The biggest changes in the 10-K filed 2026-01-22, 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.
Gross margin
38.5% → 37.9% (-0.6 pts) FY to 2025-11-30 vs 2024-11-30The 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
+4.4% FY to 2025-11-30 vs 2024-11-30The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+1.7% FY to 2025-11-30 vs 2024-11-30“In 2025, we achieved net sales growth of 1.7% as compared to 2024 due to the following factors:”
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“Selling, general, and administrative (SG&A) expense as a percentage of sales decreased by 70 basis points, primarily driven by lower performance-based employee compensation expense, lower distribution expense, and CCI-led cost savings including SG&A streamlining initiatives, partially offset by increased brand marketing expense.”
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Operating margin
15.8% → 15.7% (-0.1 pts) FY to 2025-11-30 vs 2024-11-30“Operating income was $1,070.8 million in 2025, compared to $1,060.3 million in 2024, reflecting an increase of 1.0%.”
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“Excluding special charges, adjusted operating income was $1,094.0 million in 2025, reflecting an increase of 2.3% compared to $1,069.8 million in 2024.”
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Net income
+0.1% FY to 2025-11-30 vs 2024-11-30“Other income, net, decreased by $9.0 million compared to the prior year primarily due to a lower level of interest income driven by lower interest rates and lower non-service cost income associated with our pension and postretirement benefit plans.”
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“The effective tax rate for 2025 was 21.4%, compared to 20.5% in 2024, primarily driven by the lower level of net discrete tax benefits recorded for 2025.”
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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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