Generac

• Acquisitionacquisition

  2026-06-15

  Generac Holdings Inc. acquired a facility in Belvidere, Illinois on June 15, 2026 to expand capacity for large-megawatt generator packaging.

  ↗ newmarketpitch.com

• earnings

  2026-08-04

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Excludes approximately 124,000 and 123,000 stock options and restricted stock awards for the three and six months ended June 30, 2026, respectively, and 779,000 and 428,000 stock options and restricted stock awards for the three and six months ended June 30, 2025, respectively, because they would be anti-dilutive. The 'Corporate Eliminations' column includes general corporate overhead, centrally managed costs not allocated to the reportable segments, and the elimination of intersegment revenues and profits. These costs primarily relate to certain legal, accounting, human resources, technology functions, and other costs related to the Corporate headquarters. Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions. Represents the following significant litigation, regulatory, and other matters that are not indicative of the Company's ongoing operations: Represents payment of $3,917 in shares for the Chilicon acquisition. The payment of common stock is accounted for as a non-cash item in the condensed consolidated statement of cash flows. Represents non-cash gains (losses) primarily from changes in the fair value of the Company's investment in Wallbox warrants and equity securities. Includes gains (losses) on dispositions of assets other than in the ordinary course of business, gains (losses) on sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments. 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gnrc:EstimatedPrejudgmentInterestMember 2024-03-31 0001474735 gnrc:ZawaskiEtAlVGeneralPowerSystemsIncEtAlMember 2026-01-26 0001474735 gnrc:ZawaskiEtAlVGeneralPowerSystemsIncEtAlMember 2026-03-31 0001474735 gnrc:ZawaskiEtAlVGeneralPowerSystemsIncEtAlMember 2025-12-31 0001474735 gnrc:KyleRaabeMember 2026-01-01 2026-06-30 0001474735 gnrc:KyleRaabeMember gnrc:CommonStockPlanMember 2026-06-30 0001474735 gnrc:KyleRaabeMember gnrc:StockOptionPlanMember 2026-06-30 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 GENERAC HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 20-5654756 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) S45 W29290 Hwy 59 , Waukesha , WI 53189 (Address of principal executive offices) (Zip Code) ( 262 ) 544-4811 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value GNRC New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company 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. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of July 31, 2026, there were 59,006,361 shares of registrant's common stock outstanding. Table of Contents GENERAC HOLDINGS INC. TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2026 and 2025 2 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2026 and 2025 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures About Market Risk 34 Item 4. Controls and Procedures 34 PART II. OTHER INFORMATION Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 35 Item 6. Exhibits 35 Signatures 36 Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements Generac Holdings Inc. Condensed Consolidated Balance Sheets (U.S. Dollars in Thousands, Except Share and Per Share Data) (Unaudited) June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 264,921 $ 341,413 Accounts receivable, less allowance for credit losses of $ 33,767 and $ 34,504 at June 30, 2026 and December 31, 2025, respectively 669,204 602,739 Inventories 1,238,871 1,248,867 Prepaid expenses and other current assets 260,381 269,459 Total current assets 2,433,377 2,462,478 Property and equipment, net 862,578 813,605 Customer lists, net 159,251 127,517 Patents and technology, net 313,682 338,308 Other intangible assets, net 7,375 10,011 Tradenames, net 221,107 199,430 Goodwill 1,651,751 1,467,094 Deferred income taxes 8,107 41,949 Operating lease and other assets 114,923 113,287 Total assets $ 5,772,151 $ 5,573,679 Liabilities and stockholders equity Current liabilities: Short-term borrowings $ 48,318 $ 50,618 Accounts payable 556,088 436,583 Accrued wages and employee benefits 62,360 69,850 Accrued product warranty 43,473 44,716 Other accrued liabilities 447,770 591,387 Current portion of long-term borrowings and finance lease obligations 32,052 22,192 Total current liabilities 1,190,061 1,215,346 Long-term borrowings and finance lease obligations 1,248,958 1,260,256 Deferred income taxes 54,270 60,913 Deferred revenue 227,820 232,921 Operating lease and other long-term liabilities 173,047 165,197 Total liabilities 2,894,156 2,934,633 Redeemable non-controlling interest 367 742 Stockholders equity: Common stock, par value $ 0.01 , 500,000,000 shares authorized, 74,234,629 and 74,050,753 shares issued at June 30, 2026 and December 31, 2025, respectively 742 741 Additional paid-in capital 1,211,335 1,187,419 Treasury stock, at cost, 15,228,990 and 15,373,990 shares at June 30, 2026 and December 31, 2025, respectively ( 1,334,835 ) ( 1,358,053 ) Excess purchase price over predecessor basis ( 202,116 ) ( 202,116 ) Retained earnings 3,220,054 3,003,557 Accumulated other comprehensive (loss) income ( 17,557 ) 874 Stockholders equity attributable to Generac Holdings Inc. 2,877,623 2,632,422 Noncontrolling interests 5 5,882 Total stockholders' equity 2,877,628 2,638,304 Total liabilities and stockholders equity $ 5,772,151 $ 5,573,679 See notes to condensed consolidated financial statements. 1 Table of Contents Generac Holdings Inc. Condensed Consolidated Statements of Comprehensive Income (U.S. Dollars in Thousands, Except Share and Per Share Data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net sales $ 1,173,510 $ 1,061,169 $ 2,232,875 $ 2,003,290 Costs of goods sold 651,699 644,420 1,300,828 1,214,555 Gross profit 521,811 416,749 932,047 788,735 Operating expenses: Selling and service 141,627 139,495 265,251 265,560 Research and development 65,781 60,354 128,437 122,402 General and administrative 73,155 79,430 149,440 154,176 Amortization of intangibles 30,815 25,681 61,195 51,170 Total operating expenses 311,378 304,960 604,323 593,308 Income from operations 210,433 111,789 327,724 195,427 Other (expense) income: Interest expense ( 16,787 ) ( 18,242 ) ( 32,163 ) ( 35,352 ) Investment income 3,561 1,747 5,244 3,972 Change in fair value of investments 5,916 ( 1,524 ) 4,542 ( 11,471 ) Loss attributable to business dispositions ( 13,456 ) ( 3,905 ) ( 18,238 ) ( 3,905 ) Other, net 39 ( 13 ) ( 644 ) ( 305 ) Total other expense, net ( 20,727 ) ( 21,937 ) ( 41,259 ) ( 47,061 ) Income before provision for income taxes 189,706 89,852 286,465 148,366 Provision for income taxes 46,696 15,422 70,343 29,658 Net income 143,010 74,430 216,122 118,708 Net (loss) income attributable to noncontrolling interests ( 234 ) 414 ( 375 ) 852 Net income attributable to Generac Holdings Inc. $ 143,244 $ 74,016 $ 216,497 $ 117,856 Net income attributable to Generac Holdings Inc. per common share - basic: $ 2.44 $ 1.27 $ 3.69 $ 2.01 Weighted average common shares outstanding - basic: 58,822,634 58,496,998 58,615,919 58,771,818 Net income attributable to Generac Holdings Inc. per common share - diluted: $ 2.40 $ 1.25 $ 3.64 $ 1.98 Weighted average common shares outstanding - diluted: 59,635,447 59,017,823 59,436,379 59,385,907 Comprehensive income attributable to Generac Holdings Inc. $ 143,217 $ 137,561 $ 198,066 $ 206,360 See notes to condensed consolidated financial statements. 2 Table of Contents Generac Holdings Inc. Condensed Consolidated Statements of Stockholders' Equity (U.S. Dollars in Thousands, Except Share Data) (Unaudited) Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interests Total Balance at April 1, 2026 74,218,726 $ 742 $ 1,195,494 ( 15,464,527 ) $ ( 1,378,708 ) $ ( 202,116 ) $ 3,076,810 $ ( 17,530 ) $ 2,674,692 $ 6 $ 2,674,698 Unrealized loss on interest rate swaps, net of tax of $ 720 ( 2,193 ) ( 2,193 ) ( 2,193 ) Foreign currency translation adjustment 2,166 2,166 ( 1 ) 2,165 Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price 15,903 1,836 (8,417 ) 1,836 1,836 Net share settlement of restricted stock awards ( 3,367 ) ( 912 ) ( 912 ) ( 912 ) Treasury stock issued for business combination 247,321 44,785 44,785 44,785 Share-based compensation 14,005 14,005 14,005 Net income 143,244 143,244 143,244 Balance at June 30, 2026 74,234,629 $ 742 $ 1,211,335 ( 15,228,990 ) $ ( 1,334,835 ) $ ( 202,116 ) $ 3,220,054 $ ( 17,557 ) $ 2,877,623 $ 5 $ 2,877,628 Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interests Total Balance at April 1, 2025 74,035,516 $ 740 $ 1,145,990 ( 14,953,986 ) $ ( 1,303,086 ) $ ( 202,116 ) $ 2,888,136 $ ( 60,440 ) $ 2,469,224 $ 3,801 $ 2,473,025 Unrealized loss on interest rate swaps, net of tax of $ 1,016 ( 3,090 ) ( 3,090 ) ( 3,090 ) Foreign currency translation adjustment 66,635 66,635 453 67,088 Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price ( 11,766 ) 411 411 411 Net share settlement of restricted stock awards ( 5,369 ) ( 669 ) ( 669 ) ( 669 ) Stock repurchases ( 392,521 ) ( 50,463 ) ( 50,463 ) ( 50,463 ) Share-based compensation 14,752 14,752 14,752 Cash dividends paid to noncontrolling interest of subsidiary ( 293 ) ( 293 ) ( 293 ) Net income 74,016 74,016 414 74,430 Balance at June 30, 2025 74,023,750 $ 740 $ 1,161,153 ( 15,351,876 ) $ ( 1,354,218 ) $ ( 202,116 ) $ 2,961,859 $ 3,105 $ 2,570,523 $ 4,668 $ 2,575,191 3 Table of Contents Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interest Total Balance at January 1, 2026 74,050,753 $ 741 $ 1,187,419 ( 15,373,990 ) $ ( 1,358,053 ) $ ( 202,116 ) $ 3,003,557 $ 874 $ 2,632,422 $ 5,882 $ 2,638,304 Unrealized loss on interest rate swaps, net of tax benefit of $ 1,221 ( 3,708 ) ( 3,708 ) ( 3,708 ) Foreign currency translation adjustment ( 14,723 ) ( 14,723 ) 153 ( 14,570 ) Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price 173,876 1 ( 4,808 ) (8,417 ) ( 4,807 ) ( 4,807 ) Payment of acquisition contingent consideration 10,000 3,917 3,917 3,917 Net share settlement of restricted stock awards ( 93,904 ) ( 21,567 ) ( 21,567 ) ( 21,567 ) Disposal of business with non-controlling interest ( 2,640 ) ( 2,640 ) ( 6,030 ) ( 8,670 ) Treasury stock issued for business combination 247,321 44,785 44,785 44,785 Share-based compensation 27,447 27,447 27,447 Net income 216,497 216,497 216,497 Balance at June 30, 2026 74,234,629 $ 742 $ 1,211,335 ( 15,228,990 ) $ ( 1,334,835 ) $ ( 202,116 ) $ 3,220,054 $ ( 17,557 ) $ 2,877,623 $ 5 $ 2,877,628 4 Table of Contents Generac Holdings Inc. Excess Purchase Price Accumulated Additional Over Other Total Common Stock Paid-In Treasury Stock Predecessor Retained Comprehensive Stockholders' Noncontrolling Shares Amount Capital Shares Amount Basis Earnings Income (Loss) Equity Interest Total Balance at January 1, 2025 73,785,631 $ 738 $ 1,133,756 ( 14,173,697 ) $ ( 1,196,997 ) $ ( 202,116 ) $ 2,844,296 $ ( 85,399 ) $ 2,494,278 $ 3,165 $ 2,497,443 Unrealized loss on interest rate swaps, net of tax of $ 2,435 ( 7,403 ) ( 7,403 ) ( 7,403 ) Foreign currency translation adjustment 95,907 95,907 651 96,558 Common stock issued under equity incentive plans, net of forfeitures and shares withheld for employee taxes and strike price 238,119 2 1,037 1,039 1,039 Net share settlement of restricted stock awards ( 68,973 ) ( 9,304 ) ( 9,304 ) ( 9,304 ) Stock repurchases ( 1,109,206 ) ( 147,917 ) ( 147,917 ) ( 147,917 ) Share-based compensation 26,360 26,360 26,360 Cash dividends paid to noncontrolling interest of subsidiary ( 293 ) ( 293 ) ( 293 ) Net income 117,856 117,856 852 118,708 Balance at June 30, 2025 74,023,750 $ 740 $ 1,161,153 ( 15,351,876 ) $ ( 1,354,218 ) $ ( 202,116 ) $ 2,961,859 $ 3,105 $ 2,570,523 $ 4,668 $ 2,575,191 See notes to condensed consolidated financial statements. 5 Table of Contents Generac Holdings Inc. Condensed Consolidated Statements of Cash Flows (U.S. Dollars in Thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Operating activities Net income $ 216,122 $ 118,708 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and finance lease amortization 53,189 43,292 Amortization of intangible assets 61,195 51,170 Amortization of deferred financing costs and original issue discount 1,081 1,278 Change in fair value of investments ( 4,542 ) 11,471 Deferred income tax expense (benefit) 26,447 ( 18,668 ) Share-based compensation expense 27,447 26,360 Loss on disposal of assets 211 602 Loss attributable to business dispositions 18,238 3,905 Other noncash charges 2,159 1,513 Excess tax benefits from equity awards ( 3,447 ) 90 Net changes in operating assets and liabilities: Accounts receivable ( 64,430 ) ( 485 ) Inventories 14,869 ( 199,279 ) Other assets ( 105,336 ) 7,990 Accounts payable 116,387 129,489 Accrued wages and employee benefits ( 8,098 ) ( 28,297 ) Other accrued liabilities ( 110,996 ) ( 18,798 ) Net cash provided by operating activities 240,496 130,341 Investing activities Proceeds from sale of property and equipment 10 - Purchase of long-term investments - ( 2,656 ) Expenditures for property and equipment ( 87,687 ) ( 88,653 ) Acquisition of businesses, net of cash acquired ( 211,820 ) - Proceeds (payments) from sale of businesses, net of cash disposed 23,654 ( 1,999 ) Net cash used in investing activities ( 275,843 ) ( 93,308 ) Financing activities Proceeds from short-term borrowings 22,736 21,860 Proceeds from long-term borrowings 82,538 92,585 Repayments of short-term borrowings ( 25,571 ) ( 30,171 ) Repayments of long-term borrowings and finance lease obligations ( 93,096 ) ( 29,032 ) Stock repurchases - ( 147,917 ) Payment of deferred acquisition consideration ( 958 ) - Cash dividends paid to noncontrolling interest of subsidiary - ( 293 ) Taxes paid related to equity awards ( 36,702 ) ( 9,393 ) Proceeds from the exercise of stock options 10,275 1,043 Net cash used in financing activities ( 40,778 ) ( 101,318 ) Effect of foreign exchange rate changes on cash and cash equivalents ( 367 ) 6,539 Net decrease in cash and cash equivalents ( 76,492 ) ( 57,746 ) Cash and cash equivalents at beginning of period 341,413 281,277 Cash and cash equivalents at end of period $ 264,921 $ 223,531 See notes to condensed consolidated financial statements. 6 Table of Contents Generac Holdings Inc. Notes to Condensed Consolidated Financial Statements ( U.S. Dollars in Thousands, Except Share and Per Share Data) (Unaudited) 1. Description of Business and Basis of Presentation Founded in 1959, Generac Holdings Inc. (the Company) is a leading global designer and manufacturer of a wide range of energy technology solutions. The Company provides power generation equipment, energy storage systems, energy management devices solutions, and other power products and services serving the residential, commercial, data center, telecom, rental, and industrial markets. Generac s power products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers, and equipment rental companies, as well as sold direct to certain end user customers. Over the years, the Company has executed a number of acquisitions that support its strategic plan (refer to Item 1 in the Company's Annual Report on Form 10 -K for the year ended December 31, 2025, for a discussion of the Company's Powering a Smarter World strategic plan). A summary of acquisitions affecting the reporting periods presented include: In January 2026, the Company acquired Allmand, headquartered in Holdrege, Nebraska. Allmand is a leading manufacturer of mobile power equipment for commercial, industrial, and rental markets. In April 2026, the Company acquired Enercon Engineering, Inc. (Enercon), headquartered in East Peoria, Illinois. Enercon designs and manufactures custom power equipment and industrial enclosures for high-reliability applications for commercial and industrial markets. In May 2026, the Company acquired substantially all of the assets and liabilities of the Wolter Power Systems (Wolter) business, headquartered in Brookfield, Wisconsin. Wolter is an industrial and residential generator distributor as well as a provider of maintenance and repair services. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2026 and 2025 , the condensed consolidated statements of stockholders equity for the three and six months ended June 30, 2026 and 2025 , and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operation, and cash flows have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in conformity with accounting principles generally accepted in the United States of America (GAAP). All intercompany amounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 -K for the year ended December 31, 2025 . Tariff Refund On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and allowing for the recovery of IEEPA tariff amounts previously paid. The Company elected to account for the refund of tariffs under a loss recovery model pursuant to Accounting Standards Codification (ASC) 410 - 30. Under the loss recovery model, an asset for recovery may be recognized only when receipt is considered probable, as defined under ASC 450 - 20. During the three and six months ended June 30, 2026, the Company received tariff refunds totaling approximately $ 61,400 . Additionally, the Company recorded a tariff refund receivable within prepaid expenses and other current assets in the condensed consolidated balance sheets of approximately $ 27,700 for which the Company has deemed receipt probable to occur. Approximately $ 71,100 of the tariff recovery was recorded as a reduction of cost of goods sold in the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2026, and the remainder was recorded in inventories in the condensed consolidated balance sheets. New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standard updates (ASUs) to the FASB Accounting Standards Codification. In September 2025, the FASB issued ASU 2025 - 06 Intangibles Goodwill and Other Internal-Use Software (Subtopic 350 - 40 ) . The update is intended to better align internal use software guidance with modern development methods, which have evolved to commonly include incremental and iterative development approaches. The ASU requires an entity to start capitalizing software costs when management has authorized and committed to funding a software project and when it is probable the project will be completed and used to perform the intended function. The ASU amendments also supersede previous guidance on website development costs. The update is effective for fiscal years beginning after December 15, 2027 and may be adopted prospectively, retrospectively or with a modified transition approach. Early adoption is permitted. The Company is currently assessing the impact and timing of adopting the updated standard. In November 2024, the FASB issued ASU 2024 - 03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses . The new guidance is intended to provide investors with more detailed disclosures around specific types of expenses. The new disclosures require additional quantitative and qualitative information for certain expenses contained within the consolidated statements of comprehensive income to be presented in the notes to the financial statements. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to

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