“We expect approximately $500 million of net interest expense in 2026.”

In context

“peed and scale to minimize them and provide our usual level of transparency as to their impact. The guidance includes $600 million of inorganic revenue from the acquisitions closed in 2025. In that inorganic period, these acquisitions are expected to contribute $60 million of adjusted operating income. The math of which adds a 20 basis point headwind to adjusted operating margins in 2026. After factoring in the financing costs, they represented 7¢ of adjusted EPS dilution for 2026. These acquisitions are progressing well versus our deal model expectations. We're in the integration and investment phase in 2026, which is setting us up to deliver strong accretion and very attractive returns going forward. To help you with your modeling, here are a few additional assumptions behind the guide. We expect approximately $500 million of net interest expense in 2026. We assume that the adjusted income tax rate will be 11.5% in 2026, largely driven by the increased earnings. We're expecting between 1.8% and $2 billion of net capital expenditures in 2026. The increase over '25 is driven by our investments in US manufacturing. In terms of free cash flow, we're expecting that to be in the range of $6.8 billion to $7.3 billion for the year. In terms of capital deployment, we're assuming $3 billion of share buybacks which were already completed in January. We estimate a full-year average diluted share count will be between 370 and 375 million shares. I'm assuming we'll return approximately $700 million of capital to shareholders this year through dividends. And finally, I wanted to touch on phasing for Q1. Embedded in the guidance is the assumption that Q1”