Reported results
- Net sales for three months ended July 31, 2026 were $501.8 million versus $495.3 million in 2025; nine-month net sales were $1,373.3 million versus $1,347.8 million in 2025
- GAAP operating income of $46.5 million for Q3 2026 compared to GAAP operating loss of $(270.8) million in Q3 2025; nine-month GAAP operating income of $68.1 million versus loss of $(236.9) million
- GAAP diluted EPS of $0.58 for Q3 2026 versus loss of $(6.04) in Q3 2025; nine-month GAAP diluted EPS of $0.57 versus loss of $(5.83)
- Non-GAAP adjusted diluted EPS of $0.79 for Q3 2026 versus $0.69 in Q3 2025; nine-month non-GAAP adjusted diluted EPS of $1.03 versus $1.47
- Non-GAAP adjusted EBITDA of $72.7 million for Q3 2026 versus $70.3 million in Q3 2025, with non-GAAP adjusted EBITDA margin of 14.5% versus 14.2%; nine-month non-GAAP adjusted EBITDA of $144.3 million versus $172.0 million with margin of 10.5% versus 12.8%
- Free cash flow of $47.8 million for Q3 2026 versus $46.2 million in Q3 2025; company repaid $42.25 million of debt and repurchased 99,786 shares for approximately $1.7 million during the quarter
Guidance
- Company will continue to prioritize debt repayment and opportunistically repurchase shares in Q4 2026 as it generates cash
- Company expects to continue identifying operational efficiencies and commercial synergies
Notes
Q3 2025 results included a $302.3 million non-cash goodwill impairment charge. LTM net income as of July 31, 2026 was $45.4 million and LTM non-GAAP adjusted EBITDA was $215.2 million. Total debt as of July 31, 2026 was $672.2 million with leverage ratio of net debt to LTM adjusted EBITDA of 2.8x. Liquidity as of July 31, 2026 was $363.1 million.
Price and volatility reaction
The stock moved +22.2% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -9.4 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 18.76 | 2026-09-03 |
| Close after release | 22.93 | 2026-09-04 |
| Realised move | +22.2% | close to close |
| 30d ATM IV change | -9.4 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 2026-09-03 (8-K, Item 2.02). Read the original filing on sec.gov.