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]

Financial Performance - Revenue for Q3 2025 increased to €154.3 million, up from €80.6 million in Q3 2024, representing a growth of 91.5%[29] - EBITDA for Q3 2025 reached €109.1 million, compared to €48.4 million in Q3 2024, marking an increase of 125.5%[29] - Operating profit for Q3 2025 was €79.7 million, compared to €33.2 million in Q3 2024, reflecting a growth of 139.8%[29] - Full year 2025 revenue outlook is between EUR 588 million and EUR 628 million, with Q3 2025 revenue reported at EUR 154 million and YTD 2025 at EUR 453 million[44] - EBITDA for 2025 is projected to be between EUR 381 million and EUR 421 million, with Q3 2025 EBITDA reported at EUR 109 million and YTD 2025 at EUR 322 million[44] Contract and Project Updates - The contract backlog stands at €2.9 billion, providing solid earnings visibility[15] - Significant contracts signed in Q3 2025 include a €210 million agreement with Vestas and a €49 million contract for WTG installation at BC-Wind in Poland[20] - The company delivered three new vessels in 2025, with the remaining newbuild (Wind Mover) on track for delivery ahead of schedule[8] - Timely vessel deliveries, including Wind Maker and Wind Pace in Q1 2025, are crucial for project execution in APAC and the US[44] Asset and Financing Overview - Total assets increased to €3.06 billion in 9M 2025, up from €1.94 billion in FY 2024, driven by newbuilds and available cash[35] - The equity ratio decreased to 47% in 9M 2025 from 64% in FY 2024, reflecting increased liabilities due to financing activities[35] - EUR 2,165 million in total funding secured, with EUR 1,455 million drawn as of September 30, 2025, leaving EUR 710 million undrawn[39] - The financing overview indicates a total commitment of EUR 2,165 million, with EUR 1,455 million utilized as of September 30, 2025[43] - The company has a strong interest from banks to finance its CAPEX program, indicating robust financial support for future projects[37] Market Outlook and Demand - 90 GW of added offshore wind capacity is expected globally (excluding China) by 2031, indicating a significant long-term demand for offshore wind[48] - Anticipated undersupply of capable vessels from 2029 onwards due to increasing market demand, particularly in operations and maintenance (O&M)[60] Operational Efficiency - Utilization rate improved to 92.2% in Q3 2025, up from 86.5% in Q3 2024[31] - The company has the largest fleet of efficient vessels for wind turbine and foundation installation, enhancing project execution capabilities[53] - 50% of USD exposure and approximately 50% of interest exposure are hedged against expected facilities[42] Strategic Initiatives - The company is actively working to increase the attractiveness of national auctions to regain momentum in offshore wind project bidding[47]

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].