The biggest changes in the 10-K filed 2025-09-26, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+7.0% FY to 2025-07-31 vs 2024-07-31“The decrease in income tax expense and the decrease in the effective tax rate were primarily driven by non-recurring, non-cash deferred tax charges of $137 million incurred in the prior fiscal year due to the elimination of certain pre-existing U.K. tax attributes of the Company in connection with establishing a new corporate structure to domicile our ultimate parent company in the United States, as well as the release of uncertain tax positions following the lapse of statute of limitations in fiscal 2025.”
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“Net income for fiscal 2025 was $1.9 billion, an increase of $121 million, or 7.0%, compared with fiscal 2024 due to the elements described in the sections above.”
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Operating margin
8.9% → 8.5% (-0.5 pts) FY to 2025-07-31 vs 2024-07-31“Adjusted operating profit in the United States was $2.8 billion, an increase of 0.7% compared with the prior year, primarily reflecting higher gross profit, partially offset by higher operating costs in light of sales volume growth and cost inflation.”
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“Adjusted operating profit for the Canada segment increased compared with the prior year, primarily due to higher sales and gross profit, partially offset by higher operating costs compared with the same period of prior year.”
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Revenue
+3.8% FY to 2025-07-31 vs 2024-07-31“For fiscal 2025, net sales increased by 3.8%, primarily due to higher sales volume and incremental sales from acquisitions, partially offset by the impact of one less sales day in fiscal 2025 than in fiscal 2024.”
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“The increase in net sales was primarily driven by higher sales volume and incremental sales from acquisitions of 1.0%, partially offset by the 0.4% impact of one less sales day in fiscal 2025.”
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Cash from operations
+1.9% FY to 2025-07-31 vs 2024-07-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Gross margin
30.5% → 30.7% (+0.1 pts) FY to 2025-07-31 vs 2024-07-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on FERG in a spreadsheet:
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