Guidance and Outlook
The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are
included in reported GAAP results, including the impact of foreign exchange translation and commodity
mark-to-market net impacts.
For 2025, the Company continues to expect:
• A low-single-digit increase in organic revenue;
• Core constant currency EPS to be approximately even with the prior year;
• A core annual effective tax rate of approximately 20 percent; and
• Total cash returns to shareholders of approximately $8.6 billion, comprised of dividends of $7.6
billion and share repurchases of $1.0 billion.
The Company now expects a foreign exchange translation headwind of approximately 1.5-percentage-
points to negatively impact reported net revenue and core EPS growth (previously an approximate 3-
percentage-point headwind), based on current market consensus rates.
This assumption and the guidance above implies a 1.5 percent decline in core EPS in 2025 (previously a
3 percent decline in core EPS) compared to 2024 core EPS of $8.16.