“For operating margin, we continue to expect fiscal year 2025 to be 15.6% to 15.8% at 10 to 30 basis point expansion over adjusted Fiscal 2024 results.”

In context

“be in the range of $16.2 billion to $16.8 billion. This assumes the impact of FX will be about negative 2.5% compared to the second quarter of fiscal 2024 and reflects an estimated 5% to 9% growth in local currency. For the full fiscal year 2025, based upon how the rates have been trending over the last few weeks, we now assume the impact of FX on our results in U.S. Dollars will be approximately negative 0.5% compared to fiscal 2024. For the full fiscal 2025, we now expect our revenue to be in the range of 4% to 7% growth in local currency over fiscal 2024, which includes an inorganic contribution of a bit more than 3%, which we expect will be about 4% in the first half and about 2% in the second half. And we continue to expect to invest about $3 billion in acquisitions this fiscal year. For operating margin, we continue to expect fiscal year 2025 to be 15.6% to 15.8% at 10 to 30 basis point expansion over adjusted Fiscal 2024 results. We continue to expect our annual effective tax rate to be in the range of 22.5% to 24.5%. This compares to an adjusted effective tax rate of 23.6% in fiscal 2024. We now expect our full year diluted earnings per share for fiscal 2025 to be in the range of $12.43 to $12.79 or 4% to 7% growth over adjusted fiscal 2024 results, reflecting the raise in our revenue outlook and adjusting for the revised FX assumption. For the full fiscal '25, we continue to expect operating cash flow to be in the range of $9.4 billion to $10.1 billion, property and equipment additions to be approximately $600 million and free cash flow to be in the range of $8.8 billion to $9.5 billion. Our free cash flow guidance continues to reflect a free cash flow to net income ratio of 1.1 to 1.2. Finally, we continue to e”