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 October 25, 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 001-10613 DYCOM INDUSTRIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

Financial Performance - As of October 4, 2025, the company's total cash, cash equivalents, and short-term investments were $510.7 million, a decrease of $66.4 million from the prior fiscal year end[49] - The backlog as of October 4, 2025, was $245.3 million, compared to $148.6 million as of September 28, 2024, indicating a significant increase in customer orders[64] - A 10.0% fluctuation in foreign currency exchange rates could impact the company's financial position by $6.0 million to $7.0 million[289] - The company has foreign exchange forward contracts with a notional amount of $50.0 million outstanding as of October 4, 2025[290] Product Development and Innovation - The company has launched the Asterion-PW, a fast and precise ultrasonic pin welding solution, enhancing its leadership in power device applications[53] - The ATPremier MEM PLUS™ was introduced as a cutting-edge wafer level packaging solution, targeting advanced memory applications in the semiconductor market[55] - The company is developing advanced packaging solutions for the emerging 2.5D IC and 3D IC markets, which are expected to enhance performance and power efficiency[56] - The ACELON™ precision dispensing solution was launched, providing sub-20µm wet accuracy for critical applications[58] - The company maintains a strong focus on research and product development, regularly introducing improved versions of existing products and next-generation solutions[68] - The company has established technology partnerships with key customers and institutions to enhance its product development efforts[57] - The company holds a number of U.S. patents and believes that much of its important technology resides in trade secrets and proprietary software[69] Workforce and Employee Engagement - As of October 4, 2025, the company had 2,551 full-time employees and 41 temporary workers worldwide[83] - The company aims to ensure fair, equitable, and competitive pay by participating in multiple globally recognized compensation surveys annually[91] - The company has implemented a formalized career progression framework to provide clarity and guidance for employee advancement[90] - The company conducts a global employee engagement survey every two to three years to gather feedback on various aspects of work and corporate culture[92] - The company monitors workforce composition and retention trends to identify areas for improvement in employee engagement[92] Health, Safety, and Work Culture - The company has established Environment, Health and Safety (EHS) practices at key manufacturing and R&D sites, overseen by an EHS Committee[86] - The company has introduced flexible work arrangements as part of its culture, which were critical during the COVID-19 pandemic[93] - The company has a learning and development framework tailored to specific target groups, based on a 70/20/10 learning model[89] Manufacturing and Operations - The manufacturing operations are managed through a single organization, allowing the company to capture economies of scale and reduce costs[65]

Restructuring Plans - The Company expects the 2025 Restructuring Plan to generate pre-tax cost savings of approximately $300 million annually by the end of fiscal year 2027[303]. - Total severance and other termination costs recorded in connection with the 2025 Restructuring Plan were $90 million for the fiscal year ended September 30, 2025[304]. - The 2024 Strategic Restructuring Plan is substantially complete, with remaining cash payments expected to be made by the end of fiscal year 2026[305]. - The Company anticipates incurring total charges of approximately $200 million on a pre-tax basis related to the 2025 Restructuring Plan[303]. - The company recognized total cumulative restructuring and impairment charges of $216 million related to the 2024 Strategic Restructuring Plan[310]. - The company reported a restructuring and severance expense of $107 million for the twelve months ended September 30, 2025[446]. Financial Performance - Total revenues increased by $281 million, or 4%, to $6,707 million for the fiscal year ended September 30, 2025, compared to $6,426 million for the fiscal year ended September 30, 2024[314]. - Adjusted OIBDA increased by $11 million to $1,443 million for the fiscal year ended September 30, 2025, from $1,432 million for the fiscal year ended September 30, 2024[334]. - Net income attributable to Warner Music Group Corp. decreased by $70 million, or 16%, to $365 million for the fiscal year ended September 30, 2025, from $435 million for the fiscal year ended September 30, 2024[333]. - For the twelve months ended September 30, 2025, net income was $370 million, compared to $478 million for the same period in 2024[446]. - Adjusted EBITDA for the twelve months ended September 30, 2025, was $1,752 million, an increase from $1,619 million in 2024[446]. Revenue Sources - Recorded Music revenues are derived from four main sources, including digital, physical, artist services, and licensing[302]. - Digital revenues increased by $113 million, or 3%, to $4,393 million for the fiscal year ended September 30, 2025, representing 65% of consolidated revenues[315]. - Recorded Music revenues increased by $185 million, or 4%, to $5,408 million for the fiscal year ended September 30, 2025, with international revenues accounting for 60% of total Recorded Music revenues[316]. - Artist services and expanded-rights revenue increased by $151 million, or 22%, primarily due to higher merchandising revenue and concert promotion[317]. - Music Publishing revenues increased by $96 million, or 8%, to $1,306 million for the fiscal year ended September 30, 2025, driven by growth in digital and performance revenues[318]. Costs and Expenses - Total cost of revenues increased by $277 million, or 8%, to $3,632 million for the fiscal year ended September 30, 2025, from $3,355 million for the fiscal year ended September 30, 2024[322]. - Artist and repertoire costs increased by $175 million, or 8%, to $2,342 million for the fiscal year ended September 30, 2025, from $2,167 million for the fiscal year ended September 30, 2024[323]. - Selling and marketing expense decreased by $43 million, or 6%, to $642 million for the fiscal year ended September 30, 2025, from $685 million for the fiscal year ended September 30, 2024[328]. - General and administrative expense increased by $46 million to $1,135 million for the fiscal year ended September 30, 2025, from $1,089 million for the fiscal year ended September 30, 2024[327]. - Restructuring and impairment costs totaled $234 million for the fiscal year ended September 30, 2025, consisting of approximately $95 million of restructuring charges and approximately $139 million of non-cash impairment losses[330]. Debt and Liquidity - At September 30, 2025, total debt was $4.365 billion, compared to $4.014 billion at September 30, 2024[370]. - Cash and equivalents decreased to $532 million at September 30, 2025, from $694 million at September 30, 2024[370]. - The company believes its primary sources of liquidity will be sufficient to support existing operations over the next twelve months[382]. - As of September 30, 2025, total firm commitments and outstanding debt amounted to $6.580 billion, with $845 million due within one year[455]. - The company has additional borrowing capacity under its indentures and the Senior Term Loan Facility[452]. Market and Economic Factors - Inflationary factors such as increases in overhead costs may adversely affect the company's results of operations[476]. - The company does not believe that inflation has had a material effect on its business, financial condition, or results of operations to date[476]. - If costs become subject to significant inflationary pressures, the company may not be able to fully offset such higher costs through price increases for services[476]. - The inability to offset higher costs could harm the company's business, financial condition, or results of operations[476].

Revenue Performance - Quarterly revenue reached an all-time high of $1,868 million, a 15% increase compared to $1,630 million in the prior year[5] - Total revenue for the full year increased by 4% to $6,707 million, with a 4.4% increase in constant currency[5] - Revenue for the three months ended September 30, 2025, increased by 15% to $1,868 million compared to $1,630 million for the same period in 2024[43] - For the three months ended September 30, 2025, total digital revenue increased by 8% to $1,152 million compared to $1,066 million for the same period in 2024[47] - For the twelve months ended September 30, 2025, total revenue was $6,707 million, a 4% increase from $6,426 million in 2024[56] Digital Revenue - Digital revenue increased by 8% to $951 million, while recorded music streaming revenue grew by 7.5%[7] - Digital revenue rose by 7.9% to $951 million, with streaming revenue up 7.5% to $1,200 million, reflecting growth in subscription revenue of 8.5%[22] - Recorded music digital revenue for the twelve months ended September 30, 2025, was $3,594 million, a 2% increase from $3,519 million in 2024[47] - Total digital revenue for the twelve months ended September 30, 2025, was $4,393 million, a 3% increase from $4,280 million in 2024[47] Income and Profitability - Net income for the quarter was $109 million, up from $48 million in the prior-year quarter, marking a significant increase of 127%[10] - Operating income for the full year decreased by 16% to $694 million compared to $823 million in the prior year[16] - Net income attributable to Warner Music Group Corp. for the three months ended September 30, 2025, was $109 million, compared to $41 million for the same period in 2024, reflecting a significant increase[44] - Net income attributable to Warner Music Group Corp. for the twelve months ended September 30, 2025, was $365 million, a decrease of 16% from $435 million in 2024[50] Cash Flow and Operating Activities - Cash provided by operating activities decreased by 24% to $231 million from $304 million in the prior-year quarter[13] - The company reported a net cash provided by operating activities of $231 million for the three months ended September 30, 2025, compared to $304 million in 2024[46] - Free cash flow for the year decreased by 16% to $539 million from $638 million in the prior year[19] - Free Cash Flow for the three months ended September 30, 2025, was $203 million, down from $271 million in the same period of 2024[60] Adjusted OIBDA - Adjusted OIBDA rose 15% to $405 million, with a margin of 21.7%[9] - Adjusted OIBDA for Recorded Music increased by 12.0% to $355 million, with a margin of 23.1%, down from 23.7% in the prior year[25] - Adjusted OIBDA for Music Publishing rose by 16.9% to $97 million, with a margin of 28.8%[33] - Adjusted OIBDA for the three months ended September 30, 2025, rose by 15% to $405 million from $353 million in 2024[50] - Adjusted OIBDA margin for Total WMG was 21.5% for the twelve months ended September 30, 2025, down from 22.3% in 2024[57] Debt and Assets - Total debt as of September 30, 2025, was $4.365 billion, with net debt of $3.833 billion[12] - Total assets increased by 7% to $9,829 million as of September 30, 2025, compared to $9,155 million in 2024[45] Artist Services and Expanded-Rights Revenue - Artist services and expanded-rights revenue surged by 67.7% to $327 million, driven by higher merchandising and concert promotion revenue[22] - Artist services and expanded-rights revenue for the three months ended September 30, 2025, surged 64% to $327 million from $195 million in the prior year[55] Restructuring and Impairments - Restructuring and impairments increased by 54% to $125 million for the three months ended September 30, 2025, compared to $81 million in 2024[43] - Restructuring and impairments for the twelve months ended September 30, 2025, increased by 32% to $234 million from $177 million in 2024[50] Licensing Revenue - Licensing revenue for Recorded Music decreased by 9.8% to $452 million, impacted by prior year licensing extensions[26]

Financial Performance - Third quarter 2025 net sales were $1,594 million, a decrease of 1% compared to $1,610 million in the same quarter of 2024[9] - Earnings per diluted share for the third quarter of 2025 were $0.37, down from $0.49 in the prior year[9] - The company is lowering its full-year 2025 net sales guidance from a growth of 1.5% to 2.7% to a decline of low single digits compared to $7,307 million in fiscal 2024[12] - Fourth quarter 2025 net sales are expected to be down high single digits compared to $2,788 million in the fourth quarter of 2024[11] - Adjusted earnings per diluted share for the third quarter of 2025 were $0.35, compared to $0.49 last year[10] - The company expects full-year 2025 earnings per diluted share to be at least $2.83, down from $3.61 in fiscal 2024[12] - Third quarter operating income was $161 million, compared to $218 million last year[9] - Net income for Year-to-Date 2025 is $246 million, down from $345 million in 2024, representing a decrease of 28.7%[26] - Adjusted operating income for Year-to-Date 2025 is $542 million, down from $588 million in 2024, a decrease of 7.8%[34] Cost Management - The company plans to achieve $250 million in cost savings over two years, with over half identified for 2026[8] Cash Flow and Financing - The company anticipates generating free cash flow of approximately $650 million for full-year 2025[12] - The forecasted net cash provided by operating activities for 2025 is $890 million, with forecasted capital expenditures of $240 million, resulting in forecasted free cash flow of $650 million[36] - The net cash used for financing activities in Year-to-Date 2025 was $497 million, a decrease from $710 million in 2024[26] Sales Performance - Total sales for Bath & Body Works in the third quarter of 2025 were $1,594 million, a decrease of 1.0% compared to $1,610 million in 2024[28] - Direct sales in the U.S. and Canada decreased by 7.0% in the third quarter of 2025, totaling $299 million compared to $321 million in 2024[28] - International sales in the third quarter of 2025 increased by 6.1% to $73 million compared to $69 million in 2024[28] Store Operations - The company operated a total of 1,895 company-operated stores as of November 1, 2025, an increase of 39 stores from February 1, 2025[30] Tax and Income Expectations - The reported tax rate for Year-to-Date 2025 is 28.5%, compared to 17.2% in 2024[34] - The company expects adjusted net income per diluted share for 2025 to be $2.87, reflecting leadership transition costs and gains on asset sales[36] Strategic Initiatives - The strategic transformation plan, called the Consumer First Formula, focuses on four key priorities to drive sustainable long-term growth[3]

Financial Performance - Revenues for the fiscal year ended September 26, 2025, were $12,029,783, an increase of 4.6% from $11,500,941 in the previous year[307] - Gross profit for the same period was $2,984,934, reflecting a gross margin of approximately 24.8%[307] - Operating profit increased to $863,634, up 24.7% from $692,436 in the prior year[307] - Net earnings attributable to Jacobs from continuing operations were $313,302, a decrease of 48.9% compared to $612,804 in the previous year[307] - Basic earnings per share from continuing operations were $2.59, down from $4.81 in the prior year[307] - The company recognized a direct cost of contracts totaling $9,044,849, which represents 75.2% of total revenues[307] - Miscellaneous expense for fiscal 2025 was $(189.7) million, an increase of $409.1 million compared to income of $219.5 million in the prior year, primarily due to mark-to-market losses[319] - Selling, general & administrative expenses for fiscal 2025 were $2.12 billion, a decrease of 0.9% from $2.14 billion in the prior year, impacted by a decrease in restructuring charges[316] - Income taxes increased by $84.1 million in fiscal 2025, primarily due to higher pre-tax book income[310] - Net (loss) earnings from discontinued operations for fiscal 2025 were $(24.0) million, a decrease of 112.4% from $193.3 million in the prior year[311] Segment Performance - For the year ended September 26, 2025, total revenues for the Infrastructure & Advanced Facilities segment were $10.76 billion, an increase of $0.44 billion or 4.3% from the previous year[346] - Segment operating profit for the Infrastructure & Advanced Facilities segment was $903.5 million for the year ended September 26, 2025, compared to $798.4 million in the previous year[346] - Operating profit for the I&AF segment for the year ended September 26, 2025 was $903.5 million, an increase of $105.2 million, or 13.2%, from $798.4 million for the prior year[348] - Revenues for the PA Consulting segment for the year ended September 26, 2025 were $1.27 billion, up $87.9 million, or 7.5%, from $1.18 billion for the prior year[352] - Operating profit for the PA Consulting segment for the year ended September 26, 2025 was $278.5 million, an increase of $39.2 million, or 16.4%, from $239.3 million for the prior year[353] Backlog and Future Prospects - Backlog at September 26, 2025 was $23.1 billion, up $1.2 billion from $21.8 billion in the prior year, indicating strong new prospects and sales[312] - Total backlog as of September 26, 2025 was $23.06 billion, an increase from $21.85 billion as of September 27, 2024[359] - Backlog in Infrastructure & Advanced Facilities increased to $22.65 billion as of September 26, 2025, driven by growth across various end markets[360] - Approximately $6.77 billion, or 29.3%, of total backlog at September 26, 2025 is expected to be realized as revenues within the next fiscal year[362] Cash Flow and Debt Management - Cash and cash equivalents at September 26, 2025 were $1.24 billion, an increase of $90.7 million from $1.14 billion at September 27, 2024[365] - Net cash provided by operating activities for fiscal 2025 was $686.7 million, a decrease of $368.0 million compared to $1.05 billion for the prior year[366] - Long-term debt as of September 26, 2025 increased by $887.9 million compared to September 27, 2024, primarily due to the 2025 Term Loan Facility[372] - Short-term debt decreased by $875.8 million as of September 26, 2025, primarily due to the Equity-for-Debt Transaction, which extinguished $311.5 million under the GBP 2021 Term Loan[373] - Jacobs received a cash payment of approximately $911 million from SpinCo during Q4 FY 2024, which was used to repay the outstanding short-term 2020 Term Loan Facility totaling $834.9 million[374] - The company had an aggregate of $1.15 billion in outstanding borrowings under the Revolving Credit Facility and 2025 Term Loan Facility as of September 26, 2025[391] Restructuring and Cost Management - The company incurred approximately $28.2 million, $42.0 million, and $17.5 million in pre-tax cash charges related to restructuring initiatives for the years ended September 26, 2025, September 27, 2024, and September 29, 2023, respectively[333] - Estimated gross annualized pre-tax cash savings from restructuring initiatives are projected to be between $165 million and $200 million[333] - The company recorded $58.8 million in restructuring and other charges related to the Separation Transaction for the year ended September 26, 2025[338] - The company expects to incur additional charges under the restructuring program through calendar year 2025, which will lead to further savings in future periods[333] Compliance and Risk Management - The company believes it has adequate liquidity and capital resources to fund projected cash requirements for acquisitions and financing activities for the next twelve months[379] - The company was in compliance with all of its debt covenants as of September 26, 2025[379] - If floating interest rates had increased by 1.00%, the interest expense for the year ended September 26, 2025, would have increased by approximately $12.0 million[393] - The company has $491.9 million in notional value of exchange rate sensitive instruments as of September 26, 2025, to limit exposure to fluctuating foreign currencies[394] - As of September 26, 2025, there was approximately $142.1 million of total unrecognized compensation cost related to equity-based incentive grants anticipated to vest upon a liquidity event[378] - The company is evaluating the impact of new accounting standards, including ASU 2025-05 and ASU 2025-03, which will be effective in fiscal years 2027 and 2028 respectively[383][384]

Financial Performance - Fourth quarter GMV for fiscal year 2025 was $404.5 million, a 12% increase from $361.0 million in the same quarter of fiscal year 2024[4] - Revenue for the fourth quarter of fiscal year 2025 was $118.1 million, a 10% increase from $106.9 million in the fourth quarter of fiscal year 2024[5] - GAAP net income for the fourth quarter was $7.8 million, up 23%, with GAAP diluted EPS of $0.24, up 20%[6] - Non-GAAP adjusted EBITDA for the fourth quarter was $18.5 million, a 28% increase from the previous year[6] - Total GMV for fiscal year 2025 reached $1.57 billion, a 15% increase, with revenue of $476.7 million, up 31%[6] - For Q4 FY25, net income was $7.822 million, an increase from $6.375 million in Q4 FY24, representing a growth of 22.7%[30] - Non-GAAP Adjusted EBITDA for the twelve months ended September 30, 2025, was $60.816 million, up from $48.500 million in the previous year, reflecting a growth of 25.4%[30] - Non-GAAP Adjusted Net Income for the twelve months ended September 30, 2025, was $41.467 million, compared to $32.551 million in FY24, indicating a growth of 27.3%[30] - Non-GAAP Adjusted diluted earnings per share for FY25 was $1.28, up from $1.03 in FY24, representing a growth of 24.3%[30] - Total revenue for the twelve months ended September 30, 2025, was $476.7 million, a 31.2% increase from $363.3 million in 2024[47] - Net income for the twelve months ended September 30, 2025, was $28.1 million, compared to $20.0 million in 2024, reflecting a 40.5% year-over-year growth[49] - Basic income per common share increased to $0.91 for the twelve months ended September 30, 2025, up from $0.66 in 2024[47] Shareholder Returns - The company authorized a $15.0 million increase to its share repurchase program, following the previous $10.0 million authorization[9] - The company had $1.5 million in remaining authorization to repurchase shares as of September 30, 2025, with an additional $15.0 million authorized on November 17, 2025[25] Buyer and Market Activity - The number of registered buyers increased to approximately 6.0 million, a 10% rise from 5.5 million in the previous year[15] - The CAG segment's revenue increased by 20%, consistent with its GMV growth[12] - The GovDeals segment's revenue grew by 17%, outpacing GMV growth due to higher commission rates[12] - Liquidity Services completed over $15 billion in transactions, serving more than five million qualified buyers and 15,000 corporate and government sellers worldwide[42] Future Guidance - The company expects Q1 fiscal year 2026 guidance to reflect GMV between $370 million and $405 million, with GAAP net income projected between $5.0 million and $8.0 million[18] - The FY26 annual effective tax rate (ETR) is expected to range from approximately 28% to 34%[25] - The diluted weighted average number of shares outstanding is expected to be approximately 32.5 to 33.0 million[25] Assets and Liabilities - Total current assets rose to $224.8 million as of September 30, 2025, compared to $199.2 million in 2024, marking a 12.9% increase[45] - Total liabilities decreased slightly to $171.9 million in 2025 from $164.3 million in 2024[45] - Cash and cash equivalents at the end of the year increased to $174.6 million from $153.2 million in 2024, a rise of 13.9%[49] Tax and Cash Flow - Cash paid for income taxes is expected to increase in FY26 as the remaining US federal net operating loss carryforward position became fully utilized during FY25[25] - Operating cash flow for the year ended September 30, 2025, was $66.8 million, slightly down from $70.2 million in 2024[49] Strategic Focus - The company is focused on enhancing its technology and operations to support growth in mobile commerce and sustainability efforts[42] - The company uses GMV (Gross Merchandise Value) as a measure of the volume of goods sold, which reflects marketplace activity[38] - The company does not provide quantitative reconciliation for non-GAAP measures in its guidance due to variability in financial results[37]

Revenue and Sales Performance - Revenue of $179.5 billion, up 5.8%, or 6.0% in constant currency (cc) [8] - Global eCommerce sales grew 27%, driven by store-fulfilled pickup & delivery and marketplace [8] - Walmart U.S. comp sales increased by 4.5%, with operating income up 6.3% to $5.8 billion [18] - Net sales for the three months ended October 31, 2025, were $177.769 billion, representing a 5.8% increase from $168.003 billion in the same period of 2024 [34] - Total revenues for the nine months ended October 31, 2025, reached $522.507 billion, up 4.4% from $500.431 billion in 2024 [34] - Walmart U.S. net sales for the nine months ended October 31, 2025, reached $353,752 million, a 4.4% increase compared to $338,892 million in 2024 [37] - Walmart International net sales increased by 5.4% to $94,496 million in 2025 from $89,677 million in 2024 [37] - Sam's Club U.S. net sales for the nine months ended October 31, 2025, were $69,252 million, reflecting a 3.1% increase from $67,139 million in 2024 [37] Income and Earnings - Consolidated net income attributable to Walmart for the three months ended October 31, 2025, was $6.143 billion, a 34.2% increase compared to $4.577 billion in 2024 [34] - Basic net income per common share attributable to Walmart increased by 35.1% to $0.77 for the three months ended October 31, 2025, compared to $0.57 in 2024 [34] - Consolidated net income for the nine months ended October 31, 2025, was $17,878 million, an increase of 21.5% from $14,732 million in 2024 [36] - Operating income for the three months ended October 31, 2025, was $6.696 billion, a slight decrease of 0.2% from $6.708 billion in 2024 [34] - Operating income for Walmart U.S. for the nine months ended October 31, 2025, was $18,205 million, a 4.9% increase from $17,358 million in 2024 [37] - Adjusted EPS is expected to be $2.58 to $2.63, including a currency headwind of $0.01 to $0.02 [2] - Reported EPS for the three months ended October 31, 2025, was $0.77, with adjusted EPS at $0.62 after net adjustments of $(0.15) [55] - For the nine months ended October 31, 2025, reported EPS was $2.20, while adjusted EPS was $1.91 after net adjustments of $(0.29) [55] Cash Flow and Investments - Operating cash flow increased by $4.5 billion to $27.5 billion [16] - Net cash provided by operating activities increased to $27,452 million in 2025 from $22,918 million in 2024, reflecting a growth of 19.8% [36] - Free cash flow for the nine months ended October 31, 2025, was $8,825 million, an increase of $2,603 million compared to the prior year [48] - The company reported a net cash used in investing activities of $19,030 million for the nine months ended October 31, 2025, compared to $12,661 million in 2024 [36] Assets and Liabilities - Total assets as of October 31, 2025, were $288.655 billion, an increase from $263.399 billion as of October 31, 2024 [35] - Current liabilities increased to $115.732 billion as of October 31, 2025, compared to $102.558 billion as of October 31, 2024 [35] - Long-term debt as of October 31, 2025, was $34.445 billion, slightly up from $33.645 billion as of October 31, 2024 [35] - Total cash, cash equivalents, and restricted cash at the end of the period was $11,097 million, up from $10,168 million at the end of the previous year [36] Operational Metrics - Adjusted operating income increased by 8.0% in constant currency [7] - Adjusted operating income for Walmart U.S. for the nine months ended October 31, 2025, was $18,205 million, a 4.1% increase from $17,488 million in 2024 [37] - Operating income for the trailing twelve months ended October 31, 2025, was $28,976 million, slightly up from $28,743 million in 2024 [66] - Return on assets (ROA) increased to 8.4% for the trailing twelve months ended October 31, 2025, compared to 7.8% for the same period in 2024 [61] - Return on investment (ROI) decreased to 14.8% for the trailing twelve months ended October 31, 2025, down from 15.1% in 2024 [61] Other Financial Highlights - Global advertising business increased by 53%, with Walmart Connect in the U.S. up 33% [8] - Membership income grew by 9.0%, including a 16.7% increase in membership income [8] - The company reported a 51.6% increase in provision for income taxes for the three months ended October 31, 2025, totaling $2.098 billion compared to $1.384 billion in 2024 [34] - The PhonePe subsidiary modified share-based payment plans, leading to incremental non-cash compensation expenses [55] - Business reorganization charges were primarily related to strategic supply chain decisions in the Sam's Club U.S. segment [56]

Financial Performance - Fiscal year 2025 revenue increased by 2.4% to $5.43 billion, with organic growth of 3.9% driven by clinical programs in the U.S. Federal Services Segment[3][6] - Operating margin for fiscal year 2025 was 9.7%, and adjusted EBITDA margin was 12.9%, compared to 9.2% and 11.6% in the prior year, reflecting margin expansion[4] - Diluted earnings per share for fiscal year 2025 were $5.51, up from $4.99 in the prior year, with adjusted diluted earnings per share increasing to $7.36 from $6.11[5] - U.S. Federal Services Segment revenue rose by 12.1% to $3.07 billion, driven by organic growth from clinical programs and natural disaster support activities[6][7] - U.S. Services Segment revenue decreased by 7.7% to $1.76 billion, primarily due to excess volumes from Medicaid-related activities in the prior year[9] - Outside the U.S. Segment revenue fell by 8.7% to $599.9 million, impacted by divestitures, though partially offset by 4.1% organic growth[11] - For fiscal year 2026, Maximus expects revenue between $5.225 billion and $5.425 billion, with an adjusted EBITDA margin of approximately 13.7%[19] - The company anticipates adjusted diluted earnings per share for fiscal year 2026 to range between $7.95 and $8.25[20] - For the year ended September 30, 2025, total revenue reached $5,431,276, an increase from $5,306,197 in 2024, representing a growth of approximately 2.4%[39] Cash Flow and Assets - Total cash flows from operating activities for fiscal year 2025 were $429 million, with free cash flow of $366 million, compared to $515 million and $401 million in the prior year[16] - Cash flows from operating activities for the three months ended September 30, 2025, were $649,372, significantly higher than $163,834 in 2024[35] - Cash, cash equivalents, and restricted cash at the end of the period were $260,459, up from $235,763 in 2024, indicating an increase of 10.5%[35] - Free cash flow for the year ended September 30, 2025, was $366,159, a decrease from $401,068 in 2024[42] Income and Profitability - Net income for the three months ended September 30, 2025, was $75,288, representing an increase of 3.9% compared to $72,504 in 2024[35] - Segment operating income for the U.S. Federal Services was $113,212 for the three months ended September 30, 2025, compared to $75,219 in 2024, showing a growth of 50.5%[36] - Net income for the year ended September 30, 2025, was $319,034, an increase from $306,914 in 2024[43] - Operating income for the year ended September 30, 2025, was $528,289, an increase from $488,499 in 2024[39] - Adjusted EBITDA for the year ended September 30, 2025, was $701,554, with an adjusted EBITDA margin of 12.9%, compared to $615,044 and 11.6% in 2024[43] - Gross profit for the year ended September 30, 2025, was $1,333,443, with a gross margin of 24.5%, compared to $1,251,652 and a margin of 23.6% in 2024[39] - Diluted earnings per share for the year ended September 30, 2025, was $5.51, compared to $4.99 in 2024, reflecting a growth of approximately 10.4%[43] Divestitures and Liabilities - The company reported divestiture-related charges of $39,549 for the year ended September 30, 2025, compared to $1,018 in 2024[43] - Total liabilities increased to $2,395,604 as of September 30, 2025, from $2,288,693 in 2024, marking an increase of 4.7%[33] - Total shareholders' equity decreased to $1,674,035 as of September 30, 2025, from $1,842,815 in 2024, a decline of 9.1%[33] Sales Pipeline - As of September 30, 2025, the total sales pipeline was $51.3 billion, with U.S. Federal Services Segment opportunities representing approximately 66% of this pipeline[14]

Financial Performance - Gross revenue for Q4 2025 was $3.2 billion, up 6.6% year-over-year; adjusted net revenue was $2.2 billion, up 5.8% year-over-year[10]. - Fiscal year 2025 gross revenue reached $12.0 billion, an increase of 4.6% year-over-year; adjusted net revenue was $8.7 billion, up 5.3% year-over-year[10]. - Adjusted EPS for Q4 2025 was $1.75, a 27.7% increase year-over-year; GAAP EPS decreased to $1.05, down 55.9% year-over-year[10]. - Revenues for the three months ended September 26, 2025, increased to $3,154,644, up 6.6% from $2,960,150 for the same period in 2024[17]. - Gross profit for the three months ended September 26, 2025, was $766,912, representing a 4.3% increase from $735,121 in the prior year[17]. - Operating profit for the three months ended September 26, 2025, rose to $211,554, compared to $196,205 for the same period in 2024, marking an increase of 7.0%[17]. - Adjusted net revenue for the three months ended September 26, 2025, was $2,242,246, up from $2,118,930 in the same period of 2024, reflecting a growth of 5.8%[18]. - For the year ended September 26, 2025, total revenues reached $12,029,783, an increase from $11,500,941 in the previous year[17]. - Adjusted EBITDA for Q4 2025 was $324 million, reflecting a 12.0% year-over-year increase[10]. - Adjusted EBITDA for the year ended September 26, 2025, was $1,206,543 thousand, up from $1,059,269 thousand in 2024, reflecting a growth of 13.9%[57]. Shareholder Returns - The company returned a record $1.1 billion to shareholders through repurchases and dividends in fiscal 2025[4]. - Free Cash Flow for the three months ended September 26, 2025, was $353,508 thousand, compared to $158,190 thousand for the same period in 2024, indicating a significant increase of 123.5%[59]. - Adjusted Diluted Net Earnings from Continuing Operations Per Share for the year ended September 26, 2025, was $6.12, compared to $5.28 in 2024, reflecting an increase of 15.9%[49]. Backlog and Growth - The backlog reached a record $23.1 billion, representing a 5.6% year-over-year increase; the Q4 book-to-bill ratio was 1.1x[10]. - Total backlog increased to $23,064 million in September 2025 from $21,850 million in September 2024, reflecting a growth of approximately 5.5%[28]. - Jacobs expects to maintain strong growth in key sectors such as Life Sciences, Data Center, Water, Energy & Power, and Transportation in fiscal 2026 and beyond[7]. Expenses and Charges - The company incurred $11.7 million in restructuring and other charges related to the Separation Transaction during the three months ended September 26, 2025[19]. - The company incurred restructuring, transaction, and other charges totaling $13,659 thousand for the three months ended September 26, 2025, compared to $7,234 thousand for the same period in 2024[40]. - The company incurred $9,823 thousand in restructuring, integration, separation, and other charges for the three months ended September 26, 2025, compared to $22,077 thousand in the same period in 2024[46]. Earnings and Taxation - The effective tax rate for GAAP net earnings from continuing operations was 39.7% in fiscal 2025, up from 16.9% in fiscal 2024[11]. - Adjusted earnings from continuing operations before taxes for the three months ended September 26, 2025, were $189,404 thousand, compared to $393,606 thousand for the same period in 2024, reflecting a decrease of 52%[40]. - Adjusted income tax expense from continuing operations for the year ended September 26, 2025, was $(268,885) thousand, compared to $(176,821) thousand for the year ended September 27, 2024[43]. - The adjusted effective tax rate from continuing operations for the three months ended September 26, 2025, was 22.7%, compared to 27.5% for the same period in 2024[43]. Cash Flow and Assets - Net cash provided by operating activities increased to $383,085 thousand for the three months ended September 26, 2025, compared to $196,532 thousand for the same period in 2024, representing a growth of 95%[27]. - Net cash provided by operating activities for the year ended September 26, 2025, was $686,704 thousand, down from $1,054,673 thousand in 2024, a decrease of 34.8%[59]. - The company reported a net cash used for investing activities of $28,900 thousand for the three months ended September 26, 2025, compared to $32,236 thousand for the same period in 2024, indicating a decrease of about 10.4%[27]. - The company experienced a net cash used for financing activities of $399,052 thousand for the three months ended September 26, 2025, compared to $259,070 thousand for the same period in 2024, an increase of about 54%[27]. - Total current assets decreased to $4,359,319 thousand in September 2025 from $4,895,580 thousand in September 2024, a decline of approximately 11%[26]. - The company’s total stockholders' equity decreased to $3,640,807 thousand in September 2025 from $4,549,467 thousand in September 2024, a decline of approximately 20%[26]. - Long-term debt rose significantly to $2,236,456 thousand in September 2025 from $1,348,594 thousand in September 2024, an increase of about 65.8%[26]. Earnings Per Share - Basic earnings per share for the three months ended September 26, 2025, were $0.93, down from $2.52 in the same period of 2024[17]. - Diluted Net Earnings from Continuing Operations Per Share for the three months ended September 26, 2025, was $1.05, down from $2.38 in the same period of 2024, a decrease of 55.8%[49]. - Basic net earnings from continuing operations per share for the three months ended September 26, 2025, were $1.06, down from $2.39 in the same period of 2024, a decline of 55.7%[61]. - Net earnings allocated to common stock for EPS calculation for the year ended September 26, 2025, were $290,248 thousand, down from $795,819 thousand in 2024, a decline of 63.5%[61]. - Basic earnings per share for the year ended September 26, 2025, were $2.39, compared to $6.35 in 2024, a decrease of 62.4%[61].