“We now expect free cash flow to be in a range of $6.5 billion to $6.9 billion, up from $6.3 billion to $6.8 billion, driven by our improved profit outlook.”

In context

“mid- to high single-digit revenue growth. For total operating profit, we now expect to be in a range of $8.2 billion to $8.5 billion, up $350 million at the midpoint versus our April guide from improved services outlook. And we now expect adjusted EPS of $5.60 to $5.80, growing over 20% at the midpoint year-over-year, reflecting higher operating profit and a reduced tax rate. Additionally, as we shared in April, heightened tariffs are resulting in additional costs for us and our supply chain. We are continuing to make progress on our operational plans to reduce the impact. Assuming that reciprocal tariffs are implemented after the current pause, we still expect the net impact of tariffs to be roughly $500 million in 2025, which we are offsetting through cost controls and pricing actions. We now expect free cash flow to be in a range of $6.5 billion to $6.9 billion, up from $6.3 billion to $6.8 billion, driven by our improved profit outlook. With this raise, we expect to grow operating profit by over $1 billion for second year in a row with free cash flow conversion remaining solidly above 100%. Now as we look at the longer-term outlook on Slide 20, win rates continue to be strong. Backlog is at record levels. We are making operational progress to improve durability and delivery, and defense spending remains resilient. With this backdrop, we are expecting that the improvement in '25 guidance will carry through to our '28 outlook. Starting with revenue. We now expect double-digit growth on an annualized basis between '24 and '28. The main drivers will be growth in commercial installed base, largely from LEAP and GEnx, an increase in work scopes as our fleets mature, supporting 25% growth in wide-body revenue per shop visit, fa”