to generate substantial free cash flow of at least $8.5 billion with conversion around 100%. All in, this represents operating profit growth of more than $3 billion compared to our updated '25 guide driven by commercial services. We're well positioned for continued value creation for years to come. Let me pass it here over to Rahul. Rahul Ghai: Larry, thank you, and good morning, everyone. Starting with the results, we had a strong second quarter, with improvement across all key metrics. Orders were up 27%. Revenue was over $10 billion, up 23% with CES growing 30% and DPT, up 7%. Profit was $2.3 billion, up over $400 million or 23%, driven by services volume and price, which supported margins reaching 23%. EPS of $1.66 was up 38% from profit growth, a favorable tax rate, lower interest expense and a reduced share count. Free cash flow was $2.1 billion nearly doubling over last year. Looking closer at our businesses, CES delivered an excellent quarter, with demand remaining robust. Orders for services were up 28% a”