Delivered strong Q3 results, exceeding expectations in revenue, margin, EPS, and free cash flow, with broad-based demand strength across the portfolio and notable performance in Intelligent Infrastructure, Regulated Industries, Automotive, and Connected Living.
AI infrastructure demand was exceptionally strong, leading to a significant upward revision in full-year AI-related revenue outlook.
Diversified business model and portfolio continue to provide resilience and sustainable financial performance across economic cycles.
Q3 revenue reached $8.8 billion, up 12% year-over-year and $250 million above the midpoint of guidance.
GAAP operating income was $445 million (5.1% margin); core operating income was $504 million (5.8% margin); GAAP diluted EPS was $2.59; core diluted EPS was $3.16, up 24% year-over-year.
Free cash flow for Q3 was $359 million; cash flow from operations was $535 million.
Share repurchases totaled $291 million in Q3 under $1 billion authorization.
Q4 revenue expected between $9.2 billion and $10 billion, representing 16% year-over-year growth at midpoint.
Q4 core operating income projected at $589 million-$649 million (approx. 6.4% margin at midpoint); core EPS expected between $3.80-$4.20.
Fiscal 2026 revenue outlook raised to $35 billion, core operating margin to 5.8%, core EPS to $12.70, and adjusted free cash flow to over $1.4 billion.
AI-related revenue for FY26 now expected at $13.6 billion, up $500 million from prior outlook and up from $9 billion in FY25.
Similar AI revenue growth rate anticipated for FY27, with margin expected to exceed 6%.
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