Q2 FY2026 results exceeded expectations in revenue, core operating margin, and core EPS, driven by broad-based strength across Intelligent Infrastructure, Regulated Industries, and Digital Commerce segments.
Net revenue for Q2 FY2026 reached $8.3 billion, up 23% year-over-year, with strong performance in Intelligent Infrastructure and Regulated Industries offsetting declines in Connected Living & Digital Commerce.
The company raised its full-year FY2026 outlook for revenue and core EPS, reflecting confidence in the second half and a focus on profitable growth, margin expansion, and strong cash generation.
Q2 FY2026 net revenue was $8.3 billion, surpassing guidance and up from $7.5 billion in Q2 FY2025.
Core operating income reached $436 million (core margin 5.3%), with GAAP operating income at $374 million.
Core diluted EPS was $2.69; GAAP diluted EPS was $2.08.
Adjusted free cash flow for Q2 was $360 million; cash flow from operations was $411 million.
Ended Q2 with $1.8 billion in cash and repurchased $300 million in shares.
Q3 FY2026 net revenue guidance: $8.1–$8.9 billion.
Q3 core operating income guidance: $452–$512 million; GAAP operating income: $398–$458 million.
Q3 core diluted EPS expected at $2.83–$3.23; GAAP diluted EPS at $2.36–$2.76.
FY2026 outlook: net revenue $34 billion, core operating margin 5.7%, core diluted EPS $12.25, adjusted free cash flow over $1.3 billion.
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