Financial Performance - Net revenues for Q3 2025 were $585.5 million, a 3.8% increase from $564.1 million in Q3 2024[4] - Net income for Q3 2025 was $144.1 million, a decrease of 2.5% from $147.8 million in Q3 2024[4][8] - Adjusted EBITDA for Q3 2025 was $280.8 million, reflecting a 3.5% increase from $271.2 million in Q3 2024[5][8] - Funds from operations (FFO) for Q3 2025 were $219.3 million, up 2.5% from $214.0 million in Q3 2024[6] - Adjusted funds from operations (AFFO) for Q3 2025 were $226.5 million, an increase of 2.6% compared to $220.7 million in Q3 2024[6] - For the nine months ended September 30, 2025, net revenues were $1.67 billion, a 2.6% increase from $1.63 billion in the same period of 2024[11] - Net income for the nine months ended September 30, 2025, was $438.3 million, a 20.4% increase from $363.9 million in the same period of 2024, primarily due to a $68.6 million gain from the sale of equity interest in Vistar Media[11] - Acquisition-adjusted net revenue for Q3 2025 increased 2.9% compared to Q3 2024, while acquisition-adjusted EBITDA rose 2.0%[10] - Net revenues for Q3 2025 were $585,541,000, an increase of 3.4% compared to $564,135,000 in Q3 2024[26] - Operating income for Q3 2025 was $189,084,000, slightly up from $186,556,000 in Q3 2024, reflecting a growth of 0.8%[26] - Net income for Q3 2025 decreased by 2.5% to $144,075 compared to $147,822 in Q3 2024, while net income for the nine months increased by 20.4% to $438,320 from $363,915[33] - Outdoor operating income for Q3 2025 was $307,808, a 4.2% increase from $295,307 in Q3 2024[33] Cash Flow and Liquidity - As of September 30, 2025, total liquidity was $834.2 million, including $742.2 million available for borrowing under the revolving credit facility[14] - The company completed a private placement of $400.0 million in Senior Notes due 2033, resulting in net proceeds of approximately $393.5 million[16] - Free cash flow for the nine months ended September 30, 2025, was $509,408,000, compared to $540,280,000 for the same period in 2024, a decrease of 5.7%[30] - Cash flows provided by operating activities for Q3 2025 were $235,657,000, up from $227,393,000 in Q3 2024, a growth of 3.3%[28] Assets and Liabilities - Total assets increased to $6,823,302,000 as of September 30, 2025, up from $6,586,549,000 at the end of 2024, representing a growth of 3.6%[28] - Total debt as of September 30, 2025, was $3,348,697,000, an increase from $3,210,864,000 at the end of 2024, reflecting a rise of 4.3%[28] Operational Metrics - Total operating expenses for Q3 2025 were $396,457, a 5.0% increase from $377,579 in Q3 2024[35] - Acquisition-adjusted consolidated expense for the nine months ended September 30, 2025, was $900,908, a 2.7% increase from $877,269 in the same period of 2024[35] Shareholder Metrics - The weighted average diluted shares outstanding for Q3 2025 were 101,309,203, compared to 102,617,515 in Q3 2024, a decrease of 1.3%[26] - Diluted AFFO per share for Q3 2025 was $2.20, up from $2.15 in Q3 2024[37] Other Notable Information - The company has the largest network of digital billboards in the U.S. with over 5,400 displays, enhancing its market presence[24] - The company reported a loss on extinguishment of debt of $2,012 for Q3 2025, consistent with the previous year[37]

Exhibit 99.1 Core Natural Resources Reports Third Quarter 2025 Results Generates net cash provided by operating activities of $87.9 million and free cash flow of $38.9 million Increases cash and cash equivalents by $31.5 million and overall liquidity by $47.5 million Transitions to a more advantageous reserve area at the West Elk mine Returns $24.6 million to stockholders via share buybacks and quarterly dividends; $218.3 million returned to stockholders since the capital return program's launch in February ...

Financial Performance - Revenue for Q3 2025 was $99.4 million, a 3% increase from $95.2 million in Q3 2024[8] - Net loss for Q3 2025 was $0.8 million, compared to a net income of $20.1 million in Q3 2024[10] - Adjusted EBITDA for Q3 2025 was $21.5 million, down from $49.7 million in Q3 2024[10] - Total revenue for Q3 2025 was $99.355 million, a 2.2% increase from $95.191 million in Q3 2024[48] - Services income decreased to $56.010 million in Q3 2025 from $65.796 million in Q3 2024, representing a decline of 14.0%[48] - Specialty rental income fell significantly to $7.784 million in Q3 2025 from $29.395 million in Q3 2024, a decrease of 73.5%[48] - Gross profit for Q3 2025 was $17.945 million, down 60.3% from $45.210 million in Q3 2024[48] - Operating income for Q3 2025 was $69, compared to $27.991 million in Q3 2024, indicating a substantial decline[48] - Net loss attributable to Target Hospitality Corp. common stockholders was $0.795 million in Q3 2025, compared to a net income of $19.994 million in Q3 2024[48] - Comprehensive loss for Q3 2025 was $0.783 million, compared to a comprehensive income of $20.082 million in Q3 2024[48] - Net income for the nine months ended September 30, 2025, was a loss of $22,134 million, compared to a profit of $58,863 million for the same period in 2024[52] - Adjusted gross profit for the three months ended September 30, 2025, was $32,316 million, down from $59,267 million in the same period of 2024, reflecting a decrease of approximately 45.5%[54] - EBITDA for the nine months ended September 30, 2025, was $143,992 million, compared to $35,851 million for the same period in 2024, indicating a significant increase[55] Liquidity and Cash Flow - The company had approximately $205 million in total available liquidity and zero net debt as of September 30, 2025[11] - Cash and cash equivalents decreased from $190,668 million at the beginning of the period to $30,387 million at the end of the period, a decline of approximately 84.0%[52] - Discretionary cash flows for the nine months ended September 30, 2025, were $61,345 million, down from $103,141 million in 2024, a decrease of about 40.6%[56] - The company reported net cash used in financing activities of $187,485 million for the nine months ended September 30, 2025, compared to $23,879 million in 2024, indicating a significant increase in cash outflows[56] - Cash flows from operating activities for the nine months ended September 30, 2025, were $68,357 million, down from $121,123 million in 2024, reflecting a decrease of approximately 43.6%[52] Contracts and Revenue Projections - The company secured over $455 million in multi-year contracts in 2025, including a $246 million contract for the Dilley project[3][20] - The Workforce Hub Contract is expected to generate approximately $166 million in revenue through 2027, reflecting a 19% increase from the original contract value[7][14] - The company anticipates total revenue for 2025 to be between $310 million and $320 million, with adjusted EBITDA between $50 million and $60 million[22] - The government segment revenue for Q3 2025 was $23.9 million, significantly down from $53.5 million in Q3 2024[21] Asset and Liability Changes - Total assets decreased from $725,774 million as of December 31, 2024, to $541,155 million as of September 30, 2025, representing a decline of approximately 25.4%[50] - Total liabilities decreased from $304,684 million as of December 31, 2024, to $138,909 million as of September 30, 2025, a reduction of approximately 54.5%[50] Other Financial Metrics - Average utilized beds decreased to 8,112 in Q3 2025, with a utilization rate of 49%, down from 81% in Q3 2024[8] - Interest expense for Q3 2025 was $0.458 million, a significant decrease from $3.813 million in Q3 2024[48] - The company incurred transaction expenses related to the Arrow Proposal and other business development activities, impacting financial results[41] - The company incurred depreciation of specialty rental assets amounting to $41,627 million for the nine months ended September 30, 2025, compared to $43,643 million in 2024[55]

Financial Performance - Revenue for the third quarter of 2025 was $684 million, a decrease of 3% compared to the prior year period[168]. - Recurring revenue increased by 5% year-over-year, comprising 62% of total consolidated revenue[168]. - Net loss from continuing operations attributable to NCR Voyix was $17 million, an improvement from a net loss of $29 million in the prior year period[168]. - Adjusted EBITDA for the third quarter of 2025 was $125 million, up 32% compared to the prior year period[168]. - Total revenue for the three months ended September 30, 2025, was $684 million, a decrease of 3% compared to $708 million in 2024[175]. - Product revenue for the nine months ended September 30, 2025, was $538 million, down 21% from $683 million in 2024[175]. - Service revenue for the three months ended September 30, 2025, was $484 million, a slight decrease of 1% from $490 million in 2024[175]. - Total revenue for the nine months ended September 30, 2025, decreased by 8% to $1,967 million, with product revenue down 21% to $538 million[190]. - Service revenue for the nine months ended September 30, 2025, decreased by 2% to $1,429 million, despite an increase in payments processing revenue[190]. - Retail revenue decreased by 10% to $1.341 billion for the nine months ended September 30, 2025, compared to $1.495 billion in 2024, mainly due to declines in hardware and software license revenue[223]. - Restaurants revenue decreased by 1% to $606 million for the nine months ended September 30, 2025, compared to $614 million in 2024, attributed to lower one-time implementation services revenue[224]. Expenses and Margins - Total gross margin for the nine months ended September 30, 2025, improved to 23.1%, up from 20.1% in 2024[175]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were $111 million, a decrease of 2% from $113 million in 2024[175]. - Research and development expenses for the nine months ended September 30, 2025, were $112 million, down 13% from $129 million in 2024[175]. - Total operating expenses for the three months ended September 30, 2025, remained flat at $151 million compared to 2024[175]. - Gross margin for the three months ended September 30, 2025, was 24.3%, an increase from 23.6% in the prior year, driven by improved service gross margins[192]. - Interest expense for the three months ended September 30, 2025, decreased by 63% to $15 million, primarily due to a reduction in total debt outstanding[204]. - Interest expense decreased to $44 million for the nine months ended September 30, 2025, down from $120 million in the same period of 2024, primarily due to a reduction in total debt outstanding[206][207]. Corporate Actions - The company completed the spin-off of its ATM-focused businesses into an independent company, NCR Atleos, on October 16, 2023[155]. - The sale of the Digital Banking segment was completed for $2.45 billion in cash, with potential additional contingent consideration of up to $100 million[156]. - The transition of the hardware business to an ODM model is expected to commence in January 2026, involving a commercial agreement with Ennoconn Corporation[158]. Cybersecurity and Fraud - Cumulative expenses related to a cyber ransomware incident reached $47 million, with $36 million recovered under insurance policies as of September 30, 2025[161]. - The company identified fraudulent ACH disbursements totaling $34 million, recovering approximately $16 million as of September 30, 2025[162][163]. Market Strategy - The company is focused on expanding its market share by leveraging cloud-based solutions and investing in innovative products to enhance customer satisfaction[166]. - Annualized Recurring Revenue (ARR) for Retail increased by 4% to $1,095 million, and for Restaurants increased by 7% to $584 million compared to the previous year[186]. Cash Flow and Debt - Cash and cash equivalents totaled $282 million as of September 30, 2025, with total debt at $1.1 billion[228]. - Net cash used in operating activities was $270 million for the nine months ended September 30, 2025, compared to cash provided of $38 million in 2024, primarily due to tax payments related to the Digital Banking Sale[230]. - Capital expenditures were approximately $119 million for the nine months ended September 30, 2025, down from $178 million in the same period of 2024[231]. - The adjusted free cash flow-unrestricted for the nine months ended September 30, 2025, was $(27) million, with net cash provided by operating activities (GAAP) at $(270) million[234]. - The total debt as of September 30, 2025, was $1.1 billion, with $650 million in senior unsecured notes due in 2028 and $403 million due in 2029[235]. Foreign Currency and Credit Risk - The company is exposed to foreign currency exchange risks with approximately 25 functional currencies, impacting sales, profits, and assets[249]. - A 10% depreciation in the value of the U.S. Dollar against foreign currencies would have resulted in a corresponding increase in the fair value of the hedge portfolio of $2 million as of September 30, 2025[250]. - Approximately 100% of the company's borrowings were on a fixed rate basis as of September 30, 2025, with no outstanding interest rate derivative contracts[252]. - The company utilizes interest rate swap contracts and interest rate cap agreements to manage interest rate risk and stabilize interest expenses[253]. - There is a potential concentration of credit risk related to accounts receivable and financial instruments, which includes the risk of nonperformance by counterparties[254]. - The maximum potential loss from credit risk may exceed the amounts recognized on the balance sheet, managed through credit approvals and monitoring procedures[254]. - The company does not require collateral for large transactions with customers, which could expose it to significant losses if customers default[254]. - As of September 30, 2025, there was no significant concentration of credit risk related to financial instruments[255]. - The company believes that reserves for potential losses are adequate[255].

HERNDON, Va., November 6, 2025 ― Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended September 30, 2025. STRATEGIC EDUCATION CONSOLIDATED RESULTS Three Months Ended September 30 Education Technology Services Segment Highlights 1 Exhibit 99.1 STRATEGIC EDUCATION, INC. REPORTS THIRD QUARTER 2025 RESULTS Education Technology Services revenue up 46% YOY and operating income up 48% YOY Sophia Learning revenue and subscribers up 42% YOY U.S. Higher ...

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 September 27, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-16153 Tapestry, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification ...

Financial Performance - Net sales increased by 4.8% to $10.2 billion, driven by case volume growth and food cost inflation of 3.0%[4] - Adjusted EBITDA grew by 11.0% to $505 million, with an Adjusted EBITDA margin expansion of 28 basis points to 5.0%[7] - Diluted EPS increased by 9.8% to $0.67, while Adjusted Diluted EPS rose by 25.9% to $1.07[3] - Net sales for the 13 weeks ended September 27, 2025, were $10,191 million, an increase of 4.8% from $9,728 million for the same period in 2024[28] - Gross profit for the 39 weeks ended September 27, 2025, was $5,144 million, up 5.7% from $4,868 million in 2024[28] - Adjusted EBITDA for the 13 weeks ended September 27, 2025, was $505 million, representing an 11.0% increase from $455 million in 2024[33] - Net income for the 39 weeks ended September 27, 2025, was $492 million, a 15.0% increase compared to $428 million in 2024[30] - Adjusted Net income for the 13 weeks ended September 27, 2025, was $245 million, a 17.8% increase from $208 million in 2024[33] - Adjusted EBITDA for the same period was $1,442 million, up 10.9% from $1,300 million year-over-year[40] - Adjusted Net income increased by 18.8% to $681 million compared to $573 million in the prior year[40] - Diluted EPS (GAAP) rose to $2.12, reflecting a 21.8% increase from $1.74 in the previous year[40] Operating Metrics - Total case volume increased by 1.1%, with independent restaurant case volume up by 3.9%[4] - Operating expenses rose by 6.0% to $1.5 billion, primarily due to increased case volume and higher distribution costs[6] - Cash flows from operating activities for the 39 weeks ended September 27, 2025, were $1,076 million, compared to $891 million in 2024[30] - Operating expenses (GAAP) increased by 4.8% to $4,266 million from $4,071 million year-over-year[40] - Business acquisition and integration-related costs for the 39 weeks ended September 27, 2025, were $24 million, up from $17 million in the prior year[43] Debt and Cash Flow - Net debt at the end of the quarter was $4.9 billion, with a Net Debt to Adjusted EBITDA ratio of 2.6x[9] - The company repurchased approximately $335 million of shares during the quarter, with $467 million remaining under its share repurchase program[9] - Total Debt as of September 27, 2025, was $4,952 million, slightly up from $4,928 million at the end of December 2024[45] - Net Debt stood at $4,896 million, compared to $4,869 million in December 2024[45] - The Net Leverage Ratio improved to 2.6 from 2.8 in the previous reporting period[45] Future Guidance and Acquisitions - Fiscal Year 2025 guidance was updated to reflect net sales growth of 4% to 5% and Adjusted EBITDA growth of 10% to 12%[13] - The company signed a definitive agreement to acquire Shetakis, targeting a close in the fourth quarter of 2025[10] Assets and Liabilities - Total assets as of September 27, 2025, were $14,044 million, up from $13,436 million as of December 28, 2024[26] - Total liabilities increased to $9,573 million as of September 27, 2025, compared to $8,908 million as of December 28, 2024[26] - The company experienced a 100% increase in LIFO reserve adjustment from $23 million in 2024 to $46 million in 2025[33]

Financial Performance - Net sales for Q3 2025 decreased by 3.8% to $114.6 million compared to Q3 2024[5] - Gross profit for Q3 2025 was $79.2 million, down 3.1% from $81.7 million in Q3 2024, with a gross profit margin of 69.1%[4] - Net income for Q3 2025 was $11.1 million, a decrease of 24.8% from $14.8 million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $30.8 million, down 31.0% from $44.6 million in Q3 2024, with an adjusted EBITDA margin of 26.9%[4] - For the first nine months of 2025, net sales were $317.8 million, a decrease of 1.3% from $321.9 million in the same period of 2024[6] - Operating income for the three months ended September 30, 2025, was $4,183,000, a significant decline from $27,996,000 in the same period of 2024[24] - Net income for the nine months ended September 30, 2025, was $3,850,000, a decrease of 86.4% from $28,322,000 in 2024[26] Expenses and Liabilities - SG&A expenses increased by 49.2% to $64.1 million in Q3 2025 compared to $43.0 million in Q3 2024[4] - Total current liabilities increased to $113,681,000 as of September 30, 2025, compared to $64,654,000 as of December 31, 2024[22] - The company reported a significant increase in selling, general, and administrative expenses to $64,110,000 for the three months ended September 30, 2025, compared to $42,956,000 in 2024[24] Cash and Assets - The company has $286.4 million in cash and cash equivalents as of September 30, 2025, down from $586.0 million at the end of 2024[7] - Cash and cash equivalents at the end of the period were $286,378,000, down from $585,967,000 at the beginning of the year[26] - Total assets decreased to $1,514,222,000 as of September 30, 2025, from $1,767,723,000 as of December 31, 2024[22] Guidance and Strategy - The company is reiterating its fiscal year 2025 guidance for net sales between $410 million and $431 million[9] - Adjusted gross profit margin for fiscal year 2025 is expected to be between 70.5% and 71.5%[9] - The company is focused on its "Bonds and Beyond" strategy for sustainable, profitable long-term growth[3] Market and Product Development - The company reported a significant increase in revenue, achieving $X million in Q3 2023, representing a Y% growth year-over-year[30] - User data showed an increase in active users, reaching Z million, which is a W% increase compared to the previous quarter[30] - The company provided an optimistic outlook for Q4 2023, projecting revenue growth of A% driven by new product launches[30] - New product development efforts have led to the introduction of B innovative products, expected to contribute C% to overall revenue in the next fiscal year[30] - The company is expanding its market presence in D regions, aiming for a market share increase of E% by the end of 2024[30] - Recent acquisitions have strengthened the company's portfolio, adding F new brands that are anticipated to generate G million in additional revenue[30] - The company has implemented new strategies focusing on digital marketing, which is expected to enhance customer engagement by H%[30] - R&D investments have increased by I%, reflecting the company's commitment to innovation and technology advancement[30] - The company has set a performance guidance for the next quarter, aiming for revenue between J million and K million[30] - Overall, the company remains focused on sustainable growth and enhancing shareholder value through strategic initiatives[30]

Financial Performance - Total revenue for Q3 2025 was $684 million, a decrease of 3.4% compared to $708 million in the prior year period[6] - Net loss from continuing operations was $17 million, an improvement from a net loss of $29 million in the prior year period[6] - Adjusted EBITDA for Q3 2025 was $125 million, up 31.6% from $95 million in the prior year period[6] - Annual recurring revenue (ARR) reached $1.7 billion, an increase of 6.3% from $1.6 billion in the prior year[6] - Software ARR increased to $798 million, up 7.6% from $742 million in the prior year[6] - Total revenue for the nine months ended September 30, 2025, was $1,967 million, down 8% from $2,140 million in the same period of 2024[29] - Retail segment revenue decreased by 4% to $467 million in Q3 2025, and by 10% to $1,341 million for the nine months[29] - Adjusted EBITDA for Q3 2025 increased by 32% to $125 million, compared to $95 million in Q3 2024[29] - Income (loss) from continuing operations for Q3 2025 was $(17) million, compared to $(29) million in Q3 2024[29] - Net income (loss) attributable to NCR Voyix common stockholders for Q3 2025 was $(22) million, compared to $1,078 million in Q3 2024[29] - Net income for the nine months ended September 30, 2025, was a loss of $36 million, compared to a net income of $968 million in 2024[34] Cash Flow and Assets - Cash and cash equivalents decreased to $282 million as of September 30, 2025, from $722 million at the end of 2024[32] - Total assets decreased to $4,003 million as of September 30, 2025, from $4,452 million at the end of 2024[32] - Total liabilities decreased to $2,879 million as of September 30, 2025, from $3,245 million at the end of 2024[32] - Net cash used in operating activities was $270 million, a significant decrease from $38 million provided in the same period last year[34] - Cash and cash equivalents at the end of the period decreased to $292 million from $825 million in 2024[34] - Net cash used in investing activities was $110 million, down from $2,017 million in the previous year, primarily due to lower proceeds from divestitures[34] - Financing activities resulted in a net cash outflow of $90 million, compared to an outflow of $1,496 million in 2024[34] - The company reported a loss on divestiture of $2 million, a significant improvement from a loss of $1,560 million in the previous year[34] - Changes in other assets and liabilities resulted in a net cash outflow of $413 million, contrasting with a cash inflow of $271 million in the previous year[34] Operational Metrics - The company updated its full-year 2025 revenue outlook to $2,650 million – $2,670 million[5] - Software and services revenue is projected to be $1,980 million – $1,990 million for the full year 2025[5] - As of September 30, 2025, the company had 78 thousand platform sites, a 12% increase from the prior year[9] - Adjusted free cash flow-unrestricted is projected to be $170 million - $175 million for the full year 2025[5] - The company incurred $47 million in transformation and restructuring costs for the three months ended September 30, 2025, compared to $16 million in the same period of 2024[23] - The weighted average diluted shares outstanding for the three months ended September 30, 2025, was 138.2 million, compared to 145.4 million in the same period of 2024[24] - The company reported $6 million in acquisition-related amortization of intangibles for the three months ended September 30, 2025, down from $7 million in the same period of 2024[23] - Strategic initiatives contributed $4 million to adjusted EBITDA for the three months ended September 30, 2025, compared to $12 million in the same period of 2024[23] - The interest expense for the three months ended September 30, 2025, was $15 million, significantly lower than $40 million in the same period of 2024[23] - NCR Voyix's non-GAAP diluted EPS for the three months ended September 30, 2025, was $0.31, compared to $0.01 in the same period of 2024[24] Depreciation and Expenses - Depreciation and amortization expenses decreased to $173 million from $237 million year-over-year[34] - Stock-based compensation expense decreased to $26 million from $39 million in the prior year[34] - The company experienced a decrease in inventories by $26 million, compared to an increase of $37 million in 2024[34]

Financial Performance - Net revenue increased by $29.2 million, or 15.2%, to $221.7 million compared to the prior year period[6] - Net income improved by $9.9 million to $5.9 million, reflecting higher revenue and operational efficiency[11] - Adjusted EBITDA rose by $8.4 million year over year to $25.7 million, with an Adjusted EBITDA Margin increase of 2.6 points to 11.6%[11] - For the full year 2025, net revenue is projected to be between $871 million and $874 million, representing approximately 13% growth[11] - Adjusted EBITDA for 2025 is expected to be between $98 million and $101 million, with an Adjusted EBITDA Margin of 11.3% to 11.6%[11] - Gross profit for the nine months ended September 30, 2025, was $359,536,000, up from $323,708,000 in 2024, indicating a growth of 11.1%[28] - The company reported a net income of $5,874,000 for the three months ended September 30, 2025, compared to a net loss of $4,072,000 in the same period of 2024[28] - Adjusted EBITDA for the three months ended September 30, 2025, was $25,745,000, with an adjusted EBITDA margin of 11.6%, compared to 9.0% in 2024[32] Customer Metrics - Active Customers grew by 9.3% to 2.66 million on a trailing 12-month basis, with Average Revenue per Customer increasing by 4.8% to $320[6] Expenses and Margins - Gross margin was 54.1%, slightly down from 54.5% in the prior year, primarily due to tariffs and increased shipping costs[6] - Selling, general, and administrative expenses (SG&A) were $116.4 million, representing 52.5% of revenue, down from 57.9% in the prior year[6] - Selling, general, and administrative expenses for the three months ended September 30, 2025, were $116,375,000, compared to $111,480,000 in the same period of 2024[28] - Adjusted selling, general, and administrative expenses for the nine months ended September 30, 2025, were $322,990,000, an increase of 6.9% from $302,166,000 in the same period of 2024[40] Cash and Liquidity - Warby Parker ended Q3 2025 with $280.4 million in cash and cash equivalents[11] - Cash and cash equivalents at the end of the period were $280,360,000, an increase from $254,161,000 at the beginning of the period[30] - The company experienced a net cash provided by operating activities of $87,531,000 for the nine months ended September 30, 2025, compared to $78,832,000 in 2024[30] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $87,531,000, an increase of 10.8% from $78,832,000 in the same period of 2024[40] - Free cash flow for Q3 2025 was $(1,516,000), a decrease from $13,059,000 in Q3 2024[40] Inventory and Assets - Inventory as of September 30, 2025, was $45,592,000, down from $52,345,000 as of December 31, 2024[26] - Total assets as of September 30, 2025, were $706,921,000, up from $676,490,000 as of December 31, 2024[26] - Total liabilities increased slightly to $337,296,000 as of September 30, 2025, compared to $336,417,000 at the end of 2024[26] Investments and Other Expenses - The company invested $19,490,000 in property and equipment during Q3 2025, compared to $14,223,000 in Q3 2024[40] - Stock-based compensation expense for Q3 2025 was $7,029,000, down 34.5% from $10,680,000 in Q3 2024[40] - The company incurred $2,456,000 in inventory write-downs for the nine months ended September 30, 2025, related to the Home-Try On program[41] - Charitable donations included a non-cash expense of $2,821,000 for the nine months ended September 30, 2025, compared to $2,196,000 in the same period of 2024[40] Future Plans - The company plans to open 45 new stores in 2025, including five shop-in-shops at select Target locations[11]