| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 22, 2026 | 5/12 | 2 high, 3 medium, 2 low flags | 2 | 2 | Call sheet → |
| Q1'26 | April 22, 2026 | 9/12 | 2 medium, 4 low flags | 3 | 0 | Call sheet → |
| Q4'25 | January 28, 2026 | 10/12 | 2 medium, 4 low flags | 5 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Confluent on track with expectations Confirmed on track after first full quarter |
| Q2'26 | Pending | Expand operating pretax margins by about 1 point Maintained at 100 bps despite revenue headwinds |
| Q2'26 | Pending | Consulting acceleration to low to mid-single digits Still targeting this despite no Q2 improvement |
| Q2'26 | Exceeded | Infrastructure down low single digits for year Actually raised to low single digit growth despite Q2 weakness |
| Q2'26 | Pending | Grow free cash flow by about $1 billion Maintained despite revenue miss, relying on cost cuts |
| Q2'26 | Missed | Software to grow 10-plus percent in 2026 Slashed to 6-8% range, massive deceleration |
| Q2'26 | Missed | Sustain revenue growth of 5% plus for full year Dramatically cut to 4-5% range after Q2 miss |
| Q1'26 | Exceeded | Confluent to close by 2026 Closed early in mid-March vs expected mid-May |
| Q1'26 | Delivered | 5%+ revenue growth sustained Q1 at 6%, maintaining full year 5%+ guidance |
| Q1'26 | Pending | Operating pretax margin expansion of about 1 point Q1 delivered 140 bps, still confident in full year |
| Q1'26 | Pending | Consulting acceleration to low-to-mid single digits Q1 at 1%, expecting growth through the year |
| Q1'26 | Pending | Free cash flow growth of about $1 billion in 2026 Maintained guidance at $15.7B despite strong Q1 start |
| Q1'26 | Exceeded | Software to grow 10% in 2026 Now guiding 10%+ with acceleration driven by early Confluent close |
| Q4'25 | Delivered | Consulting inflection to growth in second half Returned to growth in Q3 and Q4, though modest at 1% |
| Q4'25 | Missed | Red Hat mid-teens growth Came in at low teens, added 'at the low end' qualifier |
| Q4'25 | Exceeded | Software approaching double digits for 2025 Software hit 9% for the year, accelerated to 11% in Q4 |
| Q4'25 | Delivered | TP returning to growth in Q4 Transaction processing grew 4% in Q4 as predicted |
| Q4'25 | Exceeded | Revenue growth of more than 5% for 2025 Delivered 6%, well above guidance |
| Q4'25 | Exceeded | About $14 billion free cash flow for 2025 Delivered $14.7B, beat by $700M |
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