Form 8-K

8-K — GARMIN LTD

Accession: 0001193125-26-435066

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0001121788

SIC: 3812 (SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — grmn-20261028.htm (Primary)

EX-99.1 (grmn-ex99_1.htm)

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8-K

8-K (Primary)

Filename: grmn-20261028.htm · Sequence: 1

8-K

0001121788false00011217882026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026

GARMIN LTD.

(Exact name of registrant as specified in its charter)

Switzerland

001-41118

98-0229227

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

Mühlentalstrasse 36/38

8200 Schaffhausen

Switzerland

(Address of principal executive offices)

Registrant’s telephone number, including area code: +41 52 630 1600

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Registered Shares, $0.10 Per Share Par Value

GRMN

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On October 28, 2026, Garmin Ltd. (“the Company”) issued a press release announcing its financial results for the fiscal third quarter ended September 26, 2026. A copy of the press release is attached as Exhibit 99.1.

The information in Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of Garmin Ltd. under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits are furnished herewith.

Exhibit No.

Description

99.1

Press Release dated October 28, 2026

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GARMIN LTD.

October 28, 2026

/s/ Joshua H. Maxfield

Joshua H. Maxfield

Vice President and General Counsel

EX-99.1

Filename: grmn-ex99_1.htm · Sequence: 2

EX-99.1

EXHIBIT 99.1

Garmin announces third quarter 2026 results

Company reports record third quarter operating results and raises full year guidance

Schaffhausen, Switzerland / October 28, 2026 / PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 26, 2026.

Highlights include:

•

Record consolidated revenue of $1.99 billion, a 12% increase compared to the prior year quarter

•

Gross and operating margins expanded to 63.3% and 30.8% respectively, compared to the prior year quarter

•

Record operating income of $612 million, a 34% increase compared to the prior year quarter

•

GAAP EPS of $2.80 and pro forma EPS(1) of $2.76, representing a 39% increase in pro forma EPS compared to the prior year quarter

•

Named 2026 Manufacturer of the Year by the National Marine Electronics Association for the 12th consecutive year, and received six Product of Excellence awards

•

Launched the fēnix® 9 and fēnix 9 Pro adventure watch series, expanding our flagship performance smartwatch lineup

•

Recently announced the delivery of our 1,000th G1000® integrated flight deck retrofit for King Air aircraft making this one of the most successful retrofit flight deck programs in aviation history

•

Announced that more than 2,500 aircraft are equipped with the revolutionary Garmin Autoland system, the world’s first and only certified autonomous system designed to activate during an emergency to safely fly and land an aircraft without human interaction

(In thousands, except per share information)

13-Weeks Ended

39-Weeks Ended

September 26,

September 27,

YoY

September 26,

September 27,

YoY

2026

2025

Change

2026

2025

Change

Net sales

1,986,076

1,770,901

12%

5,761,658

5,120,564

13%

Fitness

694,328

601,013

16%

1,997,974

1,591,159

26%

Outdoor

597,301

497,598

20%

1,497,571

1,426,451

Aviation

252,657

240,445

785,248

712,926

10%

Marine

309,878

267,005

16%

1,006,262

885,704

14%

Auto OEM

131,912

164,840

(20)%

474,603

504,324

(6)%

Gross profit

1,257,768

1,046,487

20%

3,562,078

2,998,043

19%

Gross margin %

63.3

59.1

61.8

58.5

Operating Income

611,648

456,803

34%

1,658,821

1,261,922

31%

Operating income %

30.8

25.8

28.8

24.6

GAAP diluted EPS

2.80

2.08

35%

7.69

5.87

31%

Pro forma diluted EPS(1)

2.76

1.99

39%

7.65

5.77

33%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We achieved another quarter of record operating results driven by strength across markets and product categories, with meaningful contributions from recently launched products. Our results were further enhanced by strong operational execution resulting in record consolidated gross margin and impressive operating profit leverage. We are raising our 2026 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.” - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 16% in the third quarter with growth led by strong demand for wearables. Gross and operating margins were 63% and 33%, respectively, resulting in $231 million of operating income. During the quarter, we launched the CIRQA™ Smart Band, a screenless wearable offering rich wellness and fitness insights that expands our addressable market for wellness devices. In addition, we recently announced the next generation of Edge® cycling computers with the Edge 1060 featuring a built-in microphone and speaker for hands-free voice control capability and the Edge Explore 3 series, an easy-to-use bike computer for riders of all levels.

Outdoor:

Revenue from the outdoor segment increased 20% in the third quarter with growth primarily driven by adventure watches. Gross and operating margins were 68% and 39%, respectively, resulting in $233 million of operating income. During the quarter, we launched the fēnix 9 and fēnix 9 Pro series, with an all-titanium watch case option and the largest available AMOLED screen in our flagship adventure watch lineup. Also during the quarter, we launched the all-new Garmin DriveTM GPS navigators with high-resolution ultrawide format displays and an elevated user experience.

Aviation:

Revenue from the aviation segment increased 5% in the third quarter with growth primarily driven by OEM product categories. Gross and operating margins were 78% and 26%, respectively, resulting in $66 million of operating income. During the quarter, we unveiled the G2000® PRIME, bringing PRIME flight deck functionality to the high-performance piston and electric aircraft market. Also during the quarter, we announced the certification of an all-glass retrofit cockpit for the original Cessna CitationJet. Pilatus Aircraft and Epic Aircraft recently announced the certification of Garmin Autoland on the PC-12 Pro and the e1000 airplanes, respectively. We also made important updates to Garmin Pilot™, adding SmartCharts coverage for Canada and Mexico, as well as Mobile Clearance Delivery which allows pilots to obtain clearances electronically through the Garmin Pilot app.

Marine:

Revenue from the marine segment increased 16% in the third quarter with broad-based growth across multiple categories, led by the sonar product category. Gross and operating margins were 64% and 30%, respectively, resulting in $94 million of operating income. During the quarter, we launched the next generation LiveScopeTM 2, delivering live sonar images with improved range and clarity. Also during the quarter, we expanded our sailboat product lineup with the GMITM 40 instrument display and the SmartDrive™ brushless linear steering actuator. We also launched the JL Audio A60 head unit series, and M200 speaker systems.

Auto OEM:

Revenue from the auto OEM segment decreased 20% during the third quarter primarily due to domain controllers. Gross margin was 16% and we recorded an operating loss of $12 million in the quarter.

Additional Financial Information:

The consolidated third quarter gross margin expanded 420 basis points to 63.3%, compared to the prior year quarter, with higher margins across all segments. The consolidated gross margin increase was primarily attributable to favorable segment mix, lower product cost, and approximately $33 million in refunds of previously paid tariffs.

Total operating expenses in the third quarter were $646 million, a 10% increase over the prior year. Research and development increased 9% driven primarily by personnel-related costs. Selling, general and administrative expenses increased 10%, driven primarily by personnel-related costs and advertising expenses.

The effective tax rate in the third quarter was 18.1%, compared to an effective tax rate of 21.2% in the prior year quarter. The decrease in the effective tax rate is primarily driven by an increase in expected U.S. deductions due to certain provisions of the U.S. tax legislation enacted in 2025 that became effective in 2026.

In the third quarter of 2026, we generated operating cash flows of $394 million and free cash flow(1) of $293 million. We paid a quarterly dividend of $202 million and repurchased $41 million of the Company’s shares within the quarter, leaving approximately $407 million remaining as of September 26, 2026 in the $500 million share repurchase program authorized through December 2028. We ended the quarter with cash and marketable securities of approximately $4.1 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

Fiscal Year 2026 Guidance:

Based on our performance in the first three quarters of 2026 and our positive outlook for the remainder of the year, we are raising our full year 2026 guidance. We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).

Dividend Recommendation:

At the 2026 annual shareholders’ meeting, Garmin shareholders, in accordance with Swiss corporate law, approved a cash dividend in the total amount of $4.20 per share, payable in four equal installments on dates to be determined by the Board in its discretion. The first and second payments were made on June 26, 2026 and September 25, 2026. The Board of Directors has established December 24, 2026, as the payment date for the next dividend installment of $1.05 per share with a record date of December 11, 2026. The Board currently anticipates the scheduling of the remaining quarterly dividend installment as follows:

Dividend Date

Record Date

$’s per share

March 26, 2027

March 12, 2027

$1.05

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:

Wednesday, October 28, 2026 10:30 a.m. Eastern

Where:

Join a live stream of the call at the following link

https://investors.garmin.com/news-and-events/default.aspx

An archive of the live webcast will be available until October 27, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the News & Events page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, tariffs and other global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2025 Form 10-K can be downloaded from https://investors.garmin.com/financials/sec-filings/default.aspx. All information provided in this release and in the attachments is as of September 26, 2026. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company’s use of these measures are included in the attachments.

Garmin, the Garmin logo, the Garmin delta, Edge, fēnix, G1000, G2000, and JL Audio are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. CIRQA, Garmin Drive, Garmin Pilot, SmartDrive, GMI, and LiveScope are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Investor Relations Contact:

Media Relations Contact:

Teri Seck

Krista Klaus

+1 913 397 8200

investor.relations@garmin.com

media.relations@garmin.com

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

39-Weeks Ended

September 26,

September 27,

September 26,

September 27,

2026

2025

2026

2025

Net sales

1,986,076

1,770,901

5,761,658

5,120,564

Cost of goods sold

728,308

724,414

2,199,580

2,122,521

Gross profit

1,257,768

1,046,487

3,562,078

2,998,043

Research and development expense

312,916

286,464

912,673

831,247

Selling, general and administrative expenses

333,204

303,220

990,584

904,874

Total operating expense

646,120

589,684

1,903,257

1,736,121

Operating income

611,648

456,803

1,658,821

1,261,922

Other income (expense):

Interest income

36,357

32,085

110,504

94,316

Foreign currency gains

9,788

20,334

10,417

21,582

Other income

3,329

598

4,970

1,329

Total other income (expense)

49,474

53,017

125,891

117,227

Income before income taxes

661,122

509,820

1,784,712

1,379,149

Income tax provision

119,461

108,205

296,052

243,943

Net income

541,661

401,615

1,488,660

1,135,206

Net income per share:

Basic

2.81

2.09

7.72

5.90

Diluted

2.80

2.08

7.69

5.87

Weighted average common shares outstanding:

Basic

192,836

192,464

192,782

192,510

Diluted

193,617

193,533

193,556

193,551

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

September 26,

2026

December 27, 2025

Assets

Current assets:

Cash and cash equivalents

2,039,779

2,278,646

Marketable securities

299,693

459,202

Accounts receivable, net

1,137,167

1,253,015

Inventories

2,251,741

1,772,257

Deferred costs

12,508

17,538

Prepaid expenses and other current assets

742,631

467,558

Total current assets

6,483,519

6,248,216

Property and equipment, net

1,496,143

1,375,348

Operating lease right-of-use assets

207,636

196,183

Noncurrent marketable securities

1,727,086

1,396,929

Deferred income tax assets

704,893

718,094

Noncurrent deferred costs

3,918

4,373

Goodwill

978,557

760,241

Other intangible assets, net

270,875

198,362

Other noncurrent assets

121,156

95,923

Total assets

11,993,783

10,993,669

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

500,671

347,493

Salaries and benefits payable

256,762

228,267

Accrued warranty costs

76,874

72,921

Accrued sales program costs

113,724

153,193

Other accrued expenses

271,233

257,651

Deferred revenue

119,858

105,646

Income taxes payable

384,351

381,549

Dividend payable

404,779

173,351

Total current liabilities

2,128,252

1,720,071

Deferred income tax liabilities

116,224

109,701

Noncurrent income taxes payable

3,325

3,596

Noncurrent deferred revenue

22,400

22,277

Noncurrent operating lease liabilities

173,491

164,835

Other noncurrent liabilities

565

625

Stockholders’ equity:

Common shares, $0.10 par value (194,901 and 194,901 shares authorized and

issued; 192,757 and 192,620 shares outstanding)

19,490

Additional paid-in capital

2,425,759

2,368,670

Treasury shares (2,144 and 2,281 shares)

(468,628

)

(406,423

)

Retained earnings

7,648,939

6,970,182

Accumulated other comprehensive income (loss)

(76,034

)

20,645

Total stockholders’ equity

9,549,526

8,972,564

Total liabilities and stockholders’ equity

11,993,783

10,993,669

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

39-Weeks Ended

September 26, 2026

September 27, 2025

Operating Activities:

Net income

1,488,660

1,135,206

Adjustments to reconcile net income to net cash provided by

operating activities:

Depreciation

122,519

115,633

Amortization

26,692

26,874

(Gain) loss on sale or disposal of property and equipment

(639

)

375

Unrealized foreign currency gains

(7,347

)

(37,606

)

Deferred income taxes

33,523

19,324

Stock compensation expense

133,526

125,003

Realized loss on marketable securities

587

857

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

102,946

68,818

Inventories

(488,774

)

(324,880

)

Other current and noncurrent assets

(266,274

)

(18,466

)

Accounts payable

156,023

(7,531

)

Other current and noncurrent liabilities

5,978

1,944

Deferred revenue

3,642

(11,603

)

Deferred costs

5,486

8,703

Income taxes

16,851

(23,077

)

Net cash provided by operating activities

1,333,399

1,079,574

Investing activities:

Purchases of property and equipment

(294,982

)

(146,273

)

Purchase of marketable securities

(632,001

)

(724,091

)

Redemption of marketable securities

403,842

531,804

Net payments for acquisitions

(320,588

)

(175,655

)

Other investing activities, net

2,388

387

Net cash used in investing activities

(841,341

)

(513,828

)

Financing activities:

Dividends

(578,474

)

(490,919

)

Proceeds from issuance of treasury shares related to equity awards

31,425

29,065

Purchase of treasury shares related to equity awards

(47,069

)

(33,476

)

Purchase of treasury shares under share repurchase plan

(123,206

)

(130,149

)

Net cash used in financing activities

(717,324

)

(625,479

)

Effect of exchange rate changes on cash and cash equivalents

(13,570

)

53,125

Net decrease in cash, cash equivalents, and restricted cash

(238,836

)

(6,608

)

Cash, cash equivalents, and restricted cash at beginning of period

2,279,360

2,080,154

Cash, cash equivalents, and restricted cash at end of period

2,040,524

2,073,546

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended September 26, 2026

Net sales

694,328

597,301

252,657

309,878

131,912

1,986,076

Gross profit

434,456

406,731

196,421

198,442

21,718

1,257,768

Operating income (loss)

230,634

233,043

65,835

93,994

(11,858

)

611,648

13-Weeks Ended September 27, 2025

Net sales

601,013

497,598

240,445

267,005

164,840

1,770,901

Gross profit

362,849

329,749

180,708

148,238

24,943

1,046,487

Operating income (loss)

193,600

169,734

60,768

49,396

(16,695

)

456,803

39-Weeks Ended September 26, 2026

Net sales

1,997,974

1,497,571

785,248

1,006,262

474,603

5,761,658

Gross profit

1,253,701

1,016,992

595,702

604,781

90,902

3,562,078

Operating income (loss)

665,293

515,416

208,936

284,598

(15,422

)

1,658,821

39-Weeks Ended September 27, 2025

Net sales

1,591,159

1,426,451

712,926

885,704

504,324

5,120,564

Gross profit

947,661

936,713

534,082

496,509

83,078

2,998,043

Operating income (loss)

468,943

456,402

172,508

199,181

(35,112

)

1,261,922

Garmin Ltd. and Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

13-Weeks Ended

39-Weeks Ended

September 26,

September 27,

YoY

September 26,

September 27,

YoY

2026

2025

Change

2026

2025

Change

Net sales

1,986,076

1,770,901

12%

5,761,658

5,120,564

13%

Americas

913,081

795,624

15%

2,714,100

2,419,371

12%

EMEA

778,021

692,557

12%

2,200,935

1,938,912

14%

APAC

294,974

282,720

846,623

762,281

11%

Americas - North America & South America; EMEA - Europe, Middle East & Africa; APAC - Asia Pacific & Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is occasionally impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first three quarters of 2026 and 2025 there were no such discrete tax items identified.

Pro forma net income (earnings) per share

Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company’s performance between periods.

(In thousands, except per share information)

13-Weeks Ended

39-Weeks Ended

September 26,

September 27,

September 26,

September 27,

2026

2025

2026

2025

GAAP net income

541,661

401,615

1,488,660

1,135,206

Foreign currency gains / losses(1)

(9,788

)

(20,334

)

(10,417

)

(21,582

)

Tax effect of foreign currency gains / losses(2)

1,769

4,316

1,728

3,817

Pro forma net income

533,642

385,597

1,479,971

1,117,441

GAAP net income per share:

Basic

2.81

2.09

7.72

5.90

Diluted

2.80

2.08

7.69

5.87

Pro forma net income per share:

Basic

2.77

2.00

7.68

5.80

Diluted

2.76

1.99

7.65

5.77

Weighted average common shares outstanding:

Basic

192,836

192,464

192,782

192,510

Diluted

193,617

193,533

193,556

193,551

(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.

(2) The tax effect of foreign currency gains was calculated using the effective tax rates of 18.1% and 16.6% for the 13-weeks and 39-weeks ended September 26, 2026, respectively, and 21.2% and 17.7% for the 13-weeks and 39-weeks ended September 27, 2025, respectively.

Free cash flow

Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

13-Weeks Ended

39-Weeks Ended

September 26,

September 27,

September 26,

September 27,

2026

2025

2026

2025

Net cash provided by operating activities

393,855

485,616

1,333,399

1,079,574

Less: purchases of property and equipment

(100,587

)

(60,483

)

(294,982

)

(146,273

)

Free cash flow

293,268

425,133

1,038,417

933,301

Forward-looking Financial Measures

The forward-looking measures in our 2026 guidance include certain economic assumptions such as foreign currency exchange rates and tariffs which are fluid and can rapidly change favorably or unfavorably.

The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.04 per share for the 39-week period ended September 26, 2026.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

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Oct. 28, 2026

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