“We continue to expect our annual effective tax rate to be in the range of 22.5% to 24.5%.”

In context

“'24 and reflects an estimated 3% to 7% growth in local currency. For the full fiscal year '25, based upon how the rates have been trending over the last few weeks, we continue to assume the impact of FX on our results in U.S. dollars will be approximately negative 0.5% compared to fiscal '24. For the full fiscal '25, we now expect our revenue to be in the range of 5% to 7% growth in local currency over fiscal '24. We continue to expect an inorganic contribution of a bit more than 3% with about 4% in the first half and about 2% in the second half. And we now expect to invest about $2 billion to $3 billion in acquisitions this fiscal year. For operating margin, we now expect fiscal year '25 to be 15.6% to 15.7%, a 10 basis point to 20 basis point expansion over adjusted fiscal '24 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 '24. We now expect our full year diluted earnings per share for fiscal '25 to be in the range of $12.55 to $12.79 or 5% to 7% growth over adjusted fiscal '24 results. For the full fiscal '25, we continue to expect operating cash flow 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 expect to return at least $8.3 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to shareholders. As we move into the se”