The company said, “We expect full year 2025 total expenses to be in the range of $116-118 billion, updated from our prior outlook of $114-118 billion and reflecting a growth rate of 22-24% year-over-year. We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70-72 billion, increased from our prior outlook of $66-72 billion. Absent any changes to our tax landscape, we expect our fourth quarter 2025 tax rate to be 12-15%.”
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