Johnson Controls (JCI) official guidance

We still anticipate 70% to 80% of that backlog to convert into revenue over the next 12 months.

We expect approximately $900 million of capital expenditures in fiscal 2027.

We expect operating leverage of greater than 30% and adjusted EPS of $6.15-$6.30. At the midpoint, that represents 21% EPS growth from fiscal 2026.

For the first quarter, we expect organic revenue growth of 12%-14%, operating leverage of 30%-35%, and adjusted EPS of $1.15-$1.20.

As we meaningfully increase capital expenditure to support growth, we expected adjusted free cash flow conversion of approximately 95%.

We expect operating leverage of greater than 30% and adjusted EPS of $6.15-$6.30.

For the first quarter, we expect organic revenue growth of 12%-14%, operating leverage of 30%-35%, and adjusted EPS of $1.15-$1.20.

For the full year, we expect organic revenue growth of 11%-12%, ahead of the high single-digit growth in our long-term algorithm.

For the first quarter, we expect organic revenue growth of 12%-14%, operating leverage of 30%-35%, and adjusted EPS of $1.15-$1.20.

No, we are price cost positive in 2026, and we will be price cost positive in 2027.

We anticipate approximately $400 million of restructuring expense over fiscal 2027 and fiscal 2028 and expect approximately $600 million of gross annualized savings by fiscal 2029.

We anticipate approximately $400 million of restructuring expense over fiscal 2027 and fiscal 2028 and expect approximately $600 million of gross annualized savings by fiscal 2029.

As a result, we are raising our adjusted EPS guidance to approximately $5.05, representing hopefully 35% growth and $0.50 higher than our original guide at the beginning of the year.

For the fourth quarter, we expect organic revenue growth of 9%-10%, operating leverage of 45%-50%, and adjusted EPS of approximately $1.55.

We continue to expect adjusted free cash flow conversion of approximately 100% for the full year, demonstrating that the higher earnings we are delivering continue to translate into strong cash flow generation.

We expect full-year operating leverage of 45%-50%, consistent with our focus on profitability and disciplined execution while delivering stronger revenue growth.

For the fourth quarter, we expect organic revenue growth of 9%-10%, operating leverage of 45%-50%, and adjusted EPS of approximately $1.55.

Build up enough gas, Nicole. You'll see EMEA land in very low single digit to flat in Q4, and that's a couple of points of pressure vis-a-vis a normal run rate if the Middle East would have returned to normal, which I think we know for this quarter is not going to happen.

▪Organic sales growth of ~8% (previously up ~6%)

▪Organic sales growth of 9% to 10%