The biggest changes in the 10-K filed 2026-10-23, 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
+58.6% Big change FY to 2026-08-31 vs 2025-08-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
+22.1% Big change FY to 2026-08-31 vs 2025-08-31“Net cash provided by operating activities during the fiscal year ended August 31, 2026, was primarily due to an increase in accounts payable, accrued expenses and other liabilities and non-cash expenses and net income.”
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“Net cash provided by operating activities was partially offset by an increase in inventories, an increase in prepaid expenses and other current assets, an increase in accounts receivable, and an increase in contract assets.”
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Revenue
+20.6% Big change FY to 2026-08-31 vs 2025-08-31“Specifically, the Intelligent Infrastructure segment net revenue increased 45% primarily due to: (i) a 33% increase in revenues from existing customers within our cloud and data center infrastructure business, (ii) a 8% increase in revenues from existing customers within our networking and communications business, and (iii) a 4% increase in revenues from existing customers within our capital equipment business.”
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“The Regulated Industries segment net revenue increased 7% primarily due to: (i) a 4% increase in revenues from existing customers within our automotive and transportation business, and (ii) a 3% increase in revenues from existing customers within our renewable and energy infrastructure business.”
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Operating margin
4.0% → 4.7% (+0.8 pts) FY to 2026-08-31 vs 2025-08-31“Selling, general and administrative expenses increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to an increase in salary and salary related expenses, including salary and salary related expenses resulting from the acquisitions of Hanley Energy Group (“Hanley”) and Rebound Technologies Group Holdings Limited (“Rebound Technologies”).”
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Gross margin
8.9% → 9.2% (+0.3 pts) FY to 2026-08-31 vs 2025-08-31“Gross profit as a percentage of net revenue increased for the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to product mix in our Intelligent Infrastructure segment.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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