What changed in this filing

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Item 1. Financial Statements

2026-08-11 compared with 2026-05-12 · 106 added, 107 removed, 402 unchanged (35% of the section changed)

3 unchanged sentences

(in millions, except per share data)

April 3, 2026 October 3, 2025

July 3, 2026 October 3, 2025

Current assets:

23 unchanged sentences

Common stock, $ 0.01 par value, 1,000,000,000 shares authorized;

244,090,344 shares issued and outstanding at April 3, 2026 and 243,464,776 shares issued and outstanding at October 3, 2025.

244,319,846 shares issued and outstanding at July 3, 2026 and 243,464,776 shares issued and outstanding at October 3, 2025.

Additional paid-in capital 4,946 4,924

9 unchanged sentences

(in millions, except per share data)

Three Months Ended Six Months Ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Three Months Ended Nine Months Ended

July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

Revenues $ 3,490 $ 3,561 $ 10,205 $ 10,468

5 unchanged sentences

Interest expense and other, net ( 62 ) ( 88 ) ( 209 ) ( 261 )

Loss on extinguishment of debt ( 16 ) ( 3 ) ( 16 ) ( 3 )

Income before income taxes 94 12 236 81

Provision for income taxes ( 28 ) ( 13 ) ( 72 ) ( 59 )

Net income including non-controlling interests 54 2 98 23

net income attributable to non-controlling interests — 2 — ( 7 )

Net income (loss) including non-controlling interests 66 ( 1 ) 164 22

net income (loss) attributable to non-controlling interests — 11 — 4

Net income attributable to common shareholders $ 66 $ 10 $ 164 $ 26

6 unchanged sentences

(in millions)

Three Months Ended Six Months Ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Net income including non-controlling interests $ 54 $ 2 $ 98 $ 23

Other comprehensive (loss) income:

Net unrealized gain (loss) on interest rate swaps 4 ( 7 ) 5 15

Three Months Ended Nine Months Ended

July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

Net income (loss) including non-controlling interests $ 66 $ ( 1 ) $ 164 $ 22

Other comprehensive income:

Net unrealized gain on interest rate swaps 1 — 6 15

Foreign currency translation adjustments 8 15 — 8

Pension adjustments — ( 1 ) ( 1 ) ( 1 )

Other comprehensive (loss) income ( 4 ) 4 ( 4 ) 8

Income tax (provision) benefit related to items of other comprehensive (loss) income ( 1 ) 2 ( 1 ) ( 2 )

Other comprehensive (loss) income, net of tax ( 5 ) 6 ( 5 ) 6

Other comprehensive income 9 14 5 22

Income tax provision related to items of other comprehensive income — — ( 1 ) ( 2 )

Other comprehensive income, net of tax 9 14 4 20

Comprehensive income 75 13 168 42

9 unchanged sentences

Shares Amount

Balance at January 2, 2026 244 $ 2 $ 4,931 $ ( 417 ) $ 40 $ 4,556 $ 106 $ 4,662

Balance at April 3, 2026 244 $ 2 $ 4,935 $ ( 363 ) $ 35 $ 4,609 $ 94 $ 4,703

Net income including non-controlling interests — — — 66 — 66 — 66

2 unchanged sentences

Stock-based compensation and other — — 11 — — 11 2 13

Balance at April 3, 2026 244 $ 2 $ 4,935 $ ( 363 ) $ 35 $ 4,609 $ 94 $ 4,703

Balance at July 3, 2026 244 $ 2 $ 4,946 $ ( 297 ) $ 44 $ 4,695 $ 94 $ 4,789

Common Stock Additional Paid-in Capital Retained Deficit Accumulated Other Comprehensive Income Total Shareholders' Equity Attributable to Amentum Holdings, Inc.

2 unchanged sentences

Shares Amount

Balance at December 27, 2024 243 $ 2 $ 4,965 $ ( 515 ) $ 23 $ 4,475 $ 88 $ 4,563

Balance at March 28, 2025 243 $ 2 $ 4,907 $ ( 511 ) $ 29 $ 4,427 $ 152 $ 4,579

Net income (loss) including non-controlling interests — — — 10 — 10 ( 11 ) ( 1 )

3 unchanged sentences

Stock-based compensation and other — — 7 — — 7 ( 2 ) 5

Balance at March 28, 2025 243 $ 2 $ 4,907 $ ( 511 ) $ 29 $ 4,427 $ 152 $ 4,579

Balance at June 27, 2025 243 $ 2 $ 4,914 $ ( 501 ) $ 43 $ 4,458 $ 131 $ 4,589

Common Stock Additional Paid-in Capital Retained Deficit Accumulated Other Comprehensive Income Total Shareholders' Equity Attributable to Amentum Holdings, Inc.

8 unchanged sentences

Stock-based compensation and other — — 22 — — 22 2 24

Balance at April 3, 2026 244 $ 2 $ 4,935 $ ( 363 ) $ 35 $ 4,609 $ 94 $ 4,703

Balance at July 3, 2026 244 $ 2 $ 4,946 $ ( 297 ) $ 44 $ 4,695 $ 94 $ 4,789

Common Stock Additional Paid-in Capital Retained Deficit Accumulated Other Comprehensive Income Total Shareholders' Equity Attributable to Amentum Holdings, Inc.

8 unchanged sentences

Stock-based compensation and other — — 15 — — 15 ( 2 ) 13

Balance at March 28, 2025 243 $ 2 $ 4,907 $ ( 511 ) $ 29 $ 4,427 $ 152 $ 4,579

Balance at June 27, 2025 243 $ 2 $ 4,914 $ ( 501 ) $ 43 $ 4,458 $ 131 $ 4,589

See notes to unaudited condensed consolidated financial statements

2 unchanged sentences

(in millions)

Six Months Ended

April 3, 2026 March 28, 2025

Nine Months Ended

July 3, 2026 June 27, 2025

Cash flows from operating activities

3 unchanged sentences

Amortization of intangibles 282 358

Loss on extinguishment of debt 16 3

Equity earnings of non-consolidated subsidiaries ( 73 ) ( 47 )

10 unchanged sentences

Cash flows from investing activities

Acquisitions, net of cash acquired — ( 70 )

Divestitures, net of cash conveyed 2 358

2 unchanged sentences

Returns of capital from equity method investments 23 2

Other ( 2 ) —

Net cash used in investing activities ( 51 ) ( 39 )

Net cash (used in) provided by investing activities ( 48 ) 236

Cash flows from financing activities

1 unchanged sentence

Payments on revolving credit facilities ( 2,403 ) ( 858 )

Proceeds from borrowing under the term loans 2,991 —

Repayments of borrowings under the credit agreement ( 3,125 ) ( 200 )

8 unchanged sentences

Common stock issued for the Transaction $ — $ ( 63 )

Accrued acquisition working capital settlement — 70

Income taxes paid, net of receipts ( 26 ) ( 67 )

19 unchanged sentences

It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report for the fiscal year ended October 3, 2025.

The results of operations for the three and six months ended April 3, 2026 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.

The results of operations for the three and nine months ended July 3, 2026 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.

Note 2 — Recent Accounting Pronouncements

17 unchanged sentences

Three Months Ended

April 3, 2026 March 28, 2025

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

4 unchanged sentences

Total revenues $ 1,457 $ 2,033 $ 3,490 $ 1,421 $ 2,140 $ 3,561

Six Months Ended

April 3, 2026 March 28, 2025

Nine Months Ended

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

6 unchanged sentences

Three Months Ended

April 3, 2026 March 28, 2025

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

3 unchanged sentences

Total revenues $ 1,457 $ 2,033 $ 3,490 $ 1,421 $ 2,140 $ 3,561

Six Months Ended

April 3, 2026 March 28, 2025

Nine Months Ended

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

5 unchanged sentences

Three Months Ended

April 3, 2026 March 28, 2025

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

2 unchanged sentences

Total revenues $ 1,457 $ 2,033 $ 3,490 $ 1,421 $ 2,140 $ 3,561

Six Months Ended

April 3, 2026 March 28, 2025

Nine Months Ended

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

4 unchanged sentences

Three Months Ended

April 3, 2026 March 28, 2025

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

2 unchanged sentences

Total revenues $ 1,457 $ 2,033 $ 3,490 $ 1,421 $ 2,140 $ 3,561

Six Months Ended

April 3, 2026 March 28, 2025

Nine Months Ended

July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total

4 unchanged sentences

Changes in estimated contract earnings at completion using the cumulative catch-up method of accounting were recognized in revenues as follows:

Three Months Ended Six Months Ended

Three Months Ended Nine Months Ended

( Amounts in millions)

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

Favorable earnings at completion adjustments $ 84 $ 48 $ 203 $ 98

5 unchanged sentences

Remaining Performance Obligations

As of April 3, 2026, we had a remaining performance obligations balance of $ 10.1 billion and expect to recognize approximately 78 % and 92 % of the remaining performance obligations balance as revenues over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.

As of July 3, 2026, we had a remaining performance obligations balance of $ 8.9 billion and expect to recognize approximately 79 % and 91 % of the remaining performance obligations balance as revenues over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.

Note 4 — Contract Balances

The Company's contract balances consisted of the following (in millions):

Description of Contract Related Balance Classification April 3, 2026 October 3, 2025

Description of Contract Related Balance Classification July 3, 2026 October 3, 2025

Billed and billable receivables Accounts receivable, net $ 1,490 $ 1,514

5 unchanged sentences

Contract assets primarily relate to accruals for reimbursable costs and fees in which our right to consideration is conditional.

Amounts related to a prior acquisition previously classified as long-term contract assets as of October 3, 2025 are presented as contract assets as of April 3, 2026.

During the three and six months ended April 3, 2026, we recognized revenues of $ 21 million and $ 148 million, respectively, compared with $ 8 million and $ 73 million of revenues during the three and six months ended March 28, 2025, respectively, that was included in Contract liabilities as of October 3, 2025 and September 27, 2024, respectively.

Amounts related to a prior acquisition previously classified as long-term contract assets as of October 3, 2025 are presented as contract assets as of July 3, 2026.

During the three and nine months ended July 3, 2026, we recognized revenues of $ 23 million and $ 171 million, respectively, compared with $ 11 million and $ 84 million of revenues during the three and nine months ended June 27, 2025, respectively, that was included in Contract liabilities as of October 3, 2025 and September 27, 2024, respectively.

Note 5 — Sales of Receivables

6 unchanged sentences

The Company's MARPA activity consisted of the following (in millions):

As of and for the Six Months Ended

April 3, 2026 March 28, 2025

As of and for the Nine Months Ended

July 3, 2026 June 27, 2025

Beginning balance:

5 unchanged sentences

Remaining sold receivables $ 158 $ 179

(1) For the six months ended April 3, 2026 and March 28, 2025, the Company recorded a net cash inflow of $ 71 million and $ 43 million in its cash flows from operating activities, respectively, from sold receivables.

(1) For the nine months ended July 3, 2026 and June 27, 2025, the Company recorded a net cash inflow of $ 120 million and $ 42 million in its cash flows from operating activities, respectively, from sold receivables.

MARPA cash flows are calculated as the change in the outstanding balance during the fiscal year.

(2) Includes the cash collected on behalf of but not yet remitted to the Purchaser as of April 3, 2026 and March 28, 2025.

(2) Includes the cash collected on behalf of but not yet remitted to the Purchaser as of July 3, 2026 and June 27, 2025.

This balance is included in Other current liabilities as of the balance sheet date.

Note 6 — Goodwill and Intangible Assets

The table below presents changes in the carrying amount of goodwill by reportable segment for the periods presented:

(Amounts in millions) DS GES Total

Balance as of October 3, 2025

$ 2,260 $ 3,443 $ 5,703

Foreign currency translation — ( 5 ) ( 5 )

Balance as of April 3, 2026

$ 2,260 $ 3,438 $ 5,698

The carrying amount of goodwill for our reportable segments, DS and GES, was $ 2,260 million and $ 3,443 million, respectively, as of both July 3, 2026 and October 3, 2025.

Intangible Assets

Intangible assets, net consisted of the following:

April 3, 2026 October 3, 2025

July 3, 2026 October 3, 2025

(Amounts in millions) Gross

7 unchanged sentences

Total intangible assets, net $ 3,277 $ ( 1,602 ) $ 1,675 $ 3,275 $ ( 1,320 ) $ 1,955

Amortization expense was $ 94 million and $ 188 million for the three and six months ended April 3, 2026, respectively, and $ 120 million and $ 240 million for the three and six months ended March 28, 2025, respectively.

Amortization expense was $ 94 million and $ 282 million for the three and nine months ended July 3, 2026, respectively, and $ 118 million and $ 358 million for the three and nine months ended June 27, 2025, respectively.

Note 7 — Income Taxes

The Company's effective tax rate was 30.8 % and 31.0 % for the three and six months ended April 3, 2026, respectively, and 91.7 % and 66.7 % for the three and six months ended March 28, 2025, respectively.

The Company's effective tax rate was 29.8 % and 30.5 % for the three and nine months ended July 3, 2026, respectively, and 108.3 % and 72.8 % for the three and nine months ended June 27, 2025, respectively.

The most significant item contributing to the difference between the statutory U.S.

federal corporate tax rate of 21.0% and the Company’s effective tax rate for the three and six months ended April 3, 2026 and March 28, 2025 was an increase in the valuation allowance against the deferred tax asset related to disallowed interest expense of $ 5 million and $ 9 million, respectively, for the three and six months ended April 3, 2026, and $ 17 million and $ 28 million, respectively, for the three and six months ended March 28, 2025.

federal corporate tax rate of 21.0% and the Company’s effective tax rate for the three and nine months ended July 3, 2026 and June 27, 2025 was an increase in the valuation allowance against the deferred tax asset related to disallowed interest expense of $ 4 million and $ 13 million, respectively, for the three and nine months ended July 3, 2026, and $ 18 million and $ 46 million, respectively, for the three and nine months ended June 27, 2025.

On July 4, 2025, the One Big, Beautiful Bill Act (“OBBBA”) was enacted, introducing several significant amendments to U.S.

4 unchanged sentences

Debt consisted of the following:

(Amounts in millions) April 3, 2026 October 3, 2025

Term Loan $ 2,981 $ 3,000

(Amounts in millions) July 3, 2026 October 3, 2025

Term Loan A $ 1,400 $ —

Term Loan B 1,466 3,000

Senior notes 1,000 1,000

4 unchanged sentences

Total long-term debt, net of current portion $ 3,771 $ 3,901

As amended, the Company’s senior secured credit facility (the “Credit Facility”) consisted of our term facility (“Term Loan”) maturing on September 27, 2031 and a $ 850 million revolving facility (“Revolver”) maturing on September 27, 2029, which included a $ 200 million letter of credit subfacility and a $ 100 million swingline subfacility.

The interest rates applicable to the Term Loan were floating interest rates equal to an Alternate Base Rate (“ABR”) or Adjusted Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin based upon net leverage ratio.

The Term Loan required quarterly principal amortization payments of $ 9 million, which commenced on March 31, 2025, with the remainder of the principal thereunder being due at maturity.

As of April 3, 2026 and October 3, 2025, the available borrowing capacity under the Credit Facility was $ 769 million and $ 766 million, respectively, and included $ 81 million and $ 84 million, respectively, in issued letters of credit.

As of April 3, 2026 and October 3, 2025, there were no amounts borrowed under the Revolver.

On September 27, 2024, we entered into a senior secured credit facility (the “Credit Facility”) consisting of a $ 3,750 million term facility (“Term Loan”) maturing September 27, 2031 and an $ 850 million revolving facility (“Revolver”), including a $ 200 million letter of credit subfacility and a $ 100 million swingline subfacility, maturing September 27, 2029.

On April 24, 2026, we entered into the first amendment to the Credit Facility (the “Amendment”).

The Amendment established a new $ 1,400 million senior secured term loan A facility (“Term Loan A”) due April 24, 2031, amended the existing Term Loan, including a reduction in outstanding principal and revised terms, into a new $ 1,591 million senior secured term loan B facility (“Term Loan B”) due September 27, 2031.

The Amendment also increased the Revolver by $ 150 million from $ 850 million to $ 1 billion, including a $ 50 million increase to the letter of credit subfacility from $ 200 million to $ 250 million, and a $ 50 million increase to the swingline subfacility from $ 100 million to $ 150 million.

The Revolver, as amended, matures on April 24, 2031.

Quarterly principal amortization payments on Term Loan A are equal to (a) 0.625 % of the original principal amount of Term Loan A commencing September 30, 2026 through June 30, 2028, (b) 1.25 % of the original principal amount of Term Loan A from September 30, 2028 through June 30, 2030, and (c) 1.875 % of the original principal amount of Term Loan A thereafter with the remainder of the principal being due at maturity.

The Term Loan A interest rate per annum is, at our option, equal to either the Alternate Base Rate (“ABR”) plus an interest rate margin of 0.25 % to 1.00 % or the Adjusted Term Secured Overnight Financing Rate (“Term SOFR”) plus an interest rate margin of 1.25 % to 2.00 % based on our first lien leverage ratio.

Quarterly principal amortization payments on Term Loan B are equal to 0.25 % of the original principal amount of Term Loan B commencing September 30, 2026, with the remainder of the principal being due at maturity.

On June 30, 2026, we made a $ 125 million voluntary principal payment on Term Loan B.

The Term Loan B interest rate per annum is, at our option, equal to either the ABR plus a 0.75 % interest rate margin or the Term SOFR plus a 1.75 % interest rate margin.

Prior to the Amendment, quarterly principal amortization payments on the Term Loan were equal to 0.25 % of the original principal amount of the Term Loan with the remainder of the principal being due at maturity with an interest rate per annum, at our option, equal to either the ABR plus a 1.25 % interest rate margin or the Term SOFR plus a 2.25 % interest rate margin, which could be reduced by 0.25 % in the event certain corporate ratings were achieved.

The Revolver interest rate per annum is, at our option, equal to either the ABR or Canadian Prime Rate plus an interest rate margin of 0.25 % to 1.00 % or the Term SOFR, Daily Simple Secured Overnight Financing Rate, EURIBOR, Daily Simple Sterling Overnight Index Average (“SONIA”) or Term Canadian Overnight Report Rate Average (“CORRA”) plus an interest rate margin of 1.25 % to 2.00 % based on our first lien leverage ratio.

Prior to the Amendment, the Revolver interest rate per annum was, at our option, equal to either the ABR or Canadian Prime Rate plus an interest rate margin of 0.50 % to 1.25 % or the Term SOFR, EURIBOR, or CORRA plus an interest rate margin of 1.50 % to 2.25 % based on our first lien leverage ratio.

As of July 3, 2026 and October 3, 2025, the available borrowing capacity under the Credit Facility was $ 917 million and $ 766 million, respectively, and included $ 83 million and $ 84 million, respectively, in issued letters of credit.

As of July 3, 2026 and October 3, 2025, there were no amounts borrowed under the Revolver.

In August 2024, the Company completed an offering of $ 1,000 million in aggregate principal amount of 7.250 % senior notes due August 1, 2032 (the “Senior Notes”).

1 unchanged sentence

The Credit Facility and the Senior Notes are guaranteed by substantially all of our wholly owned material domestic restricted subsidiaries, subject to customary exceptions set forth in the credit agreement and indenture, respectively.

Each of the credit agreement and indenture requires us to comply with certain representations and warranties, customary affirmative and negative covenants and, in the case of the Revolver, under certain circumstances, a financial covenant.

We were in compliance with all covenants as of April 3, 2026.

Each of the credit agreement and indenture requires us to comply with certain representations and warranties, customary affirmative and negative covenants and, in the case of the Term Loan A and Revolver, under certain circumstances, a financial covenant.

We were in compliance with all covenants as of July 3, 2026.

Cash Flow Hedges

13 unchanged sentences

• a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.

The following table presents selected financial information for our consolidated joint ventures that are VIEs as of April 3, 2026 and October 3, 2025:

(Amounts in millions) April 3, 2026 October 3, 2025

The following table presents selected financial information for our consolidated joint ventures that are VIEs as of July 3, 2026 and October 3, 2025:

(Amounts in millions) July 3, 2026 October 3, 2025

Cash and cash equivalents $ 123 $ 167

9 unchanged sentences

Total liabilities and equity $ 315 $ 358

The following table presents selected financial information for our consolidated joint ventures that are VIEs for the three and six months ended April 3, 2026 and March 28, 2025:

Three Months Ended Six Months Ended

(Amounts in millions) April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

The following table presents selected financial information for our consolidated joint ventures that are VIEs for the three and nine months ended July 3, 2026 and June 27, 2025:

Three Months Ended Nine Months Ended

(Amounts in millions) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

Revenues $ 235 $ 408 $ 756 $ 1,151

2 unchanged sentences

The Company has an ownership share, generally ranging from 25 % to 50 %, in approximately 30 active joint ventures that were determined to be VIEs and are accounted for as equity method investments.

Related party receivables due from our equity method investments were $ 58 million and $ 63 million as of April 3, 2026 and October 3, 2025, respectively.

Related party receivables due from our equity method investments were $ 56 million and $ 63 million as of July 3, 2026 and October 3, 2025, respectively.

These receivables are a result of items purchased and services rendered by us on behalf of our equity method investments.

We have assessed these receivables as having minimal collection risk based on our historic experience with these joint ventures and our inherent influence through our ownership interest.

The related party revenues earned from our equity method investments was $ 65 million and $ 115 million for the three and six months ended April 3, 2026, respectively, and $ 45 million and $ 89 million for the three and six months ended March 28, 2025, respectively.

The related party revenues earned from our equity method investments was $ 27 million and $ 142 million for the three and nine months ended July 3, 2026, respectively, and $ 110 million and $ 199 million for the three and nine months ended June 27, 2025, respectively.

Many of our joint ventures only perform on a single contract.

The modification or termination of a contract under a joint venture could trigger an impairment in the fair value of our investment in these entities.

In the aggregate, our maximum exposure to losses was $ 216 million related to our equity method investments as of April 3, 2026.

In the aggregate, our maximum exposure to losses was $ 204 million related to our equity method investments as of July 3, 2026.

Note 10 — Accumulated Other Comprehensive Income (Loss)

The accumulated balances and reporting period activities for the three and six months ended April 3, 2026 and March 28, 2025 related to accumulated other comprehensive income (loss) are summarized as follows:

Gain (Loss) on Derivative Instruments Foreign Currency Translation Adjustments Pension Related Adjustments Income Tax (Provision) Benefit Related to Items of Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

The accumulated balances and reporting period activities for the three and nine months ended July 3, 2026 and June 27, 2025 related to accumulated other comprehensive income (loss) are summarized as follows:

Gain (Loss) on Derivative Instruments Foreign Currency Translation Adjustments Pension Related Adjustments Income Tax Provision Related to Items of Other Comprehensive Income Accumulated Other Comprehensive Income

(Amounts in millions)

Balance at January 2, 2026 $ ( 7 ) $ 5 $ 57 $ ( 15 ) $ 40

Other comprehensive income (loss) before reclassification 3 ( 7 ) — ( 1 ) ( 5 )

Amounts reclassified from accumulated other comprehensive income (loss) 1 — ( 1 ) — —

Balance at April 3, 2026 $ ( 3 ) $ ( 2 ) $ 56 $ ( 16 ) $ 35

Loss on Derivative Instruments Foreign Currency Translation Adjustments Pension Related Adjustments Income Tax (Provision) Benefit Related to Items of Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

Other comprehensive income before reclassification — 8 — — 8

Amounts reclassified from accumulated other comprehensive income 1 — — — 1

Balance at July 3, 2026 $ ( 2 ) $ 6 $ 56 $ ( 16 ) $ 44

(Loss) Gain on Derivative Instruments Foreign Currency Translation Adjustments Pension Related Adjustments Income Tax Provision Related to Items of Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)

(Amounts in millions)

Balance at December 27, 2024 $ — $ ( 15 ) $ 55 $ ( 17 ) $ 23

Other comprehensive (loss) income before reclassification ( 6 ) 11 — 2 7

Amounts reclassified from accumulated other comprehensive loss ( 1 ) — — — ( 1 )

Balance at March 28, 2025 $ ( 7 ) $ ( 4 ) $ 55 $ ( 15 ) $ 29

Other comprehensive income (loss) before reclassification 1 15 ( 1 ) — 15

Amounts reclassified from accumulated other comprehensive income (loss) ( 1 ) — — — ( 1 )

Balance at June 27, 2025 $ ( 7 ) $ 11 $ 54 $ ( 15 ) $ 43

(Amounts in millions)

1 unchanged sentence

Other comprehensive income (loss) before reclassification 4 — — ( 1 ) 3

Amounts reclassified from accumulated other comprehensive income (loss) 1 — ( 1 ) — —

Balance at April 3, 2026 $ ( 3 ) $ ( 2 ) $ 56 $ ( 16 ) $ 35

Amounts reclassified from accumulated other comprehensive income 2 — ( 1 ) — 1

Balance at July 3, 2026 $ ( 2 ) $ 6 $ 56 $ ( 16 ) $ 44

2 unchanged sentences

Other comprehensive income (loss) before reclassification 20 8 ( 1 ) ( 2 ) 25

Amounts reclassified from accumulated other comprehensive loss ( 4 ) — — — ( 4 )

Balance at March 28, 2025 $ ( 7 ) $ ( 4 ) $ 55 $ ( 15 ) $ 29

Amounts reclassified from accumulated other comprehensive income (loss) ( 5 ) — — — ( 5 )

Balance at June 27, 2025 $ ( 7 ) $ 11 $ 54 $ ( 15 ) $ 43

Note 11 — Segment Information

7 unchanged sentences

The Company’s segment revenues were as follows:

Three Months Ended Six Months Ended

(Amounts in millions) April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Three Months Ended Nine Months Ended

(Amounts in millions) July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

DS $ 1,457 $ 1,421 $ 4,262 $ 4,047

6 unchanged sentences

The following table reconciles segment Adjusted EBITDA to net income attributable to common shareholders:

Three months ended Six months ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Three months ended Nine months ended

July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

(Amounts in millions) DS GES Total DS GES Total DS GES Total DS GES Total

8 unchanged sentences

Interest expense and other, net ( 62 ) ( 88 ) ( 209 ) ( 261 )

Loss on extinguishment of debt ( 16 ) ( 3 ) ( 16 ) ( 3 )

Non-controlling interests — ( 11 ) — ( 4 )

2 unchanged sentences

Utilization of fair market value adjustments (3)

— ( 1 ) ( 1 ) 1

Stock-based compensation (4)

2 unchanged sentences

Provision for income taxes ( 28 ) ( 13 ) ( 72 ) ( 59 )

Net income including non-controlling interests 54 2 98 23

Net income attributable to non-controlling interests — 2 — ( 7 )

Net income (loss) including non-controlling interests 66 ( 1 ) 164 22

Net income (loss) attributable to non-controlling interests — 11 — 4

Net income attributable to common shareholders $ 66 $ 10 $ 164 $ 26

7 unchanged sentences

Basic and diluted earnings per share are computed as follows (in millions, except per share data):

Three Months Ended Six Months Ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Three Months Ended Nine Months Ended

July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025

Net income attributable to common shareholders $ 66 $ 10 $ 164 $ 26

20 unchanged sentences

There are currently no investigations that are expected to have a material impact on our results of operations.

Note 14 — Subsequent Events

First Amendment to the Credit Agreement

On April 24, 2026, we entered into the first amendment to the Credit Facility.

The amendment established a new $ 1,400 million senior secured term loan A facility (“Term Loan A”) due April 2031, amended the existing Term Loan, including a reduction in outstanding principal and revised terms, into a new $ 1,591 million senior secured term loan B facility (“Term Loan B”) due September 2031 and increased the Revolver by $ 150 million.

Both Term Loan A and Term Loan B require quarterly principal amortization payments.

The Term Loan A interest rate per annum is, at our option, equal to either the ABR plus an interest rate margin of 0.25 % to 1.00 % or the Term SOFR plus an interest rate margin of 1.25 % to 2.00 % based on our first lien leverage ratio.

The Term Loan B interest rate per annum is, at our option, equal to either the ABR plus a 0.75 % interest rate margin or the Term SOFR plus a 1.75 % interest rate margin.

The Revolver interest rate per annum is, at our option, equal to either the ABR or Canadian Prime Rate plus an interest rate margin of 0.25 % to 1.00 % or the Term SOFR, Daily Simple SOFR, EURIBOR, Daily Simple Sterling Overnight Index Average (“SONIA”) or Term Canadian Overnight Report Rate Average (“CORRA”) plus an interest rate margin of 1.25 % to 2.00 % based on our first lien leverage ratio.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements