vsco-20260502

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

_________________________________


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

For the quarterly period ended May 2, 2026


☐			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 001-40515

_________________________________

VICTORIA'S SECRET & CO.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware

86-3167653

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

4 Limited Parkway East

Reynoldsburg,

Ohio

43068

(Address of principal executive offices)

(Zip Code)

(614)

577-7000

(Registrant's telephone number, including area code)

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, Par Value $0.01

VSXY

The 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 May 29, 2026, the number of outstanding shares of the Registrant’s common stock was 79,491,720 shares.

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VICTORIA’S SECRET & CO.

TABLE OF CONTENTS


			Page No.
Part I. Financial Information

Item 1. Financial Statements*

Consolidated Statements of Income (Loss ) for the Thirteen-Weeks Ended May 2 , 202 6 and M ay 3 , 202 5 (Unaudited)			3

Consolidated Statements of Comprehensive Income for the Thirteen-Weeks Ended May 2 , 202 6 and M ay 3 , 202 5 (Unaudited)			3

Consolidated Balance Sheets as of May 2 , 202 6 (Unaudited), J anuary 3 1, 202 6 and May 3 , 202 5 (Unaudited)			4

Consolidated Statements of Equity for the Thirteen-Weeks Ended May 2 , 202 6 and May 3 , 202 5 (Unaudited)			5

Consolidated Statements of Cash Flows for the T hirteen -Weeks Ended May 2 , 202 6 and May 3 , 20 25 (Unaudited)			6

Notes to Consolidated Financial Statements (Unaudited)			7

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995			17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18

Item 3. Quantitative and Qualitative Disclosures About Market Risk			29

Item 4. Controls and Procedures			30

Part II. Other Information			31

Item 1. Legal Proceedings			31

Item 1A. Risk Factors			31

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			31

Item 3. Defaults Upon Senior Securities			31

Item 4. Mine Safety Disclosures			31

Item 5. Other Information			31

Item 6. Exhibits			32

Signature			33


*			Victoria’s Secret & Co.’s fiscal year ends on the Saturday nearest to January 31. As used herein, “first quarter of 2026” and “first quarter of 2025” refer to the thirteen-week periods ended May 2, 2026 and May 3, 2025, respectively, and “fiscal year 2026” and “fiscal year 2025” refer to the fifty-two-week period ending January 30, 2027 and the fifty-two-week period ended January 31, 2026, respectively.

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PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

VICTORIA’S SECRET & CO.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in millions except per share amounts)

(Unaudited)


	First Quarter
	2026		2025
Net Sales	$	1,560	$	1,353
Costs of Goods Sold, Buying and Occupancy	(975)		(879)
Gross Profit	585		474
General, Administrative and Store Operating Expenses	(509)		(454)
Operating Income	76		20
Interest Expense	(15)		(17)
Other Income	3		3
Income Before Income Taxes	64		6
Provision for Income Taxes	7		3
Net Income	57		3
Less: Net Income Attributable to Noncontrolling Interest	9		5
Net Income (Loss) Attributable to Victoria’s Secret & Co.	$	48	$	(2)
Net Income (Loss) Per Basic Share Attributable to Victoria’s Secret & Co.	$	0.59	$	(0.02)
Net Income (Loss) Per Diluted Share Attributable to Victoria’s Secret & Co.	$	0.56	$	(0.02)

VICTORIA’S SECRET & CO.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)


	First Quarter
	2026		2025
Net Income	$	57	$	3
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(1)		1


Total Other Comprehensive Income (Loss), Net of Tax	(1)		1
Total Comprehensive Income	56		4
Less: Net Income Attributable to Noncontrolling Interest	9		5
Less: Foreign Currency Translation Attributable to Noncontrolling Interest	(1)		(1)
Comprehensive Income Attributable to Victoria’s Secret & Co.	$	48	$	—

The accompanying Notes are an integral part of these Consolidated Financial Statements.

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VICTORIA’S SECRET & CO.

CONSOLIDATED BALANCE SHEETS

(in millions except par value amounts)


	May 2, 2026		January 31, 2026		May 3, 2025
	(Unaudited)				(Unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	207	$	518	$	138
Accounts Receivable, Net	185		186		153
Inventories	1,098		1,071		1,043

Other	136		108		121
Total Current Assets	1,626		1,883		1,455
Property and Equipment, Net	736		731		763
Operating Lease Assets	1,650		1,631		1,534
Goodwill	367		367		367
Trade Names	246		246		279
Other Intangible Assets, Net	—		—		90
Deferred Income Taxes	54		65		23
Other Assets	91		90		69
Total Assets	$	4,770	$	5,013	$	4,580
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	412	$	493	$	423
Accrued Expenses and Other	573		673		543
Current Debt	4		4		4
Current Operating Lease Liabilities	264		295		260
Income Taxes	33		42		26
Total Current Liabilities	1,286		1,507		1,256
Deferred Income Taxes	5		5		16
Long-term Debt	986		971		1,078
Long-term Operating Lease Liabilities	1,597		1,576		1,482
Other Long-term Liabilities	51		44		75
Total Liabilities	3,925		4,103		3,907
Shareholders’ Equity:
Preferred Stock — $0.01 par value; 10 shares authorized; 0 shares issued and outstanding	—		—		—
Common Stock — $0.01 par value; 1,000 shares authorized; 79, 80, and 80 shares issued and outstanding, respectively	1		1		1
Paid-in Capital	322		345		302
Accumulated Other Comprehensive Income	6		6		1
Retained Earnings	461		504		341

Total Victoria’s Secret & Co. Shareholders’ Equity	790		856		645
Noncontrolling Interest	55		54		28
Total Equity	845		910		673
Total Liabilities and Equity	$	4,770	$	5,013	$	4,580

The accompanying Notes are an integral part of these Consolidated Financial Statements.

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VICTORIA’S SECRET & CO.

CONSOLIDATED STATEMENTS OF EQUITY

(in millions)

(Unaudited)

First Quarter 2026


	Common Stock					Accumulated Other Comprehensive Income		Retained Earnings		Treasury Stock		Total Victoria's Secret & Co. Equity
	Shares Outstanding	Par Value		Paid-in Capital										Noncontrolling Interest		Total Equity
Balance, January 31, 2026	80	$	1	$	345	$	6	$	504	$	—	$	856	$	54	$	910
Net Income	—	—		—		—		48		—		48		9		57
Other Comprehensive Loss	—	—		—		—		—		—		—		(1)		(1)
Total Comprehensive Income	—	—		—		—		48		—		48		8		56


Repurchases of Common Stock	(2)	—		—		—		—		(100)		(100)		—		(100)
Treasury Share Retirements	—	—		(9)		—		(91)		100		—		—		—
Share-based Compensation Expense	—	—		13		—		—		—		13		—		13
Tax Payments related to Share-based Awards	(1)	—		(28)		—		—		—		(28)		—		(28)
Distribution to Noncontrolling Interest	—	—		—		—		—		—		—		(7)		(7)
Other	2	—		1		—		—		—		1		—		1
Balance, May 2, 2026	79	$	1	$	322	$	6	$	461	$	—	$	790	$	55	$	845

First Quarter 2025


	Common Stock					Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Victoria's Secret & Co. Equity
	Shares Outstanding	Par Value		Paid-in Capital										Noncontrolling Interest		Total Equity
Balance, February 1, 2025	79	$	1	$	297	$	(1)	$	343	$	—	$	640	$	24	$	664
Net Income (Loss)	—	—		—		—		(2)		—		(2)		5		3
Other Comprehensive Income (Loss)	—	—		—		2		—		—		2		(1)		1
Total Comprehensive Income (Loss)	—	—		—		2		(2)		—		—		4		4




Share-based Compensation Expense	—	—		14		—		—		—		14		—		14
Tax Payments related to Share-based Awards	—	—		(10)		—		—		—		(10)		—		(10)

Other	1	—		1		—		—		—		1		—		1
Balance, May 3, 2025	80	$	1	$	302	$	1	$	341	$	—	$	645	$	28	$	673

The accompanying Notes are an integral part of these Consolidated Financial Statements.

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VICTORIA’S SECRET & CO.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	First Quarter
	2026		2025
Operating Activities:
Net Income	$	57	$	3
Adjustments to Reconcile Net Income to Net Cash Used for Operating Activities:
Depreciation and Amortization	54		62


Share-based Compensation Expense	13		14
Deferred Income Taxes	11		5


Changes in Assets and Liabilities:
Accounts Receivable	2		8
Inventories	(26)		(86)
Accounts Payable, Accrued Expenses and Other	(181)		(98)
Income Taxes	(11)		(7)
Other Assets and Liabilities	(56)		(51)
Net Cash Used for Operating Activities	(137)		(150)
Investing Activities:
Capital Expenditures	(54)		(43)





Net Cash Used for Investing Activities	(54)		(43)
Financing Activities:
Repurchases of Common Stock	(100)		—
Borrowings from Asset-based Revolving Credit Facility	55		160
Repayments of Borrowings from Asset-based Revolving Credit Facility	(40)		(55)
Tax Payments related to Share-based Awards	(28)		(10)
Distribution to Noncontrolling Interest	(7)		—
Payments of Long-term Debt	(1)		(1)





Other Financing Activities	—		12
Net Cash Provided by (Used for) Financing Activities	(121)		106
Effects of Exchange Rate Changes on Cash and Cash Equivalents	1		(2)
Net Decrease in Cash and Cash Equivalents	(311)		(89)
Cash and Cash Equivalents, Beginning of Period	518		227
Cash and Cash Equivalents, End of Period	$	207	$	138

The accompanying Notes are an integral part of these Consolidated Financial Statements.

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VICTORIA’S SECRET & CO.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

Victoria’s Secret & Co. (together with its subsidiaries unless the context otherwise requires, the “Company”) is a specialty retailer of women’s intimate and other apparel and beauty products marketed under the Victoria’s Secret, PINK and Adore Me brand names. The Company has approximately 860 stores in the United States (“U.S.”), Canada and China as well as its own websites, www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide. Additionally, the Company has more than 560 stores in approximately 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers worldwide through stores and digital channels.

In the first quarter of 2026 and in fiscal year 2025, the Company implemented certain restructuring actions to continue to restructure its executive leadership team and organizational structure. For additional information, see Note 3, “Restructuring Activities.”

On May 21, 2026, subsequent to the end of the first quarter of 2026, the Company announced that its common stock would begin trading under the new ticker symbol VSXY on the New York Stock Exchange when markets opened on June 2, 2026.

Fiscal Year

The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “first quarter of 2026” and “first quarter of 2025” refer to the thirteen-week periods ended May 2, 2026 and May 3, 2025, respectively, and “fiscal year 2026” and “fiscal year 2025” refer to the fifty-two-week period ending January 30, 2027 and the fifty-two-week period ended January 31, 2026, respectively.

Basis of Consolidation

The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). All significant intercompany balances and transactions have been eliminated in consolidation. The Company has a joint venture to operate Victoria’s Secret stores and the related online business in China (“China Joint Venture”). The Company owns 51% and has control over the joint venture, thus, the joint venture’s assets, liabilities and results of operations are consolidated in the Company’s consolidated financial statements.

Interim Financial Statements

The Consolidated Financial Statements as of and for the periods ended May 2, 2026 and May 3, 2025 are unaudited. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 20, 2026 (“2025 Annual Report on Form 10-K”).

In the opinion of management, the accompanying Consolidated Financial Statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods.

Seasonality of Business

Due to the seasonal variations in the retail industry, the results of operations for the thirteen-week period ended May 2, 2026 are not necessarily indicative of the results expected for any other interim period or the full fiscal year ending January 30, 2027.

Equity Method Investments

The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee’s net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income (Loss), and the Company’s share of net income or loss from all other unconsolidated entities is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income (Loss). The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.

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The carrying values of equity method investments were $54 million as of May 2, 2026, $53 million as of January 31, 2026 and $44 million as of May 3, 2025. These investments are recorded in Other Assets on the Consolidated Balance Sheets.

Noncontrolling Interest

The Company accounts for investments in entities where it has control over the entity by consolidating the entities’ assets, liabilities and results of operations and including them in the Company’s Consolidated Financial Statements. The share of the investment not owned by the Company is reflected in Noncontrolling Interest in the Consolidated Balance Sheets. The Company recognizes the share of net income or loss not attributable to the Company in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Income (Loss). Noncontrolling interest represents the portion of equity interests in the China Joint Venture that is not owned by the Company. In the first quarter of 2026, the China Joint Venture distributed $15 million in cash, of which $8 million was distributed to the Company and $7 million was distributed to the noncontrolling interest partner. The distribution to the noncontrolling interest partner represents the 49% of the China Joint Venture not owned by the Company and is classified as a financing cash outflow in the 2026 Consolidated Statement of Cash Flows.

Concentration of Credit Risk

The Company maintains cash and cash equivalents and derivative contracts with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts with and limits the amount of credit exposure with any one entity. As of May 2, 2026, the Company’s investment portfolio was primarily comprised of money market funds and bank deposits.

The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are recorded to the allowance when it is determined that expected credit losses may occur.

Supplier Finance Programs

The Company has agreements with designated third-party financial institutions to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations of the Company. Participating suppliers may finance one or more payment obligations of the Company prior to their scheduled due dates and receive a discounted payment from participating financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. All amounts payable to financial institutions relating to suppliers participating in these programs are recorded in Accounts Payable in the Consolidated Balance Sheets and were $137 million as of May 2, 2026, $237 million as of January 31, 2026 and $154 million as of May 3, 2025.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.

Recently Issued Accounting Pronouncements

The Company did not adopt any new accounting standards during the first quarter of 2026 that had a material impact on the Company’s results of operations, financial position or cash flows.

Disaggregation of Income Statement Expenses

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. This standard will be effective for annual reporting periods beginning in fiscal year 2027 and for interim periods beginning in fiscal year 2028, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures.

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Internal-Use Software

In September 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for internal-use software costs, primarily by removing references to project stages from capitalization criteria and further clarifying the threshold entities apply to begin capitalizing costs. This standard will be effective for interim and annual reporting periods beginning in fiscal year 2028, with early adoption permitted. This standard may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impacts of adopting this standard on its consolidated financial statements and related disclosures.

2. Revenue Recognition

Accounts receivable, net from revenue-generating activities were $141 million as of May 2, 2026, $137 million as of January 31, 2026 and $120 million as of May 3, 2025. Accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.

The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, loyalty and credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $226 million as of May 2, 2026, $257 million as of January 31, 2026 and $254 million as of May 3, 2025. The Company recognized $73 million as revenue in the first quarter of 2026 from amounts recorded as deferred revenue at the beginning of the fiscal year. As of May 2, 2026, the Company recorded deferred revenue of $218 million within Accrued Expenses and Other, and $8 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for the first quarter of 2026 and 2025:


	First Quarter
	2026		2025
	(in millions)
Stores – North America	$	803	$	721
Direct	469		433
International (a)	288		199
Total Net Sales	$	1,560	$	1,353

_______________

(a)Results include consolidated joint venture sales in China, royalties associated with franchise partners’ sales, wholesale sales, and beginning in the third quarter of 2025 direct sales in the European Union. Prior to the third quarter of 2025, direct sales in the European Union are reported in the Direct channel. Direct sales in the European Union reported in the International channel were $17 million in the first quarter of 2026.

The Company has a Victoria’s Secret and PINK multi-tender loyalty program, a co-branded credit card and a U.S. private label credit card through which customers can earn points on purchases of Victoria’s Secret and PINK product and through the co-branded credit card can earn points on purchases outside of the Company. A third-party financing company is the sole owner of the credit card accounts and underwrites the credit issued under the credit card programs. Revenue earned in connection with the Company’s credit card arrangements with the third party is primarily recognized based on credit card sales and usage.

The Company recognized Net Sales of $20 million and $17 million in the first quarter of 2026 and 2025, respectively, related to revenue earned in connection with its credit card arrangements.

3. Restructuring Activities

In the first quarter of 2026, the Company implemented certain strategic leadership appointments and restructuring actions designed to further advance its Path to Potential strategy by continuing to restructure its executive leadership team and organizational structure. Pre-tax severance and other expenses related to these activities of $5 million are included in the first quarter of 2026 Consolidated Statement of Income, of which $3 million are included in General, Administrative and Store Operating Expenses and $2 million are included in Costs of Goods Sold, Buying and Occupancy.

In the first quarter and throughout fiscal year 2025, the Company implemented a series of strategic leadership appointments and restructuring actions designed to accelerate growth and continue to restructure its executive leadership team and organizational structure. The Company incurred severance, relocation and other expenses related to these activities in the first quarter and throughout fiscal year 2025.

In the first quarter of 2026, the Company made payments of $5 million related to severance and related costs associated with these restructuring actions implemented in fiscal years 2026 and 2025. Liabilities, after accrual adjustments, related to these restructuring actions of $10 million are included in the May 2, 2026 Consolidated Balance Sheet.

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4. Net Income (Loss) Per Share and Shareholders’ Equity

Net Income (Loss) Per Share

Net income (loss) per basic share is computed based on the weighted-average number of common shares outstanding during the period. Net income (loss) per diluted share includes the weighted-average effect of dilutive restricted stock units, performance share units and options (collectively, “Dilutive Awards”) on the weighted-average shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted net income (loss) per share for the first quarter of 2026 and 2025:


	First Quarter
	2026	2025
	(in millions)
Common Shares	81	79
Treasury Shares	—	—
Basic Shares	81	79
Effect of Dilutive Awards (a)	4	—
Diluted Shares	85	79
Anti-dilutive Awards (a)	—	6

_______________

(a)For the first quarter of 2026, shares underlying certain restricted stock units, performance share units and options were excluded from the calculation of net income per diluted share because their inclusion would have been anti-dilutive. For the first quarter of 2025, shares underlying outstanding restricted stock units, performance share units and options were excluded from the calculation of net loss per diluted share as a result of the Company’s net loss for the period.

Shareholders’ Equity

March 2024 Share Repurchase Program

In March 2024, the Board of Directors of the Company (the “Board”) approved a share repurchase program (“March 2024 Share Repurchase Program”), authorizing the repurchase of up to $250 million of the Company’s common stock, subject to market conditions and other factors, through open market, accelerated share repurchase or privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans. The March 2024 Share Repurchase Program is open-ended in term and will continue until exhausted.

The Company repurchased the following shares of its common stock under the March 2024 Share Repurchase Program during the first quarter of 2026:

Amount Authorized

Shares Repurchased

Amount Repurchased