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Corporate Overview February 2026
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Safe Harbor Non-GAAP Financial Measures and Other Key Performance Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this presentation includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income per share (diluted), free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to debt, interest expense related to debt, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non- GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and non-GAAP net income per share (diluted) are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results.Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the top-line growth of our subscription business (including our ability to acquire subscriptions with new customers and to retain and expand with existing customers), while normalizing for differences in contract durations. Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any subscription contract not to be renewed on its existing terms. ARR is a performance measure that should be viewed independently of revenue and does not represent our revenue under GAAP on an annualized basis or a forecast of GAAP revenue. Investors should not place undue reliance on ARR as an indicator of our future or expected results. ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled performance measures presented by other companies. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income per share (diluted), and free cash flow are not substitutes for gross margin, operating expenses, operating income, operating margin, net income per share (diluted), and net cash provided by operating activities, respectively. There is no GAAP measurethat is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this presentation to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This presentation also includes the following forward-looking non-GAAP financial measures as part of our third quarter fiscal 2026 outlook and/or our fiscal 2026 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures. © 2026 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This presentation is for informational purposes only and nothing herein constitutes a warranty or otherbinding commitment by Nutanix. 2
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Safe Harbor Forward Looking Statements This presentation contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including our continued progress with our partners; underlying demand and business fundamentals for Nutanix; our third quarter fiscal 2026 outlook; and our fiscal 2026 outlook. These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2025 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 24, 2025, and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2026, which should be read in conjunction with this presentation and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date of this presentation and, except as required by law, assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances. 3
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Including Hybrid Multicloud adoption and Generative AIFavorable Secular Trends $76B¹ TAM in Targeted Markets by FY27Large and Growing Markets Offering Unparalleled Simplicity Across Private and Public CloudsOne Platform for Hybrid Multicloud Helps Drive Strong Retention and ExpansionBest-In-Class NPS of 90+ via Disciplined Execution on Market Opportunity, Renewals and Partner Leverage Durable Growth + Increasing Profitability 4 1Source: Estimates based on Gartner forecasts regarding component markets, with adjustments made to reflect only those applicable to our business
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A Decade of Product & Partner Progress Announced Red Hat and Citrix Partnerships Announced Cisco Partnership Aug. 2020 Oct. 2022 Aug. 2023 June 2015 Apr. 2019 May 2024 Announced Expanded Dell Partnership Announced Expanded AWS Partnership Launched NC2 on AWS Launched NC2 on Azure Announced HPE Partnership Nov. 2024 May 2025 Launched NC2 on Google Cloud 5 Introduced AHV Hypervisor May 2025 Announced Support for Everpure FlashArray July/ Sept. 2021
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Source: Estimates based on Gartner forecasts regarding component markets, with adjustments made to reflect only those applicable to our business Large and Growing Market 6 On-Prem Hyperconverged Infrastructure Hybrid Cloud Infrastructure Cloud Management Files and Objects Storage Database Automation & Database-as-a-Service CY23 CY26 $57B $76B Total Addressable Market (TAM)
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Why We Win 7 Freedom of Choice Any Server, Any Hypervisor, Any Cloud – No Lock-in 1-Click Simplicity Consumer-Like Experience to Manage Data Center One Unified Platform For All Apps and Data Customer Delight NPS Score of 90+ Lower Total Cost of Ownership ROI Benefits
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Aligned with Top CIO Priorities 8 Enable Portable Apps Extend Across Clouds Modernize Infrastructure Run Modern Apps & AI
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One Software Platform for All Apps and Data Anywhere 9 Cloud Native Apps AI/ML DesktopsDatabasesEnterprise Apps Cloud Infrastructure Cloud Management Unified Storage Services Database Services Nutanix Cloud Platform
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Well-Positioned for Modern Apps 10 Choice of Kubernetes Lowered Total Cost of Ownership Driven by Simple Scale-Out Architecture Faster Time to Market Pre-Validated Designs that Lead to Easy Deployment Improved Developer Productivity Increased Autonomy with App-Centric Self-Service Tools
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Case Study: Micron 11 Nutanix’s secure, resilient, and scalable cloud platform allows us to modernize our manufacturing environment and move away from traditional compute and storage. Anand Bahl, Chief Information Officer at Micron Customer Need: Modernize Manufacturing Apps and Infrastructure to Reduce TCO and Enhance Agility Nutanix Solution: Nutanix Cloud Platform for Kubernetes-based Applications
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Extending Platform to Public Cloud 12 Disaster RecoveryMigration Expansion Quickly Build-Out Disaster Recovery Sites in Any Public Cloud Region Move and Run Any App to Any Cloud Without Refactoring or Rearchitecting Rapidly Burst into Public Cloud for Seasonal Demand & Geographic Expansion Primary Use Cases
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13 Case Study: Fortune 500 Financial Services Customer Need: Reduce Data Center Footprint by Shifting Some Workloads to the Public Cloud Nutanix Solution: Nutanix Cloud Platform on Microsoft Azure, Purchased on Azure Marketplace
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Nutanix Kubernetes Platform Nutanix Enterprise AI Software infrastructure for shared agentic services and GenAI applications Nutanix Cloud Platform + GPUs Simplicity Control Efficiency Document Summarization On-Demand Translation Client Support Agentic Applications Chat Applications Nutanix Enterprise AI NAI is a shared Services Platform for Agentic AI that can run on any Kubernetes at the Edge, Core, and Cloud. It offers operational simplicity, enterprise controls for access and safety, and reliable cost efficiency, enabling your IT admins to become AI admins. 1414
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Vision: Build Apps Once and Run Anywhere 15 This Vision Will Open Up a New Market Opportunity Platform Services Database Messaging, Caching, Search Now Future – Project Beacon Nutanix Cloud Platform Native Hyperscaler Infrastructure Infrastructure Software
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GTM Leverage Through a Growing Partner Ecosystem Cloud/ Service Providers Platform Partners ISV Partners NC2 on Azure, AWS and Google Cloud New Dell and Pure Partnerships, other Long-Standing Partners Channel Partners Driving Channel Enablement Red Hat for Modern Apps, Cloud Desktops with Citrix and Omnissa 16
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Powering the World’s Leading Brands Since 2009 17
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Shyam Desirazu Head of Engineering Rajiv Ramaswami Chief Executive Officer Mandy Dhaliwal Chief Marketing Officer Andrew Brinded Chief Revenue Officer Inder Sidhu SVP, Chief Customer Experience Officer Rukmini Sivaraman Chief Financial Officer Jennifer Lepird SVP, HR and Chief People Officer Thomas Cornely SVP, Product Management Tarkan Maner President and Chief Commercial Officer Brian Martin Chief Legal Officer An Experienced Leadership Team 18
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Revenue of $722.8 million was up 10% year-over-year and Non-GAAP Operating Margin of 26.2% increased 160 bps year-over-year. Delivered Outperformance Across All Q2’26 Guided Metrics New logo additions of 1,050 represented our highest quarterly new logo adds in nearly eight years.Strong New Logo Growth Nutanix announced new capabilities in its Nutanix Cloud Platform (NCP) solution to give organizations greater flexibility to deploy and govern their infrastructure across distributed environments without sacrificing unified management or operational simplicity. Expanded Capabilities to Help Customers Build and Operate Sovereign Clouds Nutanix completed an accelerated share repurchase agreement with Bank of America, N.A. to repurchase $300 million of Nutanix common stock. Completed $300 Million Accelerated Share Repurchase Q2 FY2026 Company Highlights 19 Note: See Appendix for GAAP to Non-GAAP reconciliations. Nutanix announced a multi-year strategic partnership with AMD to jointly develop an open, full-stack AI infrastructure platform designed to power Agentic AI applications, everywhere. Announced Strategic Partnership with AMD
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Management Commentary 20 Our business performed solidly in the second quarter, including strong bookings, strong new logo additions, and solid free cash flow performance. Our opportunities with AI, modern applications, hybrid multicloud, and support for external storage provide us with a strong foundation for multi-year growth. Rajiv Ramaswami Chief Executive Officer Nutanix We saw healthy demand in our second quarter, as reflected in results that exceeded the high end of the range for all of our guided metrics. However, as the quarter progressed, we saw supply chain constraints driving longer server lead times for our customers. We expect this dynamic to have some impact on the timing of our near-term revenue and free cash flow. We have factored this in our Q3 and updated full-year guidance. Bookings expectations are higher than before. Revenue and free cash flow from these bookings are expected to be realized later. Rukmini Sivaraman Chief Financial Officer Nutanix Note: See Appendix for GAAP to Non-GAAP Reconciliations.
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Q2 FY2026 Financial Summary Q2’26 Results Y/Y Change Q2’26 Guidance Annual Recurring Revenue(1) $2.36B 16% N/A Average Contract Duration 3.1 Years 0.1 Year N/A Revenue $722.8M 10% $705 – $715M Non-GAAP Gross Margin 88.6% 30 bps N/A Non-GAAP Operating Expenses $451.2M 8% N/A Non-GAAP Operating Income $189.0M $27.7M N/A Non-GAAP Operating Margin 26.2% 160 bps 20.5% to 21.5% Non-GAAP Net Income per Share (Diluted) $0.56 $0.09 N/A Free Cash Flow $191.4M $4.3M N/A 21 1. Beginning with the first quarter of fiscal 2026, our methodology for calculating ARR was updated to align more closely with the timing of when licenses are made available to customers. For comparability purposes, ARR for all prior periods have been adjusted to conform to the updated methodology. Note: See Appendix for GAAP to Non-GAAP reconciliations, as well as definitions of Annual Recurring Revenue (ARR) and Average Contract Duration. There is no GAAP measure that is comparable to ARR, so the Company has not reconciled ARR in this presentation to any GAAP measure.
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Annual Recurring Revenue(1) $1,726 $1,801 $1,873 $1,943 $2,027 $2,119 $2,202 $2,284 $2,356 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 $ Millions 22 +16% Y/Y 1. Beginning with the first quarter of fiscal 2026, our methodology for calculating ARR was updated to align more closely with the timing of when licenses are made available to customers. For comparability purposes, ARR for all prior periods have been adjusted to conform to the updated methodology. Note: See Appendix for definition of Annual Recurring Revenue (ARR). There is no GAAP measure that is comparable to ARR, so the Company has not reconciled ARR in this presentation to any GAAP measure.
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Appendix
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Market Opportunity Data Certain information contained in this presentation and the accompanying oral commentary may relate to or be based on studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party studies, publications, surveys and other data are reliable as of the date hereof, they have not been independently verified, and the Company makes no representation as to the adequacy, fairness, accuracy, or completeness of any information obtained from third-party sources. The Company believes the Company’s overall market is composed of Adjacent Markets and Hybrid Cloud Market. The Company defines Adjacent Markets as being composed of desktop-as-a-service (DaaS), database automation and database-as-a-service (DBaaS), files and objects storage, cloud management, and disaster recovery-as-a-service (DRaaS) markets. The Total Addressable Market, or TAM, data for the Company’s Adjacent Markets included in this presentation are the Company’s estimates derived from Gartner forecasts regarding the component markets with adjustments, some of which are based on the Company’s internal assumptions and market experience and knowledge, made to focus only on the segments of the applicable markets that the Company believes are applicable to the Company’s business. The Company defines Hybrid Cloud Market as being composed of HCI Market and Public Cloud Market. The TAM data for the Company’s Hyperconverged Infrastructure Market, or HCI Market, and Public Cloud Market included in this presentation are the Company’s estimates derived from Gartner forecasts regarding the hyperconverged infrastructure market and infrastructure-as-a-service (Iaas) server and storage markets, respectively, with adjustments, some of which are based on the Company’s internal assumptions and market experience and knowledge, made to focus only on the segments of the applicable markets that the Company believes are applicable to the Company’s business. 24
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Definitions
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26 Definitions Annual Recurring Revenue(1), or ARR, is defined as the sum of ACV for all subscription contracts from all customers in effect as of the end of a specific period, assuming any subscription contract that expires is renewed on its existing terms. ARR excludes the value of professional services, non-portable software and support contracts and hardware sales. For the purposes of this calculation, we generally assume that the contract term begins on the date when the software is made available to the customer. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Beginning with the first quarter of fiscal 2026, our methodology for calculating ARR was updated to align more closely with the timing of when licenses are made available to customers. For comparability purposes, ARR for all prior periods have been adjusted to conform to the updated methodology. Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period. Net Retention Rate, or NRR is calculated as of the end of a twelve-month period. We calculate NRR by starting with the ARR for all customers with subscription contracts at the beginning of the period. We then divide end-of-the-period ARR for the same customer group by the beginning-of-the-period ARR. Note: NRR is a performance measure that we believe provides useful information to our management and investors as it provides an indication of our ability to retain and expand ARR from our existing customer base. Rule of 40 is defined as the sum of revenue growth rate and free cash flow margin for the period. 1. Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any subscription contract not to be renewed on its existing terms. ARR is a performance measure that should be viewed independently of revenue and does not represent our revenue under GAAP on an annualized basis or a forecast of GAAP revenue. Investors should not place undue reliance on ARR as an indicator of our future or expected results. ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled performance measures presented by other companies. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the top-line growth of our subscription business (including our ability to acquire subscriptions with new customers and to retain and expand with existing customers), while normalizing for differences in contract durations.
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GAAP to Non-GAAP Reconciliations Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Gross Margin (GAAP) 87.0% 87.0% 87.2% 87.0% 87.4% Stock-Based Compensation Expense 1.2 1.1 1.1 1.0 1.2 Amortization of Intangible Assets 0.1 0.1 – – – Gross Margin (Non-GAAP) 88.3% 88.2% 88.3% 88.0% 88.6% Operating Expenses (GAAP) $504.0 $507.3 $538.2 $533.8 $547.4 Stock-Based Compensation Expense (85.3) (77.2) (78.0) (71.1) (94.0) Amortization of Intangible Assets (0.1) (0.1) – (0.1) (0.1) Litigation-Related Costs (1.6) (3.5) (3.0) (4.6) (2.1) Operating Expenses (Non-GAAP) $417.0 $426.5 $457.2 $458.0 $451.2 Income from Operations (GAAP) $65.4 $48.7 $31.2 $49.3 $84.1 Stock-Based Compensation Expense 93.4 84.2 85.2 77.8 102.6 Amortization of Intangible Assets 0.9 0.6 0.1 0.2 0.2 Litigation-Related Costs 1.6 3.5 3.0 4.6 2.1 Income from Operations (Non-GAAP) $161.3 $137.0 $119.5 $131.8 $189.0 27Note: All amounts in millions, except percentages.
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GAAP to Non-GAAP Reconciliations Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Net Income (GAAP) $56.4 $63.4 $38.7 $62.1 $103.0 Stock-Based Compensation Expense 93.4 84.2 85.2 77.7 102.6 Amortization of Intangible Assets 0.9 0.6 0.1 0.2 0.2 Litigation-Related Costs 1.6 3.5 3.0 4.6 2.1 Amortization and Conversion of Debt Discount and Issuance Costs 1.7 3.0 3.0 3.0 3.0 Inducement Expense 11.3 – – – – Other – (0.1) (0.1) – – Income Tax-Related Adjustments(1) (26.2) (29.9) (20.8) (26.7) (46.6) Net Income (Non-GAAP)(1) $139.1 $124.7 $109.1 $120.9 $164.3 Net Cash Provided by Operating Activities $221.7 $218.5 $219.5 $196.8 $197.3 Purchases of Property and Equipment (34.6) (15.1) (11.7) (22.3) (5.9) Free Cash Flow (Non-GAAP) $187.1 $203.4 $207.8 $174.5 $191.4 1. Beginning in the third quarter of fiscal 2025, and retrospectively applied to comparable prior year periods, we are using a long-term projected non-GAAP tax rate of 20% for the purposes of determining our non-GAAP net income and non-GAAP income per share, which is based on our current long-term projections. We believe a long-term projected tax rate of 20% better aligns with the non-GAAP measure of profitability, reduces volatility of the non-GAAP tax rate and provides better consistency across reporting periods. Our estimated long-term projected tax rate is subject to change for a variety of reasons, including tax law changes in major jurisdictions in which we operate, changes in our geographic earnings mix, or other changes to our strategy or business operations. We will re-evaluate our long-term projected tax rate as appropriate. Note: All amounts in millions. 28 Q2’25 Q2’26 Weighted Average Shares Outstanding (Basic) 267M 268M Weighted Average Shares Outstanding (Diluted) 293M 292M
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Thank You