“We continue to expect our annual adjusted effective tax rate to be in the range of 23.5% to 25.5%.”

In context

“impact of FX on our results in U.S. dollars will be approximately positive 2% compared to fiscal '25. For the full fiscal '26, we now expect revenues to be in the range of 3% to 5% growth in local currency over fiscal '25, including an estimated 1% impact from our Federal business. Excluding the impact of Federal, our revenue is expected to be an estimated 4% to 6%. This year, we continue to expect an inorganic contribution of about 1.5%. We have a strong pipeline of opportunities, and now, expect to invest about $5 billion in acquisitions this fiscal year. But as Julie said, we could do more if the opportunities present themselves. For adjusted operating margin, we continue to expect fiscal year '26 to be 15.7% to 15.9%, a 10 to 30 basis point expansion over adjusted fiscal '25 results. We continue to expect our annual adjusted effective tax rate to be in the range of 23.5% to 25.5%. This compares to an adjusted effective tax rate of 23.6% in fiscal '25. We now expect our full year adjusted diluted earnings per share for fiscal '26 to be in the range of $13.65 to $13.90 or 6% to 8% growth over adjusted fiscal '25 results. For the full fiscal '26, we now expect operating cash flow to be in the range of $11.5 billion to $12.2 billion, property and equipment additions to now be approximately $700 million. We are raising our free cash flow guidance by $1 billion and now expect free cash flow to be in the range of $10.8 billion to $11.5 billion. Our free cash flow guidance reflects a very strong free cash flow to net income ratio of 1.3. We continue to expect to return at least $9.3 billion through dividends and share repurchases, an increase of $1 billion or 12% from fisc”