Fiscal 2025 delivered strong revenue growth, with net revenue reaching $29.8 billion, core operating margin of 5.4%, and robust free cash flow, driven by AI-related demand and a diversified, resilient business model.
Intelligent Infrastructure was the primary growth engine, supported by AI demand in capital equipment, data centers, and networking.
Regulated Industries showed resilience, with healthcare and renewables offsetting automotive softness; Connected Living and Digital Commerce improved margins through portfolio pruning.
Strategic capital allocation focused on organic investment in AI, healthcare, and automation, disciplined M&A, and returning 80% of free cash flow to shareholders.
The business model demonstrated resilience amid dynamic market conditions, supporting long-term strategic advancement.
Q4 FY25 net revenue was $8.3 billion, up 18% year-over-year, with all segments outperforming expectations.
Core operating income for Q4 was $519 million, with a 6.3% margin, up 50 bps year-over-year.
FY25 core EPS (non-GAAP) was $9.75, and adjusted free cash flow was $1.3 billion.
Ended FY25 with $1.9 billion in cash and debt-to-core EBITDA of 1.3x.
Share repurchases totaled $1 billion in FY25, with a 47% reduction in shares outstanding since FY13.
FY26 revenue expected to grow to $31.3 billion, with a core operating margin of 5.6% and core EPS projected at $11.00.
Free cash flow anticipated above $1.3 billion; long-term targets include 6%+ core operating margin and $1.5 billion+ adjusted free cash flow.
Q1 FY26 revenue guidance: $7.7–$8.3 billion; core operating income $400–$460 million; core EPS $2.47–$2.87.
AI-related revenue expected to grow 25% to $11.2 billion in FY26.
Long-term targets include 5–7% revenue growth and 9–10% gross profit margins.
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