What changed in this filing

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Item 1. Financial Statements

2025-12-09 compared with 2025-09-02 · 95 added, 52 removed, 368 unchanged (29% of the section changed)

3 unchanged sentences

(Dollar amounts in thousands, except per share data)

August 2, 2025 February 1, 2025 August 3, 2024

November 1, 2025 February 1, 2025 November 2, 2024

CURRENT ASSETS:

4 unchanged sentences

Prepaid expenses and other current assets 64,754 95,621 68,884

Assets held for sale 20,658 — —

Total current assets 2,093,570 1,710,149 1,907,982

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Common stock, $ 0.01 par value, authorized 300,000,000 shares;

68,332,961 and 70,915,916 issued and outstanding as of August 2, 2025, February 1, 2025 and August 3, 2024, respectively.

68,332,961 and 69,932,128 issued and outstanding as of November 1, 2025, February 1, 2025 and November 2, 2024, respectively

Additional paid-in capital 263,736 247,094 245,511

6 unchanged sentences

(Amounts in thousands, except per share data)

Thirteen Weeks Ended Twenty-Six Weeks Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Thirteen Weeks Ended Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

NET SALES $ 1,383,696 $ 1,343,330 $ 4,334,942 $ 4,256,530

32 unchanged sentences

Equity compensation — — 7,602 — 7,602

Repurchase of common stock for retirement — — — — —

Settlement of vested Restricted Stock Units, net of shares withheld 46 1 ( 420 ) — ( 419 )

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Balances as of August 2, 2025 66,625 $ 666 $ 255,517 $ 1,818,967 $ 2,075,150

Net income — — — 71,562 71,562

Equity compensation — — 7,580 — 7,580

Settlement of vested Restricted Stock Units, net of shares withheld 15 — ( 321 ) — ( 321 )

Stock option exercises, net of shares withheld 37 1 960 — 961

Cash dividends declared, $ 0.13 per share

— — — ( 8,663 ) ( 8,663 )

Balances as of November 1, 2025 66,677 $ 667 $ 263,736 $ 1,881,866 $ 2,146,269

ACADEMY SPORTS AND OUTDOORS, INC.

21 unchanged sentences

Balances as of August 3, 2024 70,916 $ 709 $ 244,584 $ 1,707,101 $ 1,952,394

Net income — — — 65,763 65,763

Equity compensation — — 6,296 — 6,296

Repurchase of common stock for retirement ( 1,044 ) ( 10 ) ( 4,544 ) ( 49,808 ) ( 54,362 )

Settlement of vested Restricted Stock Units, net of shares withheld 45 — ( 1,059 ) — ( 1,059 )

Stock option exercises, net of shares withheld 15 — 234 — 234

Cash dividends declared, $ 0.11 per share

— — — ( 7,739 ) ( 7,739 )

Balances as of November 2, 2024 69,932 $ 699 $ 245,511 $ 1,715,317 $ 1,961,527

See Condensed Notes to Consolidated Financial Statements

2 unchanged sentences

(Amounts in thousands)

Twenty-Six Weeks Ended

August 2, 2025 August 3, 2024

Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024

CASH FLOWS FROM OPERATING ACTIVITIES:

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Write off of deferred loan costs — 449

Gain on disposal of property and equipment ( 3,634 ) —

Changes in assets and liabilities:

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Purchases of intangible assets ( 581 ) ( 579 )

Proceeds from the sale of property and equipment 4,706 —

Net cash used in investing activities ( 166,029 ) ( 136,445 )

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Dividends paid ( 26,028 ) ( 23,842 )

Other financing activities 6,510 —

Net cash used in financing activities ( 118,479 ) ( 303,391 )

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CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 289,487 $ 295,996

ACADEMY SPORTS AND OUTDOORS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

14 unchanged sentences

The Company is a leading full-line sporting goods and outdoor recreational products retailer in the United States in terms of net sales.

As of August 2, 2025, we operated 306 “Academy Sports + Outdoors” retail locations in 21 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee.

As of November 1, 2025, we operated 317 “Academy Sports + Outdoors” retail locations in 21 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee.

Our distribution centers receive, store and ship merchandise to our stores and customers.

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The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented.

The results of operations for the thirteen and twenty-six weeks ended August 2, 2025 are not necessarily indicative of the results that will be realized for the fiscal year ending January 31, 2026 or any other period.

The results of operations for the thirteen and thirty-nine weeks ended November 1, 2025 are not necessarily indicative of the results that will be realized for the fiscal year ending January 31, 2026 or any other period.

The balance sheet as of February 1, 2025 has been derived from our audited financial statements as of that date.

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Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized in the current fiscal year amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business.

As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended August 3, 2024 for comparability purposes.

As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended November 2, 2024 for comparability purposes.

This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

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The following table summarizes our share repurchases for the periods presented:

Thirteen Weeks Ended Twenty-Six Weeks Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Thirteen Weeks Ended Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Shares repurchased — 1,044,027 2,080,772 4,837,850

1 unchanged sentence

$ — $ 54.4 $ 99.9 $ 276.6

(1) Includes estimated excise tax fees of $ 0.0 million and $ 0.9 million for the thirteen and twenty-six weeks ended August 2, 2025, respectively, and $ 0.9 million and $ 2.0 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively.

(1) Includes estimated excise tax fees of $ 0.0 million and $ 0.9 million for the thirteen and thirty-nine weeks ended November 1, 2025, respectively, and $ 0.9 million and $ 2.9 million for the thirteen and thirty-nine weeks ended November 2, 2024, respectively.

The Company allocates the excess of the repurchase price over the par value of shares acquired to Retained Earnings and Additional Paid-in Capital.

The portion allocated to Additional Paid-in Capital is determined by dividing the number of shares to be retired by the number of shares issued multiplied by the balance of Additional Paid-in Capital as of the retirement date.

As of August 2, 2025, we had $ 536.5 million available for share repurchases pursuant to the 2024 Share Repurchase Program.

As of November 1, 2025, we had $ 536.5 million available for share repurchases pursuant to the 2024 Share Repurchase Program.

Supplier Finance Programs

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The Company does not have an economic interest in suppliers’ voluntary participation, does not provide any guarantees or pledge assets under these arrangements, and our rights and obligations to our suppliers, including amounts due, are not impacted.

Our liability associated with these arrangements, which is presented within accounts payable on the Condensed Consolidated Balance Sheets, was $ 2.1 million, $ 3.8 million and $ 5.1 million as of August 2, 2025, February 1, 2025 and August 3, 2024, respectively.

Our liability associated with these arrangements, which is presented within accounts payable on the Condensed Consolidated Balance Sheets, was $ 1.9 million, $ 3.8 million and $ 2.5 million as of November 1, 2025, February 1, 2025 and November 2, 2024, respectively.

Recent Accounting Pronouncements

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Accounting Guidance Adopted

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606):

Derivatives Scope Refinements and Scope Clarifications for Share-Based Noncash Consideration from a Customer in a Revenue Contract.

This pronouncement is intended to refine the scope of derivatives and clarify the scope for share-based noncash consideration from a customer in a revenue contract.

The new guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and should be applied prospectively or on a modified retrospective basis.

The Company has elected early adoption of ASU 2025-07 on a modified retrospective basis, effective November 1, 2025.

The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

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The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

The requirements will be applied prospectively with the option for retrospective application.

The requirements should be applied prospectively with the option for retrospective application.

The Company is evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software , which requires removal of all references to prescriptive and sequential software development stages.

The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and should be applied on a prospective transition approach, a modified transition approach, or a retrospective transition approach.

The Company is evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements.

Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer.

1 unchanged sentence

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Thirteen Weeks Ended Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Merchandise division sales (1)

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(1) Certain products and categories were recategorized in the current fiscal year amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business.

As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended August 3, 2024, for comparability purposes.

As a result, we have reclassified sales between divisions in the thirteen and thirty-nine weeks ended November 2, 2024, for comparability purposes.

This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

(2) E-commerce sales consisted of 10.9 % and 10.5 % of merchandise sales for the thirteen and twenty-six weeks ended August 2, 2025, respectively, and 9.7 % and 9.4 % for the thirteen and twenty-six weeks ended August 3, 2024, respectively.

(2) E-commerce sales consisted of 10.4 % and 10.5 % of merchandise sales for the thirteen and thirty-nine weeks ended November 1, 2025, respectively, and 8.8 % and 9.2 % for the thirteen and thirty-nine weeks ended November 2, 2024, respectively.

(3) Other sales consisted primarily of the gift card breakage income, credit card bounties and royalties, shipping income, sales return allowance and other items.

1 unchanged sentence

The gift cards we sell have no expiration dates.

A liability for gift cards, which is recorded in accrued expenses and other liabilities on our Consolidated Balance Sheets, is established at the time of sale and revenues are recognized as the gift cards are redeemed in stores or on our website.

A liability for gift cards, which is recorded in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets, is established at the time of sale and revenues are recognized as the gift cards are redeemed in stores or on our website.

Based on historical gift card redemption patterns, we believe we can reasonably estimate the amount of gift cards that have a remote likelihood of redemption.

1 unchanged sentence

The following is a reconciliation of the gift card liability (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Thirteen Weeks Ended Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Gift card liability, beginning balance $ 81,778 $ 78,768 $ 96,469 $ 94,155

5 unchanged sentences

Our debt consisted of the following (amounts in thousands) as of:

August 2, 2025 February 1, 2025 August 3, 2024

November 1, 2025 February 1, 2025 November 2, 2024

ABL Facility, due March 2029 $ — $ — $ —

1 unchanged sentence

6.00 % Notes, due November 2027

400,000 400,000 400,000

Total debt 486,500 488,750 489,500

5 unchanged sentences

(1) Deferred loan costs are related to the Term Loan and Notes.

Academy Ltd., as borrower, and certain wholly-owned subsidiaries, as guarantors, entered into an asset-based revolving credit facility, dated March 8, 2024 with JPMorgan Chase Bank, N.A., as the administrative agent and collateral agent and other lenders party thereto (as amended to date, the “ABL Facility”).

Academy Ltd., as borrower, and certain wholly-owned subsidiaries, as guarantors, entered into an asset-based revolving $ 1 billion credit facility, dated March 8, 2024 with JPMorgan Chase Bank, N.A., as the administrative agent and collateral agent and other lenders party thereto (as amended to date, the “ABL Facility”).

Borrowings under the ABL Facility bear interest, at our election, at either (1) adjusted term secured overnight financing rate (“Adjusted Term SOFR”) plus a margin of 1.25 % to 1.75 %, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50 %, (b) JPMorgan Chase Bank, N.A.'s “prime rate”, or (c) the one-month Adjusted Term SOFR rate plus 1.00 %, plus a margin of 0.25 % to 0.75 %.

1 unchanged sentence

The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances.

As of August 2, 2025, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

As of August 2, 2025, we had outstanding letters of credit of approximately $ 9.1 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding, leaving an available borrowing capacity under the ABL Facility of $ 990.9 million.

As of November 1, 2025, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

As of November 1, 2025, we had outstanding letters of credit of approximately $ 7.6 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding, leaving an available borrowing capacity under the ABL Facility of $ 992.4 million.

Academy, Ltd., as borrower, and certain wholly-owned subsidiaries, as guarantors, entered into a seven-year $ 400.0 million senior secured term loan with Credit Suisse AG, Cayman Island Branch, as the administrative agent and collateral agent and the several other lenders and parties named therein on November 6, 2020 (as amended to date, the “Term Loan”).

1 unchanged sentence

“prime rate” announced by the administrative agent, or (c) the one-month Adjusted Term SOFR with a floor of 0.75 % rate, plus a margin of 3.75 %.

As of August 2, 2025, the weighted average interest rate was 8.19 %, with interest payable monthly.

As of November 1, 2025, the weighted average interest rate was 8.12 %, with interest payable monthly.

Quarterly principal payments of $ 750.0 thousand are required through September 30, 2027 and borrowings mature on November 6, 2027.

As of August 2, 2025, no prepayment was due under the terms and conditions of the Term Loan.

As of November 1, 2025, no prepayment was due under the terms and conditions of the Term Loan.

On November 6, 2020, Academy, Ltd.

4 unchanged sentences

These covenants are subject to certain qualifications and limitations.

We were in compliance with these covenants as of August 2, 2025.

We were in compliance with these covenants as of November 1, 2025.

Fair Value Measurements

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Government treasury bills and securities, which are classified as cash and are redeemable on demand.

As of August 2, 2025, February 1, 2025 and August 3, 2024, we held $ 250.2 million, $ 256.9 million and $ 254.7 million in money market funds, respectively.

As of November 1, 2025, February 1, 2025 and November 2, 2024, we held $ 232.2 million, $ 256.9 million and $ 245.1 million in money market funds, respectively.

The fair value of the Term Loan and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy.

As of August 2, 2025, February 1, 2025, and August 3, 2024, the estimated fair value of the Term Loan and Notes was $ 0.5 billion, $ 0.5 billion and $ 0.5 billion, respectively.

As of November 1, 2025, February 1, 2025, and November 2, 2024, the estimated fair value of the Term Loan and Notes was $ 0.5 billion, $ 0.5 billion and $ 0.5 billion, respectively.

As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

1 unchanged sentence

Property and equipment consists of the following (amounts in thousands) as of:

August 2, 2025 February 1, 2025 August 3, 2024

November 1, 2025 February 1, 2025 November 2, 2024

Leasehold improvements $ 753,647 $ 663,869 $ 635,815

6 unchanged sentences

Property and equipment, net $ 591,067 $ 525,136 $ 503,115

Depreciation expense was $ 31.0 million and $ 61.2 million in the thirteen and twenty-six weeks ended August 2, 2025, respectively, and $ 28.9 million and $ 57.8 million in the thirteen and twenty-six weeks ended August 3, 2024, respectively.

Depreciation expense was $ 30.9 million and $ 92.1 million in the thirteen and thirty-nine weeks ended November 1, 2025, respectively, and $ 29.3 million and $ 87.1 million in the thirteen and thirty-nine weeks ended November 2, 2024, respectively.

Assets Held for Sale

As of the third quarter of 2025, we either identified or were actively seeking out potential buyers for certain properties, with the intent to subsequently lease-back a portion of these properties from the buyers.

We determined that the assets met the criteria to be presented as “held for sale.” As of November 1, 2025, the $ 20.7 million of assets held for sale on the Condensed Consolidated Balance Sheets were comprised entirely of building and land assets.

We believe the sales of these properties are expected to occur within one year.

We do not believe the sales will be material to our financial results.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:

August 2, 2025 February 1, 2025 August 3, 2024

November 1, 2025 February 1, 2025 November 2, 2024

Accrued interest $ 13,821 $ 7,634 $ 12,994

14 unchanged sentences

On June 1, 2023, our stockholders approved the First Amendment to the 2020 Omnibus Incentive Plan, which, among other changes, increased the number of shares available for issuance thereunder by 2,600,000 shares.

As of August 2, 2025, there were 3,556,643 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

As of November 1, 2025, there were 3,552,521 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

On September 29, 2020, the ASO, Inc.

Board of Directors adopted the 2020 Employee Stock Purchase Plan (the “ESPP”), which became effective on October 1, 2020.

We have reserved a total of 2,000,000 shares and as of August 2, 2025, there were 1,402,072 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $ 7.6 million and $ 15.1 million for the thirteen and twenty-six weeks ended August 2, 2025, respectively.

Equity compensation expense was $ 8.0 million and $ 14.1 million for the thirteen and twenty-six weeks ended August 3, 2024, respectively.

These costs are included in selling, general and administrative expenses in the Consolidated Statements of Income.

We have reserved a total of 2,000,000 shares and as of November 1, 2025, there were 1,402,072 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $ 7.6 million and $ 22.7 million for the thirteen and thirty-nine weeks ended November 1, 2025, respectively.

Equity compensation expense was $ 6.3 million and $ 20.4 million for the thirteen and thirty-nine weeks ended November 2, 2024, respectively.

These costs are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Income.

For all Awards granted in 2023, 2024, and 2025, for team members that meet the age and service requirement for retirement eligibility (as defined in the award agreement), such Awards do not require the continued employment of the team member for vesting eligibility.

In such cases, expensing of Awards is accelerated through the retirement eligibility date.

The following table presents the Award grants during the twenty-six weeks ended August 2, 2025:

The following table presents the Award grants during the thirty-nine weeks ended November 1, 2025:

Service Restricted Stock Units Performance Restricted Stock Units

2 unchanged sentences

Weighted average exercise price per Award N/A N/A

The following table presents the unrecognized compensation cost as of August 2, 2025:

The following table presents the unrecognized compensation cost as of November 1, 2025:

Service Options Service Restricted Stock Units Performance Restricted Stock Units

6 unchanged sentences

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):

Thirteen Weeks Ended Twenty-Six Weeks Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Thirteen Weeks Ended Thirty-Nine Weeks Ended

November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Net income $ 71,562 $ 65,763 $ 243,080 $ 284,816

11 unchanged sentences

Technology Related and Other Commitments

As of August 2, 2025, we have obligations under technology-related, construction and other contractual commitments in the amount of $ 121.5 million.

As of November 1, 2025, we have obligations under technology-related, construction and other contractual commitments in the amount of $ 113.4 million.

Of such commitments, approximately $ 55.2 million is payable in the next 12 months.

Other Contingencies

During the fiscal quarter ended November 1, 2025, the Company entered into an agreement to sell a portion of the rights to potential tariff relief litigation claims, which was determined to be accounted for under ASC 470.

As of the third quarter of fiscal year 2025, the $ 6.5 million proceeds from the sale are recorded within Other Long-term Liabilities on the Condensed Consolidated Balance Sheets and are presented as other financing activities on the Condensed Consolidated Statements of Cash Flows pending a final U.S.

Supreme Court decision regarding tariffs.

Financial Guarantees

10 unchanged sentences

In addition, government agencies and self-regulatory organizations have the ability to conduct periodic examinations of and administrative proceedings regarding our business.

There have been no material developments during the fiscal quarter ended August 2, 2025, with respect to any of the matters discussed under the heading “Legal Proceedings” in the Annual Report.

There have been no material developments during the fiscal quarter ended November 1, 2025, with respect to any of the matters discussed under the heading “Legal Proceedings” in the Annual Report.

We are not currently party to any other legal proceedings that we believe would have a material adverse effect on our financial position, results of operations or cash flows.

3 unchanged sentences

See Note 1 to the consolidated financial statements for information related to the products and services offered as well as business operations.

The accounting policies of the Company's single reportable segment are the same as those described in the summary of significant accounting policies in Note 2 to the consolidated financial statements.

The accounting policies of the Company's single reportable segment are the same as those described in the summary of significant accounting policies in Note 2 to the condensed consolidated financial statements.

All intercompany transactions within the single reportable segment are eliminated upon consolidation.

The Company’s chief operating decision maker (the “CODM”) is the Chief Executive Officer.

The CODM allocates resources and assesses performance at a Company level using consolidated net income, which is a GAAP measure, as reported on the Consolidated Statements of Income.

The CODM evaluates the Company's assets as reported on the Company's Consolidated Balance Sheets.

The CODM evaluates significant segment expenses and makes decisions about the retail business based on the cost of goods we sell and the selling, general, and administrative expenses needed to sell those goods as reported on the Consolidated Statements of Income.

The CODM allocates resources and assesses performance at a Company level using consolidated net income, which is a GAAP measure, as reported on the Condensed Consolidated Statements of Income.

The CODM evaluates the Company's assets as reported on the Company's Condensed Consolidated Balance Sheets.

See the Company's consolidated financial statements included in Part I Item 1 for more information.

Subsequent Events

Our management evaluated events or transactions that occurred after August 2, 2025 through September 2, 2025, the issuance date of the consolidated financial statements, and identified the following matter to report:

On August 28, 2025, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended August 2, 2025, of $ 0.13 per share of the Company's common stock, payable on October 9, 2025, to stockholders of record as of the close of business on September 11, 2025.

Our management evaluated events or transactions that occurred after November 1, 2025 through December 9, 2025, the issuance date of the consolidated financial statements, and identified the following matter to report:

On December 4, 2025, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended November 1, 2025, of $ 0.13 per share of the Company's common stock, payable on January 15, 2026, to stockholders of record as of the close of business on December 18, 2025.

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