“as we get into '26, Amit, I think what we are going to see is continued outperformance versus the macro.”

In context

“were going to be 100% free cash flow conversion at the beginning of the Investor Day, but now we're going to be over 100%. So what we laid out at Investor Day was that we'll get to 25% by 2027. And last year, we finished at 21.4%. So that means 360 basis points over 3 years. If you look at our guidance this year, it's about 180 to 200 basis points. So really, really good work that we've done in terms of our margin expansion, clearly, productivity across supply chain, across G&A has really been good through the first 9 months of the year. So where we sit today, we actually feel very good about the 25% target that we set out for '27. We're moving absolutely in the right direction around there. And come in January, we'll probably provide a refresh on where we stand on our 3-year targets. So as we get into '26, Amit, I think what we are going to see is continued outperformance versus the macro. What we laid out in Investor Day was $1 billion over 3 years, $100 million this year, $300 million next year and $600 million a year after cumulative of $1 billion. Just at our second half performance, you'll see that we have about $100 million for this year. And next year, we see a line of sight because of commercial excellence, NPI to get there. On the margin side, supply chain. We've done some good work this year in a couple of times, but there's still other areas in terms of the factory spend, whether we see more opportunities, we kind of drive that harder and G&A will continue. So I think overall, you will see next year again to be a strong operating performance here. And from where we sit today, we feel pretty good about where we laid out the Investor Day targets and provide more of”