EAST AURORA, N.Y.--(BUSINESS WIRE)--July 31, 2026--
Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal third quarter 2026 results, reflecting record sales and adjusted earnings per share, expanded operating margin and strong cash generation.
"These third quarter results demonstrate the strength of Moog's portfolio and operational excellence," said Pat Roche, CEO. "We are clear about where we win, disciplined on how we work, selective about where we invest, and able to turn attractive market demand into improved financial performance."
(in millions, except per
share results) Three Months Ended
--------------------------------------------
Q3 2026 Q3 2025(2) Deltas
--------------- -------------- -----------
Net sales $ 1,117 $ 970 15%
Operating margin 15.8% 11.5% 430 bps
Adjusted operating
margin(1) 16.4% 13.6% 280 bps
Net earnings $ 152 $ 58 160%
Adjusted net earnings(1) $ 119 $ 74 61%
Diluted net earnings per
share $ 4.74 $ 1.83 159%
Adjusted diluted net
earnings per share(1) $ 3.72 $ 2.33 60%
Net cash provided (used)
by operating activities $ 160 $ 125 $ 35
Free cash flow(1) $ 133 $ 93 $ 40
-------------------------- ------ --- ------ ---
(1) See the reconciliations of adjusted financial measures to the most
directly comparable U.S. GAAP measures included in the financial
statements herein for the periods ended June 27, 2026 and June 28,
2025.
(2) As previously disclosed, amounts have been revised to reflect the
correction of immaterial misstatements. See "Revision of Previously
Issued Consolidated Financial Statements" section from our 2025 Form
10-K.
Quarter Highlights
-- Record net sales, reflecting significant growth across all four
segments.
-- Operating margin benefitted from $30 million of claims related to
previously incurred International Emergency Economic Powers Act ("IEEPA")
tariffs and the absence of the prior year's program termination and asset
impairment charges.
-- Adjusted operating margin increased due to the claims of previously
incurred IEEPA tariffs, which accounted for 270 basis points of
incremental margin, and business performance, partially offset by last
year's benefit from a non-core product line sale.
-- Diluted net earnings per share was driven by income tax benefits
attributable to current and prior fiscal years, the claims of previously
incurred IEEPA tariffs and business performance.
-- Adjusted diluted net earnings per share was driven by the claims of
previously incurred IEEPA tariffs and business performance.
-- Free cash flow improved significantly, driven by strong earnings.
-- Twelve-month backlog increased 23% to $3.3 billion, reflecting
continued demand across our markets.
Segment Results
Sales in the third quarter of 2026 were $1.1 billion, an increase of 15% compared to the third quarter of 2025. Space and Defense sales increased 17% to $336 million, reflecting broad-based defense demand including demand for missile controls and space vehicles. Military Aircraft sales increased 9% to $245 million, driven by strong aftermarket activity, as well as continued activity on the MV-75 program. Commercial Aircraft sales increased 17% to $254 million, driven by higher volume and pricing on various major production programs, as well as strong aftermarket sales. Industrial sales increased 18% to $282 million, driven by strong demand for data center cooling pumps, as well as for medical devices and energy products.
Operating margin in the third quarter of 2026 was 15.8%, an increase of 430 basis points compared to the third quarter of 2025. Industrial operating margin increased 770 basis points to 17.4%, primarily driven by tariff refund claims, as well as the absence of last year's impairment charges and the growing data center cooling pump business. Military Aircraft operating margin increased 650 basis points to 14.7%, driven by the absence of the prior year's 360 basis point charge associated with the termination of a product development effort and business performance. Space and Defense operating margin increased 240 basis points to 15.7%, driven by business performance and, to a lesser extent, the tariff refund. These benefits were partially offset by increased product development, business capture and operational readiness investments. Commercial Aircraft operating margin increased 50 basis points to 15.2%, driven by tariff refund claims and pricing benefits, mostly offset by the absence of the prior year's 300 basis points non-core product line sale and the current quarter's less favorable sales mix.
Adjusted operating margin excludes $7 million of charges for simplification initiatives in the third quarter of 2026, and excludes $20 million of charges for simplification initiatives, as well as a program termination, in the third quarter of 2025. Excluding these items, adjusted operating margin expanded 280 basis points to 16.4% compared to the third quarter of 2025. Industrial adjusted operating margin increased 630 basis points to 19.9% driven by tariff refund claims and the growing data center cooling pump business. Military Aircraft adjusted operating margin increased 290 basis points to 14.7%, driven by business performance and the tariff refund. Within Space and Defense and Commercial Aircraft, adjusted operating margin increased due to the same factors as described above.
Income Tax Expense
The effective tax rates for the third quarter and first three quarters of 2026 were (10.6)% and 10.0%, respectively, compared with 23.4% for both corresponding periods of 2025. During the third quarter of 2026, we recognized income tax benefits related to U.S. federal research credits of $35 million related to prior years. We also recognized a discrete income tax benefit of $8 million related to legal entity simplification initiatives. Adjusted 2026 net earnings and adjusted net earnings per share exclude both the $35 million and $8 million income tax benefits.
Free Cash Flow Results
Free cash flow for the quarter was $133 million. Strong earnings drove cash generation, and working capital remained relatively constant despite strong sales growth. Capital expenditures were $28 million, relatively light compared to recent periods due to timing of capital investments.
Fiscal 2026 Financial Guidance
"This quarter was another one marked with robust financial results," said Jennifer Walter, CFO. "We're increasing our 2026 guidance for all key financial metrics, reflecting our strong operational performance, as well as contributions from the tariff refund and a current year research and development tax credit. Fiscal 2026 is shaping up to be another record year."
FY 2026 Guidance
--------------------------------
Current Previous
Net sales (in billions) $ 4.4 $ 4.3
Adjusted operating margin 14.1% 13.4%
Adjusted diluted net earnings per
share(1) $ 11.65 $ 10.60
Free cash flow conversion 70% 60%
---------------------------------------- ------- ------
(1) Adjusted diluted net earnings per share is forecasted to be within
range of +/- $0.10.
Conference call information
In conjunction with today's release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: "may," "will," "should," "believes," "expects," "expected," "intends," "plans," "projects," "approximate," "estimates," "predicts," "potential," "outlook," "forecast," "anticipates," "presume," "assume" and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.
Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A "Risk Factors" of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission ("SEC") and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) current and future geopolitical conditions and events, including wars, armed conflicts, sanctions, trade restrictions and related disruptions to global markets and supply chains; (iv) our heavy dependence on government contracts that may not be fully funded, delayed or terminated; (v) our ability to remediate the material weakness in internal control over financial reporting and maintain effective disclosure controls and procedures; (vi) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (vii) failure of our subcontractors or suppliers to perform their contractual obligations; (viii) risks related to information systems interruptions, intrusions, cybersecurity threats or new software implementations; and (ix) our accounting estimates for over-time contracts and any changes we may need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.
While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.
Non-GAAP Financial Measures
The press release also includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles ("GAAP"), including, but not limited to, "Adjusted Operating Margin," "Adjusted Diluted Net Earnings Per Share," "Adjusted Net Earnings," "Adjusted Effective Tax Rate," "Free Cash Flow" and "Free Cash Flow Conversion." While we believe that these non-GAAP financial measures may be useful in evaluating our financial condition and results of operations, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Adjustments to operating profit and margin and net earnings per share have included restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures can be found in the accompanying materials.
The press release also includes certain forward-looking non-GAAP financial guidance, including, but not limited to, "Adjusted Diluted Net Earnings per Share," "Adjusted Operating Margin" and "Free Cash Flow Conversion". The Company is unable to provide a reconciliation of such forward-looking non-GAAP guidance to the most directly comparable GAAP measures without unreasonable effort because certain items that are material to the comparable GAAP measures are not available and cannot be estimated with reasonable certainty. These items are dependent on future events that are difficult to predict and outside the Company's control. These items may include, but are not limited to, restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. The timing and amount of these items may vary significantly from period to period and could have a material impact on the Company's GAAP results, including, but not limited to, "Diluted Net Earnings per Share" and "Operating Margin".
Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
------------------------- ------------------------
June 27, June 28, June 27, June 28,
2026 2025 2026 2025
------------------- ------------ ----------- ----------- -----------
Net sales $ 1,116,545 $ 969,582 $ 3,268,838 $ 2,811,486
Cost of sales 769,299 696,913 2,339,797 2,034,972
Inventory write-down -- 5,839 -- 7,988
---------- ---------- ---------- ----------
Gross profit 347,246 266,830 929,041 768,526
Research and
development 33,040 21,906 84,336 69,992
Selling, general
and
administrative 150,989 139,748 436,272 401,817
Interest 15,778 17,790 48,513 53,586
Asset impairment
and fair value
adjustment 6,684 3,000 6,684 3,000
Restructuring 2,268 2,850 5,224 9,059
Other 1,063 5,183 555 8,226
---------- ---------- ---------- ----------
Earnings before
income taxes 137,424 76,353 347,457 222,846
Income taxes
(benefit) (14,601) 17,867 34,742 52,224
---------- ---------- ---------- ----------
Net earnings $ 152,025 $ 58,486 $ 312,715 $ 170,622
---------- ---------- ---------- ----------
Net earnings per
share
Basic $ 4.80 $ 1.86 $ 9.88 $ 5.38
Diluted $ 4.74 $ 1.83 $ 9.76 $ 5.32
---------- ---------- ---------- ----------
Weighted average
common shares
outstanding
Basic 31,676,950 31,524,999 31,654,223 31,684,945
Diluted 32,075,908 31,896,949 32,038,003 32,082,186
-------------------- ---------- ---------- ---------- ----------
Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS, ADJUSTED DILUTED NET EARNINGS PER
SHARE AND ADJUSTED EFFECTIVE TAX RATE (UNAUDITED)
(dollars in thousands)
Three Months Ended Nine Months Ended
-------------------------- --------------------------
June 27, June 28, June 27, June 28,
2026 2025 2026 2025
-------------------- ------------- ----------- ------------ ------------
Net Earnings as
Reported $152,025 $58,486 $312,715 $170,622
Adjustments to Net
Earnings:
Program
terminations(1) -- 8,065 1,324 8,065
Simplification
initiatives(2) 8,239 6,805 13,531 18,204
Investment
losses(3) -- 3,000 -- 3,000
Acquisition and
integration(4) -- 481 3,606 481
Other charges(5) (1,200) 1,462 (1,067) 3,462
Corporate
charges(6) 5,938 -- 6,338 --
Tax effect of
above
adjustments (3,133) (4,007) (5,775) (7,320)
One-time tax
benefits(7) (42,613) -- (42,613) --
------- ------ ------- -------
Net Earnings as
Adjusted $119,256 $74,292 $288,059 $196,514
Diluted Net Earnings
Per Share
As Reported $ 4.74 $ 1.83 $ 9.76 $ 5.32
As Adjusted $ 3.72 $ 2.33 $ 8.99 $ 6.13
Effective Income Tax
Rate
As Reported (10.6)% 23.4% 10.0% 23.4%
As Adjusted 20.7% 22.7% 22.4% 23.3%
--------------------- ------- ------ ------- -------
The diluted net earnings per share associated with the adjustments in the
table above may not reconcile when totaled due to rounding.
(1) Adjustments include costs related to the termination of significant
development, production, or support programs, such as write-off and
impairment of inventory and long-lived assets, contract termination costs and
other related charges or credits.
(2) Adjustments include costs related to footprint rationalization, portfolio
shaping and legal entity re-organization activities, such as facility closure
costs, employee severance and retention costs, write-off and impairment of
inventory and long-lived assets and other related charges or credits.
(3) Adjustments include impairment losses on minority investments.
(4) Adjustments include acquisition related activity, such as amortization of
inventory fair value step-up and professional services fees. Charges also
include costs related to integrating the business, such as employee severance
and retention costs, professional services fees, legal entity and facility
rationalization costs and other related charges or credits.
(5) Adjustments include costs associated with business interruptions from
natural causes, litigation matters and other charges or credits that are not
part of normal operations.
(6) Adjustments primarily include impairment charges related to long-lived
assets used in corporate operations.
(7) Adjustments include tax benefits associated with federal R&D tax credits
attributable to prior fiscal years and legal-entity simplification
initiatives.
Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)
Three Months Ended Nine Months Ended
---------------------------- ------------------------------
June 27, June 28, June 27, June 28,
2026 2025 2026 2025
----------------- -------------- ------------ -------------- --------------
Net sales:
Space and
Defense $ 336,095 $287,705 $ 973,966 $ 805,673
Military
Aircraft 245,164 224,662 728,064 651,931
Commercial
Aircraft 253,569 217,655 768,419 651,708
Industrial 281,717 239,560 798,389 702,174
--------- ------- --------- ---------
Net sales $1,116,545 $969,582 $3,268,838 $2,811,486
------------------ --------- ------- --------- ---------
Operating profit:
Space and
Defense $ 52,730 $ 38,363 $ 138,765 $ 99,921
15.7% 13.3% 14.2% 12.4%
Military
Aircraft 35,948 18,346 96,386 65,671
14.7% 8.2% 13.2% 10.1%
Commercial
Aircraft 38,480 32,025 96,210 83,139
15.2% 14.7% 12.5% 12.8%
Industrial 49,112 23,177 118,292 75,835
17.4% 9.7% 14.8% 10.8%
--------- ------- --------- ---------
Total operating
profit 176,270 111,911 449,653 324,566
15.8% 11.5% 13.8% 11.5%
Deductions from
operating
profit:
Interest
expense 15,778 17,790 48,513 53,586
Equity-based
compensation
expense 6,187 4,649 15,912 12,669
Non-service
pension
expense 1,137 1,970 3,414 5,855
Corporate and
other
expenses,
net 15,744 11,149 34,357 29,610
------------------ --------- ------- --------- ---------
Earnings before
income taxes $ 137,424 $ 76,353 $ 347,457 $ 222,846
------------------ --------- ------- --------- ---------
Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)
Three Months Ended Nine Months Ended
-------------------------- --------------------------
June 27, June 28, June 27, June 28,
2026 2025 2026 2025
--------------- ------------ ------------ ------------ ------------
Space and
Defense
operating
profit - as
reported $ 52,730 $ 38,363 $138,765 $ 99,921
Simplification
initiatives 1,402 406 5,361 2,474
Acquisition and
integration -- 481 3,606 481
Other charges (1,200) 1,462 (1,067) 1,462
------- ------- ------- -------
Space and
Defense
operating
profit - as
adjusted $ 52,932 $ 40,712 $146,665 $104,338
15.7% 14.2% 15.1% 13.0%
--------------- ------- ------- ------- -------
Military
Aircraft
operating
profit - as
reported $ 35,948 $ 18,346 $ 96,386 $ 65,671
Program
terminations -- 8,065 1,324 8,065
Simplification
initiatives -- -- -- 591
Other charges -- -- -- 2,000
------- ------- ------- -------
Military
Aircraft
operating
profit - as
adjusted $ 35,948 $ 26,411 $ 97,710 $ 76,327
14.7% 11.8% 13.4% 11.7%
--------------- ------- ------- ------- -------
Commercial
Aircraft
operating
profit - as
reported and
adjusted $ 38,480 $ 32,025 $ 96,210 $ 83,139
------- ------- ------- -------
15.2% 14.7% 12.5% 12.8%
--------------- ------- ------- ------- -------
Industrial
operating
profit - as
reported $ 49,112 $ 23,177 $118,292 $ 75,835
Simplification
initiatives 6,837 6,399 8,170 15,139
Investment
losses -- 3,000 -- 3,000
------- ------- ------- -------
Industrial
operating
profit - as
adjusted $ 55,949 $ 32,576 $126,462 $ 93,974
19.9% 13.6% 15.8% 13.4%
--------------- ------- ------- ------- -------
Total operating
profit - as
adjusted $183,309 $131,724 $467,047 $357,778
---------------- ------- ------- ------- -------
16.4% 13.6% 14.3% 12.7%
--------------- ------- ------- ------- -------
Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
June 27, September 27,
2026 2025
------------------------------------ ------------ -----------------
ASSETS
Current assets
Cash and cash equivalents $ 66,821 $ 62,013
Restricted cash 931 200
Receivables, net 662,499 506,768
Unbilled receivables 823,658 744,352
Inventories, net 933,939 914,302
Prepaid expenses and other
current assets 115,456 142,345
---------- ----------
Total current assets 2,603,304 2,369,980
Property, plant and equipment, net 1,076,240 1,019,906
Operating lease right-of-use assets 54,753 52,799
Goodwill 869,185 842,313
Intangible assets, net 57,627 66,101
Deferred income taxes 31,012 22,459
Other assets 79,059 52,497
---------- ----------
Total assets $ 4,771,180 $ 4,426,055
------------------------------------- ---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current installments of long-term
debt $ 1,563 $ 1,563
Accounts payable 323,625 318,402
Accrued compensation 118,880 106,040
Contract advances and progress
billings 486,574 372,988
Accrued liabilities and other 316,462 320,075
---------- ----------
Total current liabilities 1,247,104 1,119,068
Long-term debt, excluding current
installments 906,426 944,123
Long-term pension and retirement
obligations 153,689 157,218
Deferred income taxes 32,241 32,600
Other long-term liabilities 209,825 180,491
---------- ----------
Total liabilities 2,549,285 2,433,500
---------- ----------
Shareholders' equity
Common stock - Class A 43,878 43,864
Common stock - Class B 7,402 7,416
Additional paid-in capital 1,244,730 839,328
Retained earnings 3,119,054 2,834,548
Treasury shares (1,264,428) (1,209,200)
Stock Employee Compensation Trust (411,397) (195,491)
Supplemental Retirement Plan
Trust (350,461) (170,191)
Accumulated other comprehensive
loss (166,883) (157,719)
---------- ----------
Total shareholders' equity 2,221,895 1,992,555
---------- ----------
Total liabilities and shareholders'
equity $ 4,771,180 $ 4,426,055
------------------------------------- ---------- ----------
Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Nine Months Ended
----------------------------
June 27, June 28,
2026 2025
------------------------------------- ------------ --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $ 312,715 $ 170,622
Adjustments to reconcile net
earnings to net cash provided
(used) by operating activities:
Depreciation 79,629 68,252
Amortization 8,152 6,996
Deferred income taxes (8,521) (19,642)
Equity-based compensation
expense 15,912 12,669
Asset impairment and inventory
write-down 6,684 10,988
Other (705) 3,648
Changes in assets and liabilities
providing (using) cash:
Receivables (159,619) (105,346)
Unbilled receivables (67,990) (37,642)
Inventories (21,516) (65,256)
Accounts payable 4,106 (4,201)
Contract advances and progress
billings 107,579 9,009
Accrued expenses 25,604 (4,796)
Accrued income taxes (21,362) (20,095)
Net pension and
post-retirement liabilities 3,821 14,644
Other assets and liabilities (39,568) (7,453)
---------- ----------
Net cash provided (used)
by operating activities 244,921 32,397
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and
equipment (93,692) (103,041)
Net proceeds from businesses sold -- 13,487
Net proceeds from buildings sold 3,065 --
Other investing transactions (904) (2,844)
---------- ----------
Net cash provided (used)
by investing activities (91,531) (92,398)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of
credit 1,348,400 957,500
Payments on revolving lines of
credit (1,375,400) (1,001,500)
Proceeds from long-term debt -- 250,000
Proceeds from senior notes, net
of issuance costs 491,443 --
Payments on senior notes (500,000) --
Payments on finance lease
obligations (15,716) (7,128)
Payment of dividends (28,209) (27,247)
Proceeds from sale of treasury
stock 8,476 10,970
Purchase of outstanding shares for
treasury (62,673) (127,808)
Proceeds from sale of stock held
by SECT 39,864 20,287
Purchase of stock held by SECT (51,319) (18,505)
Other financing transactions (3,171) (1,600)
---------- ----------
Net cash provided (used)
by financing activities (148,305) 54,969
---------- ----------
Effect of exchange rate changes on
cash 454 (491)
---------- ----------
Increase (decrease) in cash, cash
equivalents and restricted cash 5,539 (5,523)
Cash, cash equivalents and
restricted cash at beginning of
year 62,213 64,537
---------- ----------
Cash, cash equivalents and
restricted cash at end of period $ 67,752 $ 59,014
-------------------------------------- ---------- ----------
Moog Inc.
RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO
FREE CASH FLOW (UNAUDITED)
(dollars in thousands)
Three Months Ended Nine Months Ended
-------------------------- ---------------------------
June 27, June 28, June 27, June 28,
2026 2025 2026 2025
----------- ------------ ------------ ------------ -------------
Net cash
provided
(used) by
operating
activities $160,095 $125,291 $244,921 $ 32,397
Purchase of
property,
plant and
equipment (27,514) (32,659) (93,692) (103,041)
------- ------- ------- --------
Free cash
flow $132,581 $ 92,632 $151,229 $ (70,644)
Adjusted net
earnings $119,256 $ 74,292 $288,059 $ 196,514
------- ------- ------- --------
Free cash
flow
conversion 111% 125% 52% (36)%
------------ ------- ------- ------- --------
Free cash flow is defined as net cash provided (used) by operating
activities less the purchase of property, plant and equipment. Free
cash flow conversion is defined as free cash flow divided by adjusted
net earnings. Free cash flow and free cash flow conversion are not
measures determined in accordance with GAAP and may not be comparable
with the measures as used by other companies. However, management
believes these adjusted financial measures may be useful in
evaluating the liquidity, financial condition and results of
operations of the Company. This information should be considered
supplemental and is not a substitute for financial information
prepared in accordance with GAAP.
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CONTACT: Aaron Astrachan
Director, Investor Relations
716.687.4225