$CLS
Business
Celestica designs and manufactures hardware for cloud, communications and advanced industrial markets. Connectivity & Cloud Solutions includes networking, servers and storage; Advanced Technology Solutions serves industrial, health, aerospace and capital-equipment customers. Hardware Platform Solutions is part of those businesses, not an additional segment. Customer program ramps can grow revenue quickly, while inventory, manufacturing capacity and compensation settlements determine the cash retained.
Three drivers
- CCS program ramps and hyperscaler concentration
- Segment margins versus GAAP compensation and swap effects
- Working capital, expansion capex and financing needs
Thesis
Our view
Demand visibility is strong, but the cash and ownership bridge deserves equal attention. The company raised its FY2026 revenue outlook to $20.5B and expects faster growth in 2027. Q2 GAAP operating income also benefited from a $104.1M total-return-swap gain. H1 CFO less gross capex was $273.9M, but cash after financing-classified compensation settlements was negative $52.4M. The August offering adds financing capacity and shares; it does not increase operating earnings or preserve the July no-issuance EPS assumption.
What changes it
Track CCS program delivery, segment margin, inventory and supplier funding against the revenue ramp. Reconcile capex and compensation cash payments before treating FCF as owner cash. Watch revised per-share guidance after the August offering.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 2,499.51 | 2,545.7†2 | 2,648.63 | 2,893.44 | 3,194.01 | 3,654.9†2 | 4,047.03 | 4,698.64 |
| Gross profit ($M) | 260.65 | 297.2†6 | 273.97 | 371.08 | 416.15 | 433.1†6 | 437.27 | 577.58 |
| Operating income ($M) | 138.09 | 202.6†10 | 128.811 | 272.512 | 325.09 | 314.4†10 | 272.111 | 458.312 |
| Net income ($M) | 89.513 | 151.7†14 | 86.215 | 211.016 | 267.813 | 267.5†14 | 212.315 | 368.816 |
| EPS, diluted ($) | 0.7517 | — | 0.7418 | 1.8219 | 2.3117 | — | 1.8318 | 3.1719 |
| Diluted shares (M) | 118.920 | — | 116.921 | 115.922 | 115.920 | — | 115.721 | 116.222 |
| Cash ($M) | — | 423.323 | 303.024 | 313.825 | 305.926 | 595.627 | 378.028 | 535.727 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 122.829 | 143.4†30 | 130.331 | 152.432 | 126.229 | 250.6†30 | 356.331 | 410.932 |
| Capex ($M) | — | — | — | — | — | — | 229.5†33 | 263.834 |
| Free cash flow ($M) | — | — | — | — | — | — | 126.8†35 | 147.1†36 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 5,400.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 6,354.4 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 7,378.8 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 8,139.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Cloud programs, working capital and cash compensation
Use FY2026 revenue outlook and Q3 guidance as references, then separate CCS and ATS revenue and segment margins. Extend FY2027 with independent segment growth. Reconcile segment income to GAAP operating income by deducting stock compensation, intangible amortization and restructuring; assume no future total-return-swap gains. Bridge earnings through taxes, noncash charges and working capital to CFO. Deduct gross PP&E purchases, then separately show cash after compensation settlements classified as financing. August equity financing is a separate capital event, not operating cash.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Company full-year revenue outlook | FY2026 | 20,500.00 | management guidance. July company outlook; not a realized amount. Source · 2026-07-27 |
| Q3 revenue guidance midpoint | 2026Q3 | 5,400.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Company capital spending outlook | FY2026 | 1,000.00 | management guidance. Approximately $1B company capital-spending expectation. Source · 2026-07-27 |
| Company non-GAAP FCF outlook | FY2026 | 600.00 | management guidance. Company definition uses net capex; compare definitions before drawing conclusions. Source · 2026-07-27 |
| H1 CFO less gross capex | H1 2026 | 273.90 | derived. Uses gross PP&E purchases, not net capex used in company FCF. |
| H1 company-definition free cash flow | H1 2026 | 285.00 | derived. Adds asset-sale proceeds to the gross-capex bridge. |
| H1 cash after capex and SBC settlements | H1 2026 | -52.40 | derived. Cash compensation settlements classified as financing; excludes discretionary buybacks and debt repayments. |
| Q2 total-return-swap fair-value gain | 2026Q2 | 104.10 | reported. Positive operating earnings contribution; no equivalent Q2 settlement cash. Source · 2026-07-27 |
| June cash before August offering | 2026Q2 | 535.70 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-27 |
| Estimated August offering net proceeds | August 2026 | 3,390.00 | management guidance. Approximately $3.39B after fees, including exercised overallotment; financing, not operating cash. Source · 2026-08-07 |
| Total offering shares | August 2026 | 11.13 | derived. New shares including exercised option. |
Downside scenario
| Period | Operating cash flow ($M) | CFO less gross capex ($M) | Gross cash PP&E purchases ($M) | Revenue ($M) | ATS revenue ($M) | CCS revenue ($M) | Cash after capex and SBC settlements ($M) | GAAP operating income ($M) |
|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 95.30 | -204.70 | 300.00 | 4,860.00 | 878.75 | 3,981.25 | -234.70 | 287.93 |
| 2026Q4 | 100.06 | -229.94 | 330.00 | 4,844.40 | 926.25 | 3,918.15 | -269.94 | 282.81 |
| 2027Q1 | 111.93 | -238.07 | 350.00 | 5,287.83 | 892.32 | 4,395.51 | -378.07 | 313.74 |
| 2027Q2 | 124.29 | -275.71 | 400.00 | 5,811.10 | 892.32 | 4,918.78 | -575.71 | 349.99 |
| FY2026 | 962.56 | -160.74 | 1,123.30 | 18,450.00 | 3,499.30 | 14,950.70 | -557.04 | 1,301.13 |
| FY2027 | 524.55 | -1,025.45 | 1,550.00 | 24,500.27 | 3,569.29 | 20,930.98 | -1,535.45 | 1,488.13 |
Base scenario
| Period | Operating cash flow ($M) | CFO less gross capex ($M) | Gross cash PP&E purchases ($M) | Revenue ($M) | ATS revenue ($M) | CCS revenue ($M) | Cash after capex and SBC settlements ($M) | GAAP operating income ($M) |
|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 320.14 | 70.14 | 250.00 | 5,400.00 | 925.00 | 4,475.00 | 45.14 | 417.90 |
| 2026Q4 | 374.94 | 118.24 | 256.70 | 6,354.40 | 975.00 | 5,379.40 | 83.24 | 501.30 |
| 2027Q1 | 434.24 | 84.24 | 350.00 | 7,378.79 | 988.43 | 6,390.35 | -45.76 | 592.17 |
| 2027Q2 | 479.95 | 79.95 | 400.00 | 8,139.54 | 988.43 | 7,151.11 | -170.05 | 659.16 |
| FY2026 | 1,462.28 | 462.28 | 1,000.00 | 20,500.00 | 3,594.30 | 16,905.70 | 75.98 | 1,649.60 |
| FY2027 | 2,027.23 | 377.23 | 1,650.00 | 34,383.99 | 3,953.73 | 30,430.26 | -62.77 | 2,798.62 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less gross capex ($M) | Gross cash PP&E purchases ($M) | Revenue ($M) | ATS revenue ($M) | CCS revenue ($M) | Cash after capex and SBC settlements ($M) | GAAP operating income ($M) |
|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 435.19 | 185.19 | 250.00 | 5,670.00 | 971.25 | 4,698.75 | 160.19 | 484.86 |
| 2026Q4 | 540.29 | 270.29 | 270.00 | 7,109.40 | 1,023.75 | 6,085.65 | 235.29 | 624.23 |
| 2027Q1 | 645.96 | 245.96 | 400.00 | 8,551.67 | 1,060.67 | 7,490.99 | 115.96 | 764.35 |
| 2027Q2 | 713.99 | 263.99 | 450.00 | 9,443.45 | 1,060.67 | 8,382.78 | 13.99 | 850.53 |
| FY2026 | 1,742.68 | 729.38 | 1,013.30 | 21,525.00 | 3,689.30 | 17,835.70 | 343.08 | 1,839.49 |
| FY2027 | 3,016.96 | 1,166.96 | 1,850.00 | 39,914.10 | 4,242.69 | 35,671.40 | 726.96 | 3,610.13 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 consolidated revenue h1_revenue | H1 2026 / shared | 8,745.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 CCS revenue h1_ccs_revenue | H1 2026 / shared | 7,051.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 ATS revenue h1_ats_revenue | H1 2026 / shared | 1,694.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 GAAP operating income h1_operating_income | H1 2026 / shared | 730.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 operating cash flow h1_cfo | H1 2026 / shared | 767.20 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 gross PP&E purchases h1_capex | H1 2026 / shared | 493.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 financing-classified SBC cash settlements h1_sbc_settlements | H1 2026 / shared | 326.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 noncash total-return-swap gain h1_trs_gain | H1 2026 / shared | 87.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 proceeds from asset sales h1_asset_proceeds | H1 2026 / shared | 11.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 receivables cash use h1_ar_use | H1 2026 / shared | 700.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 inventory cash use h1_inventory_use | H1 2026 / shared | 1,213.70 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 payables and other operating liabilities cash support h1_payables_support | H1 2026 / shared | 2,096.70 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| H1 CFO less gross capex h1_fcf | H1 2026 / shared | 273.90 USD_millions | derived: Uses gross PP&E purchases, not net capex used in company FCF. Formula: subtract(h1_cfo, h1_capex). |
| H1 company-definition free cash flow h1_company_fcf | H1 2026 / shared | 285.00 USD_millions | derived: Adds asset-sale proceeds to the gross-capex bridge. Formula: sum(h1_fcf, h1_asset_proceeds). |
| H1 cash after capex and SBC settlements h1_cash_after_sbc | H1 2026 / shared | -52.40 USD_millions | derived: Cash compensation settlements classified as financing; excludes discretionary buybacks and debt repayments. Formula: subtract(h1_fcf, h1_sbc_settlements). |
| June cash before August offering june_cash | 2026Q2 / shared | 535.70 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-27 |
| Q2 total-return-swap fair-value gain q2_trs_gain | 2026Q2 / shared | 104.10 USD_millions | reported: Positive operating earnings contribution; no equivalent Q2 settlement cash. Primary source · 2026-07-27 |
| Company full-year revenue outlook fy26_revenue_reference | FY2026 / shared | 20,500.00 USD_millions | management guidance: July company outlook; not a realized amount. Primary source · 2026-07-27 |
| Q3 revenue guidance low q3_revenue_reference_low | 2026Q3 / shared | 5,250.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-27 |
| Q3 revenue guidance high q3_revenue_reference_high | 2026Q3 / shared | 5,550.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-27 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 revenue guidance endpoint sum q3_revenue_reference_sum | 2026Q3 / shared | 10,800.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_reference_low, q3_revenue_reference_high). |
| Q3 revenue guidance midpoint q3_revenue_reference | 2026Q3 / shared | 5,400.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_reference_sum, two). |
| Company capital spending outlook fy26_capex_reference | FY2026 / shared | 1,000.00 USD_millions | management guidance: Approximately $1B company capital-spending expectation. Primary source · 2026-07-27 |
| Company non-GAAP FCF outlook fy26_company_fcf_reference | FY2026 / shared | 600.00 USD_millions | management guidance: Company definition uses net capex; compare definitions before drawing conclusions. Primary source · 2026-07-27 |
| Estimated August offering net proceeds offering_net | August 2026 / shared | 3,390.00 USD_millions | management guidance: Approximately $3.39B after fees, including exercised overallotment; financing, not operating cash. Primary source · 2026-08-07 |
| base offering shares base_offering_shares | August 2026 / shared | 9.68 shares_millions | reported: Shares in millions; overallotment exercised August 6. Primary source · 2026-08-07 |
| option offering shares option_offering_shares | August 2026 / shared | 1.45 shares_millions | reported: Shares in millions; overallotment exercised August 6. Primary source · 2026-08-07 |
| Total offering shares offering_shares | August 2026 / shared | 11.13 shares_millions | derived: New shares including exercised option. Formula: sum(base_offering_shares, option_offering_shares). |
| FY2026 revenue versus outlook downside_delivery | FY2026 / downside | 90.0% ratio | assumption: Desk demand and delivery sensitivity; can lie outside company guidance. |
| Annual revenue scenario downside_fy26_total | FY2026 / downside | 18,450.00 USD_millions | derived: Company annual outlook times delivery factor. Formula: multiply(fy26_revenue_reference, downside_delivery). |
| Q3 revenue scenario downside_q3_total | 2026Q3 / downside | 4,860.00 USD_millions | derived: Q3 midpoint times desk delivery factor. Formula: multiply(q3_revenue_reference, downside_delivery). |
| H1 actual plus modeled Q3 downside_first9_revenue | 9M 2026 / downside | 13,605.60 USD_millions | derived: Known H1 plus scenario Q3. Formula: sum(h1_revenue, downside_q3_total). |
| Q4 revenue scenario downside_q4_total | 2026Q4 / downside | 4,844.40 USD_millions | derived: Annual scenario less H1 and Q3. Formula: subtract(downside_fy26_total, downside_first9_revenue). |
| ATS revenue downside_2026q3_ats | 2026Q3 / downside | 878.75 USD_millions | assumption: Desk industrial/health/aerospace program delivery, independent of CCS. |
| ATS revenue downside_2026q4_ats | 2026Q4 / downside | 926.25 USD_millions | assumption: Desk industrial/health/aerospace program delivery, independent of CCS. |
| FY2026 ATS revenue downside_fy26_ats | FY2026 / downside | 3,499.30 USD_millions | derived: H1 actual and H2 segment assumptions. Formula: sum(h1_ats_revenue, downside_2026q3_ats, downside_2026q4_ats). |
| FY2026 CCS revenue downside_fy26_ccs | FY2026 / downside | 14,950.70 USD_millions | derived: Consolidated revenue less ATS. Formula: subtract(downside_fy26_total, downside_fy26_ats). |
| FY2027 CCS growth multiplier downside_ccs_growth | FY2027 / downside | 140.0% ratio | assumption: Desk growth by segment; no precise FY2027 company revenue guidance. |
| CCS annual revenue downside_fy27_ccs | FY2027 / downside | 20,930.98 USD_millions | derived: FY2026 segment scenario times named growth multiplier. Formula: multiply(downside_fy26_ccs, downside_ccs_growth). |
| FY2027 ATS growth multiplier downside_ats_growth | FY2027 / downside | 102.0% ratio | assumption: Desk growth by segment; no precise FY2027 company revenue guidance. |
| ATS annual revenue downside_fy27_ats | FY2027 / downside | 3,569.29 USD_millions | derived: FY2026 segment scenario times named growth multiplier. Formula: multiply(downside_fy26_ats, downside_ats_growth). |
| CCS revenue downside_2026q3_ccs_revenue | 2026Q3 / downside | 3,981.25 USD_millions | derived: Consolidated quarter scenario less ATS revenue. Formula: subtract(downside_q3_total, downside_2026q3_ats). |
| Identity factor downside_2026q3_one | 2026Q3 / downside | 100.0% ratio | assumption: Arithmetic identity. |
| ATS output revenue downside_2026q3_ats_revenue | 2026Q3 / downside | 878.75 USD_millions | derived: ATS revenue assumption. Formula: multiply(downside_2026q3_ats, downside_2026q3_one). |
| Consolidated revenue downside_2026q3_revenue | 2026Q3 / downside | 4,860.00 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(downside_2026q3_ccs_revenue, downside_2026q3_ats_revenue). |
| CCS segment margin downside_2026q3_ccs_margin | 2026Q3 / downside | 7.5% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income downside_2026q3_ccs_income | 2026Q3 / downside | 298.59 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2026q3_ccs_revenue, downside_2026q3_ccs_margin). |
| ATS segment margin downside_2026q3_ats_margin | 2026Q3 / downside | 5.5% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income downside_2026q3_ats_income | 2026Q3 / downside | 48.33 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2026q3_ats_revenue, downside_2026q3_ats_margin). |
| Combined segment income downside_2026q3_segment_income | 2026Q3 / downside | 346.93 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(downside_2026q3_ccs_income, downside_2026q3_ats_income). |
| GAAP stock compensation expense downside_2026q3_sbc | 2026Q3 / downside | 40.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item downside_2026q3_intangible_amort | 2026Q3 / downside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense downside_2026q3_restructuring | 2026Q3 / downside | 8.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges downside_2026q3_gaap_charges | 2026Q3 / downside | 59.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(downside_2026q3_sbc, downside_2026q3_intangible_amort, downside_2026q3_restructuring). |
| GAAP operating income downside_2026q3_operating_income | 2026Q3 / downside | 287.93 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(downside_2026q3_segment_income, downside_2026q3_gaap_charges). |
| Net financing cost less interest income downside_2026q3_net_interest | 2026Q3 / downside | 10.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference downside_2026q3_pretax | 2026Q3 / downside | 277.93 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(downside_2026q3_operating_income, downside_2026q3_net_interest). |
| Cash tax / pretax earnings downside_2026q3_tax_rate | 2026Q3 / downside | 23.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance downside_2026q3_tax | 2026Q3 / downside | 63.92 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(downside_2026q3_pretax, downside_2026q3_tax_rate). |
| After-tax earnings reference downside_2026q3_aftertax | 2026Q3 / downside | 214.00 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(downside_2026q3_pretax, downside_2026q3_tax). |
| Total depreciation and amortization downside_2026q3_da | 2026Q3 / downside | 60.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges downside_2026q3_cash_start | 2026Q3 / downside | 314.00 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(downside_2026q3_aftertax, downside_2026q3_sbc, downside_2026q3_da). |
| Net working-capital use / revenue downside_2026q3_wc_ratio | 2026Q3 / downside | 4.5% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use downside_2026q3_wc | 2026Q3 / downside | 218.70 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(downside_2026q3_revenue, downside_2026q3_wc_ratio). |
| Operating cash flow downside_2026q3_cfo | 2026Q3 / downside | 95.30 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(downside_2026q3_cash_start, downside_2026q3_wc). |
| Gross purchases of PP&E downside_2026q3_capex | 2026Q3 / downside | 300.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex downside_2026q3_fcf | 2026Q3 / downside | -204.70 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| Cash compensation settlements downside_2026q3_sbc_cash | 2026Q3 / downside | 30.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements downside_2026q3_cash_after_sbc | 2026Q3 / downside | -234.70 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(downside_2026q3_fcf, downside_2026q3_sbc_cash). |
| CCS revenue downside_2026q4_ccs_revenue | 2026Q4 / downside | 3,918.15 USD_millions | derived: Consolidated quarter scenario less ATS revenue. Formula: subtract(downside_q4_total, downside_2026q4_ats). |
| Identity factor downside_2026q4_one | 2026Q4 / downside | 100.0% ratio | assumption: Arithmetic identity. |
| ATS output revenue downside_2026q4_ats_revenue | 2026Q4 / downside | 926.25 USD_millions | derived: ATS revenue assumption. Formula: multiply(downside_2026q4_ats, downside_2026q4_one). |
| Consolidated revenue downside_2026q4_revenue | 2026Q4 / downside | 4,844.40 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(downside_2026q4_ccs_revenue, downside_2026q4_ats_revenue). |
| CCS segment margin downside_2026q4_ccs_margin | 2026Q4 / downside | 7.5% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income downside_2026q4_ccs_income | 2026Q4 / downside | 293.86 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2026q4_ccs_revenue, downside_2026q4_ccs_margin). |
| ATS segment margin downside_2026q4_ats_margin | 2026Q4 / downside | 5.5% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income downside_2026q4_ats_income | 2026Q4 / downside | 50.94 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2026q4_ats_revenue, downside_2026q4_ats_margin). |
| Combined segment income downside_2026q4_segment_income | 2026Q4 / downside | 344.81 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(downside_2026q4_ccs_income, downside_2026q4_ats_income). |
| GAAP stock compensation expense downside_2026q4_sbc | 2026Q4 / downside | 43.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item downside_2026q4_intangible_amort | 2026Q4 / downside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense downside_2026q4_restructuring | 2026Q4 / downside | 8.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges downside_2026q4_gaap_charges | 2026Q4 / downside | 62.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(downside_2026q4_sbc, downside_2026q4_intangible_amort, downside_2026q4_restructuring). |
| GAAP operating income downside_2026q4_operating_income | 2026Q4 / downside | 282.81 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(downside_2026q4_segment_income, downside_2026q4_gaap_charges). |
| Net financing cost less interest income downside_2026q4_net_interest | 2026Q4 / downside | 10.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference downside_2026q4_pretax | 2026Q4 / downside | 272.81 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(downside_2026q4_operating_income, downside_2026q4_net_interest). |
| Cash tax / pretax earnings downside_2026q4_tax_rate | 2026Q4 / downside | 23.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance downside_2026q4_tax | 2026Q4 / downside | 62.75 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(downside_2026q4_pretax, downside_2026q4_tax_rate). |
| After-tax earnings reference downside_2026q4_aftertax | 2026Q4 / downside | 210.06 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(downside_2026q4_pretax, downside_2026q4_tax). |
| Total depreciation and amortization downside_2026q4_da | 2026Q4 / downside | 65.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges downside_2026q4_cash_start | 2026Q4 / downside | 318.06 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(downside_2026q4_aftertax, downside_2026q4_sbc, downside_2026q4_da). |
| Net working-capital use / revenue downside_2026q4_wc_ratio | 2026Q4 / downside | 4.5% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use downside_2026q4_wc | 2026Q4 / downside | 218.00 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(downside_2026q4_revenue, downside_2026q4_wc_ratio). |
| Operating cash flow downside_2026q4_cfo | 2026Q4 / downside | 100.06 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(downside_2026q4_cash_start, downside_2026q4_wc). |
| Gross purchases of PP&E downside_2026q4_capex | 2026Q4 / downside | 330.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex downside_2026q4_fcf | 2026Q4 / downside | -229.94 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| Cash compensation settlements downside_2026q4_sbc_cash | 2026Q4 / downside | 40.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements downside_2026q4_cash_after_sbc | 2026Q4 / downside | -269.94 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(downside_2026q4_fcf, downside_2026q4_sbc_cash). |
| Share of FY2027 segment revenue downside_2027q1_weight | 2027Q1 / downside | 21.0% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue downside_2027q1_ccs_revenue | 2027Q1 / downside | 4,395.51 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(downside_fy27_ccs, downside_2027q1_weight). |
| ATS annual quarter share downside_2027q1_ats_weight | 2027Q1 / downside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue downside_2027q1_ats_revenue | 2027Q1 / downside | 892.32 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(downside_fy27_ats, downside_2027q1_ats_weight). |
| Consolidated revenue downside_2027q1_revenue | 2027Q1 / downside | 5,287.83 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(downside_2027q1_ccs_revenue, downside_2027q1_ats_revenue). |
| CCS segment margin downside_2027q1_ccs_margin | 2027Q1 / downside | 7.5% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income downside_2027q1_ccs_income | 2027Q1 / downside | 329.66 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q1_ccs_revenue, downside_2027q1_ccs_margin). |
| ATS segment margin downside_2027q1_ats_margin | 2027Q1 / downside | 5.5% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income downside_2027q1_ats_income | 2027Q1 / downside | 49.08 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q1_ats_revenue, downside_2027q1_ats_margin). |
| Combined segment income downside_2027q1_segment_income | 2027Q1 / downside | 378.74 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(downside_2027q1_ccs_income, downside_2027q1_ats_income). |
| GAAP stock compensation expense downside_2027q1_sbc | 2027Q1 / downside | 46.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item downside_2027q1_intangible_amort | 2027Q1 / downside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense downside_2027q1_restructuring | 2027Q1 / downside | 8.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges downside_2027q1_gaap_charges | 2027Q1 / downside | 65.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(downside_2027q1_sbc, downside_2027q1_intangible_amort, downside_2027q1_restructuring). |
| GAAP operating income downside_2027q1_operating_income | 2027Q1 / downside | 313.74 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(downside_2027q1_segment_income, downside_2027q1_gaap_charges). |
| Net financing cost less interest income downside_2027q1_net_interest | 2027Q1 / downside | 10.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference downside_2027q1_pretax | 2027Q1 / downside | 303.74 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(downside_2027q1_operating_income, downside_2027q1_net_interest). |
| Cash tax / pretax earnings downside_2027q1_tax_rate | 2027Q1 / downside | 23.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance downside_2027q1_tax | 2027Q1 / downside | 69.86 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(downside_2027q1_pretax, downside_2027q1_tax_rate). |
| After-tax earnings reference downside_2027q1_aftertax | 2027Q1 / downside | 233.88 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(downside_2027q1_pretax, downside_2027q1_tax). |
| Total depreciation and amortization downside_2027q1_da | 2027Q1 / downside | 70.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges downside_2027q1_cash_start | 2027Q1 / downside | 349.88 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(downside_2027q1_aftertax, downside_2027q1_sbc, downside_2027q1_da). |
| Net working-capital use / revenue downside_2027q1_wc_ratio | 2027Q1 / downside | 4.5% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use downside_2027q1_wc | 2027Q1 / downside | 237.95 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(downside_2027q1_revenue, downside_2027q1_wc_ratio). |
| Operating cash flow downside_2027q1_cfo | 2027Q1 / downside | 111.93 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(downside_2027q1_cash_start, downside_2027q1_wc). |
| Gross purchases of PP&E downside_2027q1_capex | 2027Q1 / downside | 350.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex downside_2027q1_fcf | 2027Q1 / downside | -238.07 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| Cash compensation settlements downside_2027q1_sbc_cash | 2027Q1 / downside | 140.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements downside_2027q1_cash_after_sbc | 2027Q1 / downside | -378.07 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(downside_2027q1_fcf, downside_2027q1_sbc_cash). |
| Share of FY2027 segment revenue downside_2027q2_weight | 2027Q2 / downside | 23.5% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue downside_2027q2_ccs_revenue | 2027Q2 / downside | 4,918.78 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(downside_fy27_ccs, downside_2027q2_weight). |
| ATS annual quarter share downside_2027q2_ats_weight | 2027Q2 / downside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue downside_2027q2_ats_revenue | 2027Q2 / downside | 892.32 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(downside_fy27_ats, downside_2027q2_ats_weight). |
| Consolidated revenue downside_2027q2_revenue | 2027Q2 / downside | 5,811.10 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(downside_2027q2_ccs_revenue, downside_2027q2_ats_revenue). |
| CCS segment margin downside_2027q2_ccs_margin | 2027Q2 / downside | 7.5% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income downside_2027q2_ccs_income | 2027Q2 / downside | 368.91 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q2_ccs_revenue, downside_2027q2_ccs_margin). |
| ATS segment margin downside_2027q2_ats_margin | 2027Q2 / downside | 5.5% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income downside_2027q2_ats_income | 2027Q2 / downside | 49.08 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q2_ats_revenue, downside_2027q2_ats_margin). |
| Combined segment income downside_2027q2_segment_income | 2027Q2 / downside | 417.99 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(downside_2027q2_ccs_income, downside_2027q2_ats_income). |
| GAAP stock compensation expense downside_2027q2_sbc | 2027Q2 / downside | 49.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item downside_2027q2_intangible_amort | 2027Q2 / downside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense downside_2027q2_restructuring | 2027Q2 / downside | 8.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges downside_2027q2_gaap_charges | 2027Q2 / downside | 68.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(downside_2027q2_sbc, downside_2027q2_intangible_amort, downside_2027q2_restructuring). |
| GAAP operating income downside_2027q2_operating_income | 2027Q2 / downside | 349.99 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(downside_2027q2_segment_income, downside_2027q2_gaap_charges). |
| Net financing cost less interest income downside_2027q2_net_interest | 2027Q2 / downside | 10.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference downside_2027q2_pretax | 2027Q2 / downside | 339.99 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(downside_2027q2_operating_income, downside_2027q2_net_interest). |
| Cash tax / pretax earnings downside_2027q2_tax_rate | 2027Q2 / downside | 23.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance downside_2027q2_tax | 2027Q2 / downside | 78.20 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(downside_2027q2_pretax, downside_2027q2_tax_rate). |
| After-tax earnings reference downside_2027q2_aftertax | 2027Q2 / downside | 261.79 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(downside_2027q2_pretax, downside_2027q2_tax). |
| Total depreciation and amortization downside_2027q2_da | 2027Q2 / downside | 75.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges downside_2027q2_cash_start | 2027Q2 / downside | 385.79 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(downside_2027q2_aftertax, downside_2027q2_sbc, downside_2027q2_da). |
| Net working-capital use / revenue downside_2027q2_wc_ratio | 2027Q2 / downside | 4.5% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use downside_2027q2_wc | 2027Q2 / downside | 261.50 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(downside_2027q2_revenue, downside_2027q2_wc_ratio). |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | 124.29 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(downside_2027q2_cash_start, downside_2027q2_wc). |
| Gross purchases of PP&E downside_2027q2_capex | 2027Q2 / downside | 400.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex downside_2027q2_fcf | 2027Q2 / downside | -275.71 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Cash compensation settlements downside_2027q2_sbc_cash | 2027Q2 / downside | 300.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements downside_2027q2_cash_after_sbc | 2027Q2 / downside | -575.71 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(downside_2027q2_fcf, downside_2027q2_sbc_cash). |
| Share of FY2027 segment revenue downside_2027q3_weight | 2027Q3 / downside | 26.0% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue downside_2027q3_ccs_revenue | 2027Q3 / downside | 5,442.05 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(downside_fy27_ccs, downside_2027q3_weight). |
| ATS annual quarter share downside_2027q3_ats_weight | 2027Q3 / downside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue downside_2027q3_ats_revenue | 2027Q3 / downside | 892.32 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(downside_fy27_ats, downside_2027q3_ats_weight). |
| Consolidated revenue downside_2027q3_revenue | 2027Q3 / downside | 6,334.38 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(downside_2027q3_ccs_revenue, downside_2027q3_ats_revenue). |
| CCS segment margin downside_2027q3_ccs_margin | 2027Q3 / downside | 7.5% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income downside_2027q3_ccs_income | 2027Q3 / downside | 408.15 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q3_ccs_revenue, downside_2027q3_ccs_margin). |
| ATS segment margin downside_2027q3_ats_margin | 2027Q3 / downside | 5.5% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income downside_2027q3_ats_income | 2027Q3 / downside | 49.08 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q3_ats_revenue, downside_2027q3_ats_margin). |
| Combined segment income downside_2027q3_segment_income | 2027Q3 / downside | 457.23 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(downside_2027q3_ccs_income, downside_2027q3_ats_income). |
| GAAP stock compensation expense downside_2027q3_sbc | 2027Q3 / downside | 52.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item downside_2027q3_intangible_amort | 2027Q3 / downside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense downside_2027q3_restructuring | 2027Q3 / downside | 8.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges downside_2027q3_gaap_charges | 2027Q3 / downside | 71.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(downside_2027q3_sbc, downside_2027q3_intangible_amort, downside_2027q3_restructuring). |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | 386.23 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(downside_2027q3_segment_income, downside_2027q3_gaap_charges). |
| Net financing cost less interest income downside_2027q3_net_interest | 2027Q3 / downside | 10.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference downside_2027q3_pretax | 2027Q3 / downside | 376.23 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(downside_2027q3_operating_income, downside_2027q3_net_interest). |
| Cash tax / pretax earnings downside_2027q3_tax_rate | 2027Q3 / downside | 23.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance downside_2027q3_tax | 2027Q3 / downside | 86.53 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(downside_2027q3_pretax, downside_2027q3_tax_rate). |
| After-tax earnings reference downside_2027q3_aftertax | 2027Q3 / downside | 289.70 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(downside_2027q3_pretax, downside_2027q3_tax). |
| Total depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 80.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges downside_2027q3_cash_start | 2027Q3 / downside | 421.70 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(downside_2027q3_aftertax, downside_2027q3_sbc, downside_2027q3_da). |
| Net working-capital use / revenue downside_2027q3_wc_ratio | 2027Q3 / downside | 4.5% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use downside_2027q3_wc | 2027Q3 / downside | 285.05 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(downside_2027q3_revenue, downside_2027q3_wc_ratio). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 136.65 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(downside_2027q3_cash_start, downside_2027q3_wc). |
| Gross purchases of PP&E downside_2027q3_capex | 2027Q3 / downside | 400.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex downside_2027q3_fcf | 2027Q3 / downside | -263.35 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Cash compensation settlements downside_2027q3_sbc_cash | 2027Q3 / downside | 30.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements downside_2027q3_cash_after_sbc | 2027Q3 / downside | -293.35 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(downside_2027q3_fcf, downside_2027q3_sbc_cash). |
| Share of FY2027 segment revenue downside_2027q4_weight | 2027Q4 / downside | 29.5% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue downside_2027q4_ccs_revenue | 2027Q4 / downside | 6,174.64 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(downside_fy27_ccs, downside_2027q4_weight). |
| ATS annual quarter share downside_2027q4_ats_weight | 2027Q4 / downside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue downside_2027q4_ats_revenue | 2027Q4 / downside | 892.32 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(downside_fy27_ats, downside_2027q4_ats_weight). |
| Consolidated revenue downside_2027q4_revenue | 2027Q4 / downside | 7,066.96 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(downside_2027q4_ccs_revenue, downside_2027q4_ats_revenue). |
| CCS segment margin downside_2027q4_ccs_margin | 2027Q4 / downside | 7.5% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income downside_2027q4_ccs_income | 2027Q4 / downside | 463.10 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q4_ccs_revenue, downside_2027q4_ccs_margin). |
| ATS segment margin downside_2027q4_ats_margin | 2027Q4 / downside | 5.5% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income downside_2027q4_ats_income | 2027Q4 / downside | 49.08 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(downside_2027q4_ats_revenue, downside_2027q4_ats_margin). |
| Combined segment income downside_2027q4_segment_income | 2027Q4 / downside | 512.18 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(downside_2027q4_ccs_income, downside_2027q4_ats_income). |
| GAAP stock compensation expense downside_2027q4_sbc | 2027Q4 / downside | 55.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item downside_2027q4_intangible_amort | 2027Q4 / downside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense downside_2027q4_restructuring | 2027Q4 / downside | 8.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges downside_2027q4_gaap_charges | 2027Q4 / downside | 74.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(downside_2027q4_sbc, downside_2027q4_intangible_amort, downside_2027q4_restructuring). |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | 438.18 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(downside_2027q4_segment_income, downside_2027q4_gaap_charges). |
| Net financing cost less interest income downside_2027q4_net_interest | 2027Q4 / downside | 10.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference downside_2027q4_pretax | 2027Q4 / downside | 428.18 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(downside_2027q4_operating_income, downside_2027q4_net_interest). |
| Cash tax / pretax earnings downside_2027q4_tax_rate | 2027Q4 / downside | 23.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance downside_2027q4_tax | 2027Q4 / downside | 98.48 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(downside_2027q4_pretax, downside_2027q4_tax_rate). |
| After-tax earnings reference downside_2027q4_aftertax | 2027Q4 / downside | 329.70 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(downside_2027q4_pretax, downside_2027q4_tax). |
| Total depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 85.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges downside_2027q4_cash_start | 2027Q4 / downside | 469.70 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(downside_2027q4_aftertax, downside_2027q4_sbc, downside_2027q4_da). |
| Net working-capital use / revenue downside_2027q4_wc_ratio | 2027Q4 / downside | 4.5% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use downside_2027q4_wc | 2027Q4 / downside | 318.01 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(downside_2027q4_revenue, downside_2027q4_wc_ratio). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 151.68 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(downside_2027q4_cash_start, downside_2027q4_wc). |
| Gross purchases of PP&E downside_2027q4_capex | 2027Q4 / downside | 400.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex downside_2027q4_fcf | 2027Q4 / downside | -248.32 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Cash compensation settlements downside_2027q4_sbc_cash | 2027Q4 / downside | 40.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements downside_2027q4_cash_after_sbc | 2027Q4 / downside | -288.32 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(downside_2027q4_fcf, downside_2027q4_sbc_cash). |
| Revenue ($M) downside_fy2026_revenue | FY2026 / downside | 18,450.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| CCS revenue ($M) downside_fy2026_ccs_revenue | FY2026 / downside | 14,950.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ccs_revenue, downside_2026q3_ccs_revenue, downside_2026q4_ccs_revenue). |
| ATS revenue ($M) downside_fy2026_ats_revenue | FY2026 / downside | 3,499.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ats_revenue, downside_2026q3_ats_revenue, downside_2026q4_ats_revenue). |
| GAAP operating income ($M) downside_fy2026_operating_income | FY2026 / downside | 1,301.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow ($M) downside_fy2026_cfo | FY2026 / downside | 962.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Gross cash PP&E purchases ($M) downside_fy2026_capex | FY2026 / downside | 1,123.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| CFO less gross capex ($M) downside_fy2026_fcf | FY2026 / downside | -160.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf). |
| Cash after capex and SBC settlements ($M) downside_fy2026_cash_after_sbc | FY2026 / downside | -557.04 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_sbc, downside_2026q3_cash_after_sbc, downside_2026q4_cash_after_sbc). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 24,500.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| CCS revenue ($M) downside_fy2027_ccs_revenue | FY2027 / downside | 20,930.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_ccs_revenue, downside_2027q2_ccs_revenue, downside_2027q3_ccs_revenue, downside_2027q4_ccs_revenue). |
| ATS revenue ($M) downside_fy2027_ats_revenue | FY2027 / downside | 3,569.29 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_ats_revenue, downside_2027q2_ats_revenue, downside_2027q3_ats_revenue, downside_2027q4_ats_revenue). |
| GAAP operating income ($M) downside_fy2027_operating_income | FY2027 / downside | 1,488.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 524.55 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Gross cash PP&E purchases ($M) downside_fy2027_capex | FY2027 / downside | 1,550.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less gross capex ($M) downside_fy2027_fcf | FY2027 / downside | -1,025.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Cash after capex and SBC settlements ($M) downside_fy2027_cash_after_sbc | FY2027 / downside | -1,535.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_sbc, downside_2027q2_cash_after_sbc, downside_2027q3_cash_after_sbc, downside_2027q4_cash_after_sbc). |
| FY2026 revenue versus outlook base_delivery | FY2026 / base | 100.0% ratio | assumption: Desk demand and delivery sensitivity; can lie outside company guidance. |
| Annual revenue scenario base_fy26_total | FY2026 / base | 20,500.00 USD_millions | derived: Company annual outlook times delivery factor. Formula: multiply(fy26_revenue_reference, base_delivery). |
| Q3 revenue scenario base_q3_total | 2026Q3 / base | 5,400.00 USD_millions | derived: Q3 midpoint times desk delivery factor. Formula: multiply(q3_revenue_reference, base_delivery). |
| H1 actual plus modeled Q3 base_first9_revenue | 9M 2026 / base | 14,145.60 USD_millions | derived: Known H1 plus scenario Q3. Formula: sum(h1_revenue, base_q3_total). |
| Q4 revenue scenario base_q4_total | 2026Q4 / base | 6,354.40 USD_millions | derived: Annual scenario less H1 and Q3. Formula: subtract(base_fy26_total, base_first9_revenue). |
| ATS revenue base_2026q3_ats | 2026Q3 / base | 925.00 USD_millions | assumption: Desk industrial/health/aerospace program delivery, independent of CCS. |
| ATS revenue base_2026q4_ats | 2026Q4 / base | 975.00 USD_millions | assumption: Desk industrial/health/aerospace program delivery, independent of CCS. |
| FY2026 ATS revenue base_fy26_ats | FY2026 / base | 3,594.30 USD_millions | derived: H1 actual and H2 segment assumptions. Formula: sum(h1_ats_revenue, base_2026q3_ats, base_2026q4_ats). |
| FY2026 CCS revenue base_fy26_ccs | FY2026 / base | 16,905.70 USD_millions | derived: Consolidated revenue less ATS. Formula: subtract(base_fy26_total, base_fy26_ats). |
| FY2027 CCS growth multiplier base_ccs_growth | FY2027 / base | 180.0% ratio | assumption: Desk growth by segment; no precise FY2027 company revenue guidance. |
| CCS annual revenue base_fy27_ccs | FY2027 / base | 30,430.26 USD_millions | derived: FY2026 segment scenario times named growth multiplier. Formula: multiply(base_fy26_ccs, base_ccs_growth). |
| FY2027 ATS growth multiplier base_ats_growth | FY2027 / base | 110.0% ratio | assumption: Desk growth by segment; no precise FY2027 company revenue guidance. |
| ATS annual revenue base_fy27_ats | FY2027 / base | 3,953.73 USD_millions | derived: FY2026 segment scenario times named growth multiplier. Formula: multiply(base_fy26_ats, base_ats_growth). |
| CCS revenue base_2026q3_ccs_revenue | 2026Q3 / base | 4,475.00 USD_millions | derived: Consolidated quarter scenario less ATS revenue. Formula: subtract(base_q3_total, base_2026q3_ats). |
| Identity factor base_2026q3_one | 2026Q3 / base | 100.0% ratio | assumption: Arithmetic identity. |
| ATS output revenue base_2026q3_ats_revenue | 2026Q3 / base | 925.00 USD_millions | derived: ATS revenue assumption. Formula: multiply(base_2026q3_ats, base_2026q3_one). |
| Consolidated revenue base_2026q3_revenue | 2026Q3 / base | 5,400.00 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(base_2026q3_ccs_revenue, base_2026q3_ats_revenue). |
| CCS segment margin base_2026q3_ccs_margin | 2026Q3 / base | 9.2% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income base_2026q3_ccs_income | 2026Q3 / base | 411.70 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2026q3_ccs_revenue, base_2026q3_ccs_margin). |
| ATS segment margin base_2026q3_ats_margin | 2026Q3 / base | 6.4% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income base_2026q3_ats_income | 2026Q3 / base | 59.20 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2026q3_ats_revenue, base_2026q3_ats_margin). |
| Combined segment income base_2026q3_segment_income | 2026Q3 / base | 470.90 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(base_2026q3_ccs_income, base_2026q3_ats_income). |
| GAAP stock compensation expense base_2026q3_sbc | 2026Q3 / base | 38.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item base_2026q3_intangible_amort | 2026Q3 / base | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense base_2026q3_restructuring | 2026Q3 / base | 4.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges base_2026q3_gaap_charges | 2026Q3 / base | 53.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(base_2026q3_sbc, base_2026q3_intangible_amort, base_2026q3_restructuring). |
| GAAP operating income base_2026q3_operating_income | 2026Q3 / base | 417.90 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(base_2026q3_segment_income, base_2026q3_gaap_charges). |
| Net financing cost less interest income base_2026q3_net_interest | 2026Q3 / base | 0.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference base_2026q3_pretax | 2026Q3 / base | 417.90 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(base_2026q3_operating_income, base_2026q3_net_interest). |
| Cash tax / pretax earnings base_2026q3_tax_rate | 2026Q3 / base | 21.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance base_2026q3_tax | 2026Q3 / base | 87.76 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(base_2026q3_pretax, base_2026q3_tax_rate). |
| After-tax earnings reference base_2026q3_aftertax | 2026Q3 / base | 330.14 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(base_2026q3_pretax, base_2026q3_tax). |
| Total depreciation and amortization base_2026q3_da | 2026Q3 / base | 60.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges base_2026q3_cash_start | 2026Q3 / base | 428.14 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(base_2026q3_aftertax, base_2026q3_sbc, base_2026q3_da). |
| Net working-capital use / revenue base_2026q3_wc_ratio | 2026Q3 / base | 2.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use base_2026q3_wc | 2026Q3 / base | 108.00 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(base_2026q3_revenue, base_2026q3_wc_ratio). |
| Operating cash flow base_2026q3_cfo | 2026Q3 / base | 320.14 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(base_2026q3_cash_start, base_2026q3_wc). |
| Gross purchases of PP&E base_2026q3_capex | 2026Q3 / base | 250.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex base_2026q3_fcf | 2026Q3 / base | 70.14 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| Cash compensation settlements base_2026q3_sbc_cash | 2026Q3 / base | 25.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements base_2026q3_cash_after_sbc | 2026Q3 / base | 45.14 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(base_2026q3_fcf, base_2026q3_sbc_cash). |
| CCS revenue base_2026q4_ccs_revenue | 2026Q4 / base | 5,379.40 USD_millions | derived: Consolidated quarter scenario less ATS revenue. Formula: subtract(base_q4_total, base_2026q4_ats). |
| Identity factor base_2026q4_one | 2026Q4 / base | 100.0% ratio | assumption: Arithmetic identity. |
| ATS output revenue base_2026q4_ats_revenue | 2026Q4 / base | 975.00 USD_millions | derived: ATS revenue assumption. Formula: multiply(base_2026q4_ats, base_2026q4_one). |
| Consolidated revenue base_2026q4_revenue | 2026Q4 / base | 6,354.40 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(base_2026q4_ccs_revenue, base_2026q4_ats_revenue). |
| CCS segment margin base_2026q4_ccs_margin | 2026Q4 / base | 9.2% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income base_2026q4_ccs_income | 2026Q4 / base | 494.90 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2026q4_ccs_revenue, base_2026q4_ccs_margin). |
| ATS segment margin base_2026q4_ats_margin | 2026Q4 / base | 6.4% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income base_2026q4_ats_income | 2026Q4 / base | 62.40 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2026q4_ats_revenue, base_2026q4_ats_margin). |
| Combined segment income base_2026q4_segment_income | 2026Q4 / base | 557.30 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(base_2026q4_ccs_income, base_2026q4_ats_income). |
| GAAP stock compensation expense base_2026q4_sbc | 2026Q4 / base | 41.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item base_2026q4_intangible_amort | 2026Q4 / base | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense base_2026q4_restructuring | 2026Q4 / base | 4.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges base_2026q4_gaap_charges | 2026Q4 / base | 56.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(base_2026q4_sbc, base_2026q4_intangible_amort, base_2026q4_restructuring). |
| GAAP operating income base_2026q4_operating_income | 2026Q4 / base | 501.30 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(base_2026q4_segment_income, base_2026q4_gaap_charges). |
| Net financing cost less interest income base_2026q4_net_interest | 2026Q4 / base | 0.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference base_2026q4_pretax | 2026Q4 / base | 501.30 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(base_2026q4_operating_income, base_2026q4_net_interest). |
| Cash tax / pretax earnings base_2026q4_tax_rate | 2026Q4 / base | 21.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance base_2026q4_tax | 2026Q4 / base | 105.27 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(base_2026q4_pretax, base_2026q4_tax_rate). |
| After-tax earnings reference base_2026q4_aftertax | 2026Q4 / base | 396.03 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(base_2026q4_pretax, base_2026q4_tax). |
| Total depreciation and amortization base_2026q4_da | 2026Q4 / base | 65.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges base_2026q4_cash_start | 2026Q4 / base | 502.03 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(base_2026q4_aftertax, base_2026q4_sbc, base_2026q4_da). |
| Net working-capital use / revenue base_2026q4_wc_ratio | 2026Q4 / base | 2.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use base_2026q4_wc | 2026Q4 / base | 127.09 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(base_2026q4_revenue, base_2026q4_wc_ratio). |
| Operating cash flow base_2026q4_cfo | 2026Q4 / base | 374.94 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(base_2026q4_cash_start, base_2026q4_wc). |
| Gross purchases of PP&E base_2026q4_capex | 2026Q4 / base | 256.70 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex base_2026q4_fcf | 2026Q4 / base | 118.24 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| Cash compensation settlements base_2026q4_sbc_cash | 2026Q4 / base | 35.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements base_2026q4_cash_after_sbc | 2026Q4 / base | 83.24 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(base_2026q4_fcf, base_2026q4_sbc_cash). |
| Share of FY2027 segment revenue base_2027q1_weight | 2027Q1 / base | 21.0% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue base_2027q1_ccs_revenue | 2027Q1 / base | 6,390.35 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(base_fy27_ccs, base_2027q1_weight). |
| ATS annual quarter share base_2027q1_ats_weight | 2027Q1 / base | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue base_2027q1_ats_revenue | 2027Q1 / base | 988.43 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(base_fy27_ats, base_2027q1_ats_weight). |
| Consolidated revenue base_2027q1_revenue | 2027Q1 / base | 7,378.79 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(base_2027q1_ccs_revenue, base_2027q1_ats_revenue). |
| CCS segment margin base_2027q1_ccs_margin | 2027Q1 / base | 9.2% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income base_2027q1_ccs_income | 2027Q1 / base | 587.91 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q1_ccs_revenue, base_2027q1_ccs_margin). |
| ATS segment margin base_2027q1_ats_margin | 2027Q1 / base | 6.4% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income base_2027q1_ats_income | 2027Q1 / base | 63.26 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q1_ats_revenue, base_2027q1_ats_margin). |
| Combined segment income base_2027q1_segment_income | 2027Q1 / base | 651.17 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(base_2027q1_ccs_income, base_2027q1_ats_income). |
| GAAP stock compensation expense base_2027q1_sbc | 2027Q1 / base | 44.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item base_2027q1_intangible_amort | 2027Q1 / base | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense base_2027q1_restructuring | 2027Q1 / base | 4.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges base_2027q1_gaap_charges | 2027Q1 / base | 59.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(base_2027q1_sbc, base_2027q1_intangible_amort, base_2027q1_restructuring). |
| GAAP operating income base_2027q1_operating_income | 2027Q1 / base | 592.17 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(base_2027q1_segment_income, base_2027q1_gaap_charges). |
| Net financing cost less interest income base_2027q1_net_interest | 2027Q1 / base | 0.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference base_2027q1_pretax | 2027Q1 / base | 592.17 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(base_2027q1_operating_income, base_2027q1_net_interest). |
| Cash tax / pretax earnings base_2027q1_tax_rate | 2027Q1 / base | 21.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance base_2027q1_tax | 2027Q1 / base | 124.36 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(base_2027q1_pretax, base_2027q1_tax_rate). |
| After-tax earnings reference base_2027q1_aftertax | 2027Q1 / base | 467.82 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(base_2027q1_pretax, base_2027q1_tax). |
| Total depreciation and amortization base_2027q1_da | 2027Q1 / base | 70.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges base_2027q1_cash_start | 2027Q1 / base | 581.82 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(base_2027q1_aftertax, base_2027q1_sbc, base_2027q1_da). |
| Net working-capital use / revenue base_2027q1_wc_ratio | 2027Q1 / base | 2.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use base_2027q1_wc | 2027Q1 / base | 147.58 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(base_2027q1_revenue, base_2027q1_wc_ratio). |
| Operating cash flow base_2027q1_cfo | 2027Q1 / base | 434.24 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(base_2027q1_cash_start, base_2027q1_wc). |
| Gross purchases of PP&E base_2027q1_capex | 2027Q1 / base | 350.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex base_2027q1_fcf | 2027Q1 / base | 84.24 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| Cash compensation settlements base_2027q1_sbc_cash | 2027Q1 / base | 130.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements base_2027q1_cash_after_sbc | 2027Q1 / base | -45.76 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(base_2027q1_fcf, base_2027q1_sbc_cash). |
| Share of FY2027 segment revenue base_2027q2_weight | 2027Q2 / base | 23.5% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue base_2027q2_ccs_revenue | 2027Q2 / base | 7,151.11 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(base_fy27_ccs, base_2027q2_weight). |
| ATS annual quarter share base_2027q2_ats_weight | 2027Q2 / base | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue base_2027q2_ats_revenue | 2027Q2 / base | 988.43 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(base_fy27_ats, base_2027q2_ats_weight). |
| Consolidated revenue base_2027q2_revenue | 2027Q2 / base | 8,139.54 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(base_2027q2_ccs_revenue, base_2027q2_ats_revenue). |
| CCS segment margin base_2027q2_ccs_margin | 2027Q2 / base | 9.2% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income base_2027q2_ccs_income | 2027Q2 / base | 657.90 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q2_ccs_revenue, base_2027q2_ccs_margin). |
| ATS segment margin base_2027q2_ats_margin | 2027Q2 / base | 6.4% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income base_2027q2_ats_income | 2027Q2 / base | 63.26 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q2_ats_revenue, base_2027q2_ats_margin). |
| Combined segment income base_2027q2_segment_income | 2027Q2 / base | 721.16 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(base_2027q2_ccs_income, base_2027q2_ats_income). |
| GAAP stock compensation expense base_2027q2_sbc | 2027Q2 / base | 47.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item base_2027q2_intangible_amort | 2027Q2 / base | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense base_2027q2_restructuring | 2027Q2 / base | 4.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges base_2027q2_gaap_charges | 2027Q2 / base | 62.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(base_2027q2_sbc, base_2027q2_intangible_amort, base_2027q2_restructuring). |
| GAAP operating income base_2027q2_operating_income | 2027Q2 / base | 659.16 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(base_2027q2_segment_income, base_2027q2_gaap_charges). |
| Net financing cost less interest income base_2027q2_net_interest | 2027Q2 / base | 0.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference base_2027q2_pretax | 2027Q2 / base | 659.16 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(base_2027q2_operating_income, base_2027q2_net_interest). |
| Cash tax / pretax earnings base_2027q2_tax_rate | 2027Q2 / base | 21.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance base_2027q2_tax | 2027Q2 / base | 138.42 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(base_2027q2_pretax, base_2027q2_tax_rate). |
| After-tax earnings reference base_2027q2_aftertax | 2027Q2 / base | 520.74 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(base_2027q2_pretax, base_2027q2_tax). |
| Total depreciation and amortization base_2027q2_da | 2027Q2 / base | 75.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges base_2027q2_cash_start | 2027Q2 / base | 642.74 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(base_2027q2_aftertax, base_2027q2_sbc, base_2027q2_da). |
| Net working-capital use / revenue base_2027q2_wc_ratio | 2027Q2 / base | 2.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use base_2027q2_wc | 2027Q2 / base | 162.79 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(base_2027q2_revenue, base_2027q2_wc_ratio). |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | 479.95 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(base_2027q2_cash_start, base_2027q2_wc). |
| Gross purchases of PP&E base_2027q2_capex | 2027Q2 / base | 400.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex base_2027q2_fcf | 2027Q2 / base | 79.95 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Cash compensation settlements base_2027q2_sbc_cash | 2027Q2 / base | 250.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements base_2027q2_cash_after_sbc | 2027Q2 / base | -170.05 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(base_2027q2_fcf, base_2027q2_sbc_cash). |
| Share of FY2027 segment revenue base_2027q3_weight | 2027Q3 / base | 26.0% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue base_2027q3_ccs_revenue | 2027Q3 / base | 7,911.87 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(base_fy27_ccs, base_2027q3_weight). |
| ATS annual quarter share base_2027q3_ats_weight | 2027Q3 / base | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue base_2027q3_ats_revenue | 2027Q3 / base | 988.43 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(base_fy27_ats, base_2027q3_ats_weight). |
| Consolidated revenue base_2027q3_revenue | 2027Q3 / base | 8,900.30 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(base_2027q3_ccs_revenue, base_2027q3_ats_revenue). |
| CCS segment margin base_2027q3_ccs_margin | 2027Q3 / base | 9.2% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income base_2027q3_ccs_income | 2027Q3 / base | 727.89 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q3_ccs_revenue, base_2027q3_ccs_margin). |
| ATS segment margin base_2027q3_ats_margin | 2027Q3 / base | 6.4% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income base_2027q3_ats_income | 2027Q3 / base | 63.26 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q3_ats_revenue, base_2027q3_ats_margin). |
| Combined segment income base_2027q3_segment_income | 2027Q3 / base | 791.15 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(base_2027q3_ccs_income, base_2027q3_ats_income). |
| GAAP stock compensation expense base_2027q3_sbc | 2027Q3 / base | 50.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item base_2027q3_intangible_amort | 2027Q3 / base | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense base_2027q3_restructuring | 2027Q3 / base | 4.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges base_2027q3_gaap_charges | 2027Q3 / base | 65.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(base_2027q3_sbc, base_2027q3_intangible_amort, base_2027q3_restructuring). |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | 726.15 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(base_2027q3_segment_income, base_2027q3_gaap_charges). |
| Net financing cost less interest income base_2027q3_net_interest | 2027Q3 / base | 0.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference base_2027q3_pretax | 2027Q3 / base | 726.15 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(base_2027q3_operating_income, base_2027q3_net_interest). |
| Cash tax / pretax earnings base_2027q3_tax_rate | 2027Q3 / base | 21.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance base_2027q3_tax | 2027Q3 / base | 152.49 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(base_2027q3_pretax, base_2027q3_tax_rate). |
| After-tax earnings reference base_2027q3_aftertax | 2027Q3 / base | 573.66 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(base_2027q3_pretax, base_2027q3_tax). |
| Total depreciation and amortization base_2027q3_da | 2027Q3 / base | 80.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges base_2027q3_cash_start | 2027Q3 / base | 703.66 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(base_2027q3_aftertax, base_2027q3_sbc, base_2027q3_da). |
| Net working-capital use / revenue base_2027q3_wc_ratio | 2027Q3 / base | 2.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use base_2027q3_wc | 2027Q3 / base | 178.01 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(base_2027q3_revenue, base_2027q3_wc_ratio). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 525.65 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(base_2027q3_cash_start, base_2027q3_wc). |
| Gross purchases of PP&E base_2027q3_capex | 2027Q3 / base | 450.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex base_2027q3_fcf | 2027Q3 / base | 75.65 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Cash compensation settlements base_2027q3_sbc_cash | 2027Q3 / base | 25.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements base_2027q3_cash_after_sbc | 2027Q3 / base | 50.65 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(base_2027q3_fcf, base_2027q3_sbc_cash). |
| Share of FY2027 segment revenue base_2027q4_weight | 2027Q4 / base | 29.5% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue base_2027q4_ccs_revenue | 2027Q4 / base | 8,976.93 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(base_fy27_ccs, base_2027q4_weight). |
| ATS annual quarter share base_2027q4_ats_weight | 2027Q4 / base | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue base_2027q4_ats_revenue | 2027Q4 / base | 988.43 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(base_fy27_ats, base_2027q4_ats_weight). |
| Consolidated revenue base_2027q4_revenue | 2027Q4 / base | 9,965.36 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(base_2027q4_ccs_revenue, base_2027q4_ats_revenue). |
| CCS segment margin base_2027q4_ccs_margin | 2027Q4 / base | 9.2% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income base_2027q4_ccs_income | 2027Q4 / base | 825.88 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q4_ccs_revenue, base_2027q4_ccs_margin). |
| ATS segment margin base_2027q4_ats_margin | 2027Q4 / base | 6.4% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income base_2027q4_ats_income | 2027Q4 / base | 63.26 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(base_2027q4_ats_revenue, base_2027q4_ats_margin). |
| Combined segment income base_2027q4_segment_income | 2027Q4 / base | 889.14 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(base_2027q4_ccs_income, base_2027q4_ats_income). |
| GAAP stock compensation expense base_2027q4_sbc | 2027Q4 / base | 53.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item base_2027q4_intangible_amort | 2027Q4 / base | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense base_2027q4_restructuring | 2027Q4 / base | 4.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges base_2027q4_gaap_charges | 2027Q4 / base | 68.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(base_2027q4_sbc, base_2027q4_intangible_amort, base_2027q4_restructuring). |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | 821.14 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(base_2027q4_segment_income, base_2027q4_gaap_charges). |
| Net financing cost less interest income base_2027q4_net_interest | 2027Q4 / base | 0.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference base_2027q4_pretax | 2027Q4 / base | 821.14 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(base_2027q4_operating_income, base_2027q4_net_interest). |
| Cash tax / pretax earnings base_2027q4_tax_rate | 2027Q4 / base | 21.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance base_2027q4_tax | 2027Q4 / base | 172.44 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(base_2027q4_pretax, base_2027q4_tax_rate). |
| After-tax earnings reference base_2027q4_aftertax | 2027Q4 / base | 648.70 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(base_2027q4_pretax, base_2027q4_tax). |
| Total depreciation and amortization base_2027q4_da | 2027Q4 / base | 85.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges base_2027q4_cash_start | 2027Q4 / base | 786.70 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(base_2027q4_aftertax, base_2027q4_sbc, base_2027q4_da). |
| Net working-capital use / revenue base_2027q4_wc_ratio | 2027Q4 / base | 2.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use base_2027q4_wc | 2027Q4 / base | 199.31 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(base_2027q4_revenue, base_2027q4_wc_ratio). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 587.39 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(base_2027q4_cash_start, base_2027q4_wc). |
| Gross purchases of PP&E base_2027q4_capex | 2027Q4 / base | 450.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex base_2027q4_fcf | 2027Q4 / base | 137.39 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Cash compensation settlements base_2027q4_sbc_cash | 2027Q4 / base | 35.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements base_2027q4_cash_after_sbc | 2027Q4 / base | 102.39 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(base_2027q4_fcf, base_2027q4_sbc_cash). |
| Revenue ($M) base_fy2026_revenue | FY2026 / base | 20,500.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| CCS revenue ($M) base_fy2026_ccs_revenue | FY2026 / base | 16,905.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ccs_revenue, base_2026q3_ccs_revenue, base_2026q4_ccs_revenue). |
| ATS revenue ($M) base_fy2026_ats_revenue | FY2026 / base | 3,594.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ats_revenue, base_2026q3_ats_revenue, base_2026q4_ats_revenue). |
| GAAP operating income ($M) base_fy2026_operating_income | FY2026 / base | 1,649.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow ($M) base_fy2026_cfo | FY2026 / base | 1,462.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Gross cash PP&E purchases ($M) base_fy2026_capex | FY2026 / base | 1,000.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| CFO less gross capex ($M) base_fy2026_fcf | FY2026 / base | 462.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| Cash after capex and SBC settlements ($M) base_fy2026_cash_after_sbc | FY2026 / base | 75.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_sbc, base_2026q3_cash_after_sbc, base_2026q4_cash_after_sbc). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 34,383.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| CCS revenue ($M) base_fy2027_ccs_revenue | FY2027 / base | 30,430.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_ccs_revenue, base_2027q2_ccs_revenue, base_2027q3_ccs_revenue, base_2027q4_ccs_revenue). |
| ATS revenue ($M) base_fy2027_ats_revenue | FY2027 / base | 3,953.73 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_ats_revenue, base_2027q2_ats_revenue, base_2027q3_ats_revenue, base_2027q4_ats_revenue). |
| GAAP operating income ($M) base_fy2027_operating_income | FY2027 / base | 2,798.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 2,027.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Gross cash PP&E purchases ($M) base_fy2027_capex | FY2027 / base | 1,650.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less gross capex ($M) base_fy2027_fcf | FY2027 / base | 377.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Cash after capex and SBC settlements ($M) base_fy2027_cash_after_sbc | FY2027 / base | -62.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_sbc, base_2027q2_cash_after_sbc, base_2027q3_cash_after_sbc, base_2027q4_cash_after_sbc). |
| FY2026 revenue versus outlook upside_delivery | FY2026 / upside | 105.0% ratio | assumption: Desk demand and delivery sensitivity; can lie outside company guidance. |
| Annual revenue scenario upside_fy26_total | FY2026 / upside | 21,525.00 USD_millions | derived: Company annual outlook times delivery factor. Formula: multiply(fy26_revenue_reference, upside_delivery). |
| Q3 revenue scenario upside_q3_total | 2026Q3 / upside | 5,670.00 USD_millions | derived: Q3 midpoint times desk delivery factor. Formula: multiply(q3_revenue_reference, upside_delivery). |
| H1 actual plus modeled Q3 upside_first9_revenue | 9M 2026 / upside | 14,415.60 USD_millions | derived: Known H1 plus scenario Q3. Formula: sum(h1_revenue, upside_q3_total). |
| Q4 revenue scenario upside_q4_total | 2026Q4 / upside | 7,109.40 USD_millions | derived: Annual scenario less H1 and Q3. Formula: subtract(upside_fy26_total, upside_first9_revenue). |
| ATS revenue upside_2026q3_ats | 2026Q3 / upside | 971.25 USD_millions | assumption: Desk industrial/health/aerospace program delivery, independent of CCS. |
| ATS revenue upside_2026q4_ats | 2026Q4 / upside | 1,023.75 USD_millions | assumption: Desk industrial/health/aerospace program delivery, independent of CCS. |
| FY2026 ATS revenue upside_fy26_ats | FY2026 / upside | 3,689.30 USD_millions | derived: H1 actual and H2 segment assumptions. Formula: sum(h1_ats_revenue, upside_2026q3_ats, upside_2026q4_ats). |
| FY2026 CCS revenue upside_fy26_ccs | FY2026 / upside | 17,835.70 USD_millions | derived: Consolidated revenue less ATS. Formula: subtract(upside_fy26_total, upside_fy26_ats). |
| FY2027 CCS growth multiplier upside_ccs_growth | FY2027 / upside | 200.0% ratio | assumption: Desk growth by segment; no precise FY2027 company revenue guidance. |
| CCS annual revenue upside_fy27_ccs | FY2027 / upside | 35,671.40 USD_millions | derived: FY2026 segment scenario times named growth multiplier. Formula: multiply(upside_fy26_ccs, upside_ccs_growth). |
| FY2027 ATS growth multiplier upside_ats_growth | FY2027 / upside | 115.0% ratio | assumption: Desk growth by segment; no precise FY2027 company revenue guidance. |
| ATS annual revenue upside_fy27_ats | FY2027 / upside | 4,242.69 USD_millions | derived: FY2026 segment scenario times named growth multiplier. Formula: multiply(upside_fy26_ats, upside_ats_growth). |
| CCS revenue upside_2026q3_ccs_revenue | 2026Q3 / upside | 4,698.75 USD_millions | derived: Consolidated quarter scenario less ATS revenue. Formula: subtract(upside_q3_total, upside_2026q3_ats). |
| Identity factor upside_2026q3_one | 2026Q3 / upside | 100.0% ratio | assumption: Arithmetic identity. |
| ATS output revenue upside_2026q3_ats_revenue | 2026Q3 / upside | 971.25 USD_millions | derived: ATS revenue assumption. Formula: multiply(upside_2026q3_ats, upside_2026q3_one). |
| Consolidated revenue upside_2026q3_revenue | 2026Q3 / upside | 5,670.00 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(upside_2026q3_ccs_revenue, upside_2026q3_ats_revenue). |
| CCS segment margin upside_2026q3_ccs_margin | 2026Q3 / upside | 10.0% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income upside_2026q3_ccs_income | 2026Q3 / upside | 469.88 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2026q3_ccs_revenue, upside_2026q3_ccs_margin). |
| ATS segment margin upside_2026q3_ats_margin | 2026Q3 / upside | 7.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income upside_2026q3_ats_income | 2026Q3 / upside | 67.99 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2026q3_ats_revenue, upside_2026q3_ats_margin). |
| Combined segment income upside_2026q3_segment_income | 2026Q3 / upside | 537.86 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(upside_2026q3_ccs_income, upside_2026q3_ats_income). |
| GAAP stock compensation expense upside_2026q3_sbc | 2026Q3 / upside | 40.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item upside_2026q3_intangible_amort | 2026Q3 / upside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense upside_2026q3_restructuring | 2026Q3 / upside | 2.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges upside_2026q3_gaap_charges | 2026Q3 / upside | 53.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(upside_2026q3_sbc, upside_2026q3_intangible_amort, upside_2026q3_restructuring). |
| GAAP operating income upside_2026q3_operating_income | 2026Q3 / upside | 484.86 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(upside_2026q3_segment_income, upside_2026q3_gaap_charges). |
| Net financing cost less interest income upside_2026q3_net_interest | 2026Q3 / upside | -5.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference upside_2026q3_pretax | 2026Q3 / upside | 489.86 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(upside_2026q3_operating_income, upside_2026q3_net_interest). |
| Cash tax / pretax earnings upside_2026q3_tax_rate | 2026Q3 / upside | 20.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance upside_2026q3_tax | 2026Q3 / upside | 97.97 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(upside_2026q3_pretax, upside_2026q3_tax_rate). |
| After-tax earnings reference upside_2026q3_aftertax | 2026Q3 / upside | 391.89 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(upside_2026q3_pretax, upside_2026q3_tax). |
| Total depreciation and amortization upside_2026q3_da | 2026Q3 / upside | 60.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges upside_2026q3_cash_start | 2026Q3 / upside | 491.89 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(upside_2026q3_aftertax, upside_2026q3_sbc, upside_2026q3_da). |
| Net working-capital use / revenue upside_2026q3_wc_ratio | 2026Q3 / upside | 1.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use upside_2026q3_wc | 2026Q3 / upside | 56.70 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(upside_2026q3_revenue, upside_2026q3_wc_ratio). |
| Operating cash flow upside_2026q3_cfo | 2026Q3 / upside | 435.19 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(upside_2026q3_cash_start, upside_2026q3_wc). |
| Gross purchases of PP&E upside_2026q3_capex | 2026Q3 / upside | 250.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex upside_2026q3_fcf | 2026Q3 / upside | 185.19 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| Cash compensation settlements upside_2026q3_sbc_cash | 2026Q3 / upside | 25.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements upside_2026q3_cash_after_sbc | 2026Q3 / upside | 160.19 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(upside_2026q3_fcf, upside_2026q3_sbc_cash). |
| CCS revenue upside_2026q4_ccs_revenue | 2026Q4 / upside | 6,085.65 USD_millions | derived: Consolidated quarter scenario less ATS revenue. Formula: subtract(upside_q4_total, upside_2026q4_ats). |
| Identity factor upside_2026q4_one | 2026Q4 / upside | 100.0% ratio | assumption: Arithmetic identity. |
| ATS output revenue upside_2026q4_ats_revenue | 2026Q4 / upside | 1,023.75 USD_millions | derived: ATS revenue assumption. Formula: multiply(upside_2026q4_ats, upside_2026q4_one). |
| Consolidated revenue upside_2026q4_revenue | 2026Q4 / upside | 7,109.40 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(upside_2026q4_ccs_revenue, upside_2026q4_ats_revenue). |
| CCS segment margin upside_2026q4_ccs_margin | 2026Q4 / upside | 10.0% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income upside_2026q4_ccs_income | 2026Q4 / upside | 608.56 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2026q4_ccs_revenue, upside_2026q4_ccs_margin). |
| ATS segment margin upside_2026q4_ats_margin | 2026Q4 / upside | 7.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income upside_2026q4_ats_income | 2026Q4 / upside | 71.66 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2026q4_ats_revenue, upside_2026q4_ats_margin). |
| Combined segment income upside_2026q4_segment_income | 2026Q4 / upside | 680.23 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(upside_2026q4_ccs_income, upside_2026q4_ats_income). |
| GAAP stock compensation expense upside_2026q4_sbc | 2026Q4 / upside | 43.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item upside_2026q4_intangible_amort | 2026Q4 / upside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense upside_2026q4_restructuring | 2026Q4 / upside | 2.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges upside_2026q4_gaap_charges | 2026Q4 / upside | 56.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(upside_2026q4_sbc, upside_2026q4_intangible_amort, upside_2026q4_restructuring). |
| GAAP operating income upside_2026q4_operating_income | 2026Q4 / upside | 624.23 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(upside_2026q4_segment_income, upside_2026q4_gaap_charges). |
| Net financing cost less interest income upside_2026q4_net_interest | 2026Q4 / upside | -5.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference upside_2026q4_pretax | 2026Q4 / upside | 629.23 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(upside_2026q4_operating_income, upside_2026q4_net_interest). |
| Cash tax / pretax earnings upside_2026q4_tax_rate | 2026Q4 / upside | 20.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance upside_2026q4_tax | 2026Q4 / upside | 125.85 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(upside_2026q4_pretax, upside_2026q4_tax_rate). |
| After-tax earnings reference upside_2026q4_aftertax | 2026Q4 / upside | 503.38 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(upside_2026q4_pretax, upside_2026q4_tax). |
| Total depreciation and amortization upside_2026q4_da | 2026Q4 / upside | 65.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges upside_2026q4_cash_start | 2026Q4 / upside | 611.38 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(upside_2026q4_aftertax, upside_2026q4_sbc, upside_2026q4_da). |
| Net working-capital use / revenue upside_2026q4_wc_ratio | 2026Q4 / upside | 1.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use upside_2026q4_wc | 2026Q4 / upside | 71.09 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(upside_2026q4_revenue, upside_2026q4_wc_ratio). |
| Operating cash flow upside_2026q4_cfo | 2026Q4 / upside | 540.29 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(upside_2026q4_cash_start, upside_2026q4_wc). |
| Gross purchases of PP&E upside_2026q4_capex | 2026Q4 / upside | 270.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex upside_2026q4_fcf | 2026Q4 / upside | 270.29 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| Cash compensation settlements upside_2026q4_sbc_cash | 2026Q4 / upside | 35.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements upside_2026q4_cash_after_sbc | 2026Q4 / upside | 235.29 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(upside_2026q4_fcf, upside_2026q4_sbc_cash). |
| Share of FY2027 segment revenue upside_2027q1_weight | 2027Q1 / upside | 21.0% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue upside_2027q1_ccs_revenue | 2027Q1 / upside | 7,490.99 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(upside_fy27_ccs, upside_2027q1_weight). |
| ATS annual quarter share upside_2027q1_ats_weight | 2027Q1 / upside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue upside_2027q1_ats_revenue | 2027Q1 / upside | 1,060.67 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(upside_fy27_ats, upside_2027q1_ats_weight). |
| Consolidated revenue upside_2027q1_revenue | 2027Q1 / upside | 8,551.67 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(upside_2027q1_ccs_revenue, upside_2027q1_ats_revenue). |
| CCS segment margin upside_2027q1_ccs_margin | 2027Q1 / upside | 10.0% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income upside_2027q1_ccs_income | 2027Q1 / upside | 749.10 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q1_ccs_revenue, upside_2027q1_ccs_margin). |
| ATS segment margin upside_2027q1_ats_margin | 2027Q1 / upside | 7.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income upside_2027q1_ats_income | 2027Q1 / upside | 74.25 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q1_ats_revenue, upside_2027q1_ats_margin). |
| Combined segment income upside_2027q1_segment_income | 2027Q1 / upside | 823.35 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(upside_2027q1_ccs_income, upside_2027q1_ats_income). |
| GAAP stock compensation expense upside_2027q1_sbc | 2027Q1 / upside | 46.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item upside_2027q1_intangible_amort | 2027Q1 / upside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense upside_2027q1_restructuring | 2027Q1 / upside | 2.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges upside_2027q1_gaap_charges | 2027Q1 / upside | 59.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(upside_2027q1_sbc, upside_2027q1_intangible_amort, upside_2027q1_restructuring). |
| GAAP operating income upside_2027q1_operating_income | 2027Q1 / upside | 764.35 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(upside_2027q1_segment_income, upside_2027q1_gaap_charges). |
| Net financing cost less interest income upside_2027q1_net_interest | 2027Q1 / upside | -5.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference upside_2027q1_pretax | 2027Q1 / upside | 769.35 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(upside_2027q1_operating_income, upside_2027q1_net_interest). |
| Cash tax / pretax earnings upside_2027q1_tax_rate | 2027Q1 / upside | 20.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance upside_2027q1_tax | 2027Q1 / upside | 153.87 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(upside_2027q1_pretax, upside_2027q1_tax_rate). |
| After-tax earnings reference upside_2027q1_aftertax | 2027Q1 / upside | 615.48 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(upside_2027q1_pretax, upside_2027q1_tax). |
| Total depreciation and amortization upside_2027q1_da | 2027Q1 / upside | 70.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges upside_2027q1_cash_start | 2027Q1 / upside | 731.48 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(upside_2027q1_aftertax, upside_2027q1_sbc, upside_2027q1_da). |
| Net working-capital use / revenue upside_2027q1_wc_ratio | 2027Q1 / upside | 1.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use upside_2027q1_wc | 2027Q1 / upside | 85.52 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(upside_2027q1_revenue, upside_2027q1_wc_ratio). |
| Operating cash flow upside_2027q1_cfo | 2027Q1 / upside | 645.96 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(upside_2027q1_cash_start, upside_2027q1_wc). |
| Gross purchases of PP&E upside_2027q1_capex | 2027Q1 / upside | 400.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex upside_2027q1_fcf | 2027Q1 / upside | 245.96 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| Cash compensation settlements upside_2027q1_sbc_cash | 2027Q1 / upside | 130.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements upside_2027q1_cash_after_sbc | 2027Q1 / upside | 115.96 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(upside_2027q1_fcf, upside_2027q1_sbc_cash). |
| Share of FY2027 segment revenue upside_2027q2_weight | 2027Q2 / upside | 23.5% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue upside_2027q2_ccs_revenue | 2027Q2 / upside | 8,382.78 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(upside_fy27_ccs, upside_2027q2_weight). |
| ATS annual quarter share upside_2027q2_ats_weight | 2027Q2 / upside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue upside_2027q2_ats_revenue | 2027Q2 / upside | 1,060.67 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(upside_fy27_ats, upside_2027q2_ats_weight). |
| Consolidated revenue upside_2027q2_revenue | 2027Q2 / upside | 9,443.45 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(upside_2027q2_ccs_revenue, upside_2027q2_ats_revenue). |
| CCS segment margin upside_2027q2_ccs_margin | 2027Q2 / upside | 10.0% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income upside_2027q2_ccs_income | 2027Q2 / upside | 838.28 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q2_ccs_revenue, upside_2027q2_ccs_margin). |
| ATS segment margin upside_2027q2_ats_margin | 2027Q2 / upside | 7.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income upside_2027q2_ats_income | 2027Q2 / upside | 74.25 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q2_ats_revenue, upside_2027q2_ats_margin). |
| Combined segment income upside_2027q2_segment_income | 2027Q2 / upside | 912.53 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(upside_2027q2_ccs_income, upside_2027q2_ats_income). |
| GAAP stock compensation expense upside_2027q2_sbc | 2027Q2 / upside | 49.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item upside_2027q2_intangible_amort | 2027Q2 / upside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense upside_2027q2_restructuring | 2027Q2 / upside | 2.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges upside_2027q2_gaap_charges | 2027Q2 / upside | 62.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(upside_2027q2_sbc, upside_2027q2_intangible_amort, upside_2027q2_restructuring). |
| GAAP operating income upside_2027q2_operating_income | 2027Q2 / upside | 850.53 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(upside_2027q2_segment_income, upside_2027q2_gaap_charges). |
| Net financing cost less interest income upside_2027q2_net_interest | 2027Q2 / upside | -5.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference upside_2027q2_pretax | 2027Q2 / upside | 855.53 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(upside_2027q2_operating_income, upside_2027q2_net_interest). |
| Cash tax / pretax earnings upside_2027q2_tax_rate | 2027Q2 / upside | 20.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance upside_2027q2_tax | 2027Q2 / upside | 171.11 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(upside_2027q2_pretax, upside_2027q2_tax_rate). |
| After-tax earnings reference upside_2027q2_aftertax | 2027Q2 / upside | 684.42 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(upside_2027q2_pretax, upside_2027q2_tax). |
| Total depreciation and amortization upside_2027q2_da | 2027Q2 / upside | 75.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges upside_2027q2_cash_start | 2027Q2 / upside | 808.42 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(upside_2027q2_aftertax, upside_2027q2_sbc, upside_2027q2_da). |
| Net working-capital use / revenue upside_2027q2_wc_ratio | 2027Q2 / upside | 1.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use upside_2027q2_wc | 2027Q2 / upside | 94.43 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(upside_2027q2_revenue, upside_2027q2_wc_ratio). |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | 713.99 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(upside_2027q2_cash_start, upside_2027q2_wc). |
| Gross purchases of PP&E upside_2027q2_capex | 2027Q2 / upside | 450.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex upside_2027q2_fcf | 2027Q2 / upside | 263.99 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Cash compensation settlements upside_2027q2_sbc_cash | 2027Q2 / upside | 250.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements upside_2027q2_cash_after_sbc | 2027Q2 / upside | 13.99 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(upside_2027q2_fcf, upside_2027q2_sbc_cash). |
| Share of FY2027 segment revenue upside_2027q3_weight | 2027Q3 / upside | 26.0% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue upside_2027q3_ccs_revenue | 2027Q3 / upside | 9,274.56 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(upside_fy27_ccs, upside_2027q3_weight). |
| ATS annual quarter share upside_2027q3_ats_weight | 2027Q3 / upside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue upside_2027q3_ats_revenue | 2027Q3 / upside | 1,060.67 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(upside_fy27_ats, upside_2027q3_ats_weight). |
| Consolidated revenue upside_2027q3_revenue | 2027Q3 / upside | 10,335.24 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(upside_2027q3_ccs_revenue, upside_2027q3_ats_revenue). |
| CCS segment margin upside_2027q3_ccs_margin | 2027Q3 / upside | 10.0% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income upside_2027q3_ccs_income | 2027Q3 / upside | 927.46 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q3_ccs_revenue, upside_2027q3_ccs_margin). |
| ATS segment margin upside_2027q3_ats_margin | 2027Q3 / upside | 7.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income upside_2027q3_ats_income | 2027Q3 / upside | 74.25 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q3_ats_revenue, upside_2027q3_ats_margin). |
| Combined segment income upside_2027q3_segment_income | 2027Q3 / upside | 1,001.70 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(upside_2027q3_ccs_income, upside_2027q3_ats_income). |
| GAAP stock compensation expense upside_2027q3_sbc | 2027Q3 / upside | 52.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item upside_2027q3_intangible_amort | 2027Q3 / upside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense upside_2027q3_restructuring | 2027Q3 / upside | 2.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges upside_2027q3_gaap_charges | 2027Q3 / upside | 65.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(upside_2027q3_sbc, upside_2027q3_intangible_amort, upside_2027q3_restructuring). |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | 936.70 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(upside_2027q3_segment_income, upside_2027q3_gaap_charges). |
| Net financing cost less interest income upside_2027q3_net_interest | 2027Q3 / upside | -5.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference upside_2027q3_pretax | 2027Q3 / upside | 941.70 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(upside_2027q3_operating_income, upside_2027q3_net_interest). |
| Cash tax / pretax earnings upside_2027q3_tax_rate | 2027Q3 / upside | 20.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance upside_2027q3_tax | 2027Q3 / upside | 188.34 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(upside_2027q3_pretax, upside_2027q3_tax_rate). |
| After-tax earnings reference upside_2027q3_aftertax | 2027Q3 / upside | 753.36 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(upside_2027q3_pretax, upside_2027q3_tax). |
| Total depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 80.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges upside_2027q3_cash_start | 2027Q3 / upside | 885.36 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(upside_2027q3_aftertax, upside_2027q3_sbc, upside_2027q3_da). |
| Net working-capital use / revenue upside_2027q3_wc_ratio | 2027Q3 / upside | 1.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use upside_2027q3_wc | 2027Q3 / upside | 103.35 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(upside_2027q3_revenue, upside_2027q3_wc_ratio). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 782.01 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(upside_2027q3_cash_start, upside_2027q3_wc). |
| Gross purchases of PP&E upside_2027q3_capex | 2027Q3 / upside | 500.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex upside_2027q3_fcf | 2027Q3 / upside | 282.01 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Cash compensation settlements upside_2027q3_sbc_cash | 2027Q3 / upside | 25.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements upside_2027q3_cash_after_sbc | 2027Q3 / upside | 257.01 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(upside_2027q3_fcf, upside_2027q3_sbc_cash). |
| Share of FY2027 segment revenue upside_2027q4_weight | 2027Q4 / upside | 29.5% ratio | assumption: Desk ramp allocation; four shares sum to one. |
| CCS revenue upside_2027q4_ccs_revenue | 2027Q4 / upside | 10,523.06 USD_millions | derived: Segment annual revenue times quarterly ramp share. Formula: multiply(upside_fy27_ccs, upside_2027q4_weight). |
| ATS annual quarter share upside_2027q4_ats_weight | 2027Q4 / upside | 25.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS revenue upside_2027q4_ats_revenue | 2027Q4 / upside | 1,060.67 USD_millions | derived: Even ATS phasing; no implied accelerated AI growth in ATS. Formula: multiply(upside_fy27_ats, upside_2027q4_ats_weight). |
| Consolidated revenue upside_2027q4_revenue | 2027Q4 / upside | 11,583.74 USD_millions | derived: CCS and ATS sum without adding HPS as a third segment. Formula: sum(upside_2027q4_ccs_revenue, upside_2027q4_ats_revenue). |
| CCS segment margin upside_2027q4_ccs_margin | 2027Q4 / upside | 10.0% ratio | assumption: Desk operating assumption, not company guidance. |
| CCS segment income upside_2027q4_ccs_income | 2027Q4 / upside | 1,052.31 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q4_ccs_revenue, upside_2027q4_ccs_margin). |
| ATS segment margin upside_2027q4_ats_margin | 2027Q4 / upside | 7.0% ratio | assumption: Desk operating assumption, not company guidance. |
| ATS segment income upside_2027q4_ats_income | 2027Q4 / upside | 74.25 USD_millions | derived: Segment margin is not consolidated GAAP operating margin. Formula: multiply(upside_2027q4_ats_revenue, upside_2027q4_ats_margin). |
| Combined segment income upside_2027q4_segment_income | 2027Q4 / upside | 1,126.55 USD_millions | derived: Before reconciliation to GAAP operating earnings. Formula: sum(upside_2027q4_ccs_income, upside_2027q4_ats_income). |
| GAAP stock compensation expense upside_2027q4_sbc | 2027Q4 / upside | 55.00 USD_millions | assumption: Expense deducted from segment income and added back only in CFO; financing cash settlement is separate. |
| Intangible amortization reconciling item upside_2027q4_intangible_amort | 2027Q4 / upside | 11.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Restructuring expense upside_2027q4_restructuring | 2027Q4 / upside | 2.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| GAAP reconciling operating charges upside_2027q4_gaap_charges | 2027Q4 / upside | 68.00 USD_millions | derived: No future TRS fair-value gain is assumed. Formula: sum(upside_2027q4_sbc, upside_2027q4_intangible_amort, upside_2027q4_restructuring). |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | 1,058.55 USD_millions | derived: Segment income less SBC, amortization and restructuring; zero TRS gain. Formula: subtract(upside_2027q4_segment_income, upside_2027q4_gaap_charges). |
| Net financing cost less interest income upside_2027q4_net_interest | 2027Q4 / upside | -5.00 USD_millions | assumption: Desk operating assumption, not company guidance. |
| Cash-tax earnings reference upside_2027q4_pretax | 2027Q4 / upside | 1,063.55 USD_millions | derived: Interest-income assumptions can change after the August capital raise. Formula: subtract(upside_2027q4_operating_income, upside_2027q4_net_interest). |
| Cash tax / pretax earnings upside_2027q4_tax_rate | 2027Q4 / upside | 20.0% ratio | assumption: Desk operating assumption, not company guidance. |
| Cash tax allowance upside_2027q4_tax | 2027Q4 / upside | 212.71 USD_millions | derived: Cash-tax approximation; no deferred-tax windfall extrapolated. Formula: multiply(upside_2027q4_pretax, upside_2027q4_tax_rate). |
| After-tax earnings reference upside_2027q4_aftertax | 2027Q4 / upside | 850.84 USD_millions | derived: Earnings before working capital and noncash addbacks. Formula: subtract(upside_2027q4_pretax, upside_2027q4_tax). |
| Total depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 85.00 USD_millions | assumption: Includes acquired-intangible amortization; do not add that line twice. |
| Earnings plus noncash charges upside_2027q4_cash_start | 2027Q4 / upside | 990.84 USD_millions | derived: Noncash expense addbacks before working capital. Formula: sum(upside_2027q4_aftertax, upside_2027q4_sbc, upside_2027q4_da). |
| Net working-capital use / revenue upside_2027q4_wc_ratio | 2027Q4 / upside | 1.0% ratio | assumption: Net of supplier/customer funding; not a separate second subtraction of gross receivables and inventory. |
| Net working-capital cash use upside_2027q4_wc | 2027Q4 / upside | 115.84 USD_millions | derived: Growth cash needs net of operating-liability funding. Formula: multiply(upside_2027q4_revenue, upside_2027q4_wc_ratio). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 875.01 USD_millions | derived: No financing proceeds or SBC financing settlements included. Formula: subtract(upside_2027q4_cash_start, upside_2027q4_wc). |
| Gross purchases of PP&E upside_2027q4_capex | 2027Q4 / upside | 500.00 USD_millions | assumption: Desk quarterly spend. Base FY2026 sums to approximately $1B company capital spending outlook; future expansion is a desk extension. |
| CFO less gross capex upside_2027q4_fcf | 2027Q4 / upside | 375.01 USD_millions | derived: Excludes asset-sale proceeds; compare with the distinct company FCF definition. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Cash compensation settlements upside_2027q4_sbc_cash | 2027Q4 / upside | 35.00 USD_millions | assumption: Desk timing of financing-classified SBC cash settlements; not the same as GAAP expense. |
| Cash after capex and compensation settlements upside_2027q4_cash_after_sbc | 2027Q4 / upside | 340.01 USD_millions | derived: Not total change in cash: excludes equity proceeds, buybacks, debt principal, acquisitions and hedge settlements. Formula: subtract(upside_2027q4_fcf, upside_2027q4_sbc_cash). |
| Revenue ($M) upside_fy2026_revenue | FY2026 / upside | 21,525.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| CCS revenue ($M) upside_fy2026_ccs_revenue | FY2026 / upside | 17,835.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ccs_revenue, upside_2026q3_ccs_revenue, upside_2026q4_ccs_revenue). |
| ATS revenue ($M) upside_fy2026_ats_revenue | FY2026 / upside | 3,689.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ats_revenue, upside_2026q3_ats_revenue, upside_2026q4_ats_revenue). |
| GAAP operating income ($M) upside_fy2026_operating_income | FY2026 / upside | 1,839.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow ($M) upside_fy2026_cfo | FY2026 / upside | 1,742.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Gross cash PP&E purchases ($M) upside_fy2026_capex | FY2026 / upside | 1,013.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| CFO less gross capex ($M) upside_fy2026_fcf | FY2026 / upside | 729.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf). |
| Cash after capex and SBC settlements ($M) upside_fy2026_cash_after_sbc | FY2026 / upside | 343.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_sbc, upside_2026q3_cash_after_sbc, upside_2026q4_cash_after_sbc). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 39,914.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| CCS revenue ($M) upside_fy2027_ccs_revenue | FY2027 / upside | 35,671.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_ccs_revenue, upside_2027q2_ccs_revenue, upside_2027q3_ccs_revenue, upside_2027q4_ccs_revenue). |
| ATS revenue ($M) upside_fy2027_ats_revenue | FY2027 / upside | 4,242.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_ats_revenue, upside_2027q2_ats_revenue, upside_2027q3_ats_revenue, upside_2027q4_ats_revenue). |
| GAAP operating income ($M) upside_fy2027_operating_income | FY2027 / upside | 3,610.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 3,016.96 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Gross cash PP&E purchases ($M) upside_fy2027_capex | FY2027 / upside | 1,850.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less gross capex ($M) upside_fy2027_fcf | FY2027 / upside | 1,166.96 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Cash after capex and SBC settlements ($M) upside_fy2027_cash_after_sbc | FY2027 / upside | 726.96 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_sbc, upside_2027q2_cash_after_sbc, upside_2027q3_cash_after_sbc, upside_2027q4_cash_after_sbc). |
Model boundaries
- Initial operating scenarios without a full balance sheet, debt schedule or valuation. Cash taxes and working capital are explicit approximations, not account-by-account forecasts.
- Company FY2027 growth commentary is directional, not a numeric revenue range. Segment growth and margin cases are desk assumptions; customer programs and acquisition opportunities can change them.
- Company free cash flow deducts PP&E net of asset-sale proceeds. This model deducts gross purchases, so H1 $273.9M differs from company $285.0M by $11.1M asset-sale proceeds.
- The July EPS outlook assumed no further share issuance. The August offering changes that premise; no forward EPS is published without a full weighted share-count model.
- The June cash balance predates the August offering. Estimated offering proceeds are not added to a fictional current cash balance or to CFO. No incremental financing is assumed in the cash outputs.
- Total-return-swap fair-value changes can materially move GAAP income. Forecast gains are zero; compensation cash settlements and any hedge receipts remain distinct from operating performance.
High revenue growth with a complete cash-definition check
How much of the cloud manufacturing ramp survives working capital, expansion and compensation cash needs?
Q2 revenue was $4,698.6M, comprising $3,810.3M CCS and $888.3M ATS. Segment income totaled $386.3M, while GAAP operating income was $458.3M because a $104.1M swap gain more than offset compensation, amortization and restructuring adjustments. H1 receivables and inventory consumed $1,913.8M together, offset by $2,096.7M of payables and other operating-liability cash support. H1 CFO of $767.2M less $493.3M gross PP&E produced $273.9M; the company FCF definition adds $11.1M asset-sale proceeds. A further $326.3M compensation settlement was financing cash flow. The August offering covers 11.129M shares including the exercised option, with estimated $3.39B net proceeds. June cash of $535.7M predates that financing. The model keeps these earnings, cash and capital effects distinct.
The competing explanation
Strong program wins can still produce weak cash retained if inventory, capacity spending and compensation needs outrun collections. Large customer concentration and volatile swap gains can also make consolidated growth or GAAP earnings look more stable than the underlying economics.
Risks to track
- Three customers represented 32%, 17% and 14% of Q2 revenue.
- Inventory and receivables can outgrow supplier funding.
- Expansion spending can precede customer demand or program qualification.
- Swap fair-value gains can reverse without matching operating deterioration.
- Cash compensation and equity issuance affect ownership despite strong adjusted earnings.
- Tariffs, component supply and geographic execution can pressure margins.
Next checkpoints
- Next quarterly results · Q3 2026; release date unconfirmed (estimated). Compare the $5.25B-$5.55B revenue range with segment margins and cash conversion.
- August financing deployment · Following the August offering (estimated). Reconcile new shares, actual proceeds and capital spending before revising per-share economics.
- Finance leadership transition · October 1, 2026 announced effective date (confirmed). Track continuity in disclosure and execution as Todd Ankenmann becomes CFO.
Data coverage and open work
- Initial operating scenarios without a full balance sheet, debt schedule or valuation. Cash taxes and working capital are explicit approximations, not account-by-account forecasts.
- Company FY2027 growth commentary is directional, not a numeric revenue range. Segment growth and margin cases are desk assumptions; customer programs and acquisition opportunities can change them.
- Company free cash flow deducts PP&E net of asset-sale proceeds. This model deducts gross purchases, so H1 $273.9M differs from company $285.0M by $11.1M asset-sale proceeds.
- The July EPS outlook assumed no further share issuance. The August offering changes that premise; no forward EPS is published without a full weighted share-count model.
- The June cash balance predates the August offering. Estimated offering proceeds are not added to a fictional current cash balance or to CFO. No incremental financing is assumed in the cash outputs.
- Total-return-swap fair-value changes can materially move GAAP income. Forecast gains are zero; compensation cash settlements and any hedge receipts remain distinct from operating performance.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -3.4 | -0.1 | +3.2 | 49% |
| 5 sessions | -8.6 | -0.1 | +9.8 | 50% |
| 10 sessions | -12.4 | +0.4 | +14.1 | 52% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.