“We continue to expect between $1.4 billion and $1.7 billion of net capital expenditures in 2025 and free cash flow in a range of $7 billion to $7.4 billion for the year.”

In context

“ain actions. Our academic customers will adapt their funding sources, and we'll capitalize on the new opportunities that the macro changes are creating. So now we'll move on to an update to some of the modeling elements for the full year. Given the recent changes in rates, we now expect FX to be a year-over-year headwind to revenue of $50 million and a $90 million headwind to adjusted operating income. This includes an estimated $60 million of one-time transactional FX. In terms of adjusted EPS, we now expect FX to be a headwind of $0.19 for the year. Below the line, we now expect approximately $330 million of net interest expense in 2025. The adjusted tax rate assumption for the year is expected to be 10.5% versus our prior guide of 11.5%, reflecting the changes to our earnings guidance. We continue to expect between $1.4 billion and $1.7 billion of net capital expenditures in 2025 and free cash flow in a range of $7 billion to $7.4 billion for the year. In terms of capital deployment, we're assuming $2 billion of share buybacks, which were already completed in January. We continue to estimate that full-year average diluted share count will be between 378 million and 379 million shares, and return approximately $600 million of capital to shareholders this year through dividends. And our guidance does not include any future acquisitions or divestitures, so it does not include any impact from the pending acquisition of Soventum's purification and filtration business. Finally, I wanted to touch on phasing for Q2. We expect organic growth in Q2 to be similar to Q1, and adjusted EPS in Q2 to be approximately $0.05 to $0.10 higher than in Q1. So to conclude, in a more uncertain world, we delivered on our commitments in Q1. And while the world i”