Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to__________. Commission file number: 1-12997 Maximus, Inc. | (Exact name of registrant as specified in its charter) Virginia | 54-100 ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%2E%20Financial%20Information) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the interim period [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for interim periods, including balance sheets, income, comprehensive income, cash flow, and equity statements, with detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position at June 30, 2025, June 30, 2024, and December 31, 2024, showing increases in assets and liabilities Condensed Consolidated Balance Sheets (Dollars in thousands) | Asset/Liability/Equity | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :--------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | **Assets** | | | | | Cash and cash equivalents | 317,462 | 302,795 | 822,854 | | Trade accounts receivable, net | 1,242,066 | 1,056,785 | 594,279 | | Inventories | 1,258,511 | 1,005,589 | 928,056 | | Total current assets | 3,008,844 | 2,538,633 | 2,522,683 | | Property, plant and equipment, net | 2,382,104 | 1,933,591 | 2,282,903 | | Goodwill | 2,484,557 | 1,987,284 | 2,316,031 | | Other intangible assets, net | 906,743 | 685,043 | 869,468 | | Total Assets | 9,410,393 | 7,693,237 | 8,584,668 | | **Liabilities** | | | | | Revolving loans and current portion of long-term debt | 1,937,384 | 1,398,246 | 716,932 | | Trade accounts payable | 757,494 | 658,118 | 1,111,607 | | Total current liabilities | 3,134,537 | 2,395,997 | 2,247,532 | | Long-term debt | 3,114,693 | 2,530,718 | 3,419,921 | | Total Liabilities | 7,183,575 | 5,759,547 | 6,595,087 | | **Stockholders' Equity** | | | | | Total stockholders' equity | 2,222,218 | 1,933,690 | 1,989,581 | | Total Liabilities and Stockholders' Equity | 9,410,393 | 7,693,237 | 8,584,668 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Presents income statements for the three and six months ended June 30, 2025 and 2024, showing increased net sales, gross profit, and net income Condensed Consolidated Statements of Income (Dollars and shares in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net sales | 1,539,161 | 1,381,365 | 3,005,822 | 2,698,403 | | Cost of goods sold | 1,240,070 | 1,125,361 | 2,436,328 | 2,218,920 | | Gross profit | 299,091 | 256,004 | 569,494 | 479,483 | | Selling, general and administrative expenses | 121,836 | 107,701 | 250,923 | 208,177 | | Rationalization charges | 9,864 | 6,859 | 20,823 | 18,550 | | Income before interest and income taxes | 167,531 | 141,853 | 298,075 | 253,572 | | Interest and other debt expense | 48,699 | 41,343 | 91,627 | 79,990 | | Income before income taxes | 118,832 | 100,510 | 206,448 | 173,582 | | Provision for income taxes | 30,443 | 24,413 | 51,259 | 42,321 | | Net income | 88,944 | 76,097 | 156,906 | 131,261 | | Basic net income per share | 0.83 | 0.71 | 1.47 | 1.23 | | Diluted net income per share | 0.83 | 0.71 | 1.46 | 1.23 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Details comprehensive income for the three and six months ended June 30, 2025 and 2024, highlighting foreign currency translation gains Condensed Consolidated Statements of Comprehensive Income (Dollars in thousands) | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net income | 88,944 | 76,097 | 156,906 | 131,261 | | Other comprehensive income (loss), net of tax: | | | | | | Changes in net prior service credit and actuarial losses | 1,425 | 1,411 | 2,825 | 2,814 | | Change in fair value of derivatives | (5,087) | 527 | (2,016) | 2,952 | | Foreign currency translation | 71,669 | (27,478) | 117,169 | (51,935) | | Other comprehensive income (loss) | 68,007 | (25,540) | 117,978 | (46,169) | | Comprehensive income | 156,951 | 50,557 | 274,884 | 85,092 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Outlines cash flows for the six months ended June 30, 2025 and 2024, showing significant operating cash outflow offset by financing activities Condensed Consolidated Statements of Cash Flows (Dollars in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net income | 156,906 | 131,261 | | Depreciation and amortization | 155,335 | 131,932 | | Trade accounts receivable, net | (601,838) | (474,482) | | Inventories | (293,758) | (74,498) | | Trade accounts payable | (279,697) | (227,429) | | Net cash (used in) operating activities | (904,851) | (526,913) | | Capital expenditures | (155,693) | (131,442) | | Net cash (used in) investing activities | (145,844) | (128,408) | | Borrowings under revolving loans | 1,409,738 | 739,385 | | Repayments of long-term debt | (706,274) | (100,000) | | Dividends paid on common stock | (43,362) | (41,453) | | Repurchase of common stock | (6,873) | (7,735) | | Net cash provided by financing activities | 513,872 | 328,946 | | Effect of exchange rate changes on cash and cash equivalents | 31,431 | (13,753) | | Net (decrease) in cash and cash equivalents | (505,392) | (340,128) | | Balance at beginning of year | 822,854 | 642,923 | | Balance at end of period | 317,462 | 302,795 | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Details changes in stockholders' equity for the periods ended June 30, 2025 and 2024, driven by net income and foreign currency translation gains Condensed Consolidated Statements of Stockholders' Equity (Dollars and shares in thousands, except per share amounts) | Metric | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Common stock - shares outstanding (end of period) | 106,993 | 106,779 | 106,795 | | Common stock - par value (end of period) | 1,751 | 1,751 | 1,751 | | Paid-in capital (end of period) | 374,582 | 360,344 | 367,871 | | Retained earnings (end of period) | 3,516,444 | 3,298,525 | 3,402,667 | | Accumulated other comprehensive loss (end of period) | (235,379) | (297,530) | (353,357) | | Treasury stock (end of period) | (1,435,180) | (1,429,400) | (1,429,351) | | Total stockholders' equity (end of period) | 2,222,218 | 1,933,690 | 1,989,581 | | Dividends declared on common stock per share (six months) | 0.40 | 0.38 | N/A | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed disclosures on accounting policies, revenue, rationalization, comprehensive loss, inventory, debt, financial instruments, and segment information [Note 1. Significant Accounting Policies](index=9&type=section&id=Note%201.%20Significant%20Accounting%20Policies) Outlines the basis of presentation for interim financial statements, prepared under U.S. GAAP and to be read with the 2024 Form 10-K - Interim financial statements are prepared under U.S. GAAP, including normal recurring accruals, and should be read with the 2024 Form 10-K[20](index=20&type=chunk)[21](index=21&type=chunk) [Note 2. Revenue](index=9&type=section&id=Note%202.%20Revenue) Disaggregates revenue by segment and geography, highlighting growth in Dispensing and Specialty Closures and European markets Revenues by Segment (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 702,187 | 565,377 | 1,373,290 | 1,101,297 | | Metal Containers | 676,056 | 650,796 | 1,304,483 | 1,267,925 | | Custom Containers | 160,918 | 165,192 | 328,049 | 329,181 | | **Total Revenues** | **1,539,161** | **1,381,365** | **3,005,822** | **2,698,403** | Revenues by Geography (Dollars in thousands) | Geography | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | North America | 1,041,051 | 1,034,401 | 2,058,621 | 2,016,364 | | Europe and other | 498,110 | 346,964 | 947,201 | 682,039 | | **Total Revenues** | **1,539,161** | **1,381,365** | **3,005,822** | **2,698,403** | - Contract assets (unbilled receivables) were **$121.7 million** at June 30, 2025, up from $101.4 million at June 30, 2024[22](index=22&type=chunk) [Note 3. Rationalization Charges](index=10&type=section&id=Note%203.%20Rationalization%20Charges) Details rationalization charges by segment and activity, with projections for remaining expenses and cash expenditures Rationalization Charges by Segment (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 3,275 | 3,191 | 7,646 | 9,748 | | Metal Containers | 5,140 | 2,493 | 10,072 | 6,077 | | Custom Containers | 1,449 | 1,175 | 3,105 | 2,725 | | **Total** | **9,864** | **6,859** | **20,823** | **18,550** | Activity in Rationalization Reserves (Dollars in thousands) | Category | Balance at Dec. 31, 2024 ($ thousands) | Charged to expense ($ thousands) | Utilized and currency translation ($ thousands) | Balance at June 30, 2025 ($ thousands) | | :-------------------- | :----------------------- | :----------------- | :-------------------------------- | :----------------------- | | Employee Severance and Benefits | 29,318 | 6,181 | (4,126) | 31,373 | | Plant Exit Costs | — | 3,910 | (3,910) | — | | Non-Cash Asset Write-Downs | — | 10,732 | (10,732) | — | | **Total** | **29,318** | **20,823** | **(18,768)** | **31,373** | - Remaining expenses for rationalization plans (excluding Central States Pension Plan withdrawal) are expected to be **$16.1 million**, with cash expenditures of **$21.6 million**; Central States Pension Plan withdrawal liability will incur approximately **$0.8 million annually** through 2040[24](index=24&type=chunk) [Note 4. Accumulated Other Comprehensive Loss](index=11&type=section&id=Note%204.%20Accumulated%20Other%20Comprehensive%20Loss) Explains the change in accumulated other comprehensive loss, primarily driven by foreign currency translation gains Accumulated Other Comprehensive Loss (Dollars in thousands) | Component | Balance at Dec. 31, 2024 ($ thousands) | Other comprehensive income before reclassifications ($ thousands) | Amounts reclassified from accumulated other comprehensive loss ($ thousands) | Other comprehensive income ($ thousands) | Balance at June 30, 2025 ($ thousands) | | :-------------------------------- | :----------------------- | :-------------------------------------------------- | :----------------------------------------------------------- | :------------------------- | :----------------------- | | Unrecognized Net Defined Benefit Plan Costs | (129,988) | — | 2,825 | 2,825 | (127,163) | | Fair Value of Derivatives | (5,039) | (871) | (1,145) | (2,016) | (7,055) | | Foreign Currency Translation | (218,330) | 117,169 | — | 117,169 | (101,161) | | **Total** | **(353,357)** | **116,298** | **1,680** | **117,978** | **(235,379)** | - Foreign currency translation gains of **$117.2 million** for the six months ended June 30, 2025, significantly reduced the accumulated other comprehensive loss, driven by foreign subsidiary financial statement translation gains (**$225.4 million**) and partially offset by net investment hedge losses (**$(141.7) million**)[26](index=26&type=chunk)[28](index=28&type=chunk) [Note 5. Inventories](index=12&type=section&id=Note%205.%20Inventories) Provides a breakdown of inventories by category, showing an increase in total inventories at June 30, 2025 Inventories (Dollars in thousands) | Category | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :----------------------------------- | :------------ | :------------ | :------------ | | Raw materials | 490,214 | 408,681 | 450,389 | | Work-in-process | 231,578 | 190,661 | 199,030 | | Finished goods | 788,044 | 706,234 | 530,406 | | Other | 17,636 | 17,395 | 17,192 | | Subtotal | 1,527,472 | 1,322,971 | 1,197,017 | | Adjustment to value inventory at cost on the LIFO method | (268,961) | (317,382) | (268,961) | | **Total Inventories** | **1,258,511** | **1,005,589** | **928,056** | [Note 6. Long-Term Debt](index=12&type=section&id=Note%206.%20Long-Term%20Debt) Details the company's long-term debt, showing an increase in total debt principal due to bank debt and a significant repayment of Senior Notes Long-Term Debt (Dollars in thousands) | Debt Type | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :----------------------------------- | :------------ | :------------ | :------------ | | Bank debt: | | | | | Bank revolving loans | 1,361,887 | — | — | | U.S. term loans | 850,000 | 850,000 | 850,000 | | Euro term loans | 1,056,421 | — | 931,950 | | Other foreign bank revolving and term loans | 67,224 | 54,277 | 35,725 | | **Total bank debt** | **3,335,532** | **1,569,277** | **1,817,675** | | 4⅛% Senior Notes | 600,000 | 600,000 | 600,000 | | 2¼% Senior Notes | 586,900 | 535,850 | 517,750 | | 1.4% Senior Secured Notes | 500,000 | 500,000 | 500,000 | | 3¼% Senior Notes | — | 696,605 | 673,075 | | Finance leases | 40,943 | 38,134 | 41,673 | | **Total debt - principal** | **5,063,375** | **3,939,866** | **4,150,173** | | Less unamortized debt issuance costs and debt discount | 11,298 | 10,902 | 13,320 | | **Total debt** | **5,052,077** | **3,928,964** | **4,136,853** | | Less current portion | 1,937,384 | 1,398,246 | 716,932 | | **Long-term debt** | **3,114,693** | **2,530,718** | **3,419,921** | - On March 15, 2025, the company repaid **€650.0 million** of 3¼% Senior Notes due 2025, funded by Euro revolving loan borrowings and cash on hand[31](index=31&type=chunk) [Note 7. Financial Instruments](index=13&type=section&id=Note%207.%20Financial%20Instruments) Discusses the company's use of derivative financial instruments to manage market risks, including fair value measurements and hedging strategies Carrying Amounts and Estimated Fair Values of Financial Instruments at June 30, 2025 (Dollars in thousands) | Instrument | Carrying Amount ($ thousands) | Fair Value ($ thousands) | | :-------------------------- | :-------------- | :--------- | | **Assets:** | | | | Cash and cash equivalents | 317,462 | 317,462 | | **Liabilities:** | | | | Bank debt | 3,335,532 | 3,335,532 | | 4⅛% Senior Notes | 599,629 | 589,818 | | 2¼% Senior Notes | 586,900 | 568,677 | | 1.4% Senior Secured Notes | 499,957 | 486,515 | - Derivative instruments (interest rate and natural gas swaps) are used to manage interest rate and natural gas cost exposures, not for trading or speculation, and are classified within Level 2 for fair value measurement[34](index=34&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - Foreign currency exchange rate risk is minimized through Euro-denominated borrowings and internal hedging strategies, including net investment hedges, which resulted in foreign currency losses of **$(141.7) million** for the six months ended June 30, 2025[39](index=39&type=chunk)[42](index=42&type=chunk) [Note 8. Commitments and Contingencies](index=15&type=section&id=Note%208.%20Commitments%20and%20Contingencies) States that no pending legal proceedings are expected to materially adversely affect the company's business or financial condition - No pending legal proceedings are expected to have a material adverse effect on the company's business or financial condition[43](index=43&type=chunk) [Note 9. Supply Chain Finance Program](index=15&type=section&id=Note%209.%20Supply%20Chain%20Finance%20Program) Describes the company's supply chain finance program and the outstanding payables under it - The company has a supply chain finance program where suppliers can elect to sell receivables to a financial institution, with outstanding payables under this program totaling **$248.4 million** at June 30, 2025[44](index=44&type=chunk) [Note 10. Retirement Benefits](index=15&type=section&id=Note%2010.%20Retirement%20Benefits) Details net periodic pension and other postretirement benefit costs, showing slight increases in pension costs and decreases in postretirement costs Net Periodic Pension Benefit Cost (Dollars in thousands) | Component | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Service cost | 1,968 | 2,164 | 3,912 | 4,329 | | Interest cost | 8,177 | 8,408 | 16,296 | 16,821 | | Expected return on plan assets | (10,256) | (10,771) | (20,513) | (21,542) | | Amortization of prior service cost | 5 | 23 | 13 | 46 | | Amortization of actuarial losses | 1,883 | 1,853 | 3,776 | 3,705 | | **Net periodic benefit cost** | **1,777** | **1,677** | **3,484** | **3,359** | Net Periodic Other Postretirement Benefit Cost (Dollars in thousands) | Component | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Service cost | 6 | 7 | 10 | 14 | | Interest cost | 151 | 167 | 302 | 332 | | Amortization of prior service credit | (14) | (5) | (29) | (10) | | Amortization of actuarial gains | (86) | (84) | (172) | (168) | | **Net periodic benefit cost** | **57** | **85** | **111** | **168** | [Note 11. Income Taxes](index=16&type=section&id=Note%2011.%20Income%20Taxes) Discusses the IRS review of the 2023 tax year and the company's participation in the Compliance Assurance Program for 2024 and 2025 - The IRS completed its review of the 2023 tax year with no changes, and the company is participating in the Compliance Assurance Program for 2024 and 2025[46](index=46&type=chunk) [Note 12. Treasury Stock](index=16&type=section&id=Note%2012.%20Treasury%20Stock) Details the common stock repurchase program and shares repurchased for tax requirements related to vested restricted stock units - A **$300.0 million** common stock repurchase authorization is in effect until December 31, 2026, with **$93.3 million** remaining as of June 30, 2025; no shares were repurchased under this authorization in the first six months of 2025[47](index=47&type=chunk) - During the first six months of 2025, **127,278 shares** were repurchased at an average cost of **$54.00** to satisfy minimum employee withholding tax requirements for vested restricted stock units[48](index=48&type=chunk) [Note 13. Stock-Based Compensation](index=16&type=section&id=Note%2013.%20Stock-Based%20Compensation) Reports the grant of restricted stock units and their fair value during the first six months of 2025 - **727,234 restricted stock units** were granted in the first six months of 2025, with a fair value of **$39.3 million**, to be amortized over the vesting period[50](index=50&type=chunk) [Note 14. Segment Information](index=17&type=section&id=Note%2014.%20Segment%20Information) Provides segment-level performance based on Adjusted EBIT, highlighting net sales and Adjusted EBIT for Dispensing and Specialty Closures, Metal Containers, and Custom Containers Reportable Segment Information - Net Sales (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 702,187 | 565,377 | 1,373,290 | 1,101,297 | | Metal Containers | 676,056 | 650,796 | 1,304,483 | 1,267,925 | | Custom Containers | 160,918 | 165,192 | 328,049 | 329,181 | | **Total Net Sales** | **1,539,161** | **1,381,365** | **3,005,822** | **2,698,403** | Reportable Segment Information - Adjusted EBIT (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 107,925 | 92,707 | 207,128 | 170,557 | | Metal Containers | 70,771 | 58,513 | 120,327 | 103,467 | | Custom Containers | 24,929 | 22,545 | 49,513 | 42,713 | | Corporate | (10,654) | (8,401) | (25,727) | (15,893) | | **Total Adjusted EBIT** | **192,971** | **165,364** | **351,241** | **300,844** | Reconciliation of Total Adjusted EBIT to Income Before Income Taxes (Dollars in thousands) | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total adjusted EBIT | 192,971 | 165,364 | 351,241 | 300,844 | | Less: | | | | | | Acquired intangible asset amortization expense | 15,946 | 12,356 | 31,359 | 25,637 | | Other pension (income) for U.S. pension plans | (925) | (1,211) | (1,850) | (2,422) | | Equity in earnings of affiliates, net of tax | 555 | — | 1,717 | — | | Rationalization charges | 9,864 | 6,859 | 20,823 | 18,550 | | Costs attributed to announced acquisitions | — | 5,507 | 1,117 | 5,507 | | **Income before interest and income taxes** | **167,531** | **141,853** | **298,075** | **253,572** | | Interest and other debt expense | 48,699 | 41,343 | 91,627 | 79,990 | | **Income before income taxes** | **118,832** | **100,510** | **206,448** | **173,582** | - The Metal Containers segment and part of the Dispensing and Specialty Closures segment experience seasonality due to fruit and vegetable harvests, leading to historically higher unit sales and disproportionate Adjusted EBIT in the third quarter[53](index=53&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of financial condition and results, covering net sales, income, segment performance, liquidity, and capital allocation [General](index=19&type=section&id=General) Introduces Silgan Holdings Inc. as a rigid packaging manufacturer, outlining its strategic focus on growth, cost reduction, and acquisitions - Silgan is a leading manufacturer of sustainable rigid packaging solutions across three main product categories: dispensing and specialty closures, metal containers, and custom plastic containers[58](index=58&type=chunk) - The company's strategy focuses on increasing shareholder value through business growth, cost reduction, building competitive positions, and strategic acquisitions, such as the October 2024 acquisition of Weener Packaging[59](index=59&type=chunk)[60](index=60&type=chunk) [Results of Operations](index=20&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes consolidated net sales, gross profit, and income before interest and income taxes, highlighting the impact of acquisitions and productivity improvements Consolidated Income Statement Data as a Percentage of Net Sales | Metric | Three Months Ended June 30, 2025 (%) | Three Months Ended June 30, 2024 (%) | Six Months Ended June 30, 2025 (%) | Six Months Ended June 30, 2024 (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales: | | | | | | Dispensing and Specialty Closures | 45.6 | 40.9 | 45.7 | 40.8 | | Metal Containers | 43.9 | 47.1 | 43.4 | 47.0 | | Custom Containers | 10.5 | 12.0 | 10.9 | 12.2 | | Consolidated | 100.0 | 100.0 | 100.0 | 100.0 | | Cost of goods sold | 80.6 | 81.5 | 81.1 | 82.2 | | Gross profit | 19.4 | 18.5 | 18.9 | 17.8 | | Selling, general and administrative expenses | 7.9 | 7.8 | 8.3 | 7.7 | | Rationalization charges | 0.6 | 0.4 | 0.7 | 0.7 | | Income before interest and income taxes | 10.9 | 10.3 | 9.9 | 9.4 | | Interest and other debt expense | 3.2 | 3.0 | 3.0 | 2.9 | | Income before income taxes | 7.7 | 7.3 | 6.9 | 6.5 | | Provision for income taxes | 2.0 | 1.8 | 1.7 | 1.6 | | Income before equity in earnings of affiliates | 5.7 | 5.5 | 5.2 | 4.9 | | Equity in earnings of affiliates, net of tax | 0.1 | — | 0.1 | — | | Net income | 5.8 | 5.5 | 5.3 | 4.9 | Consolidated Net Sales (Dollars in millions) | Segment | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 702.2 | 565.4 | 1,373.3 | 1,101.3 | | Metal Containers | 676.1 | 650.8 | 1,304.5 | 1,267.9 | | Custom Containers | 160.9 | 165.2 | 328.0 | 329.2 | | **Consolidated** | **1,539.2** | **1,381.4** | **3,005.8** | **2,698.4** | Consolidated Income Before Interest and Income Taxes (Dollars in millions) | Segment | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 89.8 | 78.9 | 169.7 | 138.7 | | Metal Containers | 65.7 | 56.3 | 110.5 | 98.0 | | Custom Containers | 22.6 | 20.5 | 44.7 | 38.3 | | Corporate | (10.6) | (13.9) | (26.8) | (21.4) | | **Consolidated** | **167.5** | **141.8** | **298.1** | **253.6** | - Consolidated net sales increased by **11.4%** to **$1.5 billion** in Q2 2025 and **$3.0 billion** in H1 2025, primarily driven by the Weener Packaging acquisition and higher organic unit volumes in dispensing products[62](index=62&type=chunk)[64](index=64&type=chunk) - Gross profit margin increased by **0.9 percentage points** in Q2 2025 (to **19.4%**) and **1.1 percentage points** in H1 2025 (to **18.9%**)[65](index=65&type=chunk) - Income before interest and income taxes increased by **$25.7 million** (Q2 2025) and **$44.5 million** (H1 2025), with margins improving to **10.9%** and **9.9%** respectively, largely due to Weener Packaging and improved manufacturing productivity[67](index=67&type=chunk)[68](index=68&type=chunk) - Interest and other debt expense increased by **$7.4 million** (Q2 2025) and **$11.6 million** (H1 2025) due to higher average borrowings related to the Weener Packaging acquisition[69](index=69&type=chunk) - Effective tax rates increased slightly to **25.6%** (Q2 2025) and **24.8%** (H1 2025) primarily due to changes in the geographic mix of profit[70](index=70&type=chunk) [Non-GAAP Measures](index=22&type=section&id=Non-GAAP%20Measures) Explains the use of non-GAAP measures like Adjusted EBIT and Adjusted EBIT margin to present core operating performance - Adjusted EBIT and Adjusted EBIT margin are non-GAAP measures used to assess core operating performance by excluding specific non-recurring or non-operational items (e.g., acquired intangible asset amortization, certain pension expenses, rationalization charges, acquisition costs) and including equity in earnings of affiliates[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) Reconciliation of Non-GAAP Financial Measures (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | **Dispensing and Specialty Closures** | | | | | | Income before interest and income taxes (EBIT) | 89.8 | 78.9 | 169.7 | 138.7 | | Acquired intangible asset amortization expense | 14.4 | 10.9 | 28.4 | 22.6 | | Other pension (income) for U.S. pension plans | (0.2) | (0.3) | (0.3) | (0.5) | | Equity in earnings of affiliates, net of tax | 0.6 | — | 1.7 | — | | Rationalization charges | 3.3 | 3.2 | 7.6 | 9.7 | | **Adjusted EBIT** | **107.9** | **92.7** | **207.1** | **170.5** | | **Metal Containers** | | | | | | Income before interest and income taxes (EBIT) | 65.7 | 56.3 | 110.5 | 98.0 | | Acquired intangible asset amortization expense | 0.4 | 0.3 | 0.7 | 0.7 | | Other pension (income) for U.S. pension plans | (0.4) | (0.6) | (1.0) | (1.3) | | Rationalization charges | 5.1 | 2.5 | 10.1 | 6.1 | | **Adjusted EBIT** | **70.8** | **58.5** | **120.3** | **103.5** | | **Custom Containers** | | | | | | Income before interest and income taxes (EBIT) | 22.6 | 20.5 | 44.7 | 38.3 | | Acquired intangible asset amortization expense | 1.1 | 1.1 | 2.2 | 2.3 | | Other pension (income) for U.S. pension plans | (0.3) | (0.3) | (0.5) | (0.6) | | Rationalization charges | 1.5 | 1.2 | 3.1 | 2.7 | | **Adjusted EBIT** | **24.9** | **22.5** | **49.5** | **42.7** | | **Corporate** | | | | | | Loss before interest and income taxes (EBIT) | (10.6) | (13.9) | (26.8) | (21.4) | | Costs attributed to announced acquisitions | — | 5.5 | 1.1 | 5.5 | | **Adjusted EBIT** | **(10.6)** | **(8.4)** | **(25.7)** | **(15.9)** | | **Total adjusted EBIT** | **193.0** | **165.3** | **351.2** | **300.8** | [Dispensing and Specialty Closures Segment](index=24&type=section&id=Dispensing%20and%20Specialty%20Closures%20Segment) Details the Dispensing and Specialty Closures segment's performance, showing significant net sales growth and increased Adjusted EBIT, despite margin pressure Dispensing and Specialty Closures Segment Performance (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | 702.2 | 565.4 | 1,373.3 | 1,101.3 | | Income before interest and income taxes (EBIT) | 89.8 | 78.9 | 169.7 | 138.7 | | Income before interest and income taxes margin (EBIT margin) | 12.8 % | 14.0 % | 12.4 % | 12.6 % | | Adjusted EBIT | 107.9 | 92.7 | 207.1 | 170.5 | | Adjusted EBIT margin | 15.4 % | 16.4 % | 15.1 % | 15.5 % | - Net sales increased by **$136.8 million (24.2%)** in Q2 2025 and **$272.0 million (24.7%)** in H1 2025, primarily due to the Weener Packaging acquisition (**$143.6 million** in Q2, **$287.0 million** in H1) and higher organic unit volumes of dispensing products[79](index=79&type=chunk)[80](index=80&type=chunk) - Lower unit volumes of specialty closures (approx. **3%** in Q2, **2%** in H1) for North American beverage markets, due to cool/wet weather and lower promotional activity, partially offset sales growth[79](index=79&type=chunk)[80](index=80&type=chunk) - Adjusted EBIT increased by **$15.2 million** (Q2 2025) and **$36.6 million** (H1 2025), but Adjusted EBIT margin decreased to **15.4%** (Q2) and **15.1%** (H1) due to the decline in specialty closure volumes and unfavorable foreign currency impact in H1[81](index=81&type=chunk)[82](index=82&type=chunk) [Metal Containers Segment](index=25&type=section&id=Metal%20Containers%20Segment) Reviews the Metal Containers segment's performance, noting net sales growth and improved Adjusted EBIT and margin from productivity gains Metal Containers Segment Performance (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | 676.1 | 650.8 | 1,304.5 | 1,267.9 | | Income before interest and income taxes (EBIT) | 65.7 | 56.3 | 110.5 | 98.0 | | Income before interest and income taxes margin (EBIT margin) | 9.7 % | 8.7 % | 8.5 % | 7.7 % | | Adjusted EBIT | 70.8 | 58.5 | 120.3 | 103.5 | | Adjusted EBIT margin | 10.5 % | 9.0 % | 9.2 % | 8.2 % | - Net sales increased by **$25.3 million (3.9%)** in Q2 2025 and **$36.6 million (2.9%)** in H1 2025, primarily due to the pass-through of higher raw material and manufacturing costs and favorable foreign currency translation[86](index=86&type=chunk)[87](index=87&type=chunk) - Unit volumes were comparable in Q2 (higher pet food, lower soup) and increased by approximately **2%** in H1 (higher pet food)[86](index=86&type=chunk)[87](index=87&type=chunk) - Adjusted EBIT increased by **$12.3 million** (Q2 2025) and **$16.8 million** (H1 2025), with Adjusted EBIT margin rising to **10.5%** (Q2) and **9.2%** (H1), driven by improved manufacturing productivity and cost performance[88](index=88&type=chunk)[89](index=89&type=chunk) [Custom Containers Segment](index=26&type=section&id=Custom%20Containers%20Segment) Examines the Custom Containers segment's performance, showing slight net sales decreases but significant Adjusted EBIT and margin improvements Custom Containers Segment Performance (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | 160.9 | 165.2 | 328.0 | 329.2 | | Income before interest and income taxes (EBIT) | 22.6 | 20.5 | 44.7 | 38.3 | | Income before interest and income taxes margin (EBIT margin) | 14.0 % | 12.4 % | 13.6 % | 11.6 % | | Adjusted EBIT | 24.9 | 22.5 | 49.5 | 42.7 | | Adjusted EBIT margin | 15.5 % | 13.6 % | 15.1 % | 13.0 % | - Net sales decreased by **$4.3 million (2.6%)** in Q2 2025 due to lower volumes (approx. **2%**) from exiting lower margin business, and by **$1.2 million (0.4%)** in H1 2025 due to unfavorable foreign currency translation[92](index=92&type=chunk)[93](index=93&type=chunk) - Adjusted EBIT increased by **$2.4 million** (Q2 2025) and **$6.8 million** (H1 2025), with Adjusted EBIT margin rising to **15.5%** (Q2) and **15.1%** (H1), primarily due to improved manufacturing productivity and cost performance[94](index=94&type=chunk)[95](index=95&type=chunk) [Capital Resources and Liquidity](index=26&type=section&id=CAPITAL%20RESOURCES%20AND%20LIQUIDITY) Discusses the company's capital resources and liquidity, including operating cash flows, debt management, and sufficiency for future needs - Principal liquidity sources are net cash from operating activities and borrowings under debt instruments, including the senior secured credit facility[96](index=96&type=chunk) - For H1 2025, net cash used in operating activities was **$904.9 million**, and long-term debt repayment was **$706.3 million**, largely funded by **$1.4 billion** in net borrowings under revolving loans[98](index=98&type=chunk) - On March 15, 2025, **€650.0 million** of 3¼% Senior Notes were repaid using Euro revolving loan borrowings and cash on hand[97](index=97&type=chunk) - At June 30, 2025, **$1.4 billion** of revolving loans were outstanding, with **$118.3 million** available after letters of credit; seasonal working capital requirements average approximately **$375 million**[100](index=100&type=chunk)[101](index=101&type=chunk) - Management believes cash from operations and available borrowings will be sufficient for expected operating needs, capital expenditures, debt service, and other corporate uses, including potential future acquisitions[102](index=102&type=chunk) [Supply Chain Finance Program](index=27&type=section&id=Supply%20Chain%20Finance%20Program%20(MD%26A)) Describes the company's supply chain finance program, allowing suppliers to sell receivables and leveraging the company's creditworthiness - The company utilizes an SCF program where suppliers can sell receivables to a financial institution, potentially gaining more favorable terms by leveraging the company's creditworthiness[104](index=104&type=chunk) - Outstanding trade accounts payables subject to the SCF program were **$248.4 million** at June 30, 2025, included in accounts payable on the balance sheet[104](index=104&type=chunk) [Guaranteed Securities](index=27&type=section&id=Guaranteed%20Securities) Provides information on guaranteed securities and summarized financial data for the Obligor Group, Silgan's U.S. subsidiaries - The 4⅛% Senior Notes, 2¼% Senior Notes, and 1.4% Senior Secured Notes are guaranteed by the Obligor Group, consisting of Silgan's U.S. subsidiaries that also guarantee the Credit Agreement[105](index=105&type=chunk) Obligor Group Summarized Financial Information (Dollars in millions) | Metric | June 30, 2025 ($ millions) | Dec. 31, 2024 ($ millions) | | :------------------ | :------------ | :------------ | | Current assets | 1,773.9 | 1,464.5 | | Noncurrent assets | 4,352.2 | 4,279.5 | | Current liabilities | 2,636.6 | 1,826.4 | | Noncurrent liabilities | 3,630.9 | 3,987.8 | Obligor Group Summarized Income Information (Six Months Ended June 30, 2025, Dollars in millions) | Metric | Amount ($ millions) | | :--------- | :----- | | Net sales | 1,971.9 | | Gross profit | 312.0 | | Net income | 73.0 | [Rationalization Charges](index=28&type=section&id=Rationalization%20Charges%20(MD%26A)) Discusses ongoing facility rationalizations, cash payments made, and projected remaining expenses and expenditures - Cash payments for rationalization plans were **$8.0 million** for the six months ended June 30, 2025[109](index=109&type=chunk) - Excluding the Central States Pension Plan withdrawal, remaining rationalization expenses are expected to be **$16.1 million**, with cash expenditures of **$21.6 million**[109](index=109&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details the company's market risks, including interest rate, foreign currency, and commodity price exposures, and their management through non-speculative derivatives - Primary market risks include interest rate, foreign currency exchange rate, and commodity pricing (natural gas) risks[111](index=111&type=chunk) - Derivative financial instruments are used to manage these exposures, not for trading or speculative purposes[111](index=111&type=chunk) - No material changes to market risks or management policies have occurred since the 2024 Form 10-K, except as noted in Notes 6 and 7[112](index=112&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures, notes no material changes to internal controls, and outlines the integration of Weener Packaging's controls - Disclosure controls and procedures were effective as of June 30, 2025, ensuring timely and accurate reporting[113](index=113&type=chunk) - No material changes to internal controls over financial reporting occurred during the period[114](index=114&type=chunk) - Internal controls of Weener Packaging, acquired in October 2024, are being integrated and will be part of the 2025 annual assessment of internal control effectiveness[115](index=115&type=chunk) [Part II. Other Information](index=29&type=section&id=Part%20II.%20Other%20Information) This section includes other required information such as trading arrangements, a list of exhibits, and the report's official signatures [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information) Reports no adoption or termination of Rule 10b5-1 trading arrangements by directors or officers in Q2 2025 - No Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers in Q2 2025[116](index=116&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) Provides a comprehensive list of exhibits filed with the Quarterly Report, including legal documents, certifications, and XBRL data List of Exhibits | Exhibit Number | Description | | :------------- | :---------- | | 22 | Subsidiary Guarantors and Issuers of Guaranteed Securities | | 4.1 | Third Supplemental Indenture to the Indenture dated as of February 10, 2021, with respect to the 1.4% Senior Secured Notes due 2026 | | 4.2 | Fifth Supplemental Indenture to the Indenture dated as of November 12, 2019, with respect to the 4⅛% Senior Notes due 2028 | | 31.1 | Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act | | 31.2 | Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act | | 32.1 | Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act | | 32.2 | Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act | | 101.INS | XBRL Instance Document | | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | 104 | Cover Page Interactive Data File | [Signatures](index=31&type=section&id=Signatures) This section contains the official signatures for the Quarterly Report, confirming its submission on behalf of Silgan Holdings Inc [Signatures](index=31&type=section&id=Signatures_Details) Confirms the official signing of the Quarterly Report by Kimberly I. Ulmer, Senior Vice President and Chief Financial Officer, on August 7, 2025 - The Quarterly Report was signed by Kimberly I. Ulmer, Senior Vice President and Chief Financial Officer, on August 7, 2025[122](index=122&type=chunk)

For the quarterly period ended June 30, 2025 or ◻ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 0-24649 REPUBLIC BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 28, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-13057 Ralph Lauren Corporation (Exact name of registrant as specified in its charter) Delaware 13-2622036 Indicate by check mark whether the registrant has submit ...

NEWS RELEASE Sempra Reports Second-Quarter 2025 Results SAN DIEGO, Aug. 7, 2025 — Sempra (NYSE: SRE) today reported second-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $461 million or $0.71 per diluted share, compared to second-quarter 2024 GAAP earnings of $713 million or $1.12 per diluted share. On an adjusted basis, second-quarter 2025 earnings were $583 million or $0.89 per diluted share, compared to $567 million or $0.89 per diluted share in 202 ...

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) This section presents the company's unaudited consolidated financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls for the period ended June 30, 2025 [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited consolidated financial statements for Q2 2025 show a decrease in total assets and revenue, offset by increased net income and stable shareholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $345,721 | $611,639 | | Goodwill & Intangibles, net | $1,736,910 | $1,753,790 | | **Total Assets** | **$2,535,034** | **$2,831,036** | | **Total Current Liabilities** | $366,869 | $625,516 | | Long-term Debt | $1,433,459 | $1,466,021 | | **Total Liabilities** | **$1,896,366** | **$2,210,118** | | **Total Shareholders' Equity** | **$638,668** | **$620,918** | Consolidated Statements of Comprehensive Income Highlights (in thousands, except per share) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $521,262 | $537,816 | $1,057,733 | $1,072,770 | | Gross Profit | $279,264 | $288,790 | $560,311 | $572,327 | | Operating Income | $60,791 | $59,309 | $108,859 | $103,530 | | **Net Income** | $22,422 | $20,497 | $36,469 | $31,327 | | **Diluted EPS** | $0.50 | $0.46 | $0.80 | $0.70 | Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $101,374 | $66,222 | | Net cash used by investing activities | ($44,275) | ($43,938) | | Net cash used by financing activities | ($326,257) | ($398,609) | | **Net change in cash & equivalents** | **($267,674)** | **($380,029)** | [Note 2: New Accounting Pronouncements](index=9&type=section&id=Note%202%3A%20New%20Accounting%20Pronouncements) The company is evaluating the impact of new Accounting Standards Updates related to income tax, expense disaggregation, and credit losses, effective in future periods - The company is currently evaluating the potential impact of several new Accounting Standards Updates (ASUs) related to income tax disclosures (ASU 2023-09), disaggregation of income statement expenses (ASU 2024-03), and measurement of credit losses (ASU 2025-05), with these standards effective in future periods (2025, 2027, and 2026, respectively)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Note 6: Acquisition and Divestitures](index=15&type=section&id=Note%206%3A%20Acquisition%20and%20Divestitures) The company acquired JPMorgan Chase Bank's CheckMatch business for $25 million and completed the exit of its U.S. and Canadian payroll services business in 2024 - On August 6, 2025, the company acquired certain assets of JPMorgan Chase Bank's CheckMatch electronic check conveyance service business for **$25 million in cash**, intended to enhance the market position and scale of the B2B Payments segment[31](index=31&type=chunk) - The company substantially completed the exit of its U.S. and Canadian payroll and human resources services business in 2024, resulting in a gain of **$23.0 million** in the first six months of 2024, with no corresponding gain in 2025[33](index=33&type=chunk)[34](index=34&type=chunk) [Note 8: Restructuring and Integration Expense](index=16&type=section&id=Note%208%3A%20Restructuring%20and%20Integration%20Expense) The company's multi-year 'North Star program' aims to accelerate EBITDA growth and reduce debt, incurring $108 million in expenses to date - The company is actively pursuing its "North Star program," a multi-year plan to accelerate EBITDA growth, increase cash flow, and reduce debt, involving organizational redesign, process automation, and consolidating back-office functions[39](index=39&type=chunk) Restructuring and Integration Expense (in thousands) | Period | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Expense** | $4,236 | $11,029 | $12,656 | $25,766 | - To date, approximately **$108 million** in expenses have been incurred for the North Star program, with an additional **$5 million** expected in 2025, and the majority of associated employee reductions are expected to be completed by early 2026[39](index=39&type=chunk)[41](index=41&type=chunk) [Note 11: Debt](index=18&type=section&id=Note%2011%3A%20Debt) The company's total principal debt was $1.49 billion as of June 30, 2025, with compliance across all debt covenants and $390.1 million available under its revolving credit facility Debt Composition (in thousands) | Debt Instrument | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Senior secured term loan facility | $480,167 | $500,000 | | Senior unsecured notes | $475,000 | $475,000 | | Senior secured notes | $450,000 | $450,000 | | **Total Principal Amount** | **$1,487,667** | **$1,521,917** | - As of June 30, 2025, the company was in compliance with all debt covenants, which include maintaining specific consolidated total leverage, secured leverage, and interest coverage ratios[50](index=50&type=chunk)[51](index=51&type=chunk) - The company had **$390.1 million** available for borrowing under its **$400 million** revolving credit facility as of June 30, 2025[53](index=53&type=chunk) [Note 13: Business Segment Information](index=21&type=section&id=Note%2013%3A%20Business%20Segment%20Information) The company operates four reportable segments—Merchant Services, B2B Payments, Data Solutions, and Print—with performance evaluated based on adjusted EBITDA - The company operates four reportable segments: Merchant Services, B2B Payments, Data Solutions, and Print, with performance evaluated by the Chief Operating Decision Maker (CODM) based on adjusted EBITDA[66](index=66&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) Segment Revenue (Six Months Ended June 30, in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Merchant Services | $199,173 | $195,004 | | B2B Payments | $141,137 | $139,648 | | Data Solutions | $145,056 | $117,104 | | Print | $572,351 | $612,079 | | **Total Reportable Segments** | **$1,057,717** | **$1,063,835** | Segment Adjusted EBITDA (Six Months Ended June 30, in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Merchant Services | $43,115 | $40,625 | | B2B Payments | $28,937 | $27,273 | | Data Solutions | $40,060 | $30,665 | | Print | $181,186 | $184,819 | | **Total Reportable Segments** | **$293,298** | **$283,382** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes H1 2025 results to North Star initiatives, showing decreased revenue but increased net income and adjusted EBITDA, with strong liquidity [Executive Overview](index=25&type=section&id=Executive%20Overview) The company's strategy, supported by the 'North Star program,' focuses on growth investments to accelerate profit growth, increase cash flow, and reduce debt - The company's strategy is focused on growth investments to drive scale and accelerate profit growth faster than revenue growth, supported by the "North Star program" which aims to enhance shareholder value by accelerating adjusted EBITDA growth, increasing cash flow, reducing debt, and improving the leverage ratio[81](index=81&type=chunk) Financial Highlights (First Half 2025 vs. First Half 2024) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | $1.06 billion | $1.07 billion | ($15 million) | | Net Income | $36 million | $31 million | +$5 million | | Adjusted EBITDA | $207 million | $204 million | +$3 million | | Adjusted EBITDA Margin | 19.5% | 19.0% | +0.5 pts | | Net Cash from Operations | $101 million | $66 million | +$35 million | | Free Cash Flow | $52 million | $18 million | +$34 million | - The company is actively monitoring market conditions, including interest rates (**62% of debt is fixed-rate**), inflation (mitigated by price increases), and trends in consumer spending, which has shown some softness in discretionary categories[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) [Consolidated Results of Operations](index=27&type=section&id=Consolidated%20Results%20of%20Operations) H1 2025 revenue decreased due to business exits and secular declines, while SG&A expenses decreased, and the effective income tax rate improved - Total revenue for H1 2025 decreased by **1.4%** YoY, driven by business exits (**$9 million** impact), soft demand for promotional products, and secular declines in checks and forms, partially offset by strong demand in data-driven marketing services, which grew by **$28 million**[93](index=93&type=chunk)[94](index=94&type=chunk) - SG&A expense decreased by **6.0%** in H1 2025 due to cost management actions, workforce adjustments, lower amortization, and a **$6 million** decrease in bad debt expense[100](index=100&type=chunk) - The effective income tax rate for H1 2025 decreased to **28.4%** from **33.7%** in H1 2024, benefiting from lower tax impacts from foreign operations and non-deductible compensation[106](index=106&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Six Months Ended June 30, in thousands) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net income | $36,469 | $31,327 | | Adjustments (Depreciation, Amortization, Interest, Taxes, etc.) | $170,163 | $172,517 | | **Adjusted EBITDA** | **$206,632** | **$203,844** | [Segment Results](index=33&type=section&id=Segment%20Results) Merchant Services, B2B Payments, and Data Solutions segments showed revenue and adjusted EBITDA margin growth, while Print revenue declined but improved its margin - **Merchant Services:** H1 2025 revenue grew **2.1%** to **$199.2 million**, and adjusted EBITDA margin improved to **21.6%** from **20.8%**, driven by pricing actions and volume growth from government and banking clients[123](index=123&type=chunk) - **B2B Payments:** H1 2025 revenue increased **1.1%** to **$141.1 million**, with adjusted EBITDA margin rising to **20.5%** from **19.5%**, due to new client onboarding and price increases[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - **Data Solutions:** H1 2025 revenue saw strong growth of **23.9%** to **$145.1 million**, and adjusted EBITDA margin expanded to **27.6%** from **26.2%**, fueled by high demand for customer acquisition marketing from financial institutions[128](index=128&type=chunk) - **Print:** H1 2025 revenue declined **6.5%** to **$572.4 million** due to softer demand for promotional products and secular declines in checks, however, adjusted EBITDA margin increased to **31.7%** from **30.2%** due to pricing actions, cost management, and lower bad debt expense[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Cash Flows, Liquidity, and Capital Resources](index=35&type=section&id=Cash%20Flows%20and%20Liquidity%20and%20Capital%20Resources) Net cash from operating activities and free cash flow significantly increased in H1 2025, with a stable capital structure and available liquidity - Net cash from operating activities increased by **$35 million** in H1 2025 to **$101.4 million**, driven by pricing and cost actions, a **$15 million** reduction in employee bonuses, and lower restructuring spend[134](index=134&type=chunk) - Free cash flow for H1 2025 was **$52.1 million**, a significant increase from **$17.6 million** in H1 2024[134](index=134&type=chunk) Capital Structure (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed Interest Rate Debt | $925,000 | $925,000 | | Floating Interest Rate Debt | $562,667 | $596,917 | | **Total Debt Principal** | **$1,487,667** | **$1,521,917** | | Shareholders' Equity | $638,668 | $620,918 | | **Total Capital** | **$2,126,335** | **$2,142,835** | [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from variable-rate debt, with a 1% change impacting interest expense by $3 million, while foreign currency risk is minimal - The company is exposed to interest rate risk from its variable-rate debt, where a one percentage point change in interest rates would result in a **$3 million** change in interest expense for the rest of the year as of June 30, 2025[145](index=145&type=chunk) - Foreign currency exchange rate risk is primarily related to Canadian dollar operations but is not considered material to earnings or cash flows[146](index=146&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[147](index=147&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended June 30, 2025[148](index=148&type=chunk) [Part II - Other Information](index=38&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and other disclosures for the reporting period [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company maintains adequate reserves for legal claims and does not anticipate any material impact on its financial position or results from current litigation - The company believes that recorded reserves for legal matters are adequate and does not expect any currently identified claims to have a material impact on its financial condition or results of operations[149](index=149&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No significant changes to the company's risk factors have occurred since the Annual Report on Form 10-K for December 31, 2024 - No significant changes to the risk factors disclosed in the 2024 Form 10-K have occurred[150](index=150&type=chunk) [Unregistered Sales of Equity Securities and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company did not repurchase shares in Q2 2025, with $287 million remaining under its share repurchase authorization - No shares were repurchased in Q2 2025, and the company has **$287 million** remaining under its share repurchase authorization as of June 30, 2025[151](index=151&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the second quarter of 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[154](index=154&type=chunk) [Signatures](index=41&type=section&id=Signatures) The report was duly signed on August 7, 2025, by the company's President, CEO, CFO, and Chief Accounting Officer

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 46-5706863 Identification Number) 2450 N Street N.W. Washington, D.C. 20037 (Address of Principal Executive Offices and Zip Code) (202) 295-4200 (Registrant's Telephone Numbe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 28, 2025 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-14222 SUBURBAN PROPANE PARTNERS, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer Delaware 22-341035 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly period ended June 30, 2025 Commission file number 001-35296 FARMERS NATIONAL BANC CORP. (Exact name of registrant as specified in its charter) OHIO 34-1371693 (State or other jurisdiction of incorporation or or ...

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents Chevron's comprehensive financial information, including consolidated statements, management's analysis, market risk disclosures, and internal controls [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Chevron's consolidated financial statements, including income, balance sheet, and cash flow, highlighting a decrease in net income and total assets for the first half of 2025 [Consolidated Statement of Income](index=4&type=section&id=Consolidated%20Statement%20of%20Income) Chevron reported a significant decrease in net income and diluted EPS for Q2 and the first six months of 2025, primarily due to lower revenues Consolidated Statement of Income Highlights (in Millions, except per-share amounts) | Metric | Q2 2025 | Q2 2024 | Change | Six Months 2025 | Six Months 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues and Other Income** | $44,822 | $51,181 | -12.4% | $92,432 | $99,897 | -7.5% | | **Net Income Attributable to Chevron** | $2,490 | $4,434 | -43.8% | $5,990 | $9,935 | -39.7% | | **Diluted EPS** | $1.45 | $2.43 | -40.3% | $3.45 | $5.40 | -36.1% | [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, Chevron's total assets and stockholders' equity decreased, primarily due to reduced cash and share repurchases, while total liabilities remained stable Consolidated Balance Sheet Highlights (in Millions) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $34,691 | $40,911 | | **Total Assets** | $250,820 | $256,938 | | **Total Current Liabilities** | $34,827 | $38,558 | | **Long-Term Debt** | $23,276 | $20,135 | | **Total Liabilities** | $103,562 | $103,781 | | **Total Chevron Stockholders' Equity** | $146,417 | $152,318 | [Consolidated Statement of Cash Flows](index=7&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operations increased slightly for the first half of 2025, while investing activities saw higher outflows due to the Hess acquisition, and financing outflows decreased Consolidated Statement of Cash Flows Highlights (Six Months Ended June 30, in Millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $13,765 | $13,123 | | **Net Cash Used for Investing Activities** | ($9,050) | ($7,910) | | **Net Cash Used for Financing Activities** | ($7,649) | ($9,428) | | **Net Change in Cash** | ($2,887) | ($4,310) | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes reveal significant decreases in Upstream earnings, ongoing litigation, the completion of the Hess acquisition, and the issuance of new long-term debt - On July 18, 2025, the company completed the acquisition of Hess Corporation for an aggregate purchase price of approximately **$48 billion**, including assumed debt of **$8.8 billion**[101](index=101&type=chunk)[102](index=102&type=chunk) - The company is a defendant in **33 climate change-related lawsuits** across the U.S. and **37 coastal erosion lawsuits** in Louisiana, with a **$131 million** accrual for one case despite plans to appeal[59](index=59&type=chunk)[60](index=60&type=chunk) - In Q1 2025, the company issued **$5.5 billion** in new long-term debt, with maturities ranging from 2027 to 2035[99](index=99&type=chunk)[100](index=100&type=chunk) Earnings by Segment (Six Months Ended June 30, in Millions) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | **Upstream** | $6,485 | $9,709 | | **Downstream** | $1,062 | $1,380 | | **All Other** | ($1,557) | ($1,154) | | **Net Income Attributable to Chevron** | **$5,990** | **$9,935** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the decline in Q2 2025 earnings driven by Upstream factors, partially offset by Downstream gains, while highlighting strategic initiatives, a strong financial position, and capital management [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q2 2025 saw a significant decline in Upstream earnings due to lower prices and affiliate contributions, while Downstream earnings improved, and 'All Other' charges increased Upstream Earnings (Q2 2025 vs Q2 2024, in Millions) | Segment | Q2 2025 Earnings | Q2 2024 Earnings | Key Drivers | | :--- | :--- | :--- | :--- | | **U.S. Upstream** | $1,418 | $2,161 | Lower liquids realizations (-$1.0B), partly offset by higher sales volumes (+$380M) | | **International Upstream** | $1,309 | $2,309 | Lower affiliate earnings at TCO (-$550M), lower liftings (-$320M), and lower liquids realizations (-$250M) | Downstream Earnings (Q2 2025 vs Q2 2024, in Millions) | Segment | Q2 2025 Earnings | Q2 2024 Earnings | Key Drivers | | :--- | :--- | :--- | :--- | | **U.S. Downstream** | $404 | $280 | Higher refined product margins (+$140M) and lower opex (+$100M), partly offset by lower CPChem earnings (-$150M) | | **International Downstream** | $333 | $317 | Higher refined product margins (+$190M), offset by unfavorable tax impacts (-$70M) and currency effects (-$101M) | - Net charges for 'All Other' increased by **$341 million** in Q2 2025 compared to Q2 2024, primarily due to an unfavorable fair market valuation adjustment for Hess shares, higher interest expense, and pension curtailment costs[170](index=170&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Chevron's liquidity includes $4.1 billion in cash, with total debt increasing to $29.5 billion, while the company generated strong operating cash flow, paid dividends, and continued share repurchases Key Financial Ratios and Metrics | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Debt** | $29.5 Billion | $24.5 Billion | | **Net Debt Ratio** | 14.8% | 10.4% | | **Free Cash Flow (H1)** | $6.1 Billion | $5.1 Billion (H1 2024) | - Capital expenditures for the first six months of 2025 were **$7.6 billion**, down from **$8.1 billion** in the same period of 2024[203](index=203&type=chunk) - The company repurchased **18.6 million shares** for **$2.6 billion** in Q2 2025 and expects to repurchase **$2.5-$3.0 billion** in Q3 2025[199](index=199&type=chunk) - Dividends of **$5.9 billion** were paid to common stockholders during the first six months of 2025, and a quarterly dividend of **$1.71 per share** was declared for Q3 2025[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its market risk disclosures for the six months ended June 30, 2025, compared to the information provided in its 2024 Annual Report on Form 10-K - Information about market risks for the six months ended June 30, 2025, does not differ materially from that discussed in Chevron's 2024 Annual Report on Form 10-K[207](index=207&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[208](index=208&type=chunk) - There were no material changes in the company's internal control over financial reporting during the quarter ended June 30, 2025[209](index=209&type=chunk) [PART II OTHER INFORMATION](index=47&type=section&id=PART%20II%20OTHER%20INFORMATION) This section details legal proceedings, new risk factors, equity security sales, and other general corporate information [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) Chevron reports a new legal proceeding from the ECMC with a potential $1.0 million civil penalty, in addition to ongoing climate change and coastal erosion lawsuits - On June 26, 2025, the Colorado Energy & Carbon Management Commission (ECMC) issued a notice of alleged violations following a well control incident, which may result in a civil penalty of **$1.0 million or more**[212](index=212&type=chunk) - The report references Note 11 for details on other significant legal proceedings, including climate change and Louisiana coastal lawsuits[212](index=212&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights the potential failure to successfully integrate the Hess acquisition and realize anticipated benefits, which could negatively impact financial results - A new risk factor has been added concerning the Hess acquisition, which closed in July 2025[214](index=214&type=chunk) - Key risks include the potential failure to successfully integrate Hess and realize anticipated benefits, such as cost synergies and production growth, which could disrupt plans and negatively affect financial results[214](index=214&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, Chevron repurchased 18.6 million shares for $2.6 billion as part of its $75 billion stock repurchase program, with $42.1 billion remaining authorized Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 11,783,184 | $140.41 | | May 2025 | 6,837,101 | $137.88 | | June 2025 | 635 | $144.01 | | **Total** | **18,620,920** | **$139.48** | - As of the end of Q2 2025, approximately **$42.1 billion** remained authorized for repurchase under the 2023 Program[216](index=216&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) The company reports that during the three months ended June 30, 2025, none of its directors or executive officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or executive officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the second quarter of 2025[217](index=217&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including the Restated Certificate of Incorporation, CEO and CFO certifications, and Interactive Data Files (Inline XBRL) - Filed exhibits include CEO and CFO certifications under Sarbanes-Oxley rules[218](index=218&type=chunk) - The report includes Interactive Data Files (Inline XBRL) as Exhibit 101[218](index=218&type=chunk)