“As clients finalize their budgets going into calendar year 2026, we are seeing spending similar to 2025.”

In context

“buybacks and repurchased or redeemed 6.8 million shares for $1.7 billion at an average price of $246.09 per share. This brings our year-to-date total to $4 billion in repurchase or redeemed shares, which is a significant step up from the same time last year. Also, in February, we paid our second quarterly cash dividend of $1.63 per share, a 10% increase over last year for a total of $1 billion. And now, back to you, Julie. Julie T. Sweet: Thank you, Angie. I will start with the demand environment and then turn to why we see AI as a tailwind, which we believe will shape our growth over the next few years. We saw, again, this quarter clients continuing to prioritize their most strategic and large-scale transformational programs, which positions us in the center of their reinvention agendas. As clients finalize their budgets going into calendar year 2026, we are seeing spending similar to 2025. Demand continues to be driven by a few major themes. First, clients are implementing foundational programs with our ecosystem partners to capture the full opportunity of AI. These typically involve cloud, security and data modernization, often combined with operating model and talent transformation. We continue to see at least 1 out of every 2 advanced AI projects lead to a data project. Second, clients continue to look to reinvent faster, leverage our proprietary platforms and expertise and achieve greater efficiencies through managed services across the enterprise, and we see clients working with us to create more investment capacity to increase their spend in new areas. And third, clients with more advanced digital cores are starting to take on larger AI programs. We also are seeing mo”