| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | September 2, 2026 | 3/12 | 1 high, 4 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q2'26 | June 1, 2026 | 11/12 | 1 high, 3 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q1'26 | 2026-03-09 | 11/12 | 2 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q4'25 | December 4, 2025 | 10/12 | 1 medium, 5 low flags | 4 | 1 | Call sheet → |
| Q3'25 | September 3, 2025 | 8/12 | 1 high, 4 medium, 1 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | On‑track | Achieve $600 M annual Juniper synergy run‑rate by FY28 Management said synergies are ahead of schedule and integration costs better than planned |
| Q3'26 | Pending | Deliver FY26 free‑cash‑flow target of $3.5 B (raised in Q2) Q3 free cash flow reached $958 M, far short of the $3.5 B FY target; no indication of acceleration. |
| Q2'26 | Exceeded | 2x net leverage goal Pulled forward from fiscal '27 to fiscal '26 |
| Q2'26 | Exceeded | Fiscal '28 targets of at least $3 EPS and $3.5B+ FCF Now delivering in fiscal '26, two years early |
| Q2'26 | Exceeded | Free cash flow outlook to at least $2 billion Raised to at least $3.5B - massive increase |
| Q2'26 | Pending | AI shipments expected to ramp in the back half of the year Still pushing to H2, now specifically Q4 peak |
| Q2'26 | Exceeded | Networks for AI orders $1.7B to $1.9B by fiscal year end Raised target to at least $2B - demand stronger than expected |
| Q2'26 | Exceeded | We remain on track to achieve our fiscal '26 synergy targets ($200M Juniper) Now expects to exceed $200M target - ahead of schedule |
| Q1'26 | Exceeded | Catalyst savings 20% of $350M target in FY25 Tracking ahead of plan per Marie's comments |
| Q1'26 | Delivered | Phase 1 Juniper integration complete Sales integration completed in Q1, ahead of schedule |
| Q1'26 | Exceeded | Networks for AI $1.5B cumulative orders by FY26 Raised target to $1.7B-$1.9B on stronger demand |
| Q1'26 | Exceeded | Free cash flow $1.7B to $2B for FY26 Raised to at least $2B on working capital efficiency |
| Q1'26 | Exceeded | EPS $2.25 to $2.45 for FY26 Raised to $2.30 to $2.50 driven by networking strength |
| Q1'26 | Pending | Cloud & AI revenue mid-single to low double-digit growth FY26 Lowered to mid-to-high single digit due to supply constraints prioritizing margin |
| Q1'26 | Exceeded | Networking revenue growth 68% to 73% reported, mid-single digit normalized for FY26 Q1 delivered 7% normalized growth, raised to mid-to-high single digit |
| Q4'25 | Delivered | Achieve 20% of $350M Catalyst savings by fiscal year end Management confirmed ahead of plan on cost reductions |
| Q4'25 | Exceeded | Q4 free cash flow to be up sequentially Delivered $1.9B vs. $719M in Q3, well above expectations |
| Q4'25 | Missed | Revenue to be roughly flat quarter over quarter in hybrid cloud Revenue declined 5% sequentially vs. flat guidance, explained as strategic pivot |
| Q4'25 | Pending | At least $600M cost synergies from Juniper over three years Reiterated commitment, early progress noted but no specific numbers disclosed |
| Q4'25 | Exceeded | Networking operating margin in low 20% range for Q4 Delivered 23% vs. low 20s guidance |
| Q4'25 | Delivered | Total server operating margin to be around 10% for Q4 Achieved approximately 10% as promised, up 340bps sequentially |
| Q3'25 | Delivered | Hybrid cloud operating margin in mid to high single digits 5.9% in Q3, guided mid to high single digits for Q4 |
| Q3'25 | Pending | Free cash flow approximately $1 billion for fiscal year Revised down to ~$700M including Juniper impact, $1B excluding - missed standalone target |
| Q3'25 | Exceeded | ARR growth of 35% to 45% CAGR commitment Delivered 47% in Q2, 40% organic in Q3 - consistently above range |
| Q3'25 | Pending | Cost reduction program 20% of $350M savings by fiscal year end 2025 On track according to Marie but no specific progress metrics provided |
| Q3'25 | Delivered | Juniper transaction expected to close before end of fiscal 2025 Closed July 2, ahead of schedule |
| Q3'25 | Pending | Server operating margin will recover to approximately 10% exiting Q4 Reaffirmed 10% target for Q4 but language shifted to 'continue to expect' suggesting less certainty |
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