Reported results
- Net sales of $3,330.2 million increased 7.3% year-over-year (GAAP), or 5.7% excluding SmartPak and Modern Animal contributions
- Gross margin of 30.4% stayed consistent year-over-year (GAAP)
- Net income of $80.5 million, including share-based compensation expense and related taxes of $85.9 million (GAAP)
- Net margin of 2.4% increased 40 basis points year-over-year (GAAP)
- Adjusted EBITDA of $226.7 million increased $43.4 million year-over-year (non-GAAP), with adjusted EBITDA margin of 6.8% up 90 basis points
- Basic earnings per share of $0.20, up $0.05 year-over-year; diluted earnings per share of $0.20, up $0.06 year-over-year (GAAP)
Guidance
- Management raised full-year revenue and profitability outlook
Notes
The release states net sales increased 7.3% on a reported basis but 5.7% excluding SmartPak and Modern Animal contributions, indicating acquisitions occurred in the period. Share-based compensation expense and related taxes of $85.9 million are included in reported net income. Adjusted non-GAAP measures exclude share-based compensation, transaction-related costs, net legal settlement proceeds, and other items.
Price and volatility reaction
The stock moved -10.8% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -14.6 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 23.27 | 2026-09-08 |
| Close after release | 20.75 | 2026-09-09 |
| Realised move | -10.8% | close to close |
| 30d ATM IV change | -14.6 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-09 (8-K, Item 2.02). Read the original filing on sec.gov.