Envista Holdings Corp 10-Q for FY2026 Q3

Envista Holdings Corp (NVST)

10-Q 2026-11-04 For: 2026-10-02

Added on November 05, 2026

About this 10-Q

Envista Holdings Corp filed this 10-Q on November 4, 2026, covering the quarter ended October 2, 2026 (FY2026 Q3).

Headline figures

Quarter ended October 2, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $691.5M; up 3.2% from $669.9M a year earlier
Net income: $508.3M; compared with a net loss of $30.3M a year earlier
Diluted EPS: $3.11; compared with -$0.18 a year earlier

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Delaware		83-2206728
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

200 S. Kraemer Blvd., Building E		92821-6208
Brea,	California
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	NVST	New York Stock Exchange


PART I. FINANCIAL INFORMATION
		PAGE
Item 1.	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income (Loss)	3
	Condensed Consolidated Statements of Changes in Stockholders' Equity	4
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 3.	Defaults Upon Senior Securities	40
Item 4.	Mine Safety Disclosures	40
Item 5.	Other Information	40
Item 6.	Exhibits	41


	As of
	October 2, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,158.8	$	1,211.7
Trade accounts receivable, less allowance for credit losses of $23.2 and $22.5, respectively	448.5		429.6
Inventories, net	285.2		288.1
Prepaid expenses and other current assets	109.3		97.2
Total current assets	2,001.8		2,026.6
Property, plant and equipment, net	300.7		296.8
Operating lease right-of-use assets	153.4		142.1
Other long-term assets	218.4		228.1
Goodwill, net	2,343.4		2,358.2
Other intangible assets, net	593.3		627.2
Total assets	$	5,611.0	$	5,679.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:

Trade accounts payable	$	171.8	$	191.6
Accrued expenses and other liabilities	606.6		622.0
Operating lease liabilities	37.9		39.0
Total current liabilities	816.3		852.6
Operating lease liabilities	120.6		110.4
Other long-term liabilities	156.5		161.4
Long-term debt	1,429.0		1,448.3
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 15.0 million shares authorized; no shares issued or outstanding at October 2, 2026 and December 31, 2025	—		—
Common stock, $0.01 par value, 500.0 million shares authorized; 176.6 million shares issued and 160.3 million shares outstanding at October 2, 2026; 175.4 million shares issued and 163.8 million shares outstanding at December 31, 2025	1.8		1.8
Treasury stock at cost; 16.3 million shares and 11.6 million shares at October 2, 2026 and December 31, 2025, respectively	(344.7)		(224.5)
Additional paid-in capital	3,917.5		3,882.6
Retained earnings (accumulated deficit)	160.3		(440.4)
Accumulated other comprehensive loss	(646.3)		(113.2)


Total stockholders’ equity	3,088.6		3,106.3
Total liabilities and stockholders’ equity	$	5,611.0	$	5,679.0


	Three Months Ended				Nine Months Ended
	October 2, 2026		September 26, 2025		October 2, 2026		September 26, 2025
Sales	$	691.5	$	669.9	$	2,127.5	$	1,968.9
Cost of sales	290.9		299.7		929.8		892.8
Gross profit	400.6		370.2		1,197.7		1,076.1
Operating expenses (income):
Selling, general and administrative	284.2		284.4		878.1		851.4
Research and development	29.3		28.3		89.7		81.9
Realized cumulative foreign currency translation gain	(428.1)		—		(428.1)		—
Operating profit	515.2		57.5		658.0		142.8
Nonoperating income (expense):
Other (expense) income, net	(7.2)		1.4		(7.3)		3.1
Interest expense, net	(7.8)		(9.0)		(23.9)		(26.3)
Income before income taxes	500.2		49.9		626.8		119.6
Income tax (benefit) expense	(8.1)		80.2		26.1		105.5
Net income (loss)	$	508.3	$	(30.3)	$	600.7	$	14.1

Earnings (loss) per share:
Earnings (loss) - basic	$	3.16	$	(0.18)	$	3.70	$	0.08
Earnings (loss) - diluted	$	3.11	$	(0.18)	$	3.65	$	0.08
Average common stock and common equivalent shares outstanding:
Basic	160.8		166.1		162.2		169.2
Diluted	163.4		166.1		164.7		170.3


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the transition period from to


	Nine Months Ended October 2, 2026
	Common Stock		Treasury Stock		Additional Paid-in Capital		(Accumulated Deficit) Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity










Balance, December 31, 2025	$	1.8	$	(224.5)	$	3,882.6	$	(440.4)	$	(113.2)	$	3,106.3
Common stock-based award activity	—		—		13.4		—		—		13.4
Purchase of treasury shares	—		(49.0)		—		—		—		(49.0)
Net income	—		—		—		38.7		—		38.7
Other comprehensive loss	—		—		—		—		(29.9)		(29.9)
Balance, April 3, 2026	1.8		(273.5)		3,896.0		(401.7)		(143.1)		3,079.5
Common stock-based award activity	—		—		10.1		—		—		10.1
Purchase of treasury shares	—		(60.2)		—		—		—		(60.2)
Net income	—		—		—		53.7		—		53.7
Other comprehensive loss	—		—		—		—		(6.8)		(6.8)
Balance, July 3, 2026	1.8		(333.7)		3,906.1		(348.0)		(149.9)		3,076.3
Common stock-based award activity	—		—		11.4		—		—		11.4
Purchase of treasury shares	—		(11.0)		—		—		—		(11.0)
Net income	—		—		—		508.3		—		508.3
Other comprehensive loss	—		—		—		—		(496.4)		(496.4)
Balance, October 2, 2026	$	1.8	$	(344.7)	$	3,917.5	$	160.3	$	(646.3)	$	3,088.6


	Nine Months Ended September 26, 2025
	Common Stock		Treasury Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity










Balance, December 31, 2024	$	1.7	$	(50.5)	$	3,842.1	$	(487.4)	$	(371.1)	$	2,934.8
Common stock-based award activity	—		—		7.9		—		—		7.9
Purchase of treasury shares	—		(22.6)		—		—		—		(22.6)
Net income	—		—		—		18.0		—		18.0
Other comprehensive income	—		—		—		—		98.0		98.0
Balance, March 28, 2025	1.7		(73.1)		3,850.0		(469.4)		(273.1)		3,036.1
Common stock-based award activity	—		—		10.3		—		—		10.3
Purchase of treasury shares	—		(83.4)		—		—		—		(83.4)
Net income	—		—		—		26.4		—		26.4
Other comprehensive income	—		—		—		—		149.6		149.6
Balance, June 27, 2025	1.7		(156.5)		3,860.3		(443.0)		(123.5)		3,139.0
Common stock-based award activity	0.1		—		11.5		—		—		11.6
Purchase of treasury shares	—		(42.5)		—		—		—		(42.5)
Net loss	—		—		—		(30.3)		—		(30.3)
Other comprehensive income	—		—		—		—		10.4		10.4
Balance, September 26, 2025	$	1.8	$	(199.0)	$	3,871.8	$	(473.3)	$	(113.1)	$	3,088.2


Proceeds from revolving line of credit	—		115.4


All other financing activities	(0.4)		—
Net cash used in financing activities	(115.9)		(145.7)
Effect of exchange rate changes on cash and cash equivalents	(34.5)		78.4
Net change in cash and cash equivalents	(52.9)		64.8
Beginning balance of cash and cash equivalents	1,211.7		1,069.1
Ending balance of cash and cash equivalents	$	1,158.8	$	1,133.9

Supplemental data:
Cash paid for interest	$	29.8	$	27.1
Cash paid for taxes	$	53.4	$	42.5

ROU assets obtained in exchange for operating lease obligations	$	40.0	$	24.6


	February 2, 2026
Assets acquired:
Cash	$	0.1
Accounts receivable	0.8
Inventories	3.4
Intangible assets	31.6
Prepaid expense & other assets	0.2
Goodwill	20.5
Other noncurrent assets	0.9
Total Assets	57.5
Liabilities assumed:
Accounts payable and accrued expenses	3.1
Total liabilities assumed	3.1
Total net assets acquired	$	54.4


Balance at December 31, 2025	$	22.5
Foreign currency translation	(0.6)
Provision for credit losses	12.4
Write-offs charged against the allowance	(2.8)
Recoveries	(8.3)
Balance at October 2, 2026	$	23.2


	October 2, 2026		December 31, 2025
Finished goods	$	209.5	$	212.6
Work in process	37.1		36.6
Raw materials	87.6		89.4
Reserve for inventory obsolescence	(49.0)		(50.5)
Total	$	285.2	$	288.1


	October 2, 2026		December 31, 2025
Land and improvements	$	9.9	$	10.0
Buildings and improvements	165.2		168.6
Machinery, equipment and other assets	460.4		476.8
Construction in progress	71.3		49.1
Gross property, plant and equipment	706.8		704.5
Less: accumulated depreciation	(406.1)		(407.7)
Property, plant and equipment, net	$	300.7	$	296.8


	October 2, 2026		December 31, 2025
Equity security investments	$	18.5	$	28.8


	Nine Months Ended
	October 2, 2026		September 26, 2025
Cash flows from operating activities:
Net income	$	600.7	$	14.1
Noncash items:
Depreciation	31.2		30.0
Amortization	51.2		56.9
Allowance for credit losses	12.4		6.0
Stock-based compensation expense	29.5		27.2
Gain on realized cumulative foreign currency translation	(428.1)		—
Gain on investments in rabbi trust, net	(2.3)		(3.0)
Loss on equity investments	9.6		—
(Gain) loss on sale of property, plant and equipment	(2.4)		0.3
Restructuring charges	1.0		—

Fixed assets impairments and other charges	1.5		2.2

Non-cash operating lease costs	28.0		25.8

Amortization of debt discount and issuance costs	2.9		3.2
Deferred income taxes	—		25.4
Change in trade accounts receivable	(37.0)		(23.6)
Change in inventories	1.2		(34.6)
Change in trade accounts payable	(19.1)		(25.9)
Change in prepaid expenses and other assets	(14.6)		1.5
Change in accrued expenses and other liabilities	(36.3)		95.0
Change in operating lease liabilities	(35.6)		(32.8)
Net cash provided by operating activities	193.8		167.7
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(43.5)		(29.0)
Purchases of investments held in rabbi trust	(12.3)		(9.6)
Proceeds from sale of investments held in rabbi trust	10.6		9.9
Proceeds from sales of property, plant and equipment	2.6		0.5

Acquisitions, net of cash acquired	(54.3)		—


All other investing activities, net	0.6		(7.4)
Net cash used in investing activities	(96.3)		(35.6)


	October 2, 2026				December 31, 2025
	Current		Noncurrent		Current		Noncurrent
Compensation and benefits	$	154.0	$	33.0	$	179.6	$	28.9
Sales and product allowances	71.8		1.8		78.2		1.8
Contract liabilities	189.1		22.0		184.8		22.4
Taxes, income and other	65.6		35.1		60.5		36.0
Restructuring-employee severance, benefits and other	12.1		—		12.0		—
Pension benefits	5.1		38.3		5.1		38.7
Loss contingencies	3.7		21.2		4.2		21.6
Other	105.2		5.1		97.6		12.0
Total	$	606.6	$	156.5	$	622.0	$	161.4


	Three Months Ended October 2, 2026				Three Months Ended September 26, 2025

	Notional Amount		Gain Recognized in OCI		Notional Amount		Gain Recognized in OCI

Foreign currency denominated debt	$	506.3	$	8.4	$	526.6	$	0.7
Foreign currency contract	150.0		2.3		150.0		0.3

Total	$	656.3	$	10.7	$	676.6	$	1.0


	Nine Months Ended October 2, 2026				Nine Months Ended September 26, 2025
	Notional Amount		Gain Recognized in OCI		Notional Amount		Loss Recognized in OCI

Foreign currency denominated debt	$	506.3	$	22.3	$	526.6	$	(48.9)
Foreign currency contract	150.0		5.0		150.0		(16.0)

Total	$	656.3	$	27.3	$	676.6	$	(64.9)


	Specialty Products & Technologies						Equipment & Consumables						Total
	Gross		Accumulated Impairment Charges		Total		Gross		Accumulated Impairment Charges		Total		Gross		Accumulated Impairment Charges		Total

Balance at December 31, 2025	$	2,018.1	$	(842.3)	$	1,175.8	$	1,512.9	$	(330.5)	$	1,182.4	$	3,531.0	$	(1,172.8)	$	2,358.2
Acquisition	20.5		—		20.5		—		—		—		20.5		—		20.5
Foreign currency translation	(23.9)		—		(23.9)		(11.4)		—		(11.4)		(35.3)		—		(35.3)
Balance at October 2, 2026	$	2,014.7	$	(842.3)	$	1,172.4	$	1,501.5	$	(330.5)	$	1,171.0	$	3,516.2	$	(1,172.8)	$	2,343.4


	October 2, 2026		December 31, 2025



Qualifying Net Investment Hedges:
Derivative hedging instruments:
Other long-term liabilities	$	5.3	$	10.2
Non-derivative hedging instruments:
Long-term debt	$	506.3	$	528.6

Non-Designated Hedge Derivatives:
Accrued expenses and other liabilities, net	$	6.2	$	—


	Quoted Prices in Active Market (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
October 2, 2026
Assets:


Investments in rabbi trust	$	3.4	$	28.0	$	—	$	31.4
Liabilities:

Cross-currency swap derivative contract	$	—	$	5.3	$	—	$	5.3
Foreign currency derivative contracts	$	—	$	6.2	$	—	$	6.2
Deferred compensation plans	$	—	$	31.7	$	—	$	31.7

December 31, 2025
Assets:

Investments in rabbi trust	$	9.2	$	18.3	$	—	$	27.5
Liabilities:
Cross-currency swap derivative contract	$	—	$	10.2	$	—	$	10.2
Deferred compensation plans	$	—	$	27.6	$	—	$	27.6


	October 2, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Investments in rabbi trust	$	31.4	$	31.4	$	27.5	$	27.5



Liabilities:

Cross-currency swap derivative contract	$	5.3	$	5.3	$	10.2	$	10.2
Foreign currency derivative contracts	$	6.2	$	6.2	$	—	$	—
Convertible senior notes due 2028	$	494.7	$	480.5	$	492.5	$	481.2
Other long-term debt	$	934.3	$	934.3	$	955.8	$	955.8


	October 2, 2026		December 31, 2025
Senior term loan facility due 2028 (the “2028 Term Loan”)	$	428.4	$	427.8
Senior euro term loan facility due 2028 (the “2028 Euro Term Loan”)	393.4		410.5
Convertible senior notes due 2028 (the “2028 Convertible Notes”)	494.7		492.5

Revolving credit facility due 2028 (the “Revolving Credit Facility”)	112.5		117.5



Total long-term debt	$	1,429.0	$	1,448.3



	October 2, 2026		December 31, 2025
2028 Convertible Notes	$	5.5	$	7.7
2028 Term Loan	1.6		2.2
2028 Euro Term Loan	0.5		0.6
	$	7.6	$	10.5


	Foreign Currency Translation Adjustments		Unrealized Pension Costs		Total Accumulated Other Comprehensive Loss
Three Months Ended October 2, 2026
Balance, July 3, 2026	$	(155.2)	$	5.3	$	(149.9)
Other comprehensive income (loss) before reclassifications:
(Decrease) increase	(38.2)		—		(38.2)
Income tax impact	(2.6)		—		(2.6)
Other comprehensive income (loss) before reclassifications, net of income taxes	(40.8)		—		(40.8)
Amounts reclassified from accumulated other comprehensive income (loss):
(Decrease) increase	(428.1)		(0.2)		(428.3)
Income tax impact	(27.3)		—		(27.3)
Amounts reclassified from accumulated other comprehensive (loss) income, net of income taxes	(455.4)		(0.2)		(455.6)
Net current period other comprehensive (loss) income, net of income taxes	(496.2)		(0.2)		(496.4)
Balance, October 2, 2026	$	(651.4)	$	5.1	$	(646.3)


Identifiable assets	October 2, 2026		December 31, 2025
Specialty Products & Technologies	$	2,524.4	$	2,488.3
Equipment & Consumables	1,890.2		1,942.1
Corporate and other	1,196.4		1,248.6
Total	$	5,611.0	$	5,679.0


	Three Months Ended
($ in millions)	October 2, 2026				September 26, 2025				% Change
Sales	$	691.5		100.0%	$	669.9		100.0%	3.2	%
Cost of sales	290.9			42.1%	299.7			44.7%	(2.9)	%
Gross profit	400.6			57.9%	370.2			55.3%	8.2	%
Operating expenses (income):
Selling, general and administrative (“SG&A”) expenses	284.2			41.1%	284.4			42.5%	(0.1)	%
Research and development (“R&D”) expenses	29.3			4.2%	28.3			4.2%	3.5	%
Realized cumulative foreign currency translation gain	(428.1)			(61.9)%	—			—%	NM
Operating profit	515.2			74.5%	57.5			8.6%	NM
Nonoperating income (expense):
Other (expense) income, net	(7.2)			(1.0)%	1.4			0.2%	NM
Interest expense, net	(7.8)			(1.1)%	(9.0)			(1.3)%	(13.3)	%
Income before income taxes	500.2			72.3%	49.9			7.4%	NM
Income tax (benefit) expense	(8.1)			(1.2)%	80.2			12.0%	(110.1)	%
Net income (loss)	$	508.3		73.5%	$	(30.3)		(4.5)%	NM

Effective tax rate	(1.6)		%		160.7		%

Non-meaningful percentage change related to year-to-year comparisons are designated as NM.


	% Change Three Month Period Ended October 2, 2026 vs. Comparable 2025 Period		% Change Nine Month Period Ended October 2, 2026 vs. Comparable 2025 Period
Total sales growth (GAAP)	3.2	%	8.1	%
Plus the impact of:
Acquisition	(0.5)	%	(0.5)	%
Currency exchange rates	—	%	(2.0)	%
Core sales growth (non-GAAP)	2.7	%	5.6	%


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced program	Amount		Approximate dollar value of shares that may yet be purchased under the Repurchase Programs



Beginning Balance at July 4, 2026	—	$	—	—	$	—	$	282,939,143
July 4, 2026 - July 31, 2026	—	$	—	—	$	—	$	282,939,143
August 1, 2026 - August 28, 2026	63,121	$	27.50	63,121	$	1,736,143	$	281,203,000
August 29, 2026 - October 2, 2026	322,627	$	25.61	322,627	$	8,263,836	$	272,939,164
Total	385,748			385,748	$	9,999,979	$	272,939,164


Exhibit Number			Description
3.1			Second Amended and Restated Certificate of Incorporation of Envista Holdings Corporation (incorporated by reference to Exhibit 3.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 2, 2021, Commission File No. 001-39054)
3.2			Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed on May 24, 2024, Commission File No. 001-39054).
3.3			Third Amended and Restated Bylaws of Envista Holdings Corporation effective as of May 22, 2023 (incorporated by reference to Exhibit 3.2 to Registrant’s Current Report on Form 8-K filed on May 26, 2023, Commission File No. 001-39054)
31.1			Certification of Chief Executive Officer pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2			Certification of Chief Financial Officer pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1			Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			XBRL Taxonomy Extension Label Linkbase Document
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	ENVISTA HOLDINGS CORPORATION
Date: November 4, 2026	By:	/s/ Coree K. Thomas
		Coree K. Thomas
		Vice President and Chief Accounting Officer


1.	I have reviewed this Quarterly Report on Form 10-Q of Envista Holdings Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2026
		/s/ Paul Keel
		Paul Keel
		President and Chief Executive Officer