Coming due

“And as the 4G cycle rounds out over the next few years, and we move toward 5G and the densification requirements that come with it, we expect capacity utilization across the assets we've built over the last several years to result in ongoing compelling growth.”

“the strong demand for our flagship work product is going to fuel our earnings growth for years to come”

“This momentum points to a robust multiyear trajectory for the largest businesses in Honeywell portfolio.”

“The OT Cybersecurity industry is expected to grow to greater than $10 billion in next several years”

“So, our business Advanced Materials margins... still highest margin business in the PMT portfolio, and as mentioned before, with the potential capacity expansion coming in years to come, this business is poised to perform very well in our portfolio.”

“We continue to make good progress on the $50 billion of clean energy opportunities, of which I expect $9 billion to $10 billion to be decided in the next few years.”

“I'll also reiterate that I expect over the next few years, decisions around $9 billion to $10 billion, which are more tangible in terms of projects that are currently getting developed.”

“So if we're building $3 million right now, and we wanted to move to $4 million, that's probably a 12 month best case, 18 month worst case scenario to ramp to that level.”

“Longer term, you might see that come back into some level of balance.”

“Lastly, we're planning to fully deploy digital menu boards in cafes across our US company-owned stores over the next 18 months to make our offerings more easily understood and to better show customization add-ons.”

“We are still expecting churn to trend down, and that's not considering the U.S. Cellular transaction, which has now been approved.”

“what we're doing to protect ourselves there is building a contractual mitigation so that if there are an increase in cost, what we're doing with pre-leasing that we have a mechanism to adjust that to make sure that we're getting that mid-teens stabilized yield that we're underwriting on things.”

“we expect that churn percentage to be below 100 basis points kind of going forward.”

“We invest this year about $1.7 billion. It's been between $1.5 billion and $2 billion over the last few years. We expect that to continue as we have a robust pipeline of places to put that capital.”

“So the market demand is strong for 87 and increasing rates is part of our plan to address that market.”

“We've said rate increases beyond that will go in increments of 5, no earlier than 6 months.”

“And so I believe the sentiment, the overall sentiment is that sooner or later, cocoa prices will have to come down.”

“But in general, we feel like cocoa prices will have to come down.”

“So we expect that after all the price increases -- and even if cocoa comes down, I'm not expecting that it will come down enough for us to see significant price reductions in chocolate.”

“I don't believe necessarily the stock price is going to go down much, I hope, from here. But in case it does, we are going to be pragmatic and buy back more stock.”

“We remain committed to our dividend with the goal of increasing it over time.”

“We will and we need to fully fund behind those launches. We need to continue and we will fully fund behind our Phase III pipeline on an R&D basis.”

“But my expectation in front of the data is I would imagine that the FDA would be interested in a Phase III trial to really demonstrate the effectiveness of this treatment in this broader patient population.”

“In relationship to the LaNova program itself, everything is going exactly as planned.”

“As we progress on our Back to Starbucks strategy, we will invest over $0.5 billion of additional labor hours into our U.S. company-operated portfolio over the next year, beginning with our Green Apron service rollout in mid-August.”

“So I'm genuinely optimistic about what stablecoins could do to accelerate our progress digitizing flows, whether it's consumer payments or opportunities in CMS, and we'll continue to update you as we learn more.”

“We also have our eye on the timing and scale of any potential churn from US cellular. Over the next couple of years in the event that deal is approved and closes. We'd expect the overlap to be modest, but the timing and the scale of that churn could put some pressure on rates temporarily.”

“we do think it appropriate to work that percentage down over time by focusing on our developed markets.”

“we have a portfolio of assets here that are performing very well operationally with the fundamentals that could deliver upper single-digit AFFO per share growth.”

“In the US, we're continuing to see demand and activity levels that are in line with our previous long-term guide on OTBG, organic tenant billings growth in and around that 5%.”

“And we'll launch an additional MVNO for business with T-Mobile in the next six months.”

“Over the past 12 months, aftermarket, which includes parts and software and services, contributed 17% of Pro's EBIT, closing in on that 20% target for next year.”

“but we have a lot of opportunities to simplify especially parts tariffs and reduce that liability considerably, which would be upside for the company.”

“We also expect WhatsApp ads and status to earn a lower average price than Facebook or Instagram ads for the foreseeable future, due in part towards WhatsApp skew toward lower monetizing markets, and more limited information that can be used for targeting.”

“I would expect that we will continue to produce and share leading open source models.”

“We generally believe that our strong financial position is going to allow us to support these investments while continuing to repurchase shares as part of the sort of buyback program that offsets equity compensation and as well as provide quarterly cash dividend distributions to our investors.”

“We do believe that we can be successful in NGP internationally through time.”

“As we look forward, and Caroline can comment specifically, we have always expected that as we see the peak move through from the indication we got for the expansion of the age cohort that you would see a flattening out over time of the demand in China.”

“We share their view that we have the ability to navigate the impact of IRA on Eliquis. And Eliquis will be an important drug in our portfolio for the foreseeable future.”

“And in terms of timing, right now with everything we know we are the only one with 2b data on an oral GLP-1 after, of course, Lilly. So right now for everything we know, we should be the second after Lilly if DANUBE progressed into registration enabling studies.”

“We do not expect that the market will continue being as big, particularly for us, after we see generics entering into it.”

“Given our technology leadership in mobile, XR and wearables and the breadth of our IP and product portfolio, we expect to be the industry preferred solution provider in this new category.”

“The way we've managed OpEx over the last several years, you've seen us, a very small growth in OpEx over the last 4 years... to the extent that there are new skills required to execute on the data center diversification assets, we will invest in that. But outside of that, we plan to be pretty careful managing OpEx going forward.”

“We have defined the new baseline of our share in the order of 75%, anything above that is upside.”

“So another way to look into this is Qualcomm has became a very competitive company and learned how to compete in China and have been serving well. I think the market, we expect that to continue to be the case.”

“I expect that it creates excitement about the Android ecosystem, expand its SAM and it drives upgrade cycles.”

“And I think I expect that to continue to accelerate.”

“We're also accelerating the rollout of digital storyboards with target deployment across most US stores in the next two years, a year earlier than originally anticipated.”

“We believe these enhancements to the digital experience, coupled with more effortless ordering will continue to drive Starbucks Rewards membership over time with customers increasing frequency and spend.”

“Our significant efficiency runway, coupled with sales growth gives us confidence to drive margin expansion over time.”

“Yeah. The longer-term view is very good. It's 3%. So that's really good growth actually.”

“But we do continue to see market pricing for memory increasing significantly.”

“So as economic conditions improve from current levels, we remain very well positioned for growth over the long term in the aesthetics category.”

“What I can say is that we do not expect our exposure to be outsized relative to peers.”

“That's a little bit more dependent on commodities and freight and distribution, things like that. But I think the teams have got a really good strategy here of kind of working on cost to serve and even, quite frankly, using some pricing where we felt we had to because of some of the increase in those commodities. So I think the Nutrition gross margin is definitely an opportunity that we've got over the next couple of years.”

“As a result, we now expect server CPU revenue to grow by more than 70% year-over-year in the second quarter, with robust growth continuing through the second half of 2026 and into 2027 as we ramp our next-generation EPYC processors.”

“Looking ahead, we expect demand for our Ryzen CPUs to remain solid in the second quarter.”

“We expect revenue to be approximately $11.2 billion, plus or minus $300 million.”

“At the middle of our guidance, revenue is expected to be up 46% year-over-year driven by a very strong growth in our Data Center segment, growth in our Client and Gaming segment and a double-digit growth in our Embedded segment.”

“Sequentially, we expect revenue to be up approximately 9% driven by double-digit growth in both our Data Center and the Embedded segments and modest growth in our Client and Gaming segment.”

“In addition, we expect second quarter non-GAAP gross margin to be approximately 56%, non-GAAP operating expenses to be approximately $3.3 billion, non-GAAP other income and expense to be a gain of approximately $60 million.”

“Non-GAAP effective tax rate to be 13%, and the diluted share count is expected to be approximately 1.66 billion shares.”

“So we guided data center Q2, up sequentially double digits, and that's double digits in both Server as well as Data Center AI.”

“We expect to be able to open these studies back for enrollment shortly.”

“I do believe that the combination of more enterprises who have resumed their march to modernize their infrastructure and move from on-premises to the cloud, coupled with the fact that AI is going to accelerate in terms of more companies deploying more AI applications into production that start to scale, coupled with the fact that I do think that more capacity is going to come online in the coming months and quarters, make me optimistic about the AWS business.”

“But coming back coming on the second and third and the delivery of the $10 billion, I'll probably be in around, I would say, the second half of our fiscal quarter year 2026. I would say, to be more even more precise, likely to be Q3 of our fiscal twenty six.”

“This being said, the impact is not that large. And I don't think that it is something that you should worry too much about... definitely I don't think this is something that should create an impact to our overall billing trends.”

“Q3 is usually the seasonally slowest and you would expect over the next couple of quarters to moderate down slightly.”

“For euros and sterling, the betas roughly peaked at 80% on the way up, and for dollars and non-dollars, we expect betas to perform in a symmetrical fashion going up as well as going down.”

“And we will be prepared for aficamten when it comes to market, and we maintain a consistent view that we will remain leaders in this space.”

“Our anticipation is that will get a little better. But as I mentioned, we're not assuming the U.S. will get significantly better, at least in the next couple of quarters.”

“We've been shrinking our share count by mid- single digits on an annual basis for the past several years, and we expect to continue to do that as part of a robust and balanced capital allocation framework.”

“I would look for us to continue to be very aggressive in building out new homes, very aggressive in infrastructure investments to support the Genesis investment around mid-splits, DOCSIS 4.0 and how quickly we upgrade the network.”

“Fixed wireless is going to continue to have sort of a niche it carves out in the value-conscious world.”

“Our assumption is that the market will stay highly competitive, fiber, fixed wireless and now satellite is getting more promotional.”

“I think inside the U.S., domestic to domestic, we haven't yet seen any significant impact in the parks business caused by higher oil, but I think that does not mean that it may not happen depending on the duration of the effect on price of gas and the like and airline tickets and so forth.”

“Specifically to your cash point, I do expect that, that cash position will trend down over time, given that it is particularly elevated this quarter.”

“So we could possibly see, from here, inventory draws really start to accelerate.”

“One final point I would make is, despite efforts that are ongoing to manage demand, we are going to start to see some import-dependent countries potentially start to face critical shortages as we get into the June–July timeframe.”

“And as we've stated, we expect the deal to be non-GAAP earnings per share accretive in fiscal '26 and beyond.”

“Think of the normal seasonality in terms of year-on-year growth rates beginning much more in fiscal '26.”

“Overall, our FY '25 performance has established a solid foundation as we turn our focus to delivering Cisco's strongest year yet in fiscal year '26 as indicated in our guidance.”

“we expect the sovereign AI opportunity to build momentum in the second half of fiscal year '26.”

“We believe Cisco will be a core system provider for these significant AI training and inference cluster build-outs and integral to their development and eventual hyperscaling.”

“we expect demand for these technologies from Neocloud providers and sovereign customers to increase in fiscal year '26.”

“For fiscal year '26, our guidance is as follows: we expect revenue to be in the range of $59 billion to $60 billion.”

“Non-GAAP earnings per share is expected to be in the range from $4 to $4.06.”

“Our Q1 and fiscal year 2026 guide assumes current tariffs and exemptions remain in place through the end of fiscal 2026.”

“So we think that's going to kick in next year as well.”

“And what I would say is based on how we see this stuff evolving, I would see the growth rate continuing to improve as we get through the fiscal year this year.”

“So we think that all of that leads us to feel very confident about maintaining the range that we provided at Analyst Day on core networking.”

“So we think it will start to ramp. And then we think that you'll see AI applications ramp. And in the second half of the year, we think you're going to see Agentic proof-of-concepts become more, I'd say, pervasive”

“On the revenue contribution from fiscal year '26 relative to AI, I would just say that we don't really guide by specific parts of the technology. But given that we had $1 billion in FY '25, you can probably extrapolate out what you think we'll do in '26 because we got the backlog, and we have the new orders that we take down during the year.”

“So we do expect that, that will improve as we go into FY '26.”

“To answer your question directly, number one, I don't think we should change those ranges. Number two, do I believe we'll exit the year at it? I think we're going to exit the year either near it or on a path to get there pretty soon after that.”

“Our teams are forecasting a return to growth for federal during this fiscal year. Now it's not going to be the same -- it's not going to be as high of growth as we saw a decline. So we'll still be below FY '25 levels. But the good news is they're forecasting growth.”

“I still remain very optimistic on SP. Probably secondly, enterprise and probably third public sector.”

“I would lean towards looking for that even the order flow to be sort of middle year into the second half, and then revenue would follow.”

“Delivered record Q1 revenue putting Cisco on track to deliver our strongest year yet as indicated in our guidance for the full year.”

“We expect this demand to increase. Driven by onshoring of manufacturing to The United States, the increase of AI workloads at the network edge, and the emergence of physical AI.”

“Expect to recognize roughly $3 billion in AI infrastructure revenue from hyperscalers in fiscal year 2026.”

“We see a growing pipeline in excess of $2 billion for our high-performance networking products across sovereign neo cloud and enterprise customers.”

“We expect revenue to be in the range of $60.2 billion to $61 billion.”

“Non-GAAP earnings per share is expected to range from $4.08 to $4.14.”

“What we expect from an orders perspective this year is that we will we're expecting at least two times the orders that we received in fiscal year 2025 from that same set of customers.”

“Your second question relative to the enterprise what we said was that the Neo Cloud Sovereign Cloud enterprise pipeline basically for the rest of our fiscal year for so for the next three quarters. Exceeds $2 billion.”

“But we think the scale across opportunity will continue to grow and evolve.”

“Both of those in terms of the supply as well as the pricing though are both included and considered in our updated guide for the Q2 as well as the year.”

“But as we get into the second half of the year, we're seeing much much more difficult comps.”

“We delivered record revenue in Q2, putting Cisco on track to deliver our strongest year yet as indicated in our guidance for the full year.”

“First, we have already announced price increases, and we'll continue to monitor market trends and make additional adjustments as necessary.”

“Overall, we feel confident in our ability to manage this industry-wide dynamic better than our peers.”

“Given the strong demand for our Silicon One systems and optics, we now expect to take AI orders in excess of $5 billion and to recognize over $3 billion in AI infrastructure revenue from hyperscalers in FY '26.”

“We took $350 million in AI orders from these customers in Q2 and have a growing pipeline in excess of $2.5 billion for our high-performance AI infrastructure portfolio.”

“As the adoption of AI tools grow and Agentic AI increases at the network edge, we expect to see continued momentum in our SASE business, including Secure Access and SD-WAN.”

“While this shift is creating a drag on revenue growth, which we expect to continue in the second half of fiscal year '26, cloud subscriptions enable greater adoption, expansion and faster delivery of innovation to customers.”

“Splunk also continued to win new customers in Q2, reaching 500 new logos for the first half of fiscal year '26 and is on track to add 1,000 new logos for the year.”

“This dividend increase demonstrates our commitment to returning a minimum of 50% of free cash flow annually to our shareholders.”

“Cisco is positioned for its strongest year ever as indicated in our guidance for fiscal year 2026, which is as follows: we expect revenue to be in the range of $61.2 billion to $61.7 billion.”

“Non-GAAP earnings per share is expected to range from $4.13 to $4.17.”

“Please note, our Q3 and fiscal year 2026 guide assumes current tariffs and exemptions remain in place through the end of fiscal 2026.”

“But just to reiterate, P200 and G300 are not in the $5 billion expected for fiscal '26.”

“And we're focused on growing EPS faster than revenue. You saw that in Q1. You saw it in Q2. And it's also in our full year FY '26 guide.”

“On the enterprise, sovereign and neocloud space, the first thing I would say is that the sovereign side, there's really no real need nor expectation for meaningful impact in FY '26.”

“So we're starting to see some early, early success there, and I think it will only ramp from here.”

“I think frankly also a lot of them understand that we'll probably be able to manage this a lot better than some of our peers, too.”

“Where that would lead us is as we exit Q4 this year, the organic Cisco security portfolio will be growing revenue close to double digits as we exit.”

“On the refreshed firewalls, we had our third consecutive quarter of double-digit unit growth, and we just launched our new high-end refresh firewalls in the last 120 days. So we expect that to continue.”

“So I think the demand is there, and we just need to continue to build capacity.”

“So do I think customers will try to buy ahead in some cases, perhaps, but I don't think it's going to be a big trend in the networking side of our business.”

“So I have a high degree of confidence that we're going to deliver our strongest fiscal year yet.”

“Given the strong demand, we now expect to take AI infrastructure orders of approximately $9 billion from hyperscalers in FY '26.”

“We expect to recognize approximately $4 billion in AI infrastructure revenue from hyperscalers in fiscal year '26.”

“Our Acacia business had its strongest quarter to date with more than $1 billion in orders in Q3 and is on track to grow over 200% year-over-year in fiscal year '26.”

“We expect the mix of cloud business to continue to grow in Q4, while we are on track to exceed our target of 1,000 new customer logos for Splunk in fiscal year '26.”

“For fiscal Q4, our guidance is as follows: we expect revenue to be in the range of $16.7 billion to $16.9 billion.”

“We anticipate non-GAAP gross margin to be in the range of 65.5% to 66.5%.”

“Non-GAAP operating margin is expected to be in the range of 34% to 35%.”

“Non-GAAP earnings per share is expected to be in the range from $1.16 to $1.18.”

“We are assuming a non-GAAP effective tax rate of approximately 19%.”

“Cisco is positioned for its strongest year ever as indicated in our guidance for fiscal year '26, which is as follows: we expect revenue to be in the range of $62.8 billion to $63 billion.”

“Non-GAAP earnings per share is expected to range from $4.27 to $4.29.”

“And we do believe that gross margins have stabilized.”

“I think last call, I said we would exit this fiscal year approaching double-digit revenue growth on the traditional -- on the organic Cisco security portfolio.”

“On the order side, I think that, that is a fair assumption that you would see a higher impact from price increases as the price increases are now sort of fully absorbed, if you will, as we get into Q4.”

“You'll start to see some of that benefit in Q4, which is good because that's really -- those are the actions that are helping us stabilize gross margins.”

“We'll underproduce retail for Brazilian combines in our second and third quarters to bring those inventory levels down.”

“Yes. I think it depends on the outcome of the procurement that Mike mentioned. But I think sometime next year, we'll have more clarity for sure on all of our states.”

“DPL expects to be able to implement interim rates in effect in July.”

“As we look ahead, the SAAR is holding steady, showroom traffic is stable, and we continue to operate with lean inventory.”

“Obviously, we are compute constrained in the near term. And as an example, our cloud revenue would have been higher if you were able to meet the demand.”

“We continue to anticipate Consumer Group revenue growth of 8% to 12% long-term.”

“We are confident in our long-term growth strategy, including double-digit revenue growth and operating income growing faster than revenue.”

“We continue to expect that desktop will be very, very low single digits as you think about the future.”

“Looking ahead to fiscal year 2026, we are confident in delivering another strong year of double-digit revenue growth and margin expansion.”

“We expect Mailchimp to exit fiscal 2026 growing double digits.”

“Our fiscal 2026 guidance includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%.”

“Our guidance includes Global Business Solutions Group revenue growth of 14% to 15% or 15.5% to 16.5% revenue growth, excluding Mailchimp.”

“Our guidance also includes overall Consumer Group revenue growth of 8% to 9%, including TurboTax growth of 8%, Credit Karma growth of 10% to 13% and ProTax growth of 2% to 3%.”

“GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15% and non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2026.”

“And we expect to exit this fiscal year fourth quarter in double digits.”

“And what you should expect, by the way, is a slow ramp throughout the year.”

“We continue to target double-digit growth for Mailchimp exiting fiscal 2026.”

“We expect desktop ecosystem revenue to grow low single digits in fiscal 2026.”

“We are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%.”

“Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%, up 15.5% to 16.5% revenue growth excluding Mailchimp.”

“Our guidance also includes overall Consumer Group revenue growth of 8% to 9%, including TurboTax growth of 8%, Credit Karma growth of 10% to 13%, and Protex growth of 2% to 3%.”

“GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15%, and non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2026.”

“We expect acceleration from these large partnerships that we've announced and many that are in the works to contribute to the back half of the year and into next year.”

“our productivity is significantly improving when we look at the last several quarters and we would expect to start adding more headcount in coming quarters.”

“In terms of getting to double digits, it takes a mix of both customers across the smaller customers as well as the mid-market customers. We have good momentum, and it's really going to be around early calendar year and springtime that we'll have a solid read on the Mailchimp progress.”

“We continue to feel really confident about the ability as an organization to continue to scale margin that comes not just from efficiency, but we run the business leaning on economies of scale, being disciplined about when and how and where we are allocating capital to maximize ROI on it.”

“The couple of things that I would point out that we do expect desktop to start decelerating in the second half as we go from the 6% we saw in Q1 likely will be, you know, near the mid-single digits for Q2, but then decelerate in the second half.”

“And on CK, in the second half of the fiscal year, the comps do get harder as we lap prior year's strong performance.”

“Our real-world testing has shown that when AI and HI come together in a single integrated experience, customers can achieve better outcomes and it positions Intuit for sustained double-digit revenue growth as it unlocks our TAM.”

“This is the next chapter of Intuit, service as software built on data, AI and HI, delivering double-digit revenue growth with expanding margins.”

“We continue to expect desktop ecosystem revenue to grow low single digits in fiscal year 2026.”

“Given the current stock price and our strong confidence in the momentum of our business, we are continuing to meaningfully increase our share repurchases this year.”

“We maintain our aim to be in the market each quarter.”

“We are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%.”

“Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%. We have high confidence and a lot of momentum in achieving Global Business Solutions Group revenue guidance for the year.”

“Our guidance also includes overall Consumer Group revenue growth of 8% to 9%. This outlook is supported by continued strength and momentum across the portfolio, including TurboTax growth of 8%, Credit Karma growth of 10% to 13% and ProTax growth of 2% to 3%, giving us high confidence in achieving our Consumer Group guidance for the year.”

“GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15% and non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%.”

“We expect a GAAP tax rate of approximately 23% in fiscal 2026.”

“I feel super confident in our guide for the full year. I feel super confident in my ability to deliver the margin expansion for the full year.”

“I think the thing you can expect from us, Sandeep said this earlier, is continued margin expansion at the company level.”

“As a result, we are raising total company guidance for revenue and all non GAAP metrics for the full fiscal year.”

“Our consumer platform grew 8% this quarter. Credit card grew 15%, and we expect TurboTax to grow 7% for the full year.”

“To set context, total IRS filers are expected to decline by approximately 30-basis-points this season, representing a gap of roughly 2 million units versus macro expectations and the most significant industry wide contraction since the post COVID tax season.”

“Against this backdrop, we expect TurboTax online paying units to grow 2%, driven by share gains among higher ARPU filers.”

“We also expect ARPU to increase 11% reflecting continued demand for assistance, and faster access to refunds.”

“We expect TurboTax Live customers to grow 38% this year, with new TurboTax Live customers up 29%.”

“As a result, we expect TurboTax Live revenue to grow 36% this year, well above our long term expectation of 15% to 20% revenue growth.”

“TurboTax Live will therefore represent over half of TurboTax revenue, up 11-points versus last year, a significant milestone in our journey to disrupt the assisted category.”

“As a result, we expect to deliver 26% revenue growth across consumer money portfolio this year.”

“We are reducing our full time workforce by 17% to simplify our organizational structure to become a faster, leaner and more focused company.”

“As Sasan shared, we expect TurboTax Live customers to grow 38% this year, and revenue to grow 36%, well ahead of our stated long term growth expectations of 15% to 20%.”

“Overall, we expect total online paying units to grow 2%, this year on share gains from higher ARPU filers.”