| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 27, 2026 | 7/12 | 1 high, 3 medium, 3 low flags | 3 | 1 | Call sheet → |
| Q1'26 | April 24, 2026 | 10/12 | 4 medium, 2 low flags | 2 | 1 | Call sheet → |
| Q4'25 | January 26, 2026 | 11/12 | 1 medium, 6 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Complete Chart acquisition in Q2 Closing announced and integrated as third segment. |
| Q2'26 | Pending | Achieve $5 bn power‑systems revenue by 2029 with practical utilization First time disclosed; no concrete timeline. |
| Q2'26 | Pending | Free cash flow to improve in H2 after a weak Q1 Q2 free cash flow surged due to milestones; sustainability unclear. |
| Q2'26 | Delivered | OFSC seasonal recovery in Q2 outside the Middle East OFSC revenue rose 7% sequentially, beating guidance. |
| Q2'26 | Delivered | IET revenue to grow robustly YoY in Q2 IET revenue up ~1% YoY, meeting modest growth target despite lower than expected conversion. |
| Q2'26 | Missed | Middle‑East conflict will resolve by mid‑year enabling full reopening of the Strait of Hormuz Q2 still assumes activity unchanged through year‑end; no resolution evident. |
| Q1'26 | Delivered | Free cash flow conversion 45-50% target 2025 achieved 57%, above target range. 2026 guided to 'approaching 50%'. |
| Q1'26 | Exceeded | $1B incremental divestiture proceeds Delivered $3B gross proceeds from multiple transactions, well above target. |
| Q1'26 | Pending | New Energy orders $2.4-2.6B in 2026 Good start but need to maintain momentum given higher target than 2025's $2B. |
| Q1'26 | Missed | Chart closing in first half 2026 Quietly pushed to 'second quarter' with hedging language about timing evolution. |
| Q1'26 | Pending | OFSE low end of EBITDA guidance range $2.325B Q1 EBITDA $565M suggests need for improvement to hit $2.325B annually. |
| Q1'26 | Pending | IET orders $13.5-15.5B for 2026 (midpoint $14.5B) Started strong with $4.9B in Q1, on track to exceed midpoint given momentum. |
| Q4'25 | Exceeded | $1.5B data center orders ahead of 3-year timeline (from Q3) Hit $1B in 2025 alone, then raised 3-year target to $3B total |
| Q4'25 | Exceeded | Free cash flow conversion of 45% to 50% for 2025 (from Q3) Achieved 57%, 700bps above target range |
| Q4'25 | Pending | Chart deal to close mid-2026 (from Q3) Now expecting Q2 2026, slight acceleration but added qualifier about regulatory timing |
| Q4'25 | Exceeded | IET to achieve 20% margins in 2026 (from Q3) Hit 20% in Q4 2025, one year early |
| Q4'25 | Exceeded | New Energy orders $1.4B to $1.6B for 2025 (from Q3) Achieved record $2B, well above high end of range |
| Q4'25 | Delivered | We now expect full year adjusted EBITDA for total company to exceed $4.7B (from Q3) Delivered $4.83B, beating the raised guidance |
| Q4'25 | Delivered | Full year IET orders to exceed our prior midpoint (from Q3) Achieved $14.9B vs midpoint guidance, exceeding high end of range |
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