Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-20.
Street snapshot
Currency: USD · Scale: money in millions, absolute (per share) · Analyst counts shown explicitly; recommendation respondents: 20.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 8, Outperform 3, Hold 9, Underperform 0, Sell 0 | 20 |
| Consensus score | 2.05 | 20 |
| Target price | mean 114.8; high 160.0; low 80.00 | 17 |
Forward table
Coverage thins in the outer years, where FY2029 revenue rests on just four estimates.
Currency: USD · Scale: money in millions, absolute (per share) · Analyst count is the estimate count for each period and metric.
| Period | Metric | Mean | YoY | Analysts | Low / high |
|---|---|---|---|---|---|
| FY0E | Revenue | 9,754 | 3.0% | 18 | 9,683 / 9,932 |
| FY0E | EBITDA | 4,270 | 0.7% | 13 | 4,126 / 4,523 |
| FY0E | EBIT | 3,775 | 2.1% | — | — / — |
| FY0E | Net income (GAAP) | 2,700 | 1.0% | 5 | 2,583 / 2,751 |
| FY0E | Net income (normalized) | 2,876 | 2.2% | — | — / — |
| FY0E | EPS (GAAP) | 6.39 | 6.2% | 8 | 5.93 / 6.56 |
| FY0E | EPS (normalized) | 6.86 | 7.1% | 17 | 6.76 / 6.95 |
| FY0E | Free cash flow | 2,632 | 9.8% | — | — / — |
| FY0E | Dividend per share | 2.16 | 8.9% | — | — / — |
| FY0E | Gross margin | 71.4% | -0.4% | — | — / — |
| FY0E | Capital expenditure | -640.6 | -9.9% | — | — / — |
| FY0E | Net debt | 6,726 | 44.7% | — | — / — |
| FY0E | Cash from operations | 3,189 | 14.2% | — | — / — |
| FY0E | ROE | 75.4% | 37.3% | — | — / — |
| FY+1E | Revenue | 10,151 | 4.1% | 18 | 9,947 / 10,508 |
| FY+1E | EBITDA | 4,490 | 5.2% | 13 | 4,232 / 4,841 |
| FY+1E | EBIT | 4,009 | 6.2% | — | — / — |
| FY+1E | Net income (GAAP) | 2,935 | 8.7% | 7 | 2,706 / 3,125 |
| FY+1E | Net income (normalized) | 3,041 | 5.7% | — | — / — |
| FY+1E | EPS (GAAP) | 6.97 | 9.0% | 9 | 6.32 / 7.52 |
| FY+1E | EPS (normalized) | 7.39 | 7.7% | 19 | 7.06 / 8.03 |
| FY+1E | Free cash flow | 3,059 | 16.2% | — | — / — |
| FY+1E | Dividend per share | 2.31 | 7.1% | — | — / — |
| FY+1E | Gross margin | 71.5% | 0.0% | — | — / — |
| FY+1E | Capital expenditure | -625.5 | -2.4% | — | — / — |
| FY+1E | Net debt | 5,825 | -13.4% | — | — / — |
| FY+1E | Cash from operations | 3,417 | 7.2% | — | — / — |
| FY+1E | ROE | 65.2% | -13.5% | — | — / — |
| FY+2E | Revenue | 10,592 | 4.3% | 13 | 10,217 / 11,107 |
| FY+2E | EBITDA | 4,677 | 4.2% | 10 | 4,378 / 4,913 |
| FY+2E | EBIT | 4,213 | 5.1% | — | — / — |
| FY+2E | Net income (GAAP) | 3,057 | 4.2% | 4 | 2,937 / 3,241 |
| FY+2E | Net income (normalized) | 3,213 | 5.7% | — | — / — |
| FY+2E | EPS (GAAP) | 7.51 | 7.8% | 6 | 6.86 / 8.58 |
| FY+2E | EPS (normalized) | 7.97 | 7.9% | 13 | 7.37 / 9.12 |
| FY+2E | Free cash flow | 3,230 | 5.6% | — | — / — |
| FY+2E | Dividend per share | 2.52 | 8.9% | — | — / — |
| FY+2E | Gross margin | 71.1% | -0.5% | — | — / — |
| FY+2E | Capital expenditure | -597.4 | -4.5% | — | — / — |
| FY+2E | Net debt | 4,924 | -15.5% | — | — / — |
| FY+2E | Cash from operations | 3,565 | 4.4% | — | — / — |
| FY+2E | ROE | 54.6% | -16.3% | — | — / — |
| Q2 FY2026 | Revenue | 2,510 | 2.1% | 13 | 2,438 / 2,563 |
| Q2 FY2026 | EBITDA | 1,150 | -0.3% | 5 | 1,091 / 1,186 |
| Q2 FY2026 | EBIT | 1,025 | 7.2% | — | — / — |
| Q2 FY2026 | Net income (GAAP) | 751.3 | 4.6% | 3 | 738.0 / 758.0 |
| Q2 FY2026 | Net income (normalized) | 783.3 | 8.5% | — | — / — |
| Q2 FY2026 | EPS (GAAP) | 1.76 | 9.5% | 4 | 1.68 / 1.82 |
| Q2 FY2026 | EPS (normalized) | 1.85 | 5.3% | 14 | 1.77 / 1.90 |
| Q2 FY2026 | Free cash flow | 684.0 | — | — | — / — |
| Q2 FY2026 | Dividend per share | 0.53 | 6.0% | — | — / — |
| Q2 FY2026 | Gross margin | 72.7% | 1.1% | — | — / — |
| Q2 FY2026 | Capital expenditure | -168.1 | -12.0% | — | — / — |
| Q2 FY2026 | Net debt | 7,004 | 42.0% | — | — / — |
| Q2 FY2026 | Cash from operations | 1,086 | — | — | — / — |
| Q2 FY2026 | ROE | 81.5% | 43.1% | — | — / — |
| Q3 FY2026 | Revenue | 2,505 | 4.4% | 11 | 2,476 / 2,549 |
| Q3 FY2026 | EBITDA | 1,138 | 3.5% | 4 | 1,106 / 1,167 |
| Q3 FY2026 | EBIT | 1,008 | 6.1% | — | — / — |
| Q3 FY2026 | Net income (GAAP) | 725.9 | 0.7% | 2 | 725.7 / 726.0 |
| Q3 FY2026 | Net income (normalized) | 771.7 | 6.7% | — | — / — |
| Q3 FY2026 | EPS (GAAP) | 1.74 | 6.6% | 4 | 1.68 / 1.81 |
| Q3 FY2026 | EPS (normalized) | 1.85 | 8.7% | 13 | 1.79 / 1.90 |
| Q3 FY2026 | Dividend per share | 0.53 | 6.0% | — | — / — |
| Q3 FY2026 | Gross margin | 71.6% | 0.1% | — | — / — |
| Q3 FY2026 | Capital expenditure | -163.5 | -13.4% | — | — / — |
| Q3 FY2026 | Net debt | 7,015 | 46.4% | — | — / — |
| Q3 FY2026 | ROE | 74.4% | 35.6% | — | — / — |
| Q3 FY2026 | Cash from operations | 818.0 | — | — | — / — |
| Q4 FY2026 | Revenue | 2,464 | 3.2% | 11 | 2,376 / 2,542 |
| Q4 FY2026 | EBITDA | 1,025 | 4.4% | 4 | 992.6 / 1,063 |
| Q4 FY2026 | EBIT | 919.1 | 11.3% | — | — / — |
| Q4 FY2026 | Net income (GAAP) | 635.0 | 5.3% | 2 | 622.0 / 648.0 |
| Q4 FY2026 | Net income (normalized) | 672.9 | 8.7% | — | — / — |
| Q4 FY2026 | EPS (GAAP) | 1.50 | 9.7% | 4 | 1.44 / 1.55 |
| Q4 FY2026 | EPS (normalized) | 1.63 | 10.0% | 13 | 1.52 / 1.69 |
| Q4 FY2026 | Dividend per share | 0.53 | 6.0% | — | — / — |
| Q4 FY2026 | Gross margin | 70.2% | 0.8% | — | — / — |
| Q4 FY2026 | Capital expenditure | -160.8 | -9.1% | — | — / — |
| Q4 FY2026 | Net debt | 6,505 | 69.0% | — | — / — |
| Q4 FY2026 | Cash from operations | 851.0 | — | — | — / — |
| Q4 FY2026 | ROE | 73.0% | 53.9% | — | — / — |
| Q1 FY2027 | Revenue | 2,367 | 4.7% | 6 | 2,293 / 2,430 |
| Q1 FY2027 | EBITDA | 1,014 | 4.0% | 1 | 1,014 / 1,014 |
| Q1 FY2027 | EBIT | 899.7 | -1.9% | — | — / — |
| Q1 FY2027 | Net income (GAAP) | 647.5 | 7.7% | 2 | 612.0 / 683.0 |
| Q1 FY2027 | Net income (normalized) | 684.1 | -1.2% | — | — / — |
| Q1 FY2027 | EPS (GAAP) | 1.51 | 6.6% | 3 | 1.46 / 1.61 |
| Q1 FY2027 | EPS (normalized) | 1.64 | 7.2% | 8 | 1.57 / 1.69 |
| Q1 FY2027 | Dividend per share | 0.61 | 13.5% | — | — / — |
| Q1 FY2027 | Gross margin | 71.5% | -0.5% | — | — / — |
| Q1 FY2027 | Capital expenditure | -156.8 | -2.0% | — | — / — |
| Q1 FY2027 | Net debt | 6,355 | 11.8% | — | — / — |
| Q1 FY2027 | ROE | 75.1% | -1.0% | — | — / — |
Estimate momentum
Currency: USD · Scale: money in millions, absolute (per share) · Point-in-time consensus; analyst count is shown where supplied.
| Period | Metric | Lookback | Then | Now | Direction / magnitude | Analysts |
|---|---|---|---|---|---|---|
| 2028 | Revenue | 30d | 10,652 | 10,592 | down 0.6% | — |
| 2028 | Revenue | 90d | 10,917 | 10,592 | down 3.0% | — |
| 2028 | Revenue | 180d | 10,909 | 10,592 | down 2.9% | — |
| 2027 | EPS (normalized) | 30d | 7.42 | 7.39 | down 0.4% | — |
| 2027 | EPS (normalized) | 90d | 7.57 | 7.39 | down 2.4% | — |
| 2027 | EPS (normalized) | 180d | 7.41 | 7.39 | down 0.3% | — |
| 2027 | Revenue | 30d | 10,182 | 10,151 | down 0.3% | — |
| 2027 | Revenue | 90d | 10,390 | 10,151 | down 2.3% | — |
| 2027 | Revenue | 180d | 10,471 | 10,151 | down 3.1% | — |
| 2028 | EPS (normalized) | 30d | 8.02 | 7.97 | down 0.6% | — |
| 2028 | EPS (normalized) | 90d | 8.22 | 7.97 | down 3.0% | — |
| 2028 | EPS (normalized) | 180d | 7.97 | 7.97 | down 0.0% | — |
Beat / miss record
Over the last eight quarters normalized EPS beat consensus seven times, with surprises ranging from +2.84% to +9.15%, before missing by 5.28% in Q1 2026. Revenue surprises were smaller and mixed — mostly low-single-digit beats — and also slipped to -1.70% in that quarter.
Current sequences by metric: Revenue: 1 consecutive miss; EPS (normalized): 1 consecutive miss.
Currency: USD · Scale: money in millions, absolute (per share) · Consensus is captured before each actual first became effective; analyst count shown per observation.
| Quarter | Metric | Consensus as of | Actual | Surprise | Outcome | Analysts |
|---|---|---|---|---|---|---|
| Q1 FY2026 | Revenue | 2,301 | 2,262 | -1.7% | Miss | — |
| Q1 FY2026 | EPS (normalized) | 1.62 | 1.53 | -5.3% | Miss | — |
| Q4 FY2025 | Revenue | 2,362 | 2,387 | 1.1% | Beat | — |
| Q4 FY2025 | EPS (normalized) | 1.40 | 1.48 | 5.5% | Beat | — |
| Q3 FY2025 | Revenue | 2,405 | 2,400 | -0.2% | Miss | — |
| Q3 FY2025 | EPS (normalized) | 1.62 | 1.70 | 4.8% | Beat | — |
| Q2 FY2025 | Revenue | 2,408 | 2,460 | 2.2% | Beat | — |
| Q2 FY2025 | EPS (normalized) | 1.61 | 1.76 | 9.2% | Beat | — |
| Q1 FY2025 | Revenue | 2,193 | 2,220 | 1.2% | Beat | — |
| Q1 FY2025 | EPS (normalized) | 1.40 | 1.48 | 5.8% | Beat | — |
| Q4 FY2024 | Revenue | 2,299 | 2,317 | 0.8% | Beat | — |
| Q4 FY2024 | EPS (normalized) | 1.36 | 1.40 | 2.8% | Beat | — |
| Q3 FY2024 | Revenue | 2,293 | 2,388 | 4.2% | Beat | — |
| Q3 FY2024 | EPS (normalized) | 1.46 | 1.58 | 8.0% | Beat | — |
| Q2 FY2024 | Revenue | 2,310 | 2,361 | 2.2% | Beat | — |
| Q2 FY2024 | EPS (normalized) | 1.48 | 1.56 | 5.3% | Beat | — |
Where the street disagrees
The signal weakens further out, where FY2029 rests on as few as two GAAP estimates.
Currency: USD · Scale: money in millions, absolute (per share) · Dispersion is high-low divided by absolute mean; analyst count shown per item.
| Period | Metric | Mean | Low | High | Spread / mean | Analysts |
|---|---|---|---|---|---|---|
| 2028 | EPS (GAAP) | 7.51 | 6.86 | 8.58 | 22.9% | 6 |
| Q4 FY2024 | EPS (GAAP) | 1.24 | 1.12 | 1.40 | 22.6% | 7 |
| 2028 | EPS (normalized) | 7.97 | 7.37 | 9.12 | 21.9% | 13 |
| 2027 | EPS (GAAP) | 6.97 | 6.32 | 7.52 | 17.2% | 9 |
| Q1 FY2025 | EPS (GAAP) | 1.33 | 1.24 | 1.44 | 15.1% | 7 |