Q3 2025 net income +175% to $111.5M on lower tax rate; revenue +2.9% to $901.2M

Filed November 5, 2025 · Period ending October 3, 2025 · Compared to 10-Q Jan 16, 2025 · ~2 min read

Key Changes

• high

  Net income rose 174.6% to $111.5M (diluted EPS +187.5% to $0.46) while operating income rose only 29.3% to $150.5M — the bottom-line gain came from a $36.8M below-the-line improvement (income tax +$18.9M, non-operating/other +$17.9M), not operations. Q3 2025 effective tax rate was 10.9% vs 44.5% in Q3 2024, driven by reversal of prior-year Mobility disallowed losses and a German tax-rate benefit.

  MD&A: Operating Results verify on EDGAR →
• high

  Deployed $727.4M to repurchase 10.3M shares under a new up to $1B authorization approved Q1 2025, leaving $272.6M remaining. The buyback was funded by Ag divestiture proceeds; the company also paid the final $277.4M Ag tax installment in Q2 2025.

  MD&A: Cash Flow; Notes: Stock Repurchase verify on EDGAR →
• high

  Mobility divestiture closed Feb 8, 2025: deconsolidated $277.3M net assets (including $145.3M goodwill), received 32.5% equity stake in Platform Science valued at $253.9M, and recognized cumulative pre-tax loss of $30.6M from held-for-sale date through closing.

  MD&A: Divestitures; Notes: Equity Investments verify on EDGAR →