1 800 FLOWERS COM INC (FLWS)
Business Summary
1-800-FLOWERS.COM, Inc. operates as a leading provider of thoughtful expressions, offering a portfolio of brands including 1-800-Flowers.com, 1-800-Baskets.com, Cheryl’s Cookies, Harry & David, PersonalizationMall.com, Shari’s Berries, FruitBouquets.com, Things Remembered, Moose Munch, The Popcorn Factory, Wolferman’s Bakery, Vital Choice, Scharffen Berger, and Simply Chocolate. The company also operates BloomNet, an international floral and gift industry service provider, Napco, a resource for floral gifts and seasonal décor, DesignPac, a manufacturer of gift baskets and towers, and Card Isle, an e-commerce greeting card service. The industry is highly competitive, with the floral, plant, gift basket, gourmet food, and specialty gift categories each being highly fragmented and served by a large number of companies, none of which is dominant. Competition is intense and expected to increase, with competitors including retail floral shops, online marketplaces, catalog companies, floral telemarketers and wire services, supermarkets, mass merchants, and online delivery services.
The company believes that 1-800-FLOWERS.COM is one of the most recognized brands in the floral and gift industries, and the strength of its brand has enabled it to extend product offerings beyond floral into complementary categories. The company has a large customer file, including 0.8 million Celebrations Passport members who, along with multi-brand customers, represent the best customer cohorts in terms of frequency, retention, and average spend. Celebrations Passport and multi-brand customers spend an average of 2x to 3x the amount spent by other customers, and represent approximately 20% of customers and approximately 35% of revenue. The company believes its strengths in brand recognition, product selection, customer relationships, technology infrastructure, and fulfillment capabilities position it to compete effectively.
The company generates revenue through a multi-channel e-commerce business platform, with customers primarily placing orders online or over the telephone. The business model is built around a consolidated customer database and multi-brand website designed to dynamically engage customers, with a focus on deepening relationships through content and community. The company operates a hybrid fulfillment system that combines BloomNet independent florists, company distribution centers, and direct-ship vendors, enabling same-day, next-day, and any-day delivery while reducing capital investments in inventory and infrastructure. The Celebrations Passport loyalty program provides members with free standard shipping and no service charge on eligible products across the brand portfolio, driving customer lifetime value.
The Consumer Floral & Gifts segment is a direct-to-consumer, multi-channel provider of fresh flowers, plants, fruit and gift basket products, balloons, candles, keepsake gifts, jewelry, and plush stuffed animals, including the flagship 1-800-Flowers.com brand, FruitBouquets.com, Personalization Mall, Things Remembered, and Flowerama. In fiscal 2026, this segment generated net revenues of $638,931 thousand and gross profit of $251,517 thousand, with a gross margin of 39.4%. The Gourmet Foods & Gift Baskets segment is a multi-channel specialty retailer and producer of premium gift-quality fruit, gourmet food products, and gifts, including Harry & David, Wolferman’s Bakery, Vital Choice, Moose Munch, Cheryl’s Cookies, Mrs. Beasley’s, The Popcorn Factory, DesignPac, 1-800-Baskets.com, Simply Chocolate, Shari’s Berries, and Scharffen Berger. This segment generated net revenues of $768,520 thousand and gross profit of $272,569 thousand, with a gross margin of 35.5% in fiscal 2026.
The BloomNet segment provides products and services to professional florists, including settlement processing, advertising, access services through Bloomlink, web hosting, marketing, designer education, point of sale systems, and wholesale floral supplies. BloomNet also includes Napco, a wholesale merchandiser and marketer of floral industry products, and Card Isle, a provider of digital and physical greeting cards. In fiscal 2026, the BloomNet segment generated net revenues of $96,832 thousand and gross profit of $46,829 thousand, with a gross margin of 48.4%. The company completed the acquisition of Card Isle on April 3, 2024 for $3.6 million, and the acquisition of certain assets of Scharffen Berger on July 1, 2024 for approximately $3.3 million, both funded with cash on the balance sheet.
During fiscal 2026, the company recorded a non-cash goodwill and intangible impairment charge of $45.2 million, comprised of $34.6 million attributable to the Consumer Floral & Gifts reporting unit's goodwill and $10.6 million attributable to the Personalization Mall tradename. The company also recorded restructuring costs and severance of $12,312 thousand during fiscal 2026. The company repurchased a total of $1.2 million (289,720 shares) of its common stock during fiscal 2026 under its stock repurchase plan, and as of June 28, 2026, $10.2 million remains authorized under the plan. The company has never declared or paid cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future.
In fiscal 2026, net revenues decreased by $182.1 million, or 10.8%, to $1,503.5 million, compared to fiscal 2025, primarily due to a focus on marketing effectiveness and profitability over near-term revenue growth, offset in part by increased wholesale volume. Gross margins declined to 38.0%, a 70-basis point decrease over fiscal 2025, primarily due to deleveraging on the sales decline, partially offset by cost reduction and operational efficiency initiatives. Net loss was $134.8 million, compared with a net loss of $200.0 million in fiscal 2025. Adjusted EBITDA for fiscal 2026 was $2.9 million, compared with $29.2 million in fiscal 2025.
Business Outlook & Financial Sufficiency
The company is focused on building a comprehensive celebratory ecosystem that positions its brands as the definitive choice for meaningful gifting occasions, with a strategy centered on strengthening brand equity, accelerating customer acquisition, and enhancing customer lifetime value. The company continues to invest in emerging marketing channels and customer engagement technologies, with particular emphasis on artificial intelligence-driven personalization, enhanced mobile commerce capabilities, and innovative partnership models that align with evolving consumer preferences and purchasing behaviors. The company also intends to continue to develop differentiated products and signature collections that customers have embraced and come to expect.
The company is focused on deepening relationships with its customers through content and community, and inspiring customers to give more and build better and more meaningful relationships. The company's strategic relationship with the Smile Farms organization creates meaningful employment opportunities for adults with developmental disabilities and brings awareness of this important cause to millions of consumers. The company continues to evaluate the potential disposition of assets and businesses that may no longer help meet its objectives, and may look to acquire additional companies in the future.
The company is focused on reducing its operating expense ratio and leveraging its operating platform, as well as managing expenses associated with sales and marketing and necessary general and administrative and technology investments. The company aims to reduce promotional activities and achieve more efficient marketing programs. The company's ability to reduce operating expenses quickly enough to offset any unexpected revenue shortfall is a key factor in its margin outlook.
The company's fulfillment and manufacturing operations are supported by a hybrid fulfillment system that combines BloomNet independent florists, company distribution centers, and direct-ship vendors. The company's products are distributed from a combination of Company-owned and leased distribution facilities across the country, which are shared by its brands to reduce transit time and overall logistics costs. The company continues to invest in advanced analytics capabilities and marketing automation technologies to improve targeting precision and campaign performance measurement.
The company has a stock repurchase plan through which purchases can be made from time to time in the open market and through privately negotiated transactions, subject to general market conditions. As of June 28, 2026, $10.2 million remains authorized under the plan. The company has never declared or paid cash dividends on its common stock and currently does not anticipate paying any cash dividends in the foreseeable future. The company's existing credit facilities contain limitations on the payment of dividends.
The company faces headwinds from macroeconomic conditions, including inflationary pressure, uncertainty regarding tariffs and trade policy, elevated promotional activity across the retail and e-commerce sectors, and shifts in consumer preferences toward lower-priced or substitute gift offerings. The company is dependent on international vendors for its supply of flowers, as well as certain components and products, exposing it to significant regulatory, global economic, taxation, political instability, and other risks. Tariffs were imposed on flowers imported from Colombia during fiscal 2025 and fiscal 2026, and tariffs were imposed on cut flowers imported from Canada starting in August 2026.
The company faces execution risks related to its ability to successfully integrate acquired businesses and assets, its ability to cost effectively acquire and retain customers and drive purchase frequency, and its ability to compete against existing and new competitors. The company also faces risks related to increased shipping costs and supply chain disruptions, which could adversely affect sales of its products. The company's operating results may fluctuate due to seasonality, the retail economy, the timing and effectiveness of marketing programs, and the timing of the introduction of new products and services.
Management Sentiments & Priorities
Management's message emphasizes that fiscal 2026 was a year of meaningful progress as the company strengthened the foundation of the business and positioned itself for its next phase of transformation. Throughout the year, the company strengthened the leadership team, began to modernize its digital and marketing capabilities, simplified its operations, and became a more customer-first, data driven organization. These actions strengthened the foundation of the business and better positioned the company to drive sustainable, profitable growth over the long term. Management's strategic priorities include focusing on marketing effectiveness and profitability over near-term revenue growth, reducing the operating expense ratio, and leveraging the operating platform. The company also emphasizes its commitment to building an inclusive and equitable culture, offering competitive compensation and benefits, and focusing on health, safety, and wellness for its associates.
Financial Details
Total net revenues for fiscal 2026 were $1,503,511 thousand, compared to $1,685,658 thousand in fiscal 2025, a decrease of 10.8%. Net loss for fiscal 2026 was $134,765 thousand, compared to a net loss of $199,993 thousand in fiscal 2025. Basic and diluted net loss per common share was $2.11 in fiscal 2026, compared to $3.13 in fiscal 2025. Gross profit for fiscal 2026 was $571,335 thousand, compared to $652,272 thousand in fiscal 2025, with gross margin of 38.0% versus 38.7% in the prior year. Adjusted EBITDA for fiscal 2026 was $2,930 thousand, compared to $29,166 thousand in fiscal 2025. The company recorded a non-cash goodwill and intangible impairment charge of $45,154 thousand in fiscal 2026, which reduced reported net loss, and restructuring costs and severance of $12,312 thousand, which also reduced reported net loss. In fiscal 2025, the company recorded a non-cash goodwill and intangible impairment charge of $143,823 thousand and system implementation costs of $13,401 thousand. Segment performance: Consumer Floral & Gifts net revenues decreased 17.7% to $638,931 thousand, BloomNet net revenues decreased 1.9% to $96,832 thousand, and Gourmet Foods & Gift Baskets net revenues decreased 5.2% to $768,520 thousand.
Risk Factors
The company is highly dependent on international vendors for its supply of flowers, primarily from Colombia, Ecuador, and Holland, and faces significant risks from tariffs, trade policy changes, and supply chain disruptions. Tariffs were imposed on flowers imported from Colombia during fiscal 2025 and fiscal 2026, and tariffs were imposed on cut flowers imported from Canada starting in August 2026, which could increase costs, disrupt inventory availability, reduce gross margins, or affect product quality. The company has recorded significant non-cash impairment charges in recent years, including $45.2 million in fiscal 2026, $143.8 million in fiscal 2025, and $19.8 million in fiscal 2024, related to goodwill and certain trademarks, and may be required to record additional impairment charges in the future if actual or projected performance declines. The company's business is seasonal, with the Thanksgiving through Christmas holiday season generating over 40% of annual revenues and all of its earnings, and the fiscal second quarter representing approximately 47% of annual revenues in fiscal 2026, making results highly sensitive to holiday season performance. The company faces intense competition in each of its product categories, which could result in price reductions, decreased revenues, lower profit margins, loss of market share, and increased marketing expenditures. The company's credit facilities contain financial and affirmative and negative covenants that could limit operating flexibility, and failure to comply could result in an event of default enabling lenders to declare outstanding principal immediately due and payable.
References
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- [710] Item 7, MD&A — Segment Contribution Margin
- [711] Item 7, MD&A — Segment Contribution Margin
- [712] Item 7, MD&A — Segment Contribution Margin
- [713] Item 7, MD&A — Segment Contribution Margin
- [714] Item 7, MD&A — Segment Contribution Margin
- [715] Item 7, MD&A — Segment Contribution Margin
- [716] Item 7, MD&A — Segment Contribution Margin
- [717] Item 7, MD&A — Segment Contribution Margin
- [718] Item 7, MD&A — Segment Contribution Margin
- [719] Item 7, MD&A — Segment Contribution Margin
- [720] Item 7, MD&A — Segment Contribution Margin
- [721] Item 7, MD&A — Segment Contribution Margin
- [722] Item 7, MD&A — Segment Contribution Margin
- [723] Item 7, MD&A — Segment Contribution Margin
- [724] Item 7, MD&A — Segment Contribution Margin
- [725] Item 7, MD&A — Segment Contribution Margin
- [726] Item 7, MD&A — Segment Contribution Margin
- [727] Item 7, MD&A — Segment Contribution Margin
- [728] Item 7, MD&A — Segment Contribution Margin
- [729] Item 7, MD&A — Segment Contribution Margin
- [730] Item 7, MD&A — Segment Contribution Margin
- [731] Item 7, MD&A — Segment Contribution Margin
- [732] Item 7, MD&A — Segment Contribution Margin
- [733] Item 7, MD&A — Segment Contribution Margin
- [734] Item 7, MD&A — Segment Contribution Margin
- [735] Item 7, MD&A — Segment Contribution Margin
- [736] Item 7, MD&A — Segment Contribution Margin
- [737] Item 7, MD&A — Segment Contribution Margin
- [738] Item 7, MD&A — Segment Contribution Margin
- [739] Item 7, MD&A — Segment Contribution Margin
- [740] Item 7, MD&A — Segment Contribution Margin
- [741] Item 7, MD&A — Segment Contribution Margin
- [742] Item 7, MD&A — Segment Contribution Margin
- [743] Item 7, MD&A — Segment Contribution Margin
- [744] Item 7, MD&A — Segment Contribution Margin
- [745] Item 7, MD&A — Segment Contribution Margin
- [746] Item 7, MD&A — Segment Contribution Margin
- [747] Item 7, MD&A — Segment Contribution Margin
- [748] Item 7, MD&A — Segment Contribution Margin
- [749] Item 7, MD&A — Segment Contribution Margin
- [750] Item 7, MD&A — Segment Contribution Margin
- [751] Item 7, MD&A — Segment Contribution Margin
- [752] Item 7, MD&A — Segment Contribution Margin
- [753] Item 7, MD&A — Segment Contribution Margin
- [754] Item 7, MD&A — Segment Contribution Margin
- [755] Item 7, MD&A — Segment Contribution Margin
- [756] Item 7, MD&A — Segment Contribution Margin
- [757] Item 7, MD&A — Segment Contribution Margin
- [758] Item 7, MD&A — Segment Contribution Margin
- [759] Item 7, MD&A — Segment Contribution Margin
- [760] Item 7, MD&A — Segment Contribution Margin
- [761] Item 7, MD&A — Segment Contribution Margin
- [762] Item 7, MD&A — Segment Contribution Margin
- [763] Item 7, MD&A — Segment Contribution Margin
- [764] Item 7, MD&A — Segment Contribution Margin
- [765] Item 7, MD&A — Segment Contribution Margin
- [766] Item 7, MD&A — Segment Contribution Margin
- [767] Item 7, MD&A — Segment Contribution Margin
- [768] Item 7, MD&A — Segment Contribution Margin
- [769] Item 7, MD&A — Segment Contribution Margin
- [770] Item 7, MD&A — Segment Contribution Margin
- [771] Item 7, MD&A — Segment Contribution Margin
- [772] Item 7, MD&A — Segment Contribution Margin
- [773] Item 7, MD&A — Segment Contribution Margin
- [774] Item 7, MD&A — Segment Contribution Margin
- [775] Item 7, MD&A — Segment Contribution Margin
- [776] Item 7, MD&A — Segment Contribution Margin
- [777] Item 7, MD&A — Segment Contribution Margin
- [778] Item 7, MD&A — Segment Contribution Margin
- [779] Item 7, MD&A — Segment Contribution Margin
- [780] Item 7, MD&A — Segment Contribution Margin
- [781] Item 7, MD&A — Segment Contribution Margin
- [782] Item 7, MD&A — Segment Contribution Margin
- [783] Item 7, MD&A — Segment Contribution Margin
- [784] Item 7, MD&A — Segment Contribution Margin
- [785] Item 7, MD&A — Segment Contribution Margin
- [786] Item 7, MD&A — Segment Contribution Margin
- [787] Item 7, MD&A — Segment Contribution Margin
- [788] Item 7, MD&A — Segment Contribution Margin
- [789] Item 7, MD&A — Segment Contribution Margin
- [790] Item 7, MD&A — Segment Contribution Margin
- [791] Item 7, MD&A — Segment Contribution Margin
- [792] Item 7, MD&A — Segment Contribution Margin
- [793] Item 7, MD&A — Segment Contribution Margin
- [794] Item 7, MD&A — Segment Contribution Margin
- [795] Item 7, MD&A — Segment Contribution Margin
- [796] Item 7, MD&A — Segment Contribution Margin
- [797] Item 7, MD&A — Segment Contribution Margin
- [798] Item 7, MD&A — Segment Contribution Margin
- [799] Item 7, MD&A — Segment Contribution Margin
- [800] Item 7, MD&A — Segment Contribution Margin
- [801] Item 7, MD&A — Segment Contribution Margin
- [802] Item 7, MD&A — Segment Contribution Margin
- [803] Item 7, MD&A — Segment Contribution Margin
- [804] Item 7, MD&A — Segment Contribution Margin
- [805] Item 7, MD&A — Segment Contribution Margin
- [806] Item 7, MD&A — Segment Contribution Margin
- [807] Item 7, MD&A — Segment Contribution Margin
- [808] Item 7, MD&A — Segment Contribution Margin
- [809] Item 7, MD&A — Segment Contribution Margin
- [810] Item 7, MD&A — Segment Contribution Margin
- [811] Item 7, MD&A — Segment Contribution Margin
- [812] Item 7, MD&A — Segment Contribution Margin
- [813] Item 7, MD&A — Segment Contribution Margin
- [814] Item 7, MD&A — Segment Contribution Margin
- [815] Item 7, MD&A — Segment Contribution Margin
- [816] Item 7, MD&A — Segment Contribution Margin
- [817] Item 7, MD&A — Segment Contribution Margin
- [818] Item 7, MD&A — Segment Contribution Margin
- [819] Item 7, MD&A — Segment Contribution Margin
- [820] Item 7, MD&A — Segment Contribution Margin
- [821] Item 7, MD&A — Segment Contribution Margin
- [822] Item 7, MD&A — Segment Contribution Margin
- [823] Item 7, MD&A — Segment Contribution Margin
- [824] Item 7, MD&A — Segment Contribution Margin
- [825] Item 7, MD&A — Segment Contribution Margin
- [826] Item 7, MD&A — Segment Contribution Margin
- [827] Item 7, MD&A — Segment Contribution Margin
- [828] Item 7, MD&A — Segment Contribution Margin
- [829] Item 7, MD&A — Segment Contribution Margin
- [830] Item 7, MD&A — Segment Contribution Margin
- [831] Item 7, MD&A — Segment Contribution Margin
- [832] Item 7, MD&A — Segment Contribution Margin
- [833] Item 7, MD&A — Segment Contribution Margin
- [834] Item 7, MD&A — Segment Contribution Margin
- [835] Item 7, MD&A — Segment Contribution Margin
- [836] Item 7, MD&A — Segment Contribution Margin
- [837] Item 7, MD&A — Segment Contribution Margin
- [838] Item 7, MD&A — Segment Contribution Margin
- [839] Item 7, MD&A — Segment Contribution Margin
- [840] Item 7, MD&A — Segment Contribution Margin
- [841] Item 7, MD&A — Segment Contribution Margin
- [842] Item 7, MD&A — Segment Contribution Margin
- [843] Item 7, MD&A — Segment Contribution Margin
- [844] Item 7, MD&A — Segment Contribution Margin
- [845] Item 7, MD&A — Segment Contribution Margin
- [846] Item 7, MD&A — Segment Contribution Margin
- [847] Item 7, MD&A — Segment Contribution Margin
- [848] Item 7, MD&A — Segment Contribution Margin
- [849] Item 7, MD&A — Segment Contribution Margin
- [850] Item 7, MD&A — Segment Contribution Margin
- [851] Item 7, MD&A — Segment Contribution Margin
- [852] Item 7, MD&A — Segment Contribution Margin
- [853] Item 7, MD&A — Segment Contribution Margin
- [854] Item 7, MD&A — Segment Contribution Margin
- [855] Item 7, MD&A — Segment Contribution Margin
- [856] Item 7, MD&A — Segment Contribution Margin
- [857] Item 7, MD&A — Segment Contribution Margin
- [858] Item 7, MD&A — Segment Contribution Margin
- [859] Item 7, MD&A — Segment Contribution Margin
- [860] Item 7, MD&A — Segment Contribution Margin
- [861] Item 7, MD&A — Segment Contribution Margin
- [862] Item 7, MD&A — Segment Contribution Margin
- [863] Item 7, MD&A — Segment Contribution Margin
- [864] Item 7, MD&A — Segment Contribution Margin
- [865] Item 7, MD&A — Segment Contribution Margin
- [866] Item 7, MD&A — Segment Contribution Margin
- [867] Item 7, MD&A — Segment Contribution Margin
- [868] Item 7, MD&A — Segment Contribution Margin
- [869] Item 7, MD&A — Segment Contribution Margin
- [870] Item 7, MD&A — Segment Contribution Margin
- [871] Item 7, MD&A — Segment Contribution Margin
- [872] Item 7, MD&A — Segment Contribution Margin
- [873] Item 7, MD&A — Segment Contribution Margin
- [874] Item 7, MD&A — Segment Contribution Margin
- [875] Item 7, MD&A — Segment Contribution Margin
- [876] Item 7, MD&A — Segment Contribution Margin
- [877] Item 7, MD&A — Segment Contribution Margin
- [878] Item 7, MD&A — Segment Contribution Margin
- [879] Item 7, MD&A — Segment Contribution Margin
- [880] Item 7, MD&A — Segment Contribution Margin
- [881] Item 7, MD&A — Segment Contribution Margin
- [882] Item 7, MD&A — Segment Contribution Margin
- [883] Item 7, MD&A — Segment Contribution Margin
- [884] Item 7, MD&A — Segment Contribution Margin
- [885] Item 7, MD&A — Segment Contribution Margin
- [886] Item 7, MD&A — Segment Contribution Margin
- [887] Item 7, MD&A — Segment Contribution Margin
- [888] Item 7, MD&A — Segment Contribution Margin
- [889] Item 7, MD&A — Segment Contribution Margin
- [890] Item 7, MD&A — Segment Contribution Margin
- [891] Item 7, MD&A — Segment Contribution Margin
- [892] Item 7, MD&A — Segment Contribution Margin
- [893] Item 7, MD&A — Segment Contribution Margin
- [894] Item 7, MD&A — Segment Contribution Margin
- [895] Item 7, MD&A — Segment Contribution Margin
- [896] Item 7, MD&A — Segment Contribution Margin
- [897] Item 7, MD&A — Segment Contribution Margin
- [898] Item 7, MD&A — Segment Contribution Margin
- [899] Item 7, MD&A — Segment Contribution Margin
- [900] Item 7, MD&A — Segment Contribution Margin
- [901] Item 7, MD&A — Segment Contribution Margin
- [902] Item 7, MD&A — Segment Contribution Margin
- [903] Item 7, MD&A — Segment Contribution Margin
- [904] Item 7, MD&A — Segment Contribution Margin
- [905] Item 7, MD&A — Segment Contribution Margin
- [906] Item 7, MD&A — Segment Contribution Margin
- [907] Item 7, MD&A — Segment Contribution Margin
- [908] Item 7, MD&A — Segment Contribution Margin
- [909] Item 7, MD&A — Segment Contribution Margin
- [910] Item 7, MD&A — Segment Contribution Margin
- [911] Item 7, MD&A — Segment Contribution Margin
- [912] Item 7, MD&A — Segment Contribution Margin
- [913] Item 7, MD&A — Segment Contribution Margin
- [914] Item 7, MD&A — Segment Contribution Margin
- [915] Item 7, MD&A — Segment Contribution Margin
- [916] Item 7, MD&A — Segment Contribution Margin
- [917] Item 7, MD&A — Segment Contribution Margin
- [918] Item 7, MD&A — Segment Contribution Margin
- [919] Item 7, MD&A — Segment Contribution Margin
- [920] Item 7, MD&A — Segment Contribution Margin
- [921] Item 7, MD&A — Segment Contribution Margin
- [922] Item 7, MD&A — Segment Contribution Margin
- [923] Item 7, MD&A — Segment Contribution Margin
- [924] Item 7, MD&A — Segment Contribution Margin
- [925] Item 7, MD&A — Segment Contribution Margin
- [926] Item 7, MD&A — Segment Contribution Margin
- [927] Item 7, MD&A — Segment Contribution Margin
- [928] Item 7, MD&A — Segment Contribution Margin
- [929] Item 7, MD&A — Segment Contribution Margin
- [930] Item 7, MD&A — Segment Contribution Margin
- [931] Item 7, MD&A — Segment Contribution Margin
- [932] Item 7, MD&A — Segment Contribution Margin
- [933] Item 7, MD&A — Segment Contribution Margin
- [934] Item 7, MD&A — Segment Contribution Margin
- [935] Item 7, MD&A — Segment Contribution Margin
- [936] Item 7, MD&A — Segment Contribution Margin
- [937] Item 7, MD&A — Segment Contribution Margin
- [938] Item 7, MD&A — Segment Contribution Margin
- [939] Item 7, MD&A — Segment Contribution Margin
- [940] Item 7, MD&A — Segment Contribution Margin
- [941] Item 7, MD&A — Segment Contribution Margin
- [942] Item 7, MD&A — Segment Contribution Margin
- [943] Item 7, MD&A — Segment Contribution Margin
- [944] Item 7, MD&A — Segment Contribution Margin
- [945] Item 7, MD&A — Segment Contribution Margin
- [946] Item 7, MD&A — Segment Contribution Margin
- [947] Item 7, MD&A — Segment Contribution Margin
- [948] Item 7, MD&A — Segment Contribution Margin
- [949] Item 7, MD&A — Segment Contribution Margin
- [950] Item 7, MD&A — Segment Contribution Margin
- [951] Item 7, MD&A — Segment Contribution Margin
- [952] Item 7, MD&A — Segment Contribution Margin
- [953] Item 7, MD&A — Segment Contribution Margin
- [954] Item 7, MD&A — Segment Contribution Margin
- [955] Item 7, MD&A — Segment Contribution Margin
- [956] Item 7, MD&A — Segment Contribution Margin
- [957] Item 7, MD&A — Segment Contribution Margin
- [958] Item 7, MD&A — Segment Contribution Margin
- [959] Item 7, MD&A — Segment Contribution Margin
- [960] Item 7, MD&A — Segment Contribution Margin
- [961] Item 7, MD&A — Segment Contribution Margin
- [962] Item 7, MD&A — Segment Contribution Margin
- [963] Item 7, MD&A — Segment Contribution Margin
- [964] Item 7, MD&A — Segment Contribution Margin
- [965] Item 7, MD&A — Segment Contribution Margin
- [966] Item 7, MD&A — Segment Contribution Margin
- [967] Item 7, MD&A — Segment Contribution Margin
- [968] Item 7, MD&A — Segment Contribution Margin
- [969] Item 7, MD&A — Segment Contribution Margin
- [970] Item 7, MD&A — Segment Contribution Margin
- [971] Item 7, MD&A — Segment Contribution Margin
- [972] Item 7, MD&A — Segment Contribution Margin
- [973] Item 7, MD&A — Segment Contribution Margin
- [974] Item 7, MD&A — Segment Contribution Margin
- [975] Item 7, MD&A — Segment Contribution Margin
- [976] Item 7, MD&A — Segment Contribution Margin
- [977] Item 7, MD&A — Segment Contribution Margin
- [978] Item 7, MD&A — Segment Contribution Margin
- [979] Item 7, MD&A — Segment Contribution Margin
- [980] Item 7, MD&A — Segment Contribution Margin
- [981] Item 7, MD&A — Segment Contribution Margin
- [982] Item 7, MD&A — Segment Contribution Margin
- [983] Item 7, MD&A — Segment Contribution Margin
- [984] Item 7, MD&A — Segment Contribution Margin
- [985] Item 7, MD&A — Segment Contribution Margin
- [986] Item 7, MD&A — Segment Contribution Margin
- [987] Item 7, MD&A — Segment Contribution Margin
- [988] Item 7, MD&A — Segment Contribution Margin
- [989] Item 7, MD&A — Segment Contribution Margin
- [990] Item 7, MD&A — Segment Contribution Margin
- [991] Item 7, MD&A — Segment Contribution Margin
- [992] Item 7, MD&A — Segment Contribution Margin
- [993] Item 7, MD&A — Segment Contribution Margin
- [994] Item 7, MD&A — Segment Contribution Margin
- [995] Item 7, MD&A — Segment Contribution Margin
- [996] Item 7, MD&A — Segment Contribution Margin
- [997] Item 7, MD&A — Segment Contribution Margin
- [998] Item 7, MD&A — Segment Contribution Margin
- [999] Item 7, MD&A — Segment Contribution Margin
- [1000] Item 7, MD&A — Segment Contribution Margin
Analysis on 9/11/2026