Sales Performance - Q4 2025 sales increased 29% to $353 million, with organic sales up 7.7% and Maritime acquisition contributing $58 million[5] - FY 2025 sales rose 19% to $1.1 billion, driven by an 8.8% increase in organic sales and a $95 million contribution from the Maritime acquisition[5] - Net sales for Q4 2025 reached $352.7 million, a 29% increase from $273.5 million in Q4 2024[28] - For the fiscal year 2025, net sales totaled $1.1 billion, a 19% increase from $919.1 million in fiscal year 2024[31] - The Aerospace & Defense segment reported net sales of $170.4 million in Q4 2025, a 72% increase from $99.3 million in Q4 2024[34] Earnings and EPS - Q4 2025 GAAP EPS from Continuing Operations increased 14% to $1.73, while Adjusted EPS rose 30% to $2.32[5] - FY 2025 GAAP EPS from Continuing Operations increased 13% to $4.49, with Adjusted EPS up 26% to $6.03[5] - Adjusted EPS from continuing operations for Q4 2025 was $2.32, up from $1.79 in Q4 2024, representing a 30% increase[28] - The adjusted EPS for continuing operations for FY 2025 was $6.03, up from $4.77 in FY 2024, indicating a 26.8% increase[47] Orders and Backlog - Q4 2025 entered orders increased 30% to $321 million, resulting in a book-to-bill ratio of 0.91x[5] - FY 2025 entered orders surged 57% to $1.6 billion, leading to a record year-end backlog of $1.1 billion[10] - The ending backlog for the fiscal year 2025 was $1,133,637,000, compared to $664,188,000 at the beginning of the year, showing a substantial increase in orders[45] - The company entered orders totaling $1,564,837,000 for FY 2025, a significant increase from the previous year's backlog[45] Financial Metrics - Consolidated EBIT for FY 2025 was $170.4 million, compared to $146.2 million in FY 2024, marking a 17% increase[38] - Consolidated EBITDA for FY 2025 was $245.4 million, compared to $198.4 million in FY 2024, reflecting a 24% increase[39] - Adjusted EBIT for FY 2026 is expected to increase approximately 21% to 25%, with margins rising to 20.9% to 21.5%[18] Cash Flow and Assets - Cash flows from operating activities for continuing operations were $200,396,000 in 2025, up from $121,582,000 in 2024, representing a growth of 64.6%[43] - Total current assets increased to $688,506,000 in 2025 from $668,649,000 in 2024, representing a growth of 1.28%[41] - Cash and cash equivalents rose to $101,350,000 in 2025, up from $65,963,000 in 2024, marking a 53.5% increase[43] Debt and Liabilities - The company reported a total long-term debt of $166,000,000 in 2025, compared to $102,000,000 in 2024, reflecting a 62.7% increase[41] - The total current liabilities increased to $508,148,000 in 2025 from $349,854,000 in 2024, reflecting a rise of 45.2%[41] Other Financial Information - The company completed the sale of VACCO Industries, recognizing an after-tax gain of $173 million during Q4 2025[16] - The company incurred $40.1 million in after-tax charges for FY 2025, impacting adjusted net earnings[39] - Interest expense for Q4 2025 was $5.1 million, down from $6.0 million in Q4 2024, showing a decrease of 15%[28] - Net earnings for Q4 2025 were $218.7 million, compared to $34.3 million in Q4 2024, reflecting a significant increase[28] - Net earnings for the year ended September 30, 2025, were $299,223,000, a significant increase from $101,881,000 in 2024[43] - Adjusted net earnings for FY 2025 were $156.4 million, up from $123.2 million in FY 2024, indicating a 27% growth[39] - The company reported a depreciation and amortization expense of $75,021,000 for the year ended September 30, 2025, compared to $52,155,000 in 2024, indicating a 43.8% increase[43] Future Outlook - Management expects FY 2026 sales growth of 16% to 20%, with A&D segment projected to grow 33% to 38%[18] - FY 2026 Adjusted EPS is anticipated to increase 24% to 29% to a range of $7.50 to $7.80 per share[18]

Enrollment and Student Demographics - For the fiscal year ended August 31, 2025, the University's Average Total Degreed Enrollment was 81,900, including 66,300 undergraduate and 15,600 graduate students[20]. - Enrollment through employer relationships represented approximately 32% of the Average Total Degreed Enrollment in fiscal year 2025[20]. - The average age of new students is 38, with 95% being over the age of 22, and 53% are first-generation college students[26]. - As of August 31, 2025, students had earned more than 900,000 skills badges, demonstrating mastery of competencies directly applicable to job requirements[25]. Financial Performance - The University's net revenue increased from $835 million in fiscal year 2023 to $1,007 million in fiscal year 2025, and net income rose from $66 million to $135 million during the same period[32]. - 88.6% of the University's cash basis revenue for eligible tuition and fees was derived from federal program funds during fiscal year 2025[57]. - Student loans represented approximately 65% of the gross Title IV program funds received by the University in fiscal year 2025[61]. - Federal grants accounted for approximately 35% of the gross Title IV program funds received by the University in fiscal year 2025[61]. - The University's 90/10 Rule percentages were 88.6% and 88.3% for fiscal years 2025 and 2024, respectively, indicating compliance with Title IV funding requirements[110]. Regulatory Compliance and Accreditation - The University is institutionally accredited by the HLC, with the next reaffirmation scheduled for 2032-2033[48]. - The University has a long-standing record of regulatory compliance with a robust accreditation portfolio[49]. - The University is subject to extensive regulatory requirements imposed by federal and state agencies[59]. - The University has been institutionally accredited by the HLC since 1978, with reaccreditation obtained for the period through 2032-33[75]. - The University must maintain state authorization to operate and participate in Title IV programs, with potential loss of authorization impacting financial condition and operations[197]. Regulatory Risks and Challenges - The Department of Education's current state authorization rules require institutions to meet state requirements for Title IV eligibility when offering distance education[67]. - The University must comply with ongoing changes in state authorization from both the Department of Education and SARA to maintain its operational status[71]. - Changes in state authorization requirements could materially affect the University’s ability to provide distance education and participate in federal programs[71]. - New federal regulations effective July 1, 2024, may increase the risk of regulatory noncompliance for the University, potentially affecting its Title IV program participation[82]. - The Department of Education may impose letter of credit requirements or other adverse actions against the University if it fails to comply with regulations[83]. Borrower Defense and Financial Liabilities - Approximately 48,000 borrower defense applications were received by the University from June 2020 to April 2024, with one-third dated on or before June 22, 2022, potentially subject to automatic discharge under the Sweet settlement[94]. - The Sweet settlement mandates automatic loan discharge for certain borrower defense applications pending as of June 22, 2022, affecting about 150 institutions, including the University[93]. - The University faces potential financial liability related to borrower defense claims, which could impact its financial stability and operational costs[86]. - The Department of Education approved over 1,200 Borrower Defense to Repayment (BDR) claims, discharging nearly $37 million in federal student loans related to the University's "Let's Get to Work" ad campaign[95]. - The University believes there are a substantial number of additional pending BDR claims that have not yet been formally notified by the Department of Education[96]. Changes in Federal Regulations - The amendments to the Higher Education Act will eliminate the federal Grad PLUS loan program effective July 1, 2026[55]. - The Department of Education's recent rulemaking initiatives may lead to new regulations impacting federal student aid funding and institutional accountability, which could affect enrollment and revenue[85]. - The Department of Education's financial value transparency rule will require colleges to disclose student debt burdens and program costs, impacting student enrollment decisions starting in 2026[113]. - New accountability standards may condition federal direct loan eligibility on graduates' median earnings compared to less-credentialed working adults[176]. - Legislative changes to Title IV programs could materially affect the University's enrollment and financial condition[178]. Operational Changes and Initiatives - The University has made substantial investments in technology resources, leveraging AI to improve retention and student-facing capabilities[28]. - The University completed the closure of remaining out-of-state locations in fiscal year 2024, focusing on enhancing online offerings[127]. - The Campus Footprint Initiative, aimed at transforming the University's physical presence, began in October 2012 and concluded its initial phase in 2016[126]. - The University updated its curriculum to require Mississippi students to complete applicable courses before applying for Arizona licensure, effective September 1, 2025[202]. Fraud Prevention and Compliance - There has been a measurable increase in fraudulent applications and enrollments, particularly from individuals receiving Title IV funds[215]. - Additional checks and balances have been implemented to ensure only qualified individuals apply for programs and seek Title IV funds[215]. - New guidance from the Department of Education emphasizes the need for institutions to prevent fraud and protect Title IV program integrity[215]. - Failure to comply with Department of Education standards could result in financial penalties or loss of eligibility for Title IV programs[215]. - Accrediting agencies require processes to verify that the student registering is the same as the one participating in the program[215].

Company Performance and Rankings - Tetra Tech ranked 1 in Water Treatment and Desalination for 12 consecutive years and also achieved top rankings in various consulting and environmental categories in 2025[12]. - In fiscal 2025, Tetra Tech worked on over 100,000 projects across more than 100 countries, employing over 25,000 associates[13]. - The company emphasizes a strong project management culture, delivering over 100,000 projects annually with a focus on client needs[14]. - Tetra Tech's mission is to solve global challenges in water and the environment, positively impacting lives worldwide[14]. Revenue and Financials - Revenue distribution by reportable segment in fiscal 2025: Government Services Group (GSG) at 49.1% and Commercial/International Services Group (CIG) at 52.3%[26]. - U.S. federal government clients accounted for 31.6% of revenue in fiscal 2025, with USAID contributing 10.6% and DoD 11.6%[45]. - Fixed-price contracts represented 43.5% of total revenue in fiscal 2025, an increase from 38.8% in fiscal 2024[46]. - Time-and-materials contracts accounted for 42.6% of revenue in fiscal 2025, down from 45.0% in fiscal 2024[46]. - Revenue from U.S. state and local government clients increased to 14.5% in fiscal 2025 from 11.8% in fiscal 2024[45]. - The backlog at the end of fiscal 2025 was $4.1 billion, with GSG and CIG reporting backlogs of $1.98 billion and $2.22 billion, respectively[77]. - Approximately 70% of the backlog is expected to be recognized as revenue in fiscal 2026[75]. - 37.4% of the company's revenue was generated from international operations, primarily in Australia, Canada, Europe, and the UK[105]. Acquisitions and Growth Strategy - The company acquired Carron + Walsh in Q2 fiscal 2025 and SAGE Group Holdings in Q3 fiscal 2025, enhancing its service offerings in Europe and Australia[67]. - In fiscal 2023, the acquisition of RPS Group plc was completed for $784 million, funded by debt and foreign exchange proceeds[69]. - The company’s growth strategy includes selective acquisitions to enhance service offerings and geographic presence[59]. - The company has made and expects to continue making acquisitions, which could disrupt operations and impact business results[168]. Market and Competitive Environment - The company operates in a competitive market, facing competition from firms such as AECOM, Jacobs Solutions, and WSP Global[74]. - The company operates in a highly competitive environment, which may force price concessions and impact market share[103]. - U.S. government contracts are increasingly awarded through competitive procurement processes, which may lead to smaller and shorter-duration work awards, impacting revenue[142]. Risks and Challenges - The company faces risks related to project completion, which could lead to significant additional costs or loss of profitability if performance standards are not met[101]. - Demand for the company's services is cyclical and vulnerable to economic downturns, which could adversely affect revenue and profits[102]. - Economic and political uncertainties globally may constrain client spending and impact the company's revenue and profitability[108]. - The company may incur liquidated damages if it fails to meet contractual schedules or performance requirements, affecting operating results[113]. - The loss of key personnel could impair the company's ability to provide services effectively and impact future success[110]. - The company may face challenges in obtaining necessary government-granted eligibility, which could hinder its ability to win new business[146]. Compliance and Regulatory Environment - The company’s operations are subject to various government regulations, including environmental laws and government procurement rules[78][82]. - The company must comply with various procurement laws and regulations as a U.S. government contractor, with potential sanctions for violations[173]. - The company has policies to monitor legal and regulatory compliance, but international operations expose it to various risks that could harm financial results[107]. Sustainability and Corporate Responsibility - The company maintains a sustainability program aimed at reducing GHG emissions and improving operational practices, aligning with the UN Global Compact principles[61]. - The company is committed to maintaining a healthy and safe work environment, providing training to all associates[91]. Cybersecurity and Data Privacy - Cybersecurity incidents could adversely impact the company's operations and result in significant costs and reputational harm[133]. - The Board of Directors reviews the adequacy of the company's information security policies and practices, ensuring oversight of cybersecurity risks[204]. - The Chief Information Officer, with over 18 years of experience, manages the assessment and response to material cybersecurity threats[206]. - The company is subject to stringent U.S. and foreign laws related to data privacy and security, with potential adverse consequences for non-compliance[190]. - The California Consumer Privacy Act (CCPA) imposes specific requirements for businesses regarding personal data of California residents, including administrative fines for violations[191]. Financial Obligations and Stockholder Impact - Servicing debt requires significant cash flow, and the company may not generate sufficient cash flow to meet its debt obligations[147]. - The credit agreement includes restrictive covenants that may limit the company's ability to pursue certain business strategies[150]. - The conversion of convertible notes may dilute stockholder ownership and potentially depress the stock price[161]. - The company may not be able to continue paying dividends, which could negatively affect its stock price[197]. - Delaware law may impede or discourage a merger or takeover, even if it would benefit stockholders[198].

Financial Performance - Fourth quarter 2025 revenue was $257.4 million, an increase of 7.5% from $240.2 million in the fourth quarter of 2024[3] - Fiscal year 2025 revenue totaled $1,007.2 million, up 6.0% from $950.0 million in fiscal year 2024[4] - Net income for fourth quarter 2025 was $17.6 million, a 76% increase from $10.0 million in fourth quarter 2024[3] - Adjusted EBITDA for fourth quarter 2025 was $56.6 million, up 36.2% from $41.6 million in fourth quarter 2024[4] - Fiscal year 2025 Adjusted EBITDA was $243.9 million, an increase of 6.0% from $229.1 million in fiscal year 2024[7] - Operating income for the year ended August 31, 2025, was $172,131,000, up 13.3% from $151,986,000 in 2024[27] - Net income attributable to Phoenix Education Partners, Inc. for the three months ended August 31, 2025, was $17,496,000, compared to $9,822,000 in 2024, reflecting a 78.3% increase[27] - Basic earnings per share for the year ended August 31, 2025, was $3.77, an increase from $3.19 in 2024, marking a 18.2% growth[27] - Net income for Q3 2025 was $17,570,000, compared to $10,019,000 in Q3 2024, representing a 75.7% increase[33] - Adjusted Net Income for the year ended August 31, 2025, was $172,980,000, up from $166,529,000 in 2024, reflecting a 3.3% growth[33] Enrollment and Operational Metrics - Average Total Degreed Enrollment for fourth quarter 2025 was 79,300, compared to 75,000 in the same quarter of 2024, reflecting a growth of 4.3%[3] - The company completed the closure of its ground campuses, with only one physical location currently enrolling new students[33] Cash and Assets - As of August 31, 2025, cash and cash equivalents totaled $194.8 million, down from $382.9 million as of August 31, 2024[10] - Total current assets decreased to $265,950,000 as of August 31, 2025, down from $441,466,000 in 2024, a decline of 39.7%[30] - Cash and restricted cash at the end of the year was $173,001,000, down from $356,170,000 at the beginning, reflecting a decrease of 51.4%[31] Liabilities and Equity - The company had no outstanding debt as of August 31, 2025, and entered into a $100.0 million senior secured revolving credit facility on November 13, 2025[11] - Total liabilities decreased to $253,507,000 as of August 31, 2025, compared to $346,320,000 in 2024, a reduction of 26.8%[30] - Total equity decreased to $240,055,000 as of August 31, 2025, down from $348,930,000 in 2024, a decline of 31.1%[30] Cash Flow and Credit Losses - Net cash provided by operating activities for the year ended August 31, 2025, was $87,387,000, down from $163,236,000 in 2024, a decrease of 46.5%[31] - The company reported a provision for credit losses on accounts receivable of $47,674,000 for the year ended August 31, 2025, compared to $40,532,000 in 2024, an increase of 17.7%[31] Special Items and Expenses - Special items and share-based compensation for Q3 2025 totaled $39,632,000, compared to $29,931,000 in Q3 2024, a 32.5% increase[33] - Restructuring lease expenses for the year ended August 31, 2025, were $6,365,000, down from $15,201,000 in 2024[33] - Strategic alternatives expenses for Q3 2025 were $19,941,000, significantly higher than $6,012,000 in Q3 2024[33] Future Outlook - The company expects fiscal year 2026 revenue to be in the range of $1,025.0 million to $1,035.0 million[12] Tax Rates - The non-GAAP effective tax rates were 24.6% for fiscal year 2025 and 24.7% for fiscal year 2024[34]

Financial Performance - Total revenues for Q3 2025 were $1.8 million, a decrease of 15% from $2.2 million in Q3 2024, primarily due to a $0.3 million decline in in-person revenues from arena events [3]. - Net loss for Q3 2025 was $5.4 million, compared to a net loss of $4.0 million in Q3 2024, with an adjusted EBITDA loss of $2.0 million versus a loss of $0.1 million in the prior year [5]. - Total revenues for the three months ended September 30, 2025, were $1,846,912, a decrease of 14.6% compared to $2,163,541 for the same period in 2024 [23]. - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $5,361,229, compared to a net loss of $4,027,941 in 2024, reflecting an increase of 31.0% [23]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(1,960,060), compared to $(114,502) for the same period in 2024, indicating a decline in operational performance [27]. - The company reported a pre-tax loss of $5,398,984 for the three months ended September 30, 2025, compared to a pre-tax loss of $4,361,484 in 2024, an increase of 23.7% [27]. Costs and Expenses - Total costs and expenses increased to $9.2 million in Q3 2025, up from $3.3 million in the prior-year period, largely driven by a $4.4 million rise in legal and professional fees related to a dissident stockholder [4]. - Total costs and expenses for the three months ended September 30, 2025, were $9,181,330, significantly higher than $3,344,114 in the same period of 2024 [23]. - Research and development expenses for the three months ended September 30, 2025, were $174,774, an increase from $158,162 in 2024, showing a growth of 10.3% [23]. - Selling and marketing expenses decreased to $78,989 for the three months ended September 30, 2025, down from $90,512 in 2024, a reduction of 12.7% [23]. Cash and Liabilities - As of September 30, 2025, the company had cash and short-term investments of $56.0 million, down from $71.5 million at December 31, 2024 [6]. - Working capital decreased to $36.7 million as of September 30, 2025, compared to $64.3 million at December 31, 2024 [6]. - Total liabilities increased to $49.9 million as of September 30, 2025, from $35.2 million at December 31, 2024 [21]. Acquisitions and Expansion - The company completed the acquisition of Saiju School, which will be renamed Allied International Futuretech Academy, marking its entry into Japan's accredited secondary education system [2]. - The company plans further global expansion into markets including Dubai and Hainan following the acquisition of Saiju School [2]. Events and Productions - The company hosted events on 72 days in Q3 2025, including 33 proprietary events and 39 third-party events, enhancing its operational footprint [9]. - The company is participating in the production investment of The Angry Birds Movie 3, targeting a release on December 23, 2026, to capture the holiday viewing season [8]. Gaming Revenues - Casual mobile gaming revenues decreased to $837,862 for the three months ended September 30, 2025, down from $817,986 in 2024, representing a growth of 2.1% [23]. Interest Income and Shares - Interest income for the three months ended September 30, 2025, was $1,363,810, up from $1,033,362 in 2024, representing a growth of 32.0% [27]. - The weighted average number of common shares outstanding for the three months ended September 30, 2025, was 37,713,944, compared to 37,219,904 in 2024, an increase of 1.3% [23].

Revenue Growth - Q2 revenue reached $423 million, a 16% increase year-over-year (15% in constant currency) [5] - Total subscription revenue was $398 million, up 17% year-over-year (16% in constant currency) [5] - Elastic Cloud revenue grew to $206 million, reflecting a 22% year-over-year increase [5] - Total revenue for the three months ended October 31, 2025, was $423,481,000, representing a 15.9% increase from $365,361,000 in the same period of 2024 [30] - Subscription revenue increased to $397,699,000 for the three months ended October 31, 2025, up 16.7% from $340,807,000 in the prior year [30] - Annual Elastic Cloud revenue reached $156,868,000 for the three months ended October 31, 2025, a 27% increase compared to the same period last year [38] - Total subscription revenue for the six months ended October 31, 2025, was $786,282,000, an 18% increase year-over-year [38] Financial Performance - Non-GAAP operating income was $70 million, with a non-GAAP operating margin of 16.5% [5] - Operating loss for the three months ended October 31, 2025, was $(8,236,000), compared to $(4,426,000) in the same period of 2024 [30] - Net loss for the six months ended October 31, 2025, was $(75,887,000), slightly higher than $(74,677,000) in the same period of 2024 [30] - Non-GAAP net income for the three months ended October 31, 2025, was $69,027,000, up from $62,906,000 year-over-year [42] - GAAP net loss for the three months ended October 31, 2025, was $51,284,000, compared to a loss of $25,450,000 in the same period last year [42] Cash and Assets - Cash and cash equivalents as of October 31, 2025, totaled $800,586,000, an increase from $727,543,000 as of April 30, 2025 [32] - Total assets decreased to $2,476,570,000 as of October 31, 2025, from $2,592,853,000 as of April 30, 2025 [32] - Total liabilities as of October 31, 2025, were $1,585,458,000, down from $1,665,619,000 as of April 30, 2025 [32] - Net cash provided by operating activities for the six months ended October 31, 2025, was $131,447,000, compared to $91,131,000 in the same period of 2024 [34] - The company reported a net increase in cash, cash equivalents, and restricted cash of $138,064,000 for the three months ended October 31, 2025 [34] Customer Metrics - The total customer count with Annual Contract Value (ACV) greater than $100,000 exceeded 1,600, up from over 1,550 in Q1 FY26 [6] - The Net Expansion Rate was approximately 112% [6] - Total remaining performance obligations amounted to $971 million, a 17% increase year-over-year (15% in constant currency) [5] - Total deferred revenue as of October 31, 2025, was $732,511,000, reflecting a 13% increase year-over-year [38] - Total remaining performance obligations as of October 31, 2025, were $1,506,725,000, a 19% increase year-over-year [38] Guidance and Future Outlook - The company raised its full-year total revenue guidance by $18 million due to strong customer commitments [1] - For fiscal 2026, total revenue is expected to be between $1.715 billion and $1.721 billion, representing 16% year-over-year growth at the midpoint [12] Expenses - GAAP research and development expenses for Q2 2025 totaled $108,152 million, an increase from $88,163 million in Q2 2024, marking a rise of 22.6% [44] - Non-GAAP sales and marketing expenses for the first half of 2025 were $299,375 million, compared to $257,748 million in the first half of 2024, indicating a growth of 16.1% [44] - GAAP general and administrative expenses for Q2 2025 were $47,962 million, up from $44,085 million in Q2 2024, which is an increase of 6.4% [44] - Non-GAAP general and administrative expenses for the first half of 2025 were $61,740 million, compared to $60,011 million in the same period of 2024, showing a slight increase of 2.9% [44] - Stock-based compensation expense for research and development in Q2 2025 was $28,434 million, compared to $24,777 million in Q2 2024, reflecting an increase of 14.3% [44] - Total GAAP services revenue for Q2 2025 was $25,505 million, up from $23,238 million in Q2 2024, representing an increase of 9.8% [44] - Non-GAAP services revenue for the first half of 2025 reached $44,746 million, compared to $39,312 million in the first half of 2024, indicating a growth of 13.3% [44] - Amortization of acquired intangibles decreased from $2,835 million in Q2 2024 to $2,158 million in Q2 2025, a reduction of 23.8% [44]

Financial Performance - Net sales for Q4 FY 2025 increased by $13.5 million, or 4.2%, to $336.1 million compared to Q4 FY 2024, driven by a $13.3 million increase in comparable store sales [4]. - Net income for Q4 FY 2025 rose 31.0% to $11.8 million, with diluted earnings per share of $0.51, compared to $9.0 million, or $0.39 diluted earnings per share, for Q4 FY 2024 [9]. - Adjusted EBITDA for Q4 FY 2025 increased 7.7% to $24.4 million, up from $22.6 million in Q4 FY 2024 [9]. - For FY 2025, net sales increased by $89.3 million, or 7.2%, to $1.33 billion, with a 7.3% increase in daily average comparable store sales [10]. - Gross profit for FY 2025 increased by $33.1 million, or 9.1%, to $397.9 million, with gross margin improving by 50 basis points to 29.9% [11]. - Operating income for FY 2025 increased 32.0% to $62.0 million, with an operating margin of 4.7% [13]. - Net income for the year ended September 30, 2025, was $46.4 million, up 37.0% from $33.9 million in 2024 [33]. - EBITDA for the fourth quarter of fiscal 2025 increased by 17.6% to $23.5 million compared to $20.0 million in the fourth quarter of fiscal 2024 [36]. - Adjusted EBITDA for the year ended September 30, 2025, rose 17.5% to $97.9 million from $83.3 million in 2024 [37]. Cash and Assets - As of September 30, 2025, the company had $17.1 million in cash and cash equivalents and no outstanding borrowings on its revolving credit facility [16]. - Cash and cash equivalents at the end of the year increased to $17.1 million from $8.9 million, a rise of 93.5% [33]. - Total assets increased to $670.5 million in 2025 from $655.5 million in 2024, representing a growth of 2.0% [31]. - Total current liabilities decreased to $158.8 million in 2025 from $164.1 million in 2024, a reduction of 3.0% [31]. - Total stockholders' equity increased to $212.4 million in 2025, up 22.0% from $174.3 million in 2024 [31]. Expenses and Dividends - Administrative expenses for FY 2025 increased 14.6% to $44.4 million, primarily due to higher compensation and technology expenses [13]. - A quarterly cash dividend of $0.15 per common share was announced, reflecting a 25% increase over the previous dividend [17]. - Dividends to shareholders decreased to $11.0 million in 2025 from $31.9 million in 2024, a decline of 65.5% [33]. Future Plans - The company plans to open 6 to 8 new stores in FY 2026, continuing its strategy of accelerated store growth [3]. Impairment and Cash Flow - The company reported a loss on impairment of long-lived assets of $81, significantly lower than $2.1 million in 2024 [33]. - Operating cash flow for the year was $55.3 million, compared to $73.8 million in the previous year, reflecting a decrease of 25.0% [33].

Financial Performance - Total revenues for Q3 2026 were $811.2 million, representing a 16% increase year over year from $699.2 million[3] - Subscription services revenues for Q3 2026 reached $682.5 million, up 17% year over year from $580.9 million[3] - Operating income for Q3 2026 was $240.9 million, a 33% increase from $181.4 million in the same quarter last year[3] - Non-GAAP operating income for Q3 2026 was $364.9 million, up 20% from $304.0 million year over year[3] - Net income for Q3 2026 was $236.2 million, reflecting a 27% increase from $185.8 million in Q3 2025[3] - Non-GAAP net income for Q3 2026 was $345.1 million, an increase of 20% from $288.3 million year over year[3] - Total revenues for the three months ended October 31, 2025, were $811,236,000, representing a 16% increase from $699,207,000 in the same period of 2024[17] - Subscription services revenue increased to $682,498,000 for the three months ended October 31, 2025, up 17.5% from $580,850,000 in 2024[17] - Net income for the nine months ended October 31, 2025, was $664,702,000, a 28.2% increase compared to $518,513,000 for the same period in 2024[20] - Operating income for the three months ended October 31, 2025, was $240,853,000, up 32.8% from $181,353,000 in 2024[17] - Diluted net income per share for the three months ended October 31, 2025, was $1.40, compared to $1.13 in 2024, representing a 23.9% increase[17] - Non-GAAP net income for the nine months ended October 31, 2025, was $1,006,343,000, up from $802,551,000 in 2024, reflecting a growth of 25.4%[29] Cash Flow and Expenses - Cash flows from operating activities for the nine months ended October 31, 2025, totaled $1,308,378,000, compared to $1,020,507,000 in 2024, reflecting a 28.2% increase[20] - Cash, cash equivalents, and restricted cash at the end of the period were $1,662,315,000, up from $1,046,689,000 in 2024[20] - Stock-based compensation expenses for the nine months ended October 31, 2025, amounted to $354,444,000, compared to $322,146,000 in 2024, reflecting a 10% increase[20] - Net cash provided by operating activities on a GAAP basis for the three months ended October 31, 2025, was $192,787,000, compared to $164,117,000 for the same period in 2024, representing a year-over-year increase of 17.4%[26] - Non-GAAP net cash provided by operating activities for the nine months ended October 31, 2025, was $1,285,076,000, up from $1,015,347,000 in 2024, reflecting a growth of 26.5%[26] Research and Development - Research and development expenses for the three months ended October 31, 2025, were $191,883,000, an increase of 11.3% from $172,411,000 in 2024[17] - Research and development expense on a GAAP basis for the three months ended October 31, 2025, was $191,883,000, compared to $172,411,000 in 2024, reflecting an increase of 11.4%[29] Guidance and Future Outlook - Guidance for Q4 2026 includes total revenues between $807 million and $810 million, with non-GAAP fully diluted net income per share expected to be approximately $1.92[8] - The company is on track to achieve a $6 billion revenue run-rate goal by 2030[3] Product Development - Veeva AI is set to release its first agents for CRM and commercial content in early December 2025, with additional agents planned for 2026[5] - Veeva Development Cloud applications were selected as the enterprise standard by three top 20 biopharmas in Q3 2026[5] Operating Expenses and Margins - Total operating expenses for the nine months ended October 31, 2025, were $1,120,325,000, compared to $1,004,076,000 in 2024, marking a 11.6% increase[17] - Operating margin on a non-GAAP basis for the three months ended October 31, 2025, was 45.0%, compared to 43.5% in 2024, indicating an improvement of 1.5 percentage points[29] - Sales and marketing expense on a GAAP basis for the three months ended October 31, 2025, was $110,552,000, an increase from $98,695,000 in 2024, representing a growth of 12.8%[29] - Gross margin on subscription services revenues on a non-GAAP basis increased to 87.0% for the nine months ended October 31, 2025, compared to 86.2% in 2024[26]

Financial Performance - Earnings per share for Q3 2025 were $1.58, with net income of $512 million, compared to $1.48 and $489 million in Q3 2024, reflecting a 6.8% increase in EPS [4] - Sales for Q3 2025 increased by 10% to $5.6 billion, up from $5.1 billion in the prior year, with comparable store sales rising 7% [4] - For the first nine months of 2025, earnings per share were $4.61, compared to $4.53 in the same period of 2024, with net income remaining stable at $1.5 billion [5] - The operating margin for Q3 2025 was 11.6%, significantly stronger than expected, driven by effective expense control [6] - For Q4 2025, the company raised its comparable store sales forecast to 3% to 4%, with EPS guidance between $1.77 and $1.85 [8] - Full-year EPS guidance for fiscal 2025 is now projected to be between $6.38 and $6.46, including a $0.16 impact from tariff-related costs [8] Shareholder Actions - The company repurchased 1.7 million shares for $262 million during Q3 2025, part of a $2.1 billion buyback program [7] Asset and Store Growth - The total assets as of November 1, 2025, were $15.41 billion, an increase from $14.91 billion a year earlier [16] - The company operates 2,273 stores at the end of Q3 2025, up from 2,192 stores at the end of Q3 2024 [14] - The company reported a 3% increase in comparable store sales year-to-date for 2025 [5] Cash Flow and Expenses - Net cash provided by operating activities increased to $1,905,165 from $1,474,431 year-over-year [18] - Depreciation and amortization expenses rose to $374,524, compared to $329,584 in the previous year [18] - Cash used in investing activities was $618,366, up from $514,122 in the prior year [18] - Net cash used in financing activities increased to $1,955,126 from $1,481,092 year-over-year [18] - The company reported a decrease in cash, cash equivalents, and restricted cash to $4,128,135 from $4,414,658 [18] - Interest paid decreased to $55,778 from $80,316 in the previous year [18] - Income taxes paid, net, decreased to $442,751 from $546,113 year-over-year [18] - Merchandise inventory change was $(684,458), compared to $(666,886) in the prior year [18] - The company issued $18,910 in common stock related to stock plans, slightly up from $18,769 [18]

Revenue Performance - Total revenue for the first quarter reached $3.9 billion, an increase of 18% year-over-year[3] - Global Business Solutions revenue grew to $3.0 billion, up 18%, while Online Ecosystem revenue increased to $2.4 billion, up 21%[6] - Consumer revenue rose to $894 million, reflecting a 21% growth compared to the previous year[7] - Credit Karma revenue grew by 27% to $651 million, driven by strong performance in personal loans, credit cards, and auto insurance[10] - TurboTax revenue increased by 6% to $198 million, while ProTax revenue grew by 15% to $45 million[10] - The company expects full fiscal year 2026 revenue guidance of $20.997 billion to $21.186 billion, representing growth of approximately 12% to 13%[10] - The company expects revenue for the three months ending January 31, 2026, to be in the range of $4,519 million to $4,549 million[45] Income and Earnings - GAAP operating income increased to $534 million, a significant rise of 97%[3] - Non-GAAP diluted earnings per share reached $3.34, up 34% from the prior year[3] - GAAP net income for Fiscal 2026 Q1 was $446 million, while non-GAAP net income was $939 million[30] - GAAP diluted net income per share for Fiscal 2026 Q1 was $1.59, with non-GAAP diluted net income per share at $3.34[30] - Net income for the three months ended October 31, 2025, was $446 million, compared to $197 million for the same period in 2024, representing a 126% increase[41] - Projected operating income for the same period is estimated between $676 million and $691 million, with non-GAAP adjustments expected to bring it to $1,371 million to $1,386 million[45] - Diluted net income per share is forecasted to be between $1.76 and $1.81, with non-GAAP estimates ranging from $3.63 to $3.68[45] Cash Flow and Assets - Total cash provided by operating activities increased to $637 million, up from $362 million year-over-year, marking a 76% growth[41] - Net cash provided by investing activities was $1,198 million, a significant improvement from a net cash used of $188 million in the previous year[41] - Cash and cash equivalents increased from $2,884 million (July 31, 2025) to $3,506 million (October 31, 2025)[39] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period totaled $6,943 million, down from $8,034 million a year earlier[42] - The company reported a net change in funds receivable and amounts due to customers of $(3,160) million, compared to $1,672 million in the previous year[41] Liabilities and Assets Management - Total current assets decreased from $14,107 million (July 31, 2025) to $10,421 million (October 31, 2025)[39] - Total liabilities decreased from $17,248 million (July 31, 2025) to $13,869 million (October 31, 2025)[39] - Total assets decreased from $36,958 million (July 31, 2025) to $33,191 million (October 31, 2025)[39] Shareholder Returns and Compensation - Intuit plans to repurchase $4.4 billion worth of shares, having already repurchased $851 million[10] - A quarterly dividend of $1.20 per share was approved, marking a 15% increase compared to the same period last year[10] - Share-based compensation expense for Fiscal 2026 Q1 was $543 million[30] - Share-based compensation expense for the three months ended October 31, 2025, was $543 million, an increase from $511 million in the same period last year[41] Strategic Outlook - The company plans to continue focusing on strategic acquisitions and market expansion to drive future growth[45] - The company recognized a net loss of $34 million on debt securities and other investments during the three months ended October 31, 2025[30] - Income tax effects and adjustments for Fiscal 2026 Q1 amounted to $(182) million[30]