Revenue Guidance and Performance - Salesforce raised its fiscal year 2026 revenue guidance to between $41.45 billion and $41.55 billion, reflecting a year-over-year growth of 9% to 10%[3] - Q4 FY26 guidance includes expected revenue of $11.13 billion to $11.23 billion, with a growth rate of 11% to 12% year-over-year[7] - Total revenues for the three months ended October 31, 2025, were $10,259 million, a 9% increase from $9,444 million in the same period of 2024[21] - Total revenues for Q3 2025 reached $10,259 million, a 8.6% increase from $9,444 million in Q3 2024[32] - Constant currency growth for total revenue was 8% for the three months ended October 31, 2025, compared to the same period in 2024[31] Subscription and Support Revenue - Third quarter subscription and support revenue was $9.7 billion, an increase of 10% year-over-year, and total revenue for the quarter was $10.3 billion, up 9% year-over-year[5] - Subscription and support revenues accounted for 95% of total revenues for both the three and nine months ended October 31, 2025[23] - Subscription and support revenue for the three months ended October 31, 2025, was $9,726 million, compared to $8,879 million in 2024, marking a 9% growth[29] Performance Obligations - Current remaining performance obligation (cRPO) reached $29.4 billion, up 11% year-over-year, while total remaining performance obligation (RPO) climbed to $59.5 billion, up 12% year-over-year[5] - Remaining performance obligation (RPO) as of October 31, 2025, totaled $59.5 billion, compared to $53.1 billion as of October 31, 2024, indicating a 12% year-over-year growth[27] - Unearned revenue at the end of the period was $14,996 million, up from $13,472 million in the same period last year, showing an increase of 11%[28] Profitability and Cash Flow - Operating cash flow for the third quarter was $2.3 billion, reflecting a 17% year-over-year increase, while free cash flow was $2.2 billion, up 22% year-over-year[5] - Net income for the three months ended October 31, 2025, was $2,086 million, compared to $1,527 million for the same period in 2024, reflecting a 37% increase[21] - Basic net income per share for the three months ended October 31, 2025, was $2.20, up from $1.60 in the same period of 2024[21] - Free cash flow for Q3 2025 was $2,177 million, up from $1,779 million in Q3 2024, indicating a 22.4% increase[36] - GAAP net income for the nine months ended October 31, 2025, was $5,514 million, up from $4,489 million in the same period of 2024, a 22.9% increase[35] Shareholder Returns - Salesforce returned $4.2 billion to shareholders in the form of share repurchases and dividends, including $3.8 billion in share repurchases[5] - The company repurchased $3,801 million of common stock during the three months ended October 31, 2025[25] Strategic Developments - Informatica acquisition completed, enhancing Salesforce's data management capabilities and contributing approximately 80 basis points to revenue growth guidance[6] - The company aims to expand internationally and enhance its business strategy despite uncertainties in market competition and geopolitical events[20] Expenses and Liabilities - The company reported a restructuring expense of $260 million for the three months ended October 31, 2025, compared to $56 million in the same period of 2024[21] - Total current assets decreased to $21,063 million as of October 31, 2025, from $29,727 million as of January 31, 2025[24] - Total liabilities decreased to $35,123 million as of October 31, 2025, from $41,755 million as of January 31, 2025[24] Capital Expenditures and Investments - Strategic investments increased to $6,410 million as of October 31, 2025, from $4,852 million as of January 31, 2025[24] - Capital expenditures for the nine months ended October 31, 2025, totaled $453 million, compared to $504 million in the same period of 2024[36] Operating Margins - Full year FY26 GAAP operating margin guidance is set at 20.3%, while non-GAAP operating margin guidance remains at 34.1%[8] - GAAP operating margin for Q3 2025 was 21.3%, an increase from 20.0% in Q3 2024[32] - Non-GAAP operating margin for Q3 2025 was 35.5%, compared to 33.1% in Q3 2024, showing an improvement of 2.4 percentage points[32] Tax and Other Financial Metrics - The projected non-GAAP tax rate for fiscal 2025 and 2026 is set at 22.0%[41] - The Company presents constant currency revenue growth rates to assess underlying business performance excluding foreign currency fluctuations[42] - Free cash flow is defined as GAAP net cash provided by operating activities minus capital expenditures[43] - Annual recurring revenue (ARR) for Agentforce and Data 360 includes the annualized recurring value of active subscription agreements at the end of the reporting period[43]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended November 1, 2025 or ☐ 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: 001-40357 MARVELL TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 85-3971597 (State or other jur ...

HSA Accounts and Market Position - As of October 31, 2025, the company administered 10.1 million HSAs with total balances of $34.4 billion, alongside 7.2 million complementary consumer-directed benefits (CDBs), resulting in a total of 17.3 million accounts[83]. - The company increased its market share in the HSA sector from 4% in December 2010 to 20% as of June 2025, becoming the largest HSA provider by number of accounts and the second largest by HSA assets[85]. - In fiscal 2025, the company acquired the BenefitWallet HSA portfolio, adding approximately 616,000 HSAs and $2.7 billion in HSA assets for a purchase price of $425 million[88]. - Total Accounts increased by 5% from 16,463 thousand on October 31, 2024 to 17,280 thousand on October 31, 2025, driven by a 6% increase in HSAs[107]. Financial Performance - Adjusted EBITDA for the three months ended October 31, 2025 was $141.812 million, a 20% increase from $118.245 million in the same period of 2024[115]. - Net income for the three months ended October 31, 2025 was $51.692 million, an increase of 806% from $5.703 million in the same period of 2024[115]. - Non-GAAP net income increased by $18.3 million, or 26%, from Q3 2024 to Q3 2025, driven by total revenue growth and cost efficiencies[120]. - Non-GAAP net income for the nine months ended October 31, 2025, rose by $52.1 million, or 24%, compared to the same period in 2024, primarily due to increased total revenue and operational efficiencies[121]. - Total revenue for Q3 2025 was $322.2 million, a 7% increase from $300.4 million in Q3 2024, while total revenue for the nine months ended October 31, 2025, reached $978.8 million, up 10% from $888.0 million in the prior year[140]. Revenue Sources - The company earns revenue primarily from service, custodial, and interchange sources, with custodial revenue being significantly influenced by the interest rate environment[87]. - Custodial revenue increased by $18.1 million, or 13%, in Q3 2025, attributed to a rise in average annualized yield on HSA cash from 3.17% to 3.53%[142]. - Interchange revenue rose by $2.5 million, or 6%, in Q3 2025, primarily due to an increase in Total Accounts[144]. - Service revenue for Q3 2025 was $120.3 million, a slight increase of 1% from $119.2 million in Q3 2024, driven by growth in Total Accounts and HSA investments[140]. Cost Management - Total cost of revenue decreased to 30.0% of total revenue for the nine months ended October 31, 2025, down from 33.8% for the same period in 2024, as total revenue grew at a significantly higher rate than total cost of revenue[156]. - Service costs decreased by $10.0 million, or 11%, for the three months ended October 31, 2025, primarily due to efficiencies from technology investments[147]. - General and administrative expenses decreased by $15.9 million, or 16%, for the nine months ended October 31, 2025, primarily due to a reduction in stock-based compensation expenses[165]. Cash Flow and Investments - Net cash provided by operating activities increased by $75.1 million from $264.1 million for the nine months ended October 31, 2024, to $339.2 million for the same period in 2025, primarily due to increased cash receipts from custodial, interchange, and service revenues[189]. - Net cash used in investing activities decreased by $453.2 million from $491.9 million for the nine months ended October 31, 2024, to $38.7 million for the same period in 2025, largely due to a significant reduction in cash used to acquire HSA portfolios[190]. - Capital expenditures for the nine months ended October 31, 2025, were $38.4 million, slightly down from $39.7 million in the same period of 2024[186]. Regulatory and Market Trends - Regulatory changes, including the "One Big Beautiful Bill Act," have expanded HSA eligibility, potentially increasing market opportunities for the company[91]. - The average family premium for employer-sponsored health insurance has risen by 24% since 2019, driving increased participation in HSA-qualified health plans[91]. Technology and Development - The company is investing in the modernization of its proprietary technology platforms to enhance security, privacy, and transaction processing capabilities[101]. - Technology and development expenses increased by $5.7 million, or 10%, for the three months ended October 31, 2025, mainly due to higher software costs and personnel-related expenses[162]. Tax and Interest Expenses - The increase in income tax provision from $35.3 million for the nine months ended October 31, 2024, to the same period in 2025 was mainly due to higher pre-tax book income and a decrease in research and development tax credits[179]. - Interest expense decreased by $4.1 million, or 23%, for the three months ended October 31, 2025, due to lower average interest rates and principal balances[173].

Financial Performance - Revenue for the third quarter increased by 7% to $322.2 million, compared to $300.4 million in the same quarter last year[3] - Net income for the third quarter was $51.7 million, or $0.59 per diluted share, up from $5.7 million, or $0.06 per diluted share, a year ago[4] - Non-GAAP net income per diluted share rose by 29% to $1.01, compared to $0.78 in the prior year[4] - Adjusted EBITDA for the third quarter was $141.8 million, reflecting a 20% increase year over year, and represented 44% of revenue[5] - The company reported a gross profit of $228,063 thousand for the three months ended October 31, 2025, compared to $197,026 thousand in the same period of 2024, indicating a 16% increase[21] - Adjusted EBITDA for the three months ended October 31, 2025, was $141,812,000, representing a 20% increase from $118,245,000 in the same period of 2024[34] - The company's net income as a percentage of revenue increased to 16% for the three months ended October 31, 2025, compared to 2% in the same period of 2024[33] - The outlook for Adjusted EBITDA for the year ending January 31, 2026, is projected to be between $555 million and $565 million[35] - The company expects net income for the year ending January 31, 2026, to be between $197 million and $205 million[37] HSA Growth - Total HSA Assets grew by 15% to $34.4 billion, including $16.9 billion in HSA cash and $17.5 billion in HSA investments[7] - The number of HSAs increased by 6% year over year to 10.1 million, with 802,000 HSAs having investments, a 12% increase[6] - The number of Health Savings Accounts (HSAs) increased to 10,108 thousand as of October 31, 2025, a 6% increase from 9,508 thousand in 2024[28] - Total HSA assets reached $34,446 million as of October 31, 2025, reflecting a 15% increase from $29,987 million in 2024[29] - HSA investments increased by 29% to $17,536 million as of October 31, 2025, compared to $13,601 million in 2024[29] Shareholder Actions - The company repurchased 1.0 million shares for $93.7 million during the third quarter, with $258.8 million remaining authorized for repurchase[8] Cash Flow and Expenses - Cash flows from operating activities for the nine months ended October 31, 2025, were $339,179 thousand, up from $264,108 thousand in 2024[24] - The company incurred total operating expenses of $149,368 thousand for the three months ended October 31, 2025, down from $177,401 thousand in the same period of 2024, a decrease of 16%[21] - Stock-based compensation expense for the three months ended October 31, 2025, was $20,542,000, slightly down from $21,123,000 in the same period of 2024[36] Market and Technology - HealthEquity's marketplace platform is expanding access to affordable healthcare solutions, leveraging AI for personalized experiences[2] Other Financial Metrics - Average daily client-held funds for the year-to-date as of October 31, 2025, were $859 million, a 4% increase from $823 million in 2024[31] - The average annualized yield on HSA cash expected to reprice in 2026 is 1.5%[30] - Non-GAAP net income for the three months ended October 31, 2025, was $87,666,000, up from $69,387,000 in the same period of 2024[36] - The diluted weighted-average shares for the three months ended October 31, 2025, were 86,970,000[36] - The company reported a total adjustment to income before income taxes - GAAP of $49,357,000 for the three months ended October 31, 2025[36]

Financial Performance - Q3 total revenue reached $219.1 million, representing a 9% increase year-over-year from $200.7 million[6] - Q3 subscription revenue was $190.3 million, up 5% year-over-year from $180.6 million[7] - GAAP operating income for Q3 was $11.6 million, compared to $7.9 million in the same quarter last year, while non-GAAP operating income increased to $33.5 million from $23.0 million[7] - Q3 GAAP net income per share was $0.01, down from $0.04 year-over-year, while non-GAAP net income per share rose to $0.12 from $0.10[7] - Total revenue for the three months ended October 31, 2025, was $219.068 million, a 9.3% increase from $200.689 million in the same period of 2024[22] - Subscription revenue increased to $190.295 million for the three months ended October 31, 2025, compared to $180.634 million in 2024, reflecting a growth of 5.9%[22] - Operating income for the three months ended October 31, 2025, was $11.551 million, compared to $7.889 million in the same period of 2024, marking a 46.5% increase[22] - Net income for the three months ended October 31, 2025, was $2.904 million, down from $10.455 million in 2024, indicating a decline of 72.2%[22] Cash Flow and Financial Position - As of October 31, 2025, total cash, cash equivalents, and marketable securities amounted to $480.3 million[7] - Cash flow from operating activities for the nine months ended October 31, 2025, was $138.528 million, significantly higher than $72.225 million in 2024[24] - Free cash flow for the nine months ended October 31, 2025, reached $125.973 million, compared to $57.616 million in 2024, representing a 118.5% increase[26] Expenses and Costs - Research and development expenses for the three months ended October 31, 2025, were $24.707 million, up from $23.298 million in 2024, reflecting a growth of 6.0%[22] - Total operating expenses for the three months ended October 31, 2025, were $133.935 million, slightly down from $134.951 million in 2024[22] - Stock-based compensation expense for the three months ended October 31, 2025, was $20.575 million, up 33.8% from $15.376 million in 2024[27] - Restructuring costs for the nine months ended October 31, 2025, were $15.859 million, compared to $2.965 million in 2024[27] - The company reported a non-recurring litigation cost of $1.817 million for the nine months ended October 31, 2025[27] Customer Metrics - The company reported 145 customers contributing $1 million or more in revenue[6] Future Guidance - For Q4 FY2026, Sprinklr expects total revenue between $216.5 million and $217.5 million, and subscription revenue between $191 million and $192 million[6] - The company anticipates non-GAAP net income per share for Q4 to be between $0.09 and $0.10, assuming 254 million diluted weighted-average shares outstanding[6] Performance Obligations - Remaining performance obligations (RPO) decreased by 5% year-over-year, while current RPO (cRPO) increased by 3%[6] Non-GAAP Metrics - Non-GAAP operating margin for Q3 was 15%, up from 11% in the same quarter last year[7] - The company reported a non-GAAP operating income of $33.515 million for the three months ended October 31, 2025, compared to $23.000 million in 2024, an increase of 45.5%[26] - Non-GAAP net income for the three months ended October 31, 2025, was $29.066 million, representing an increase of 13.3% from $25.566 million in 2024[27] - Non-GAAP net income for the nine months ended October 31, 2025, was $95.211 million, an increase of 30.5% compared to $72.869 million in 2024[27] Share Metrics - Weighted-average shares outstanding for the three months ended October 31, 2025, were 244,916, a decrease from 252,054 in 2024[27] - Total additions for the nine months ended October 31, 2025, amounted to $81.260 million, an increase of 62.5% from $49.939 million in 2024[27] Tax Rate - The company utilized a non-GAAP tax rate of 26% for the three and nine months ended October 31, 2025[27]

Financial Performance - Macy's, Inc. reported net sales of $4.7 billion, a decrease of 0.6% compared to the third quarter of 2024, with comparable sales up 2.5% on an owned basis and up 3.2% on an O+L+M basis[4] - Adjusted diluted EPS was $0.09, exceeding the company's prior guidance range, driven by better-than-expected net sales and gross margin[4] - Bloomingdale's achieved comparable sales growth of 8.8% on an owned basis and 9.0% on an O+L+M basis, marking the highest growth in 13 quarters[4] - Total revenue for the 39 weeks ended November 1, 2025, was $14,705 million, down from $14,999 million in the prior year[28] - Net income for the 39 weeks ended November 1, 2025, was $135 million, compared to $240 million for the same period in 2024, reflecting a decrease of 43.8%[28] - Basic earnings per share for the 39 weeks ended November 1, 2025, were $0.50, down from $0.86 in the previous year[28] - The company's Adjusted EBITDA for the 39 weeks ended November 1, 2025, was $1,002 million, compared to $1,074 million for the same period in 2024, reflecting a decrease of 6.7%[51] - For the 13 weeks ended November 1, 2025, Macy's, Inc. reported a 2.5% increase in comparable sales on an owned basis and a 3.2% increase on an owned-plus-licensed-plus-marketplace basis[46] Guidance and Expectations - The company revised its annual guidance, expecting net sales between $21.475 billion and $21.625 billion, up from the previous range of $21.15 billion to $21.45 billion[15] - Comparable owned-plus-licensed-plus-marketplace sales are expected to be flat to up approximately 0.5% versus 2024, an improvement from the previous guidance of down approximately 1.5% to down approximately 0.5%[16] Expenses and Margins - The gross margin rate was 39.4%, a decline of 20 basis points, primarily due to a 50 basis point tariff impact[5] - Selling, general and administrative expenses decreased by $40 million to $2.0 billion, reflecting cost containment efforts[6] - Gross margin for the 39 weeks ended November 1, 2025, was $5,575 million, representing 39.5% of total revenue, compared to $5,776 million or 39.8% in 2024[28] Cash and Debt Management - The company ended the quarter with cash and cash equivalents of $447 million and total debt of $2.4 billion, with no material long-term debt maturities until 2030[10] - Cash and cash equivalents at the end of the period were $447 million, a decrease from $1,306 million at the beginning of the period[30] - The company reported a net cash provided by operating activities of $247 million for the 39 weeks ended November 1, 2025, compared to a net cash used of $30 million in the prior year[33] - The company incurred interest expense of $77 million for the 39 weeks ended November 1, 2025, down from $94 million in the previous year[28] - The company reported a loss on extinguishment of debt of $33 million for the 39 weeks ended November 1, 2025, compared to a loss of $1 million in the prior year[28] Inventory and Other Costs - Merchandise inventories increased to $6,298 million as of November 1, 2025, from $4,468 million in February 2025[30] - For the 13 weeks ended November 1, 2025, the company reported an impairment, restructuring, and other costs of $4 million, compared to a benefit of $23 million for the same period in 2024[51] Shareholder Returns - The company returned approximately $99 million to shareholders, including $49 million in cash dividends and $50 million in share repurchases[4] Tax and Other Financial Metrics - The effective income tax expense for the 39 weeks ended November 1, 2025, was $52 million, or 26.6% of pretax income, compared to $87 million, or 20.0% of pretax income for the same period in 2024[3] - Restricted cash was reported at $2 million as of November 1, 2025, compared to $3 million as of November 2, 2024[5] - The company does not provide reconciliations for forward-looking non-GAAP measures due to the difficulty in estimating excluded items[41]

Market Performance - THOR's North American RV market share is approximately 39.1% for travel trailers and fifth wheels combined, and 47.9% for motorhomes as of September 30, 2025[74]. - North American RV independent dealer inventory decreased by 5.5% to approximately 70,900 units as of October 31, 2025, compared to 75,000 units a year earlier[77]. - THOR's North American RV backlog increased by $36,333, or 1.9%, to $1,932,525 as of October 31, 2025, driven by increased orders for motorized products[79]. - North American wholesale unit shipments for THOR increased by 3.0% to 104,267 units for the nine months ended September 30, 2025, compared to 101,185 units in the same period of 2024[85]. - North American retail unit registrations for THOR decreased by 1.7% to 113,230 units for the nine months ended September 30, 2025, compared to 115,181 units in 2024[86]. - The RVIA projects a total of approximately 339,700 North American wholesale unit shipments for calendar year 2025, up 1.8% from 2024[80]. - The most likely scenario for calendar year 2026 wholesale unit shipments is projected to increase to approximately 349,000 units, or 2.8% higher than the 2025 forecast[81]. Sales and Revenue - North American total recreational vehicle net sales increased by 11.0% to $1,558,186, while European net sales rose by 8.4% to $655,479 for the three months ended October 31, 2025[108]. - North American motorized vehicle sales surged by 30.9% to $661,096, compared to $505,208 in the same period last year[108]. - European Recreational Vehicle net sales rose by 8.4% to $655,479, with a 1.0% increase in unit shipments[135]. Profitability and Margins - Gross profit margin for North American motorized vehicles improved significantly to 10.8% from 8.5%, reflecting a $28,895 increase in gross profit[108]. - Consolidated gross profit for the three months ended October 31, 2025 increased by $39,532, or 14.0%, with a gross profit margin of 13.4%[112]. - North American Motorized gross profit increased by $28,895, reflecting improved sales and reduced cost percentages[131]. Costs and Expenses - Selling, general and administrative expenses for the three months ended October 31, 2025 increased by $13,833, or 5.8%, primarily due to increased sales-related travel and advertising costs[113]. - The company is closely monitoring the impact of U.S. tariffs on imports, which may affect material costs and profit margins if not offset by pricing strategies[89]. - Labor costs and availability remain a concern, with potential future impacts on production efficiency and profit margins due to high labor costs and regulatory constraints[107]. Inventory and Backlog - European independent dealer inventory decreased by 9.8% to approximately 22,900 units as of October 31, 2025, compared to 25,400 units a year earlier[95]. - The European recreational vehicle backlog decreased by $113,173, or 5.5%, to $1,930,463 as of October 31, 2025, primarily due to improved chassis supply availability[96]. - The order backlog for North American Towable decreased by $277,049, or 29.7%, while North American Motorized backlog increased by $313,382, or 32.5%[110]. Cash Flow and Capital Expenditures - Cash and cash equivalents decreased to $509,878 as of October 31, 2025, down from $586,596 on July 31, 2025[145]. - Net working capital increased to $1,214,646 compared to $1,193,279 at July 31, 2025[146]. - The company plans to use cash generated from operations to reduce indebtedness, maintain and grow dividend payments, and fund growth through acquisitions[148]. - Committed capital expenditures for the remainder of fiscal 2026 are estimated at approximately $195 million, with two-thirds allocated to North America and one-third to Europe[149]. Dividends and Shareholder Returns - The company increased its quarterly dividend from $0.50 to $0.52 per share in October 2025, following a previous increase from $0.48 to $0.50 in October 2024[157]. - The company intends to continue regular quarterly cash dividend payments, with future dividends subject to Board determination based on earnings and cash flows[150]. Economic Outlook - Consumer confidence and discretionary spending are expected to influence near-term demand for RVs, with long-term growth anticipated as economic conditions improve[84]. - The company believes that the availability of camping and RV parking facilities will be crucial for future industry growth, supported by investments from campground owners and government[88]. - Future European RV retail sales outlook remains optimistic due to favorable demographic trends and increasing consumer interest in RV lifestyles[102]. Financial Risks - The company holds $376,064 of debt denominated in Euros, with a hypothetical 10% change in the Euro/U.S. dollar exchange rate potentially affecting the debt balance by approximately $37,606[163]. - A one-percentage-point increase in interest rates could result in an estimated $4,070 reduction in income before income taxes over a one-year period[164].

Financial Performance - Revenue for the first quarter of fiscal 2026 was $2.39 billion, representing an 11.5% increase compared to $2.14 billion in the same period last year[1] - Net income attributable to THOR was $21.7 million, a significant recovery from a net loss of $1.8 million in the prior year[1] - Adjusted EBITDA for the quarter was $131.0 million, up 21.5% from $107.8 million year-over-year[1] - Net sales for the three months ended October 31, 2025, increased to $2,389,123, representing a growth of 11.5% compared to $2,142,784 in the same period of 2024[22] - Gross profit margin improved to 13.4% in Q1 2025, up from 13.1% in Q1 2024, with gross profit amounting to $320,974[22] - Net income attributable to THOR Industries, Inc. was $21,669 for Q1 2025, a significant recovery from a net loss of $1,832 in Q1 2024[22] - Adjusted EBITDA for Q1 2025 reached $131,005, an increase of 21.5% from $107,782 in Q1 2024[24] Market Performance - North American market share improved for the second consecutive quarter, with retail performance exceeding expectations[5] - North American Motorized RVs segment saw a 30.9% increase in net sales to $661.1 million, driven by a 32.3% rise in unit shipments[10] - European RVs net sales increased by 8.4% to $655.5 million, despite a 16.0% decline in gross profit due to higher promotional activity[11] Financial Guidance - The company expects full-year consolidated net sales to be in the range of $9.0 billion to $9.5 billion[14] - Diluted earnings per share guidance for fiscal 2026 is projected between $3.75 and $4.25[14] Operational Efficiency - The gross profit margin expanded by 30 basis points to 13.4%, reflecting strategic actions taken to streamline operations[5] - Selling, general and administrative expenses as a percentage of net sales improved to 10.6% in Q1 2025 from 11.2% in Q1 2024[22] - THOR Industries is focused on strategic initiatives to enhance operational efficiency and drive future growth[24] Asset Management - Total current assets decreased to $2,719,937 as of October 31, 2025, down from $2,777,975 as of July 31, 2025[23] - Cash and equivalents stood at $509,878 as of October 31, 2025, a decrease from $586,596 at the end of the previous quarter[23] - Long-term debt remained stable at $913,129 as of October 31, 2025, compared to $919,612 as of July 31, 2025[23] - The company reported a decrease in interest expense to $9,017 in Q1 2025, down from $15,228 in Q1 2024[22] Market Sentiment - The company is closely monitoring consumer sentiment and is prepared to adjust its outlook based on market conditions[12]

Financial Performance - For the 13 weeks ended November 1, 2025, net income was $244.6 million, compared to $233.3 million for the same period in 2024, representing a year-over-year increase of 0.6%[55]. - Basic earnings per share for continuing operations increased to $1.20 for the 13 weeks ended November 1, 2025, up from $1.09 in the prior year, reflecting a growth of 10.1%[55]. - The Dollar Tree segment reported net sales of $4,746.3 million for the 13 weeks ended November 1, 2025, a 9.4% increase from $4,338.0 million in the same period of 2024[62]. - Gross profit for the Dollar Tree segment was $1,700.5 million for the 13 weeks ended November 1, 2025, compared to $1,534.1 million for the same period in 2024, marking a 10.8% increase[62]. - The Dollar Tree segment's operating income for the 13 weeks ended November 1, 2025, was $455.0 million, compared to $465.2 million for the same period in 2024, reflecting a decrease of 2.5%[62]. - For the 39 weeks ended November 1, 2025, Family Dollar reported net sales of $5,625.5 million, with total revenue of $5,630.0 million[70]. - The operating income for Family Dollar for the 39 weeks ended November 1, 2025, was $480.0 million, while the income from discontinued operations, net of tax, was $62.8 million[70]. Capital Expenditures - Capital expenditures for the Dollar Tree segment were $383.8 million for the 13 weeks ended November 1, 2025, compared to $338.3 million for the same period in 2024, indicating a rise of 13.4%[63]. - Capital expenditures related to discontinued operations were $393.0 million for the 39 weeks ended November 2, 2024, compared to $77.8 million for the same period in 2025[72]. Insurance and Losses - The Company recorded losses of $117.0 million due to a tornado that destroyed its Dollar Tree distribution center in Marietta, Oklahoma, which were fully offset by insurance receivables[37]. - The Company received insurance proceeds totaling $150.0 million in fiscal 2024, including a gain of $30.0 million for excess insurance proceeds over losses incurred for damaged inventory[38]. Debt and Credit Facilities - As of November 1, 2025, the Company had no borrowings outstanding under its new $1.5 billion Five-Year Credit Facility and $1.0 billion 364-Day Revolving Credit Facility[46][47]. - As of November 1, 2025, the Company had $620.0 million principal amount of notes outstanding under its commercial paper program, with a weighted-average interest rate of 4.2%[49]. - The fair value of the Company's Senior Notes as of November 1, 2025, was $2,230.6 million, compared to a carrying value of $2,435.7 million[54]. - The Company has increased the size of its commercial paper program to allow for issuance up to $2.5 billion, effective November 10, 2025[50]. - The Company has no borrowings outstanding under its credit facilities as of November 1, 2025, with $620.0 million principal amount of notes outstanding under the commercial paper program[132]. Family Dollar Business - The Company completed the sale of the Family Dollar business for a purchase consideration of $1,007.5 million, with net proceeds of approximately $800 million after adjustments[31]. - The Company has continuing involvement with Family Dollar under a transition services agreement for 18 months following the sale[31]. - The Company has guaranteed lease obligations for 120 Family Dollar stores amounting to approximately $88.0 million for the first year following the sale[68]. - The Company recorded $23.8 million and $31.8 million of net income from transition services with Family Dollar for the 13 and 39 weeks ended November 1, 2025, respectively[68]. - The fair value of the Family Dollar business was estimated using the expected sale price negotiated with the buyer[71]. - As of November 1, 2025, the total assets of discontinued operations for Family Dollar were valued at $5,008.9 million, while total liabilities were $4,224.9 million[71]. - The Company recorded a valuation allowance of $3,438.8 million against the assets held for sale due to fair value being lower than carrying value[71]. Legal and Regulatory Matters - The Company has assessed its legal proceedings and does not believe they will have a material effect on its financial condition or liquidity[40]. - The Company is currently evaluating the impact of recently issued accounting standards, including ASU 2024-03 and ASU 2025-06, on its consolidated financial statements[34][35]. Share Repurchase - The company repurchased 4,050,414 shares of common stock at a cost of $399.0 million during the 13 weeks ended November 1, 2025[56]. - The company had $2.0 billion remaining under the $2.5 billion share repurchase authorization as of November 1, 2025[56]. Supply Chain Finance - The company’s obligations under the supply chain finance program were $342.9 million as of November 1, 2025[67]. Sales by Merchandise Category - The Dollar Tree segment's net sales by merchandise category for consumables were $2,350.7 million, representing 49.5% of total net sales for the 13 weeks ended November 1, 2025[64].

Financial Performance - Dollar Tree reported a 9.4% increase in net sales to $4.7 billion for Q3 Fiscal 2025, with same-store net sales growth of 4.2% driven by a 4.5% increase in average ticket[5][9]. - Diluted earnings per share (EPS) from continuing operations was $1.20, reflecting an 11.1% increase year-over-year, while adjusted diluted EPS was $1.21, up 12.0%[5][13]. - The gross profit increased by 10.8% to $1.7 billion, with a gross margin of 35.8%, up 40 basis points from the previous year[5][9]. - Operating income for Q3 increased by 3.8% to $343 million, with an operating margin of 7.2%, down 40 basis points year-over-year[5][12]. - Income from continuing operations for the 39 weeks ended November 1, 2025, was $713.6 million, up from $642.3 million, reflecting a growth of 11.1%[40]. - The company reported a net income of $776.4 million for the 39 weeks ended November 1, 2025, compared to $665.8 million for the same period last year, indicating a growth of 16.6%[40]. - For the 39 weeks ended November 1, 2025, Dollar Tree's operating income was $1,344.7 million, slightly up from $1,329.5 million for the same period last year, representing a 1.1% increase[57]. - The diluted earnings per share for continuing operations (GAAP) was $1.20 for the 13 weeks ended November 1, 2025, compared to $1.08 for the same period last year, marking an increase of 11.1%[64]. Sales and Revenue Outlook - For the fourth quarter of Fiscal 2025, the company expects net sales in the range of $5.4 billion to $5.5 billion, with comparable store net sales growth of 4.0% to 6.0%[22]. - The full-year Fiscal 2025 net sales outlook is updated to $19.35 billion to $19.45 billion, with comparable store net sales growth projected at 5.0% to 5.5%[20][21]. - Total revenue for the 39 weeks ended November 1, 2025, reached $13,961.1 million, compared to $12,578.7 million for the prior year, marking a year-over-year increase of 11.0%[33]. - Total net sales for Dollar Tree reached $4,746.3 million for the 13 weeks ended November 1, 2025, a 9.4% increase from $4,338.0 million for the same period in 2024[43]. Store Operations and Expansion - The company opened 106 new stores and converted approximately 646 stores to the Dollar Tree 3.0 multi-price format during the year[5][6]. - The company opened 106 new stores during the 13 weeks ended November 1, 2025, bringing the total store count to 9,269, a net increase of 401 stores year-over-year[46]. - Selling square footage increased to 82.5 million square feet, reflecting a growth rate of 5.4% compared to the same period in 2024[46]. Cash Flow and Capital Expenditures - The company generated $958.5 million in net cash from operating activities and $88.2 million in free cash flow from continuing operations year-to-date[6]. - Net cash provided by operating activities of continuing operations for the 39 weeks ended November 1, 2025, was $958.5 million, down from $1,335.8 million in the prior year[40]. - Free cash flow from continuing operations for the 39 weeks ended November 1, 2025, was $88.2 million, a decline from $330.1 million in the same period of 2024, indicating a decrease of 73.3%[66]. - Capital expenditures of continuing operations for the 13 weeks ended November 1, 2025, were $376.4 million, up from $341.4 million in the same period of 2024, reflecting an increase of 10.8%[66]. Expenses and Profitability - For the 13 weeks ended November 1, 2025, Dollar Tree reported GAAP selling, general and administrative expenses of $1,245.5 million, up from $1,069.0 million for the same period last year, reflecting a 16.5% increase[57]. - The adjusted selling, general and administrative expense rate for the Dollar Tree segment was 26.2% for the 13 weeks ended November 1, 2025, compared to 24.6% for the same period last year, showing an increase of 1.6 percentage points[57]. - The adjusted operating income margin for continuing operations was 7.3% for the 13 weeks ended November 1, 2025, compared to 7.6% for the same period last year, indicating a slight decline[61]. Tax and Liabilities - The effective tax rate for the 39 weeks ended November 1, 2025, was 25.1%, compared to 23.8% for the same period last year[33]. - Total liabilities as of November 1, 2025, were $10,191.6 million, a decrease from $14,666.6 million as of February 1, 2025[36].