| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 28, 2026 | 10/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 9/12 | 2 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 5, 2026 | 7/12 | 3 medium, 3 low flags | 5 | 2 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Commercial solutions organic growth acceleration Sustained at 5% organic, double the prior year rate |
| Q2'26 | Delivered | Partnership with Duke will result in significant pipeline and wins Already resulted in 'a few wins in the second quarter' |
| Q2'26 | Pending | Margins will flip positive as we progress through the year Q2 showed 10bps improvement but full year still guided flat at 23.2% |
| Q2'26 | Delivered | Forward-looking demand metrics continue to point in the right direction RFP flow now double-digit growth, EBP funding doubled YoY to $35B |
| Q2'26 | Exceeded | Deployment of highly specialized life science AI agents progressing as planned 294 agents across 90 use cases vs 192 across 64 in Q1, ahead of pace |
| Q2'26 | Delivered | We think AI has something to do with [commercial demand] Analytics and consulting highest growth in 3 years, AI agents driving wins |
| Q1'26 | Pending | Margins will flip to positive as we progress through the year Q1 had 60 bps EBITDA margin contraction, tracking for back-half improvement |
| Q1'26 | Delivered | 2026 adjusted EBITDA $4.05-4.25 billion Reaffirmed EBITDA guidance |
| Q1'26 | Delivered | 2026 revenue guidance $17.15-17.35 billion Reaffirmed full year guidance after Q1 beat |
| Q1'26 | Exceeded | AI agents deployment progressing as planned Grew from 150+ agents to 192 agents, use cases from 30+ to 64 |
| Q1'26 | Delivered | We will provide full recast of relevant historical financials starting with Q1 10-Q Provided recast revenue data in press release and promised full recast in 10-Q |
| Q1'26 | Delivered | We will start reporting under 2 segments: Commercial Solutions and RDS effective Q1 2026 Successfully implemented new segment reporting with recast historical data |
| Q4'25 | Delivered | Two mega trials would not contribute to Q4 Confirmed no revenue burn from either trial in Q4 as expected |
| Q4'25 | Missed | Q4 adjusted EBITDA of $1.033B to $1.058B Delivered $1.046B, in range but toward low end |
| Q4'25 | Exceeded | Q4 revenue of $4.204B to $4.304B Delivered $4.34B, above high end of guidance |
| Q4'25 | Delivered | Free cash flow representing about 100% of adjusted net income Achieved 99% conversion with $2.1B free cash flow |
| Q4'25 | Missed | Adjusted EPS of $11.85 to $11.95 for 2025 Delivered $11.92, within range but no mention of where in range |
| Q4'25 | Exceeded | Adjusted EBITDA of $3.775B to $3.8B for 2025 Delivered $3.788B, slightly above midpoint |
| Q4'25 | Delivered | Revenue growth of 4.8% to 5.5% for full year 2025 Achieved 5.9% reported growth, at high end of range |
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