| 纳斯达克100期货小型 23433.75d -35.75 -0.15% | | | --- | --- | | 纳斯达克100期货微型 23434.00d -35.50 -0.15% | | | 标普500期货小型 | 6428.75d -3.75 -0.06% | | 道琼斯期货小型 | 45007d 8 0.02% | 20:32 欧洲主要股指涨跌不一，英国富时100指数涨0.61%，法国CAC40指数涨0.2%，德国DAX指数跌 0.36%，欧洲斯托克50指数涨0.12%； 雅诗兰黛跌近5%，2026财年指引不及预期。百度集团跌超3%。 21:31 美股开盘丨三大指数涨跌不一 爱奇艺跌超5% 道指涨0.13%，纳指跌0.24%，标普500指数跌0.08%。雅诗兰黛跌近5%，2026财年指引不及预期。百度 集团跌超3%，纳斯达克中国金龙指数跌0.3%，爱奇艺跌逾5%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指数 | 44982.34 | 60.07 | 0.13% | | 纳斯达克指数 | 21263.28c | -51.67 ...

Group 1 - Estée Lauder's stock fell by 4.2% due to earnings guidance that did not meet expectations [1] - Target's stock declined by 10.5% as it maintained its sales outlook for the fiscal year [1] - Alcon's stock dropped by 9.1% as it lowered its full-year sales forecast due to ongoing tariff impacts [1] Group 2 - Hertz's stock increased by 13.5% after the company announced plans to sell used cars on Amazon's automotive platform [1]

Financial Data and Key Metrics Changes - The company reported an 8% organic sales decline for fiscal 2025, with nearly two-thirds attributed to a 28% decrease in Travel Retail [7][8] - Gross margin expanded by 230 basis points to 74%, driven by the Profit Recovery and Growth Plan (PRGP) benefits [8][30] - Operating margin contracted to 4% in Q4 from 9% the previous year, influenced by sales declines and increased consumer-facing investments [30] - Diluted EPS decreased by 42% to $0.09 in Q4 compared to $0.64 last year [32] Business Line Data and Key Metrics Changes - Travel Retail represented approximately 15% of reported sales, down four percentage points from fiscal 2024 [8] - Online sales reached 31% of reported sales for fiscal 2025, up three percentage points from fiscal 2024, indicating a strong shift towards e-commerce [12] - The Ordinary and Clinique drove share gains in the U.S., while La Mer and Tom Ford contributed to growth in China [10][17] Market Data and Key Metrics Changes - The company gained prestige beauty share in China, Japan, and the U.S., with notable growth in online sales and retail channels [9][10] - Travel Retail in Asia saw a significant decline, but the company ended fiscal 2025 with healthier trade inventory [8][19] - Emerging markets represented only 10% of reported sales, indicating untapped potential for growth [20] Company Strategy and Development Direction - The company is committed to regaining Prestige Beauty leadership through the Beauty Reimagine strategy, focusing on operationalizing its strategic vision [6][9] - Plans for fiscal 2026 include low single-digit organic sales growth and a solid double-digit operating margin target [19][44] - The company aims to reduce discounts significantly and improve consumer coverage in markets with high department store penetration [20][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to top-line growth in fiscal 2026, despite challenges in the broader retail environment [19][38] - The company anticipates modest global prestige beauty growth of 2% to 3% for fiscal 2026, with a focus on improving performance in North America and Europe [37][38] - Management highlighted the importance of aligning retail and net sales, with expectations for a narrowing gap in fiscal 2026 [60][66] Other Important Information - The company recorded $425 million in impairment charges related to Doctor Jard and Too Faced, reflecting challenges in key geographies [31] - The PRGP restructuring program has resulted in $610 million in cumulative charges, primarily in employee-related costs [33] - The company is focused on enhancing productivity and optimizing capital expenditures, with a target of approximately 4% of sales for capital expenditures in fiscal 2026 [45] Q&A Session Summary Question: Progress on organizational restructuring and cultural change - Management confirmed significant progress in simplifying the organizational structure and emphasized the importance of communication throughout the company [52][56] Question: Gap between retail sales and shipments - Management noted that inventory has been reduced across major markets, and they expect the gap between net sales and retail to narrow moving forward [60][63] Question: North America's channel balance and sales growth - Management highlighted the strong performance in online channels and Amazon, while acknowledging the need for continued work in traditional department stores [71][75] Question: Organic revenue growth excluding Travel Retail - Management indicated that organic revenue growth excluding Travel Retail was in the low single-digit decline range, with expectations for improvement in fiscal 2026 [81][84] Question: Operating margin guidance and interplay between gross margins and SG&A - Management provided insights into the expected interplay between gross margins and SG&A, indicating a focus on maintaining gross margin despite tariff impacts [92]

Financial Data and Key Metrics Changes - The company reported an 8% organic sales decline for fiscal 2025, with nearly two-thirds attributed to a 28% decrease in Travel Retail [7][28] - Gross margin expanded by 230 basis points to 74%, driven by the Profit Recovery and Growth Plan (PRGP) benefits [7][29] - Operating margin contracted to 8%, down 220 basis points due to sales declines and increased consumer-facing investments [8][29] - Diluted EPS decreased by 42% to $0.09 in the fourth quarter compared to $0.64 last year [31] Business Line Data and Key Metrics Changes - Travel Retail represented approximately 15% of reported sales, down 4 percentage points from fiscal 2024 [7] - Online sales reached 31% of reported sales for fiscal 2025, up 3 percentage points from fiscal 2024, indicating a strong shift towards e-commerce [11] - The Ordinary and La Mer gained market share in key markets, with La Mer achieving double-digit organic sales growth in Mainland China [9][12] Market Data and Key Metrics Changes - The company gained prestige beauty share in China, Japan, and the U.S., indicating a recovery in key markets [8][9] - Travel Retail sales were significantly impacted, with a noted decline in conversion rates [17][28] - Emerging markets represented only 10% of reported sales, highlighting untapped potential [18] Company Strategy and Development Direction - The company is committed to regaining Prestige Beauty leadership through the Beauty Reimagine strategy, focusing on five key action priorities [6][26] - Plans include reducing discounts, enhancing consumer coverage, and expanding in high-growth emerging markets [18][19] - The company aims to achieve low single-digit organic sales growth in fiscal 2026, with a focus on improving margins and profitability [17][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to top-line growth in fiscal 2026, despite challenges in the retail environment [17][34] - The company anticipates modest global prestige beauty growth of 2% to 3% in fiscal 2026, with a focus on improving performance in North America and Europe [36][37] - Management acknowledged ongoing challenges in travel retail and consumer sentiment in Western markets but noted early signs of stabilization in Mainland China [36][37] Other Important Information - The company recorded $425 million in impairment charges related to Doctor Jard and Too Faced, reflecting challenges in key geographies [30] - The effective tax rate for the full year was 38.8%, up from 31% the previous year, due to a higher rate on foreign operations [31] - The company generated $1.3 billion in net cash flow from operating activities, down from $2.4 billion last year, primarily due to lower earnings [32] Q&A Session Summary Question: Progress on organizational restructuring and cultural change - Management confirmed significant progress in restructuring, including the collapse of seven regions into four and the establishment of a new leadership team [52][55] - Communication has been emphasized throughout the organization to ensure alignment with the Beauty Reimagine strategy [56][59] Question: Gap between retail sales and shipments - Management indicated that inventory has been reduced significantly across major markets, and they expect the gap between retail and net sales to narrow moving forward [61][64] Question: North America's channel balance and sales growth - Management highlighted strong market share gains in North America, particularly through Amazon, while acknowledging ongoing challenges with department stores [72][75] - The company is focused on diversifying its channel mix and enhancing consumer engagement across various platforms [79][81] Question: Organic revenue growth excluding Travel Retail - Management reported that organic revenue growth excluding Travel Retail was in the low single-digit decline range, with expectations for improvement in fiscal 2026 [83][86] - The company is optimistic about growth in China and emerging markets, aiming for positive growth overall by the end of fiscal 2026 [90][91] Question: Operating margin guidance and cost structure - Management expects operating margins to improve primarily through SG&A reductions, with a focus on non-consumer facing expenses [95][96]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive adopts technology enthusiastically, utilizing decades of expertise and experience among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

智通财经APP获悉，周三美股盘前，雅诗兰黛(EL.US)公布截至6月30日的2025财年第四季度业绩。财报 显示，雅诗兰黛Q4营收为34.1亿美元，同比下降12%，仍好于市场预期;每股收益为0.09美元，也好于市 场预期。但由于关税成本的拖累，雅诗兰黛公布的2026财年利润指引不及预期，股价应声大跌。 雅诗兰黛预计，截至2026年6月的财年，调整后每股收益为1.90美元至2.10美元，不及市场预期。该公司 还预计，美国关税上涨将导致其盈利减少约1 亿美元。 财报公布后，雅诗兰黛股价盘前一度跌14%。 雅诗兰黛首席执行官Stéphane de La Faverie正在通过裁员和外包部分服务来削减成本，同时也在加大投 入以在亚马逊、TikTok等平台上销售更多护肤品和化妆品。这一举措标志着公司正在摆脱过去依赖百货 商店的模式，转而采取新的经营策略。 但转型能否成功很大程度上取决于雅诗兰黛在中国市场的销售额能否回升，以及能否在美国市场抢占更 多份额。该公司面临新兴品牌以及欧莱雅等竞争对手的竞争。 Faverie还致力于降低雅诗兰黛对中国和韩国免税店的依赖。在疫情暴发后的几年里，这些免税店曾为该 公司贡献了高达三分之 ...

分组1 - Estee Lauder reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of $0.08 per share, compared to $0.64 per share a year ago, representing an earnings surprise of +12.50% [1] - The company posted revenues of $3.41 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.27%, but down from $3.87 billion year-over-year [2] - Estee Lauder has outperformed the S&P 500, with shares increasing about 19.9% since the beginning of the year, compared to the S&P 500's gain of 9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $3.33 billion, and for the current fiscal year, it is $2.13 on revenues of $14.61 billion [7] - The Zacks Industry Rank indicates that the Cosmetics industry is currently in the bottom 24% of over 250 Zacks industries, which may impact stock performance [8]

Core Insights - Estée Lauder Companies reported an organic net sales of $14.326 billion for the fiscal year 2025, representing an 8% decline year-over-year [1] - CEO Stéphane de La Faverie expressed optimism for fiscal year 2026, anticipating organic sales growth and a recovery in operational profitability after three years of decline, aiming for double-digit adjusted operating margin in the coming years [1] Financial Performance - For fiscal year 2025, the organic net sales in mainland China reached $2.741 billion [1] - Starting from the first quarter of fiscal year 2026, the company will report financial performance based on a new regional structure, separating mainland China from the Asia-Pacific region [1]

[Fiscal 2025 Performance Overview](index=1&type=section&id=THE%20EST%C3%89E%20LAUDER%20COMPANIES%20REPORTS%20FISCAL%202025%20RESULTS) [Financial Highlights](index=1&type=section&id=FISCAL%202025%20SELECT%20FINANCIAL%20RESULTS) Fiscal 2025 net sales declined 8% to **$14.33 billion**, leading to a **$785 million** operating loss and reduced operating cash flow Fiscal 2025 Select Financial Results | ($ millions, except per share) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | **Net Sales ($ millions)** | **$14,326** | **$15,608** | **(8)%** | | Organic Net Sales, Non-GAAP ($ millions) | $14,351 | $15,609 | (8)% | | Operating (Loss) Income ($ millions) | $(785) | $970 | (100+)% | | Adjusted Operating Income, Non-GAAP ($ millions) | $1,146 | $1,588 | (28)% | | Diluted Net (Loss) Earnings Per Common Share ($) | $(3.15) | $1.08 | (100+)% | | Adjusted Diluted Net Earnings Per Common Share, Non-GAAP ($) | $1.51 | $2.59 | (42)% | - Operating margin declined to **(5.5)%** from **6.2%**, primarily due to an **$815 million** increase in goodwill and other intangible asset impairment charges and **$362 million** in restructuring charges Adjusted operating margin also contracted to **8.0%** from **10.2%**[5](index=5&type=chunk) - Net cash flows from operating activities decreased to **$1.27 billion** from **$2.36 billion**, mainly due to lower pre-tax earnings and an unfavorable change in operating assets and liabilities, including the impact from a significant inventory reduction in the prior year[5](index=5&type=chunk) - Dividends paid were reduced to **$618 million** from **$947 million** in the prior year, following a decision in the second quarter of fiscal 2025 to adjust the dividend to a more appropriate payout ratio[5](index=5&type=chunk) [Operational and Strategic Highlights](index=3&type=section&id=BEAUTY%20GAINS%20AND%20OPERATIONAL%20HIGHLIGHTS) Despite headwinds, the company gained market share in China and Japan, expanded online reach, and increased consumer-facing investments via cost reductions - Achieved prestige beauty market share gains in mainland China and Japan In the U.S., share trends improved significantly in the second half of the fiscal year[8](index=8&type=chunk) - Expanded consumer reach by launching eight brands on Amazon's U.S. Premium Beauty store and expanding online distribution in Southeast Asia on platforms like Shopee and TikTok Shop[8](index=8&type=chunk) - Increased consumer-facing investments by approximately **400 basis points** as a percentage of sales, funded by a **6%** reduction in non-consumer-facing costs through the PRGP[9](index=9&type=chunk) - Advanced technology and innovation by opening a new BioTech Hub in Belgium, collaborating with MIT, and forming strategic AI partnerships with Microsoft and Adobe to drive operational efficiencies[9](index=9&type=chunk) [Fiscal 2025 Segment Performance](index=5&type=section&id=FISCAL%202025%20RESULTS%20BY%20PRODUCT%20CATEGORY%20AND%20BY%20REGION) [Performance by Product Category](index=5&type=section&id=Results%20by%20Product%20Category) All product categories except Fragrance saw organic net sales declines, with Skin Care down **12%** and Makeup and Fragrance reporting operating losses FY2025 Net Sales & Operating Income by Product Category (Reported) | ($ millions) | Net Sales 2025 ($ millions) | Net Sales 2024 ($ millions) | % Change | Operating (Loss) Income 2025 ($ millions) | Operating Income 2024 ($ millions) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Skin Care** | $6,962 | $7,908 | (12)% | $574 | $735 | (22)% | | **Makeup** | $4,205 | $4,470 | (6)% | $(441) | $93 | (100+)% | | **Fragrance** | $2,491 | $2,487 | 0% | $(378) | $265 | (100+)% | | **Hair Care** | $565 | $629 | (10)% | $(41) | $(52) | 21% | - Skin Care organic net sales fell **12%**, driven by declines in Estée Lauder and La Mer, particularly in the Asia travel retail business due to subdued Chinese consumer sentiment and retailer strategy shifts[12](index=12&type=chunk)[14](index=14&type=chunk) - Makeup organic net sales decreased **5%**, primarily due to declines from M·A·C and Estée Lauder This was partially offset by growth in Clinique, which benefited from its launch on Amazon's U.S. Premium Beauty store[14](index=14&type=chunk) - Fragrance organic net sales were flat, with strong double-digit growth from Le Labo offset by a decline from TOM FORD, which experienced retail softness in North America[17](index=17&type=chunk) - Hair Care organic net sales decreased **10%**, driven by declines at Aveda due to softness in brick-and-mortar channels, which more than offset online growth from its Amazon launch[17](index=17&type=chunk) [Performance by Geographic Region](index=9&type=section&id=Results%20by%20Geographic%20Region) All geographic regions experienced organic net sales declines, with EMEA down **13%** due to travel retail and The Americas impacted by significant impairment charges FY2025 Net Sales & Operating Income by Geographic Region (Reported) | ($ millions) | Net Sales 2025 ($ millions) | Net Sales 2024 ($ millions) | % Change | Operating (Loss) Income 2025 ($ millions) | Operating Income 2024 ($ millions) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **The Americas** | $4,411 | $4,581 | (4)% | $(918) | $34 | (100+)% | | **Europe, the Middle East & Africa** | $5,375 | $6,140 | (12)% | $610 | $836 | (27)% | | **Asia/Pacific** | $4,537 | $4,888 | (7)% | $9 | $224 | (96)% | - The overall **8%** organic net sales decrease was driven by a strong double-digit decline in the global travel retail business (part of EMEA), a mid-single-digit decline in mainland China, and a low-single-digit decline in North America[20](index=20&type=chunk)[21](index=21&type=chunk) - Operating results in The Americas were heavily impacted by **$911 million** in goodwill and other intangible asset impairment charges and **$159 million** in talcum litigation settlement charges[21](index=21&type=chunk) - The decline in EMEA operating income was primarily due to the decrease in net sales from the global travel retail business[21](index=21&type=chunk) [Fourth Quarter Fiscal 2025 Results](index=12&type=section&id=Fourth%20Quarter%20Results) [Q4 Performance Summary](index=12&type=section&id=Q4%20Results%20by%20Product%20Category) Q4 fiscal 2025 saw a sequential deterioration with net sales declining **12-13%**, driven by travel retail and China softness, resulting in a **$546 million** net loss Q4 FY2025 Net Sales by Product Category (Organic) | Category | Organic Net Sales Change (%) | | :--- | :--- | | Skin Care | (17)% | | Makeup | (12)% | | Fragrance | 2% | | Hair Care | (15)% | - The sequential deterioration in Q4 net sales was primarily due to a stronger decline in the global travel retail business and ongoing subdued consumer sentiment in mainland China[28](index=28&type=chunk) - The operating loss for the quarter was **$390 million**, compared to a loss of **$233 million** in the prior-year period The decline was driven by lower net sales and impairment charges[28](index=28&type=chunk) - For the fourth quarter, the company reported a net loss of **$546 million** and a diluted net loss per common share of **$1.51**[28](index=28&type=chunk) [Corporate Actions and Strategic Plans](index=15&type=section&id=Corporate%20Actions%20and%20Strategic%20Plans) [Quarterly Dividend](index=15&type=section&id=QUARTERLY%20DIVIDEND) The company declared a quarterly dividend of **$0.35** per share for both Class A and Class B Common Stock - A quarterly dividend of **$0.35** per share was announced, payable on September 16, 2025, to stockholders of record on September 2, 2025[29](index=29&type=chunk) [Profit Recovery and Growth Plan (PRGP)](index=15&type=section&id=PROFIT%20RECOVERY%20AND%20GROWTH%20PLAN%20%28PRGP%29) The PRGP aims to restore sales growth and achieve a double-digit adjusted operating margin, with restructuring charges of **$1.2 billion** to **$1.6 billion** and **5,800-7,000** job reductions - The PRGP aims to restore sales growth in fiscal 2026 and achieve a solid double-digit adjusted operating margin over the next few years Actions are expected to be substantially completed in fiscal 2027[30](index=30&type=chunk) - In fiscal 2025, the PRGP helped deliver over **200 basis points** of adjusted gross margin expansion and reduced non-consumer-facing expenses by **6%** to fund investments[31](index=31&type=chunk) - The restructuring program component is expected to incur charges of **$1.2 billion** to **$1.6 billion** and yield annual gross benefits of **$0.8 billion** to **$1.0 billion**[33](index=33&type=chunk) - The company estimates a net reduction of **5,800 to 7,000** positions as part of the restructuring program[34](index=34&type=chunk) [Fiscal 2026 Outlook](index=17&type=section&id=OUTLOOK%20FOR%20FISCAL%202026%20FULL%20YEAR) [Full Year Guidance](index=18&type=section&id=Full%20Year%20Guidance) Fiscal 2026 guidance projects reported net sales growth of **2-5%** and adjusted diluted EPS of **$1.90-$2.10**, despite an estimated **$100 million** tariff impact Fiscal 2026 Full Year Outlook | Metric | Forecast Range | | :--- | :--- | | Reported Net Sales Growth | 2% - 5% | | Organic Net Sales Growth (Non-GAAP) | 0% - 3% | | Reported EPS - GAAP ($) | $1.63 - $1.87 | | Adjusted EPS - Non-GAAP ($) | $1.90 - $2.10 | | Adjusted EPS Growth (Non-GAAP) | 26% - 39% | - The company expects tariff-related headwinds to negatively impact fiscal 2026 profitability by approximately **$100 million**, net of mitigation actions[39](index=39&type=chunk) - Adjusted operating margin is expected to be between **9.4% and 9.9%**, with greater expansion anticipated in the second half of the fiscal year as PRGP benefits build[47](index=47&type=chunk) - Net cash flows from operating activities are projected to be between **$1.0 billion and $1.1 billion**, a decline from fiscal 2025, reflecting higher restructuring payments expected to peak in fiscal 2026[47](index=47&type=chunk) [Key Assumptions and Regional Reorganization](index=17&type=section&id=Key%20Assumptions%20and%20Regional%20Reorganization) Fiscal 2026 outlook assumes mid-single-digit growth in mainland China and modest growth in travel retail, with a new four-region geographic reporting structure - Beginning in fiscal 2026, the company will report under a new regional structure: The Americas; Europe, the United Kingdom and Ireland and Emerging Markets (EUKEM); Asia/Pacific (including global travel retail); and Mainland China[36](index=36&type=chunk) - Key outlook assumptions include a mid-single-digit return to growth in mainland China and a return to modest growth in the global travel retail business[43](index=43&type=chunk) - The company anticipates low-single-digit organic net sales decline to slightly positive in the first quarter of fiscal 2026[43](index=43&type=chunk) [Financial Statements](index=23&type=section&id=Financial%20Statements) [Consolidated Statement of (Loss) Earnings](index=23&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20%28LOSS%29%20EARNINGS) The Consolidated Statement of (Loss) Earnings for FY2025 shows a net loss of **$1.13 billion** on **$14.33 billion** net sales, driven by **$1.29 billion** in impairment charges FY2025 Consolidated Statement of (Loss) Earnings Highlights | ($ millions) | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Net sales ($ millions) | $14,326 | $15,608 | | Gross profit ($ millions) | $10,597 | $11,184 | | Total operating expenses ($ millions) | $11,382 | $10,214 | | Operating (loss) income ($ millions) | $(785) | $970 | | Net (loss) earnings ($ millions) | $(1,133) | $409 | | Diluted Net (loss) earnings per share ($) | $(3.15) | $1.08 | [Condensed Consolidated Balance Sheets](index=27&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets decreased to **$19.89 billion** and total equity declined to **$3.87 billion**, while total liabilities remained stable Balance Sheet Highlights | ($ millions) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total current assets ($ millions) | $7,069 | $7,922 | | **Total assets ($ millions)** | **$19,892** | **$21,677** | | Total current liabilities ($ millions) | $5,435 | $5,702 | | Long-term debt ($ millions) | $7,314 | $7,267 | | **Total equity ($ millions)** | **$3,865** | **$5,314** | | **Total liabilities and equity ($ millions)** | **$19,892** | **$21,677** | [Select Cash Flow Data](index=28&type=section&id=SELECT%20CASH%20FLOW%20DATA) Net cash from operating activities decreased significantly to **$1.27 billion** in FY2025, driven by net loss and working capital changes, with capital expenditures reduced Select Cash Flow Data | ($ millions) | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) earnings ($ millions) | $(1,133) | $409 | | **Net cash flows provided by operating activities ($ millions)** | **$1,272** | **$2,360** | | Capital expenditures ($ millions) | $(602) | $(919) | | Dividends paid to stockholders ($ millions) | $(618) | $(947) | [Reconciliation of GAAP to Non-GAAP Measures](index=25&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Detailed reconciliations bridge GAAP and non-GAAP measures, with **$1.29 billion** in impairment and restructuring charges and **$159 million** in litigation settlements as key FY2025 adjustments - Non-GAAP adjustments to operating income for FY2025 totaled **$1.93 billion**, primarily consisting of **$1.29 billion** in goodwill and intangible asset impairments, **$486 million** in restructuring charges, and **$159 million** for talcum litigation settlements[69](index=69&type=chunk) - The company reconciles reported net sales to organic net sales by adjusting for returns associated with restructuring activities and the impact of foreign currency translation[66](index=66&type=chunk)[68](index=68&type=chunk)

Market Movements - US stock index futures are all down ahead of the market opening, with Dow futures down 0.11%, S&P 500 futures down 0.08%, and Nasdaq futures down 0.16% [1] - European indices show mixed results, with Germany's DAX down 0.41%, UK's FTSE 100 up 0.26%, France's CAC 40 up 0.12%, and the Euro Stoxx 50 unchanged [1] Oil Prices - WTI crude oil is up 1.25% at $62.54 per barrel, while Brent crude oil is up 1.11% at $66.52 per barrel [2] Market News - Morgan Stanley reports that major tech stocks like Google, Amazon, Apple, Meta, Microsoft, and Nvidia are experiencing the largest underweight by actively managed funds in 16 years, suggesting potential for future gains as institutional funds may increase their holdings [3] - Citadel Securities' Scott Rubner predicts that retail investors' buying activity may slow down in September after a strong market performance in June and July, which typically marks a low point for retail participation [4] - Deutsche Bank questions US Treasury Secretary's call for a significant rate cut, asserting that current interest rates are reasonable based on traditional monetary policy models [4] Company News - Google faces potential forced divestiture of its Chrome browser as part of an antitrust ruling, marking a significant regulatory challenge [6] - Meta is restructuring its AI team into four independent groups to better leverage its recent talent acquisitions, aiming to accelerate its pursuit of "superintelligence" [7] - Target's Q2 net sales fell 0.9% to $25.21 billion, but exceeded market expectations, with adjusted EPS of $2.05, slightly above forecasts [8] - Lowe's Q2 revenue reached $23.96 billion, slightly above expectations, with adjusted EPS of $4.33, also beating forecasts [9] - Estée Lauder's Q4 sales fell 12% to $3.41 billion, with a net loss of $546 million, impacted by restructuring costs [10] - Baidu reported Q2 net profit of 7.322 billion yuan, with total revenue of 32.713 billion yuan, a 4% year-over-year decline [11] - iQIYI's Q2 total revenue was 6.63 billion yuan, with membership service revenue of 4.09 billion yuan [11] - Kingsoft Cloud's Q2 revenue grew 24.2% year-over-year to 2.35 billion yuan, with AI revenue increasing over 120% [11] - Futu Holdings' Q2 revenue rose 69.7% to 5.311 billion HKD, with net profit increasing by 105.2% [12] - SQM's Q2 core earnings dropped 28% due to falling lithium prices, but the company expects prices to recover in Q3 [12]