Fiscal 2025 delivered strong revenue growth, margin expansion, and robust free cash flow, with diversified performance across segments and a resilient business model.
Intelligent Infrastructure was the primary growth engine, driven by AI-related demand in capital equipment, data center, and networking.
Regulated Industries faced headwinds in automotive and renewables, but healthcare showed resilience and is expected to drive future growth.
Connected Living and Digital Commerce continued a strategic pivot, pruning lower-margin programs and focusing on automation and advanced technologies.
Core EPS (non-GAAP) for FY25 was $9.75, up from $8.49 in FY24, and adjusted free cash flow was $1.3B.
FY25 net revenue reached $29.8B, up from $28.9B in FY24; Q4 revenue was $8.3B, exceeding guidance by $800M.
Core operating income for Q4 was $519M, with a core operating margin of 6.3%, up 50 bps YoY.
FY25 core operating income (Non-GAAP) was $1.6B; core EBITDA (Non-GAAP) was $2.23B.
Adjusted free cash flow for FY25 was $1.3B, up from $1.1B in FY24; cash from operations was $1.64B.
Share repurchases totaled $1B in FY25, with a 47% reduction in shares outstanding since FY13.
FY26 revenue expected to grow ~5% to $31.3B; core operating margin to expand to 5.6%.
Core EPS projected at $11.00; free cash flow anticipated to exceed $1.3B.
Q1 FY26 revenue guidance: $7.7–$8.3B; core operating income $400–$460M; core diluted EPS (Non-GAAP) $2.47–$2.87.
AI-related revenue expected to grow 25% to $11.2B in FY26.
Long-term targets: 6%+ core operating margin and $1.5B+ adjusted free cash flow.
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