| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 22, 2026 | 5/12 | 2 high, 4 medium, 2 low flags | 2 | 2 | Call sheet → |
| Q1'26 | April 22, 2026 | 8/12 | 2 high, 3 medium, 3 low flags | 1 | 4 | Call sheet → |
| Q4'25 | January 28, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 5 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Capture benefits from micro-pricing initiatives Repair pricing working but maintenance pricing being 'tempered' due to retention fears |
| Q2'26 | Missed | Retention rates stabilizing Explicitly stated retention declined in Q2 after claiming stabilization in Q1 |
| Q2'26 | Delivered | Americas to return to positive new equipment sales growth Americas up 10% in Q2, strong backlog conversion |
| Q2'26 | Delivered | Maintenance organic sales growth accelerating back to 3% Hit 3% in Q2, but only by including price while units still declining |
| Q2'26 | Pending | $50M incremental investments with $10M realized in 2026 On track with $30M invested through H1, but ROI not materializing as expected |
| Q2'26 | Missed | Service margins to sequentially improve and return to year-over-year expansion by year-end Margins declined further to 23.2%, now pushing recovery to H2 |
| Q1'26 | Delivered | New equipment stabilization with growth ex-China Orders up 1% globally, 5% ex-China, backlog building |
| Q1'26 | Missed | Mid to high single-digit service organic growth acceleration Service growth flat at 5% despite all investments and backlog |
| Q1'26 | Pending | $1.6-1.7B adjusted free cash flow for 2026 Maintained guidance, Q1 was $272M vs $187M prior year |
| Q1'26 | Pending | Modernization revenue growth from record backlog conversion Experienced delays in EMEA due to Middle East conflict, but orders still growing |
| Q1'26 | Pending | China market worst decline behind us Still expecting declines in 2026, though orders improved mid-single digits vs high-teens previously |
| Q1'26 | Missed | Portfolio growth focused on higher-value markets Europe (55% of portfolio) saw no gains, maintenance growth decelerated to 2% |
| Q1'26 | Missed | Retention rates to improve in higher-value markets through service excellence Retention only stabilized, no improvement despite $50M investments |
| Q1'26 | Missed | Service margins expected to expand in 2026 Service margins contracted 160 bps in Q1, now only promising expansion 'by end of year' |
| Q4'25 | Delivered | Share repurchases of approximately $800M completed Completed full $800M by Q3, added $250M opportunistically |
| Q4'25 | Exceeded | Adjusted free cash flow approximately $1.45B for full year Delivered $1.6B, beating guidance by $150M |
| Q4'25 | Delivered | Modernization approximately 10% growth in 2025 Modernization grew 9% in Q4, achieving roughly 10% for full year |
| Q4'25 | Delivered | China new equipment decline moderating to mid-single digits in second half Achieved mid-single digit decline in Q4 as promised |
| Q4'25 | Delivered | Service top-line acceleration in second half to drive full-year growth Service grew 5% for full year, though Q4 slowed to 5% from Q3's 6% |
| Q4'25 | Missed | Repair sales to continue ramping up to 10% growth or above in Q4 Came in 'mid-single digits' which is roughly 5-6%, significant miss on explicit forecast |
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