Overview
- Shares jumped roughly 16% to an intraday record near $731 after the Dec. 9 investor update and finished the day around $723.
- Management lifted 2028 revenue guidance to $52 billion, outlined 2026 revenue of $41–$42 billion, and targeted a 2028 backlog of about $200 billion.
- The company raised cumulative free-cash-flow guidance to $22 billion for 2025–2028 and projected adjusted EBITDA margins of about 20% by 2028, up from 8%–9% expected in 2025.
- Shareholder returns increased with the quarterly dividend doubled to $0.50 per share and the buyback authorization expanded to $10 billion, with $3.3 billion already repurchased as of Dec. 3.
- Wall Street turned more bullish as JPMorgan set a $1,000 price target and RBC upgraded the stock to Outperform with a $761 target, while Reuters reported a U.S. collaboration to bolster yttrium supplies.