01/29/2026 | Press release | Distributed by Public on 01/29/2026 15:04
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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No fee required
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Fee paid previously with preliminary materials
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-(6)(i)(1) and 0-11
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001-36214 |
04-2902449 |
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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250 Campus Drive, Marlborough, Massachusetts
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01752
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $.01 par value
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HOLX
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The Nasdaq Stock Market LLC
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| Item 2.02 |
Results of Operations and Financial Condition.
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| Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
Number
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Description
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99.1
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Press release dated January 29, 2026, of Hologic, Inc. announcing its financial results for the first quarter ended December 27, 2025.
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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Date: January 29, 2026
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HOLOGIC, INC.
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By:
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/s/ Karleen M. Oberton
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Karleen M. Oberton
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Chief Financial Officer
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• |
The Company has scheduled for February 5, 2026 a special meeting of stockholders to vote on adopting the merger agreement with funds managed by Blackstone and TPG, and related matters.
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• |
Revenue of $1,047.8 million increased 2.5% for the quarter, or 1.3% on a constant currency basis.
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• |
Total organic revenue excluding COVID-19 and related revenue, the divested blood screening and SSI businesses, and the acquired Gynesonics business increased 2.9%, or 1.6% in constant currency.
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• |
GAAP diluted EPS of $0.79 for the quarter decreased (9.2%), mainly due to favorable foreign exchange gains in the prior year period. Non-GAAP EPS of $1.04 increased 1.0%.
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• |
Diagnostics revenue of $464.4 million decreased (1.3%), or (2.7%) in constant currency.
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• |
Excluding COVID-19 and related revenue, organic diagnostics sales grew 1.2%, but decreased (0.3%) on a constant currency basis.
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• |
Molecular diagnostics revenue decreased (3.5%), or (4.6%) in constant currency, driven primarily by lower sales of COVID-19 tests and legacy assays for sexually transmitted infections, partially offset by stronger sales of BV CV/TV and Panther Fusion assays.
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• |
Excluding COVID-19 and related revenue, molecular diagnostics revenue grew 1.2%, or 0.0% in constant currency.
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• |
Breast Health revenue of $375.9 million increased 1.8%, or 0.8% in constant currency, driven primarily by strong sales of Endomagnetics products.
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• |
Surgical revenue of $180.8 million grew 8.7%, or 7.5% in constant currency, driven primarily by increased sales of the acquired Gynesonics business, MyoSure and Fluent.
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• |
Organic surgical revenue, which excludes sales from Gynesonics, increased 3.2%, or 2.0% in constant currency.
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• |
Cash flow from operations was $229.9 million in the first quarter, and increased 21.4%.
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GAAP
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Non-GAAP
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|||||||||||||||||||||||
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Q1'26
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Q1'25
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Change
Increase
(Decrease)
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Q1'26
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Q1'25
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Change
Increase
(Decrease)
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|||||||||||||||||||
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Revenue
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$
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1,047.8
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$
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1,021.8
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2.5
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%
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$
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1,047.8
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$
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1,021.8
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2.5
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%
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||||||||||||
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Gross margin
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56.0
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%
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56.8
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%
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(80 bps)
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60.1
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%
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61.6
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%
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(150 bps)
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||||||||||||||
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Operating expenses
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$
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349.4
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$
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350.7
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(0.4
|
%)
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$
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326.6
|
$
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329.0
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(0.7
|
%)
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||||||||||||
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Operating margin
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22.6
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%
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22.5
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%
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10 bps
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29.0
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%
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29.4
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%
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(40 bps)
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||||||||||||||
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Net margin
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17.1
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%
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19.7
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%
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(260 bps)
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22.5
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%
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23.4
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%
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(90 bps)
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||||||||||||||
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Diluted EPS
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$
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0.79
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$
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0.87
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(9.2
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%)
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$
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1.04
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$
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1.03
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1.0
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%
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||||||||||||
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Increase (Decrease)
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||||||||||||||||||||||||||||
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$ in millions
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Q1'26
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Q1'25
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Global
Reported
Change
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Global
Constant
Currency
Change
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U.S.
Reported
Change
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International
Reported
Change
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International
Constant
Currency
Change
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|||||||||||||||||||||
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Diagnostics
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||||||||||||||||||||||||||||
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Cytology and perinatal
|
$
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126.8
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$
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125.4
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1.1
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%
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(1.1
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%)
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0.1
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%
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2.6
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%
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(2.9
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%)
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||||||||||||||
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Molecular diagnostics
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$
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329.2
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$
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341.1
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(3.5
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%)
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(4.6
|
%)
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(2.8
|
%)
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(5.8
|
%)
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(10.8
|
%)
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||||||||||||||
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Blood screening
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$
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8.4
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$
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4.1
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104.9
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%
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104.9
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%
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104.9
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%
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N/A
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N/A
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||||||||||||||||
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Total diagnostics
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$
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464.4
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$
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470.6
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(1.3
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%)
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(2.7
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%)
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(0.9
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%)
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(2.5
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%)
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(7.7
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%)
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||||||||||||||
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Organic diagnostics ex. COVID-19
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$
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428.0
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$
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422.9
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1.2
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%
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(0.3
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%)
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(0.3
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%)
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5.4
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%
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(0.4
|
%)
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||||||||||||||
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Organic molecular ex. COVID-19
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$
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301.2
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$
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297.5
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1.2
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%
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0.0
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%
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(0.4
|
%)
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7.6
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%
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1.6
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%
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||||||||||||||
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Breast health
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||||||||||||||||||||||||||||
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Breast imaging
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$
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280.0
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$
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281.6
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(0.6
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%)
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(1.6
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%)
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1.9
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%
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(8.6
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%)
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(13.1
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%)
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||||||||||||||
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Interventional breast solutions
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$
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95.9
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$
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87.5
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9.6
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%
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8.4
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%
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7.3
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%
|
17.1
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%
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11.8
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%
|
||||||||||||||
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Total breast health
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$
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375.9
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$
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369.1
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1.8
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%
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0.8
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%
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3.2
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%
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(2.4
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%)
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(7.1
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%)
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||||||||||||||
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Organic breast health
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$
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375.8
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$
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368.8
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1.9
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%
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0.8
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%
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3.2
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%
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(2.1
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%)
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(6.8
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%)
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||||||||||||||
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GYN surgical
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$
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180.8
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$
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166.3
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8.7
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%
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7.5
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%
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5.8
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%
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16.8
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%
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12.3
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%
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||||||||||||||
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Organic surgical
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$
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171.7
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$
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166.3
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3.2
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%
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2.0
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%
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1.5
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%
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8.1
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%
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3.5
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%
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||||||||||||||
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Skeletal health
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$
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26.7
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$
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15.8
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69.0
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%
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65.9
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%
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22.2
|
%
|
185.5
|
%
|
174.8
|
%
|
||||||||||||||
|
Total
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$
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1,047.8
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$
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1,021.8
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2.5
|
%
|
1.3
|
%
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2.0
|
%
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4.0
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%
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(1.0
|
%)
|
||||||||||||||
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Organic revenue (definition above)
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$
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1,030.2
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$
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1,017.4
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1.3
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%
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(0.0
|
%)
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0.8
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%
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2.6
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%
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(2.4
|
%)
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||||||||||||||
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Organic revenue excluding COVID-19
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$
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1,002.2
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$
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973.8
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2.9
|
%
|
1.6
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%
|
1.7
|
%
|
6.6
|
%
|
1.3
|
%
|
||||||||||||||
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|
• |
U.S. revenue of $773.5 million increased 2.0%. International revenue of $274.3 million increased 4.0%, but decreased (1.0%) on a constant currency basis.
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|
• |
GAAP gross margin of 56.0% decreased (80) basis points and non-GAAP margin of 60.1% decreased (150) basis points, primarily due to increased tariff expenses of $15.3 million.
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|
• |
GAAP operating margin of 22.6% increased 10 basis points but non-GAAP operating margin of 29.0% decreased (40) basis points, primarily due to higher tariff expenses that were partially offset by lower operating expenses.
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|
• |
GAAP net income of $179.1 million decreased (10.9%), while non-GAAP net income of $235.5 million decreased (1.3%). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $330.4 million, an increase of 1.3%.
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|
|
• |
COVID-19 revenue, which consisted of COVID-19 assay revenue of $4.4 million and other COVID-19 related revenue of $23.6 million, decreased (35.8%), or (36.3%) in constant currency.
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|
• |
The Company ended the quarter with cash and cash equivalents of $2.17 billion, and an adjusted net leverage ratio (net debt over adjusted EBITDA) of 0.3 times. In addition, the Company had short-term investments of $197 million.
|
|
|
• |
Adjusted Return on Invested Capital (ROIC) was 13.9%, a decrease of (20) basis points compared to the prior year period.
|
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|
• |
As previously announced, given Hologic's agreement to be acquired by Blackstone and TPG, the Company is not providing annual or quarterly financial guidance for fiscal 2026, and will not host a conference call to discuss its first quarter 2026 financial results.
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|
Three Months Ended
|
||||||||
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December 27, 2025
|
December 28, 2024
|
|||||||
|
Revenues:
|
||||||||
|
Product
|
$
|
831.4
|
$
|
817.9
|
||||
|
Service and other
|
216.4
|
203.9
|
||||||
|
Total revenues
|
1,047.8
|
1,021.8
|
||||||
|
Cost of revenues:
|
||||||||
|
Product
|
321.9
|
301.1
|
||||||
|
Amortization of acquired intangible assets
|
41.0
|
46.0
|
||||||
|
Service and other
|
98.5
|
94.2
|
||||||
|
Gross profit
|
586.4
|
580.5
|
||||||
|
Operating expenses:
|
||||||||
|
Research and development
|
60.5
|
60.3
|
||||||
|
Selling and marketing
|
154.9
|
166.1
|
||||||
|
General and administrative
|
127.8
|
115.7
|
||||||
|
Amortization of acquired intangible assets
|
2.3
|
4.7
|
||||||
|
Restructuring charges
|
3.9
|
3.9
|
||||||
|
Total operating expenses
|
349.4
|
350.7
|
||||||
|
Income from operations
|
237.0
|
229.8
|
||||||
|
Interest income
|
19.7
|
24.2
|
||||||
|
Interest expense
|
(27.6
|
)
|
(30.5
|
)
|
||||
|
Other income
|
0.6
|
24.0
|
||||||
|
Income before income taxes
|
229.7
|
247.5
|
||||||
|
Provision for income taxes
|
50.6
|
46.5
|
||||||
|
Net income
|
$
|
179.1
|
$
|
201.0
|
||||
|
Net income per common share:
|
||||||||
|
Basic
|
$
|
0.80
|
$
|
0.87
|
||||
|
Diluted
|
$
|
0.79
|
$
|
0.87
|
||||
|
Weighted average number of shares outstanding:
|
||||||||
|
Basic
|
224,405
|
230,284
|
||||||
|
Diluted
|
225,879
|
232,107
|
||||||
|
December 27, 2025
|
September 27, 2025
|
|||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
2,168.0
|
$
|
1,959.5
|
||||
|
Short-term investments
|
196.7
|
243.2
|
||||||
|
Accounts receivable, net
|
584.2
|
600.8
|
||||||
|
Inventory
|
688.5
|
679.4
|
||||||
|
Other current assets
|
206.0
|
185.2
|
||||||
|
Total current assets
|
3,843.4
|
3,668.1
|
||||||
|
Property, plant and equipment, net
|
568.3
|
559.6
|
||||||
|
Goodwill and intangible assets
|
4,192.5
|
4,229.7
|
||||||
|
Other assets
|
576.5
|
557.5
|
||||||
|
Total assets
|
$
|
9,180.7
|
$
|
9,014.9
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
Current liabilities:
|
||||||||
|
Current portion of long-term debt
|
$
|
5.8
|
$
|
2.9
|
||||
|
Accounts payable and accrued liabilities
|
774.6
|
774.6
|
||||||
|
Deferred revenue
|
170.9
|
199.7
|
||||||
|
Total current liabilities
|
951.3
|
977.2
|
||||||
|
Long-term debt, net of current portion
|
2,502.9
|
2,505.0
|
||||||
|
Deferred income taxes
|
41.9
|
43.4
|
||||||
|
Other long-term liabilities
|
439.5
|
441.4
|
||||||
|
Total stockholders' equity
|
5,245.1
|
5,047.9
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
9,180.7
|
$
|
9,014.9
|
||||
|
Three Months Ended
|
||||||||
|
December 27, 2025
|
December 28, 2024
|
|||||||
|
OPERATING ACTIVITIES
|
||||||||
|
Net income
|
$
|
179.1
|
$
|
201.0
|
||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
|
Depreciation
|
26.3
|
23.3
|
||||||
|
Amortization of acquired intangible assets
|
43.3
|
50.7
|
||||||
|
Stock-based compensation expense
|
26.9
|
30.1
|
||||||
|
Deferred income taxes
|
(1.1
|
)
|
(19.5
|
)
|
||||
|
Other adjustments and non-cash items
|
6.6
|
(19.1
|
)
|
|||||
|
Changes in operating assets and liabilities:
|
||||||||
|
Accounts receivable
|
18.0
|
(41.7
|
)
|
|||||
|
Inventory
|
(8.6
|
)
|
(36.1
|
)
|
||||
|
Prepaid income taxes
|
3.2
|
29.2
|
||||||
|
Prepaid expenses and other assets
|
(25.1
|
)
|
13.2
|
|||||
|
Accounts payable
|
7.8
|
36.2
|
||||||
|
Accrued expenses and other liabilities
|
(17.3
|
)
|
(54.6
|
)
|
||||
|
Deferred revenue
|
(29.2
|
)
|
(23.4
|
)
|
||||
|
Net cash provided by operating activities
|
229.9
|
189.3
|
||||||
|
INVESTING ACTIVITIES
|
||||||||
|
Capital expenditures
|
(14.7
|
)
|
(16.8
|
)
|
||||
|
Increase in equipment under customer usage agreements
|
(20.4
|
)
|
(14.8
|
)
|
||||
|
Strategic investments
|
(24.0
|
)
|
(6.0
|
)
|
||||
|
Purchase of intellectual property
|
-
|
(15.4
|
)
|
|||||
|
Maturities of available-for-sale securities
|
48.0
|
32.0
|
||||||
|
Other activity
|
(1.0
|
)
|
(1.0
|
)
|
||||
|
Net cash used in investing activities
|
(12.1
|
)
|
(22.0
|
)
|
||||
|
FINANCING ACTIVITIES
|
||||||||
|
Repayment of long-term debt
|
-
|
(9.4
|
)
|
|||||
|
Repurchases of common stock
|
-
|
(517.3
|
)
|
|||||
|
Proceeds under employee stock plans
|
8.3
|
12.2
|
||||||
|
Payment of minimum tax withholdings on net share settlements of equity awards
|
(18.1
|
)
|
(21.7
|
)
|
||||
|
Payments under finance lease obligations
|
(0.9
|
)
|
(0.8
|
)
|
||||
|
Net cash used in financing activities
|
(10.7
|
)
|
(537.0
|
)
|
||||
|
Effect of exchange rate changes on cash and cash equivalents
|
1.4
|
(8.4
|
)
|
|||||
|
Net increase (decrease) in cash and cash equivalents
|
208.5
|
(378.1
|
)
|
|||||
|
Cash and cash equivalents, beginning of period
|
1,959.5
|
2,160.2
|
||||||
|
Cash and cash equivalents, end of period
|
$
|
2,168.0
|
$
|
1,782.1
|
||||
|
Three Months Ended
|
||||||||
|
December 27,
2025
|
December 28,
2024
|
|||||||
|
Consolidated GAAP Revenue
|
$
|
1,047.8
|
$
|
1,021.8
|
||||
|
Less: Blood Screening
|
(8.4
|
)
|
(4.1
|
)
|
||||
|
Less: SSI
|
(0.1
|
)
|
(0.3
|
)
|
||||
|
Less: Gynesonics
|
(9.1
|
)
|
-
|
|||||
|
Organic Revenue
|
$
|
1,030.2
|
$
|
1,017.4
|
||||
|
Less: COVID-19 Assays
|
(4.4
|
)
|
(16.9
|
)
|
||||
|
Less: COVID-19 Related Revenue*
|
(23.6
|
)
|
(26.7
|
)
|
||||
|
Organic Revenue excluding COVID-19
|
$
|
1,002.2
|
$
|
973.8
|
||||
|
Three Months Ended
|
||||||||
|
December 27,
2025
|
December 28,
2024
|
|||||||
|
Gross Profit:
|
||||||||
|
GAAP gross profit
|
$
|
586.4
|
$
|
580.5
|
||||
|
Adjustments:
|
||||||||
|
Amortization of acquired intangible assets (1)
|
41.0
|
46.0
|
||||||
|
Manufacturing facility closure costs (5)
|
1.3
|
-
|
||||||
|
Integration/consolidation costs (3)
|
1.5
|
-
|
||||||
|
Fair value write up of acquired inventory sold (2)
|
-
|
3.2
|
||||||
|
Non-GAAP gross profit
|
$
|
630.2
|
$
|
629.7
|
||||
|
Gross Margin Percentage:
|
||||||||
|
GAAP gross margin percentage
|
56.0
|
%
|
56.8
|
%
|
||||
|
Impact of adjustments above
|
4.1
|
%
|
4.8
|
%
|
||||
|
Non-GAAP gross margin percentage
|
60.1
|
%
|
61.6
|
%
|
||||
|
Operating Expenses:
|
||||||||
|
GAAP operating expenses
|
$
|
349.4
|
$
|
350.7
|
||||
|
Adjustments:
|
||||||||
|
Amortization of acquired intangible assets (1)
|
(2.3
|
)
|
(4.7
|
)
|
||||
|
Acquisition related expenses (4)
|
(9.0
|
)
|
(3.5
|
)
|
||||
|
Legal settlements (6)
|
(1.5
|
)
|
-
|
|||||
|
Integration/consolidation costs (3)
|
(6.1
|
)
|
(9.6
|
)
|
||||
|
Restructuring charges (3)
|
(3.9
|
)
|
(3.9
|
)
|
||||
|
Non-GAAP operating expenses
|
$
|
326.6
|
$
|
329.0
|
||||
|
Operating Margin:
|
||||||||
|
GAAP income from operations
|
$
|
237.0
|
$
|
229.8
|
||||
|
Adjustments to gross profit as detailed above
|
43.8
|
49.2
|
||||||
|
Adjustments to operating expenses as detailed above
|
22.8
|
21.7
|
||||||
|
Non-GAAP income from operations
|
$
|
303.6
|
$
|
300.7
|
||||
|
Operating Margin Percentage:
|
||||||||
|
GAAP income from operations margin percentage
|
22.6
|
%
|
22.5
|
%
|
||||
|
Impact of adjustments above
|
6.4
|
%
|
6.9
|
%
|
||||
|
Non-GAAP operating margin percentage
|
29.0
|
%
|
29.4
|
%
|
||||
|
Pre-Tax Income:
|
||||||||
|
GAAP pre-tax earnings
|
$
|
229.7
|
$
|
247.5
|
||||
|
Adjustments to pre-tax earnings as detailed above
|
66.6
|
70.9
|
||||||
|
Unrealized gain on forward foreign currency contracts (7)
|
-
|
(22.0
|
)
|
|||||
|
Non-GAAP pre-tax income
|
$
|
296.3
|
$
|
296.4
|
||||
|
Net Income:
|
||||||||
|
GAAP net income
|
$
|
179.1
|
$
|
201.0
|
||||
|
Adjustments:
|
||||||||
|
Amortization of acquired intangible assets (1)
|
43.3
|
50.7
|
||||||
|
Restructuring and integration/consolidation costs (3)
|
11.5
|
13.5
|
||||||
|
Fair value write-up of acquired inventory sold (2)
|
-
|
3.2
|
||||||
|
Acquisition-related expenses (4)
|
9.0
|
3.5
|
||||||
|
Legal settlements (6)
|
1.5
|
-
|
||||||
|
Manufacturing facility closure costs (5)
|
1.3
|
-
|
||||||
|
Unrealized gain on forward foreign currency contracts (7)
|
-
|
(22.0
|
)
|
|||||
|
Income tax related items (8)
|
5.9
|
(0.3
|
)
|
|||||
|
Income tax effect of reconciling items (10)
|
(16.1
|
)
|
(11.0
|
)
|
||||
|
Non-GAAP net income
|
$
|
235.5
|
$
|
238.6
|
||||
|
Net Income Percentage:
|
||||||||
|
GAAP net income percentage
|
17.1
|
%
|
19.7
|
%
|
||||
|
Impact of adjustments above
|
5.4
|
%
|
3.7
|
%
|
||||
|
Non-GAAP net income percentage
|
22.5
|
%
|
23.4
|
%
|
||||
|
Earnings per Share:
|
||||||||
|
GAAP income per share - Diluted
|
$
|
0.79
|
$
|
0.87
|
||||
|
Adjustment to net income (as detailed above)
|
0.25
|
0.16
|
||||||
|
Non-GAAP earnings per share - diluted (9)
|
$
|
1.04
|
$
|
1.03
|
||||
|
Adjusted EBITDA:
|
||||||||
|
Non-GAAP net income
|
$
|
235.5
|
$
|
238.6
|
||||
|
Interest expense, net
|
7.9
|
6.3
|
||||||
|
Provision for income taxes
|
60.7
|
57.8
|
||||||
|
Depreciation expense
|
26.3
|
23.3
|
||||||
|
Adjusted EBITDA
|
$
|
330.4
|
$
|
326.0
|
||||
|
Adjusted Return on Invested Capital (ROIC) Reconciliation of Net Income to ROIC:
|
||||
|
Trailing Twelve
Months Ended
December 27, 2025
|
||||
|
Adjusted Net Operating Profit After Tax
|
||||
|
GAAP net income
|
$
|
543.8
|
||
|
Adjustments to GAAP net income
|
423.5
|
|||
|
Non-GAAP net income
|
$
|
967.3
|
||
|
Non-GAAP provision for income taxes
|
230.5
|
|||
|
GAAP interest expense
|
114.2
|
|||
|
Non-GAAP other income
|
(71.5
|
)
|
||
|
Adjusted net operating profit before tax
|
$
|
1,240.5
|
||
|
Non-GAAP average effective tax rate (1)
|
19.24
|
%
|
||
|
Adjusted net operating profit after tax
|
$
|
1,001.8
|
||
|
Average Net Debt plus Average Stockholders' Equity (2)
|
||||
|
Average total debt
|
$
|
2,517.4
|
||
|
Less: Average cash and cash equivalents
|
(1,975.1
|
)
|
||
|
Average net debt
|
$
|
542.3
|
||
|
Average stockholders' equity (3)
|
6,689.7
|
|||
|
Average net debt plus average stockholders' equity
|
$
|
7,232.0
|
||
|
Adjusted Return on Invested Capital
|
13.9
|
%
|
||
|
As of December 27, 2025
|
||||
|
Net Leverage Ratio:
|
||||
|
Total principal debt
|
$
|
2,519.0
|
||
|
Total cash and cash equivalents
|
$
|
(2,168.0
|
)
|
|
|
Net principal debt
|
$
|
351.0
|
||
|
Adjusted EBITDA for the last four quarters
|
$
|
1,344.1
|
||
|
Net Leverage Ratio
|
0.3
|
|||
|
Other Supplemental Information:
|
||||||||
|
Three Months Ended
|
||||||||
|
December 27,
2025
|
December 28,
2024
|
|||||||
|
Geographic Revenues
|
||||||||
|
United States
|
73.8
|
%
|
74.2
|
%
|
||||
|
Europe
|
15.4
|
%
|
14.6
|
%
|
||||
|
Asia-Pacific
|
5.4
|
%
|
5.9
|
%
|
||||
|
Rest of World
|
5.4
|
%
|
5.3
|
%
|
||||
|
Total Revenues
|
100.0
|
%
|
100.0
|
%
|
||||