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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 18, 2026
BRADY CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number 1-14959
Wisconsin   39-0178960
(State or other jurisdiction of incorporation or organization)   (IRS Employer Identification No.)
6555 West Good Hope Road
Milwaukee, Wisconsin 53223
(Address of principal executive offices and Zip Code)
(414) 358-6600
(Registrant’s Telephone Number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Class A Nonvoting Common Stock, par value $0.01 per share BRC New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 18, 2026, Brady Corporation (the “Company”) issued a press release announcing its fiscal 2026 third quarter financial results. A copy of the press release is being furnished to the Securities and Exchange Commission as Exhibit 99.1 attached hereto and is incorporated herein by reference.

Item 7.01 REGULATION FD DISCLOSURE

On May 18, 2026, the Company hosted a conference call related to its fiscal 2026 third quarter financial results. A copy of the slides referenced in the conference call, which is also posted on the Company’s website, is being furnished to the Securities and Exchange Commission as Exhibit 99.2 attached hereto and is incorporated herein by reference.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits
EXHIBIT NUMBER DESCRIPTION
99.1
99.2
104 Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
    BRADY CORPORATION
Date: May 18, 2026
  
  /s/ ANN E. THORNTON
  Ann E. Thornton
  Chief Financial Officer, Chief Accounting Officer and Treasurer


EX-99.1 2 exhibit991pressrelease0430.htm THIRD QUARTER FISCAL 2026 PRESS RELEASE Document

EXHIBIT 99.1


For More Information:
Investor contact: Ann Thornton 414-438-6887
Media contact: Kate Venne 414-358-5176


Brady Corporation Reports Record Adjusted EPS in its Fiscal 2026 Third Quarter and Raises its Fiscal 2026 Adjusted EPS Guidance

•Sales for the quarter increased 13.8 percent compared to the same quarter of the prior year. Organic sales increased 8.2 percent, acquisitions increased sales 2.1 percent and foreign currency translation increased sales 3.5 percent.
•Diluted EPS increased 11.0 percent to $1.21 in the third quarter of fiscal 2026 compared to $1.09 in the same quarter of the prior year. Adjusted Diluted EPS* increased 23.0 percent to $1.50 in the third quarter of fiscal 2026 compared to $1.22 in the same quarter of the prior year.
•Net cash provided by operating activities increased to $78.2 million in the third quarter of fiscal 2026 compared to $59.9 million in the third quarter of last year.
•GAAP earnings per diluted Class A Nonvoting Common share guidance for the year ending July 31, 2026 was adjusted from the previous range of $4.62 to $4.82 per share to $4.66 to $4.76 per share. Adjusted Diluted EPS* Guidance was raised for the full year ending July 31, 2026 from the previous range of $4.95 to $5.15 per share to the new range of $5.20 to $5.30 per share.
•Entered into a definitive purchase agreement on April 20, 2026, to acquire Honeywell’s Productivity Solutions and Services business, expected to close in the second half of calendar 2026, subject to regulatory approvals and customary closing conditions.

MILWAUKEE (May 18, 2026) -- Brady Corporation (NYSE: BRC) (“Brady” or “Company”), a world leader in identification solutions, today reported its financial results for its fiscal 2026 third quarter ended April 30, 2026.

Quarter Ended April 30, 2026 Financial Results:
Sales for the quarter ended April 30, 2026 increased 13.8 percent, which consisted of organic sales growth of 8.2 percent, growth of 2.1 percent from acquisitions and an increase of 3.5 percent from foreign currency translation. Sales for the quarter ended April 30, 2026 were $435.2 million compared to $382.6 million in the same quarter last year. By region, sales increased 14.4 percent in the Americas & Asia and sales increased 12.6 percent in Europe & Australia, which consisted of organic sales growth of 10.1 percent in the Americas & Asia and organic sales growth of 4.5 percent in Europe & Australia.
Income before income taxes increased 11.6 percent to $73.4 million in the quarter ended April 30, 2026, compared to $65.7 million in the same quarter last year. Adjusted Income Before Income Taxes* in the quarter ended April 30, 2026, which was adjusted for amortization expense of $5.3 million and acquisition-related costs of $13.5 million, was $92.1 million, an increase of 23.8 percent compared to the third quarter of last year. Adjusted Income Before Income Taxes* in the quarter ended April 30, 2025, which was adjusted for amortization expense and facility closure and other reorganization costs of $8.7 million, was $74.4 million.


Net income for the quarter ended April 30, 2026 was $57.8 million compared to $52.3 million in the same quarter last year. Adjusted Net Income* in the quarter ended April 30, 2026 was $71.9 million compared to $58.8 million in the same quarter last year. Earnings per diluted Class A Nonvoting Common Share was $1.21 compared to $1.09 in the same quarter last year. Adjusted Diluted EPS* in the quarter ended April 30, 2026 was $1.50 compared to $1.22 in the same quarter last year.

Nine-Month Period Ended April 30, 2026 Financial Results:
Sales for the nine-month period ended April 30, 2026 increased 9.7 percent, which consisted of organic sales growth of 4.3 percent, growth of 2.5 percent from acquisitions and an increase of 2.9 percent from foreign currency translation. Sales for the nine months ended April 30, 2026 were $1.22 billion compared to $1.12 billion in the same period last year. By region, sales increased 10.6 percent in the Americas & Asia and sales increased 8.0 percent in Europe & Australia, which consisted of organic sales growth of 6.0 percent in the Americas & Asia and organic sales growth of 0.9 percent in Europe & Australia.
Income before income taxes increased 15.4 percent to $203.8 million in the nine-month period ended April 30, 2026, compared to $176.6 million in the same period last year. Adjusted Income Before Income Taxes* in the nine-month period ended April 30, 2026, which was adjusted for amortization expense of $15.8 million and acquisition-related costs of $13.5 million, was $233.1 million, an increase of 13.5 percent compared to the same period last year. Adjusted Income Before Income Taxes* in the nine-month period ended April 30, 2025, which was adjusted for amortization expense, facility closure and other reorganization costs and acquisition-related charges of $28.8 million, was $205.4 million.
Net income in the nine-month period ended April 30, 2026 was $159.8 million compared to $139.4 million in the same period last year. Adjusted Net Income* in the nine-month period ended April 30, 2026 was $181.9 million compared to $161.1 million in the same period last year. Earnings per diluted Class A Nonvoting Common Share was $3.35 compared to $2.89 in the same period last year. Adjusted Diluted EPS* in the nine-month period ended April 30, 2026 was $3.81 compared to $3.34 in the same period last year.

Commentary:
“Our investment in research & development resulted in strong organic sales growth globally, along with a record quarter of adjusted earnings per share. New product launches over the last several years as well as data center construction drove our sales growth, which is an end market that is ideal for our high-performance identification solutions,” said Brady’s President and Chief Executive Officer, Russell R. Shaller. “Last month, we announced our agreement to acquire Honeywell’s Productivity Solutions and Services business, which we expect to close in the second half of calendar 2026. I’m incredibly excited to execute our plans for growth and expand our portfolio through PSS with high-quality mobility and scanning solutions, which are highly complementary to Brady’s portfolio of printers, software and specialty adhesive materials.”
“In addition to our new quarterly record adjusted earnings per share, we increased our cash flow from operating activities more than 30 percent to $78.2 million in the quarter, and we returned $16.7 million to our shareholders in the form of dividends and share buybacks,” said Brady’s Chief Financial Officer, Ann Thornton. “We were in a net cash position of $148.6 million as of April 30, 2026, which gives us the ability to continue to invest in organic growth and provides support for our acquisition of the Productivity Solutions and Services business, while returning funds to our shareholders to continue to drive long-term shareholder value.”



Fiscal 2026 Guidance:
The Company adjusted its GAAP earnings per diluted Class A Nonvoting Common Share guidance for the year ending July 31, 2026 from $4.62 to $4.82 per share, to $4.66 to $4.76 per share. The Company raised its Adjusted Diluted EPS* guidance for the year ending July 31, 2026 from $4.95 to $5.15 per share, to $5.20 to $5.30 per share.
The assumptions included in fiscal 2026 guidance include a full-year income tax rate of approximately 21 percent, depreciation and amortization expense of approximately $44 million, and capital expenditures of approximately $45 million. Fiscal 2026 guidance is based on foreign currency exchange rates as of April 30, 2026 and assumes continued economic growth. Fiscal 2026 guidance does not include any earnings impact from the PSS transaction.

A webcast regarding Brady’s fiscal 2026 third quarter financial results will be available at www.bradycorp.com/investors beginning at 9:30 a.m. central time today.

Brady Corporation is an international manufacturer and marketer of complete solutions that identify and protect people, products and places. Brady’s products help customers increase safety, security, productivity and performance and include high-performance labels, signs, safety devices, printing systems and software. Founded in 1914, the Company has a diverse customer base in electronics, telecommunications, manufacturing, electrical, construction, medical, aerospace and a variety of other industries. Brady is headquartered in Milwaukee, Wisconsin and as of July 31, 2025, employed approximately 6,400 people in its worldwide businesses. Brady’s fiscal 2025 sales were approximately $1.51 billion. Brady stock trades on the New York Stock Exchange under the symbol BRC. More information is available on the Internet at www.bradyid.com.

* Adjusted Income Before Income Taxes, Adjusted Net Income, and Adjusted Diluted EPS are non-GAAP measures. See appendix for more information on these measures, including reconciliations to the most directly comparable GAAP measures.

###

In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations.

The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For Brady, uncertainties arise from: increased cost of materials, labor, material shortages and supply chain disruptions, including as a result of tariffs or other impacts of the global trade environment; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; our ability to develop technologically advanced products that meet customer demands; Brady’s ability to identify, integrate and grow acquired companies; difficulties in protecting our websites, networks, and systems against security breaches and difficulties in preventing phishing attacks, social engineering or malicious break-ins; risks associated with the loss of key employees; litigation, including product liability claims; global climate change and environmental regulations; foreign currency fluctuations; changes in tax legislation and tax rates; potential write-offs of goodwill and other intangible assets; differing interests of voting and non-voting shareholders and changes in the regulatory and business environment around dual-class voting structures; the possibility that events, changes or other circumstances could result in termination of the agreement to acquire the PSS business; our ability to complete the pending acquisition of the PSS business on the anticipated timeline or at all, including risks related to the timing, receipt and terms of required governmental and regulatory approvals and the satisfaction or waiver of other closing conditions; the potential effects of the pending acquisition and related integration planning on Brady’s and the PSS business’s relationships with customers, suppliers and other business partners, ability to retain and hire key personnel, operating results and businesses generally; our ability to realize the anticipated strategic and financial benefits of the pending acquisition of the PSS business, including expected synergies, within the anticipated timeframe, or at all; numerous other matters of national, regional and global scale, including major public health crises and government responses thereto and those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2025.



These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law.


BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars in thousands, except per share data)

Three months ended April 30, Nine months ended April 30,
  2026 2025 2026 2025
Net sales $ 435,237  $ 382,590  $ 1,224,661  $ 1,116,330 
Cost of goods sold 209,768  187,531  595,966  555,739 
Gross margin 225,469  195,059  628,695  560,591 
Operating expenses:
Research and development 23,531  19,191  71,132  56,835 
Selling, general and administrative 128,732  108,678  354,195  326,410 
Total operating expenses 152,263  127,869  425,327  383,245 
Operating income 73,206  67,190  203,368  177,346 
Other income (expense):
Investment and other income (expense) 1,431  (509) 3,948  2,850 
Interest expense (1,269) (936) (3,467) (3,604)
Income before income taxes 73,368  65,745  203,849  176,592 
Income tax expense 15,568  13,482  44,062  37,212 
Net income $ 57,800  $ 52,263  $ 159,787  $ 139,380 
Net income per Class A Nonvoting Common Share:
Basic $ 1.22  $ 1.10  $ 3.38  $ 2.92 
Diluted $ 1.21  $ 1.09  $ 3.35  $ 2.89 
Net income per Class B Voting Common Share:
Basic $ 1.22  $ 1.10  $ 3.36  $ 2.90 
Diluted $ 1.21  $ 1.09  $ 3.33  $ 2.88 
Weighted average common shares outstanding:
Basic 47,357  47,644  47,313  47,743 
Diluted 47,814  48,066  47,761  48,196 



BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

  April 30, 2026 July 31, 2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 175,491  $ 174,349 
Accounts receivable, net of allowance for credit losses of $7,274 and $7,876, respectively 266,354  231,944 
Inventories 220,252  200,881 
Prepaid expenses and other current assets 16,832  14,661 
Total current assets 678,929  621,835 
Property, plant and equipment—net 243,720  225,572 
Goodwill 689,415  676,945 
Other intangible assets 103,425  105,374 
Deferred income taxes 18,503  20,862 
Operating lease assets 61,154  58,422 
Other assets 36,805  25,243 
Total $ 1,831,951  $ 1,734,253 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 108,454  $ 105,028 
Accrued compensation and benefits 92,253  92,657 
Taxes, other than income taxes 22,308  21,537 
Accrued income taxes 4,787  5,547 
Current operating lease liabilities 16,382  15,234 
Other current liabilities 93,620  90,329 
Total current liabilities 337,804  330,332 
Long-term debt 26,857  99,766 
Long-term operating lease liabilities 45,270  43,565 
Other liabilities 78,035  68,379 
Total liabilities 487,966  542,042 
Stockholders’ equity:
Common stock:
Class A nonvoting common stock—Issued 51,261,487 shares, and outstanding 43,650,910 and 43,530,012 shares, respectively 513  513 
Class B voting common stock—Issued and outstanding, 3,538,628 shares 35  35 
Additional paid-in capital 363,578  359,269 
Retained earnings 1,442,868  1,317,739 
Treasury stock—7,610,577 and 7,731,475 shares, respectively, of Class A nonvoting common stock, at cost (393,992) (393,186)
Accumulated other comprehensive loss (69,017) (92,159)
Total stockholders’ equity 1,343,985  1,192,211 
Total $ 1,831,951  $ 1,734,253 



BRADY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; Dollars in thousands)

Nine months ended April 30,
2026 2025
Operating activities:
Net income $ 159,787  $ 139,380 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 33,549  30,279 
Stock-based compensation expense 11,605  9,762 
Deferred income taxes 9,506  (6,038)
Other (4,857) (181)
Changes in operating assets and liabilities:
Accounts receivable (28,102) (6,869)
Inventories (12,970) (8,209)
Prepaid expenses and other assets (1,098) (3,754)
Accounts payable and accrued liabilities (1,638) (26,415)
Income taxes (883) (5,081)
Net cash provided by operating activities 164,899  122,874 
Investing activities:
Purchases of property, plant and equipment (32,994) (18,685)
Acquisition of businesses, net of cash acquired (17,416) (147,248)
Other 6,848  854 
Net cash used in investing activities (43,562) (165,079)
Financing activities:
Payment of dividends (34,658) (34,237)
Proceeds from exercise of stock options 9,168  5,759 
Payments for employee taxes withheld from stock-based awards (3,406) (2,518)
Purchase of treasury stock (14,130) (33,155)
Proceeds from borrowing on credit agreement 73,500  206,249 
Repayment of borrowing on credit agreement (146,409) (194,365)
Other (9,534) 190 
Net cash used in financing activities (125,469) (52,077)
Effect of exchange rate changes on cash and cash equivalents 5,274  (3,682)
Net increase (decrease) in cash and cash equivalents 1,142  (97,964)
Cash and cash equivalents, beginning of period 174,349  250,118 
Cash and cash equivalents, end of period $ 175,491  $ 152,154 



BRADY CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION
(Unaudited; Dollars in thousands)

Three months ended April 30, Nine months ended April 30,
2026 2025 2026 2025
NET SALES
Americas & Asia $ 290,055  $ 253,652  $ 810,552  $ 732,926 
Europe & Australia 145,182  128,938  414,109  383,404 
Total $ 435,237  $ 382,590  $ 1,224,661  $ 1,116,330 
SALES INFORMATION
Americas & Asia
Organic 10.1  % 5.4  % 6.0  % 5.0  %
Acquisitions 3.1  % 8.6  % 3.9  % 7.9  %
Currency 1.2  % (1.1) % 0.7  % (1.0) %
Divestiture —  % —  % —  % (0.5) %
Total 14.4  % 12.9  % 10.6  % 11.4  %
Europe & Australia
Organic 4.5  % (5.4) % 0.9  % (1.9) %
Acquisitions —  % 14.2  % —  % 14.8  %
Currency 8.1  % (0.1) % 7.1  % (0.1) %
Total 12.6  % 8.7  % 8.0  % 12.8  %
Total Company
Organic 8.2  % 1.6  % 4.3  % 2.6  %
Acquisitions 2.1  % 10.5  % 2.5  % 10.2  %
Currency 3.5  % (0.7) % 2.9  % (0.5) %
Divestiture —  % —  % —  % (0.4) %
Total 13.8  % 11.4  % 9.7  % 11.9  %
SEGMENT PROFIT
Americas & Asia $ 68,730  $ 57,164  $ 182,344  $ 158,148 
Europe & Australia 21,470  17,478  55,624  41,872 
Total segment profit $ 90,200  $ 74,642  $ 237,968  $ 200,020 
SEGMENT PROFIT AS A PERCENT OF NET SALES
Americas & Asia 23.7  % 22.5  % 22.5  % 21.6  %
Europe & Australia 14.8  % 13.6  % 13.4  % 10.9  %
Total 20.7  % 19.5  % 19.4  % 17.9  %
Three months ended April 30, Nine months ended April 30,
2026 2025 2026 2025
Total segment profit $ 90,200  $ 74,642  $ 237,968  $ 200,020 
Unallocated amounts:
Administrative costs (16,994) (7,452) (34,600) (22,674)
Investment and other income (expense) 1,431  (509) 3,948  2,850 
Interest expense (1,269) (936) (3,467) (3,604)
Income before income taxes $ 73,368  $ 65,745  $ 203,849  $ 176,592 



GAAP to NON-GAAP MEASURES
(Unaudited; Dollars in Thousands, Except Per Share Amounts)
In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure.
Adjusted Income Before Income Taxes:
Brady is presenting the non-GAAP measure, “Adjusted Income Before Income Taxes.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this profit measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income before income taxes to the non-GAAP measure of Adjusted Income Before Income Taxes:
Three months ended April 30, Nine months ended April 30,
2026 2025 2026 2025
Income before income taxes (GAAP measure) $ 73,368  $ 65,745  $ 203,849  $ 176,592 
Amortization expense 5,255  4,754  15,768  14,138 
Non-recurring acquisition-related costs and other related expenses 13,506  —  13,506  5,059 
Facility closure and other reorganization costs —  3,930  —  9,584 
Adjusted Income Before Income Taxes (non-GAAP measure) $ 92,129  $ 74,429  $ 233,123  $ 205,373 


Adjusted Income Tax Expense:
Brady is presenting the non-GAAP measure, “Adjusted Income Tax Expense.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income tax expense to the non-GAAP measure of Adjusted Income Tax Expense:
Three months ended April 30, Nine months ended April 30,
2026 2025 2026 2025
Income tax expense (GAAP measure) $ 15,568  $ 13,482  $ 44,062  $ 37,212 
Amortization expense 1,267  1,144  3,803  3,402 
Non-recurring acquisition-related costs and other related expenses 3,376  —  3,376  1,265 
Facility closure and other reorganization costs —  983  —  2,396 
Adjusted Income Tax Expense (non-GAAP measure) $ 20,211  $ 15,609  $ 51,241  $ 44,275 




Adjusted Net Income:
Brady is presenting the non-GAAP measure, “Adjusted Net Income.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income to the non-GAAP measure of Adjusted Net Income:
Three months ended April 30, Nine months ended April 30,
2026 2025 2026 2025
Net income (GAAP measure) $ 57,800  $ 52,263  $ 159,787  $ 139,380 
Amortization expense 3,988  3,610  11,965  10,736 
Non-recurring acquisition-related costs and other related expenses 10,130  —  10,130  3,794 
Facility closure and other reorganization costs —  2,947  —  7,188 
Adjusted Net Income (non-GAAP measure) $ 71,918  $ 58,820  $ 181,882  $ 161,098 


Adjusted Diluted EPS:
Brady is presenting the non-GAAP measure, “Adjusted Diluted EPS.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income per Class A Nonvoting Common Share to the non-GAAP measure of Adjusted Diluted EPS (Note that certain amounts will not foot due to rounding):
Three months ended April 30, Nine months ended April 30,
2026 2025 2026 2025
Net income per Class A Nonvoting Common Share (GAAP measure) $ 1.21  $ 1.09  $ 3.35  $ 2.89 
Amortization expense 0.08  0.08  0.25  0.22 
Non-recurring acquisition-related costs and other related expenses 0.21  —  0.21  0.08 
Facility closure and other reorganization costs —  0.06  —  0.15 
Adjusted Diluted EPS (non-GAAP measure) $ 1.50  $ 1.22  $ 3.81  $ 3.34 


Adjusted Diluted EPS Guidance:
Fiscal 2026 Expectations
Low High
Earnings per Class A Nonvoting Common Share (GAAP measure) $ 4.66  $ 4.76 
Amortization expense 0.33  0.33 
Non-recurring acquisition-related costs and other related expenses 0.21  0.21 
Adjusted Diluted EPS (non-GAAP measure) $ 5.20  $ 5.30 

EX-99.2 3 f26q3conferencecallprese.htm THIRD QUARTER FISCAL 2026 INFORMATIONAL SLIDES f26q3conferencecallprese
F’26 Q3 Financial Results Brady Corporation May 18, 2026

 
Forward-Looking Statements In this news release, statements that are not reported financial results or other historic information are “forward-looking statements.” These forward-looking statements relate to, among other things, the Company's future financial position, business strategy, targets, projected sales, costs, income, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations. The use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “plan” or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements by their nature address matters that are, to different degrees, uncertain and are subject to risks, assumptions, and other factors, some of which are beyond Brady’s control, that could cause actual results to differ materially from those expressed or implied by such forward- looking statements. For Brady, uncertainties arise from: increased cost of materials, labor, material shortages and supply chain disruptions, including as a result of tariffs or other impacts of the global trade environment; decreased demand for our products; our ability to compete effectively or to successfully execute our strategy; our ability to develop technologically advanced products that meet customer demands; Brady’s ability to identify, integrate and grow acquired companies; difficulties in protecting our websites, networks, and systems against security breaches and difficulties in preventing phishing attacks, social engineering or malicious break-ins; risks associated with the loss of key employees; litigation, including product liability claims; global climate change and environmental regulations; foreign currency fluctuations; changes in tax legislation and tax rates; potential write-offs of goodwill and other intangible assets; differing interests of voting and non-voting shareholders and changes in the regulatory and business environment around dual-class voting structures; the possibility that events, changes or other circumstances could result in termination of the agreement to acquire the PSS business; our ability to complete the pending acquisition of the PSS business on the anticipated timeline or at all, including risks related to the timing, receipt and terms of required governmental and regulatory approvals and the satisfaction or waiver of other closing conditions; the potential effects of the pending acquisition and related integration planning on Brady’s and the PSS business’s relationships with customers, suppliers and other business partners, ability to retain and hire key personnel, operating results and businesses generally; our ability to realize the anticipated strategic and financial benefits of the pending acquisition of the PSS business, including expected synergies, within the anticipated timeframe, or at all; numerous other matters of national, regional and global scale, including major public health crises and government responses thereto and those of a political, economic, business, competitive, and regulatory nature contained from time to time in Brady’s U.S. Securities and Exchange Commission filings, including, but not limited to, those factors listed in the “Risk Factors” section within Item 1A of Part I of Brady’s Form 10-K for the year ended July 31, 2025. These uncertainties may cause Brady's actual future results to be materially different than those expressed in its forward-looking statements. Brady does not undertake to update its forward-looking statements except as required by law. 2

 
Q3 F’26 Highlights 3 * Adjusted Diluted Earnings per Share is a non-GAAP measure. See appendix. Organic sales growth of 8.2%. Americas & Asia organic sales growth of 10.1%. Europe & Australia organic sales growth of 4.5%. Acquisition growth of 2.1%. Sales Growth GPM of 51.8% compared to 51.0% in Q3 of F’25. Gross profit in Q3 last year included facility closure and other reorganization costs. Gross Profit Margin GAAP EPS of $1.21 compared to $1.09 in Q3 of F’25. Adjusted Diluted Earnings per Share* increased 23.0% to $1.50 in Q3 of F’26 compared to $1.22 in Q3 of F’25. Growth in Adjusted Diluted Earnings per Share* Paid dividends of $11.6M. Purchased 63k shares in Q3 of F’26 for $5.2M. In a net cash position of $148.6M at April 30, 2026. Returning Capital to our Shareholders

 
Sales Overview 4 Q3 F’26 SALES: Total sales increased 13.8%. Organic sales increased 8.2%. • Americas & Asia – Organic sales increased 10.1%. • Europe & Australia – Organic sales increased 4.5%. Foreign currency translation increased sales 3.5%. Acquisitions increased sales 2.1%. $323 $326 $337 $346 $332 $323 $343 $343 $377 $357 $383 $397 $405 $384 $435 $250 $275 $300 $325 $350 $375 $400 $425 $450 Q1 F'23 6.9% Q2 F'23 6.3% Q3 F'23 1.9% Q4 F'23 6.9% Q1 F'24 2.7% Q2 F'24 1.6% Q3 F'24 4.5% Q4 F'24 1.6% Q1 F'25 3.6% Q2 F'25 2.6% Q3 F'25 1.6% Q4 F'25 2.4% Q1 F'26 2.8% Q2 F'26 1.6% Q3 F'26 8.2%Organic Growth SALES (millions of USD) Q3 F’26 SALES COMMENTARY: Organic sales grew 9.7% in the Americas with growth in wire ID, product ID and safety and facility ID. Asia organic sales grew 11.9% with growth throughout the region. Organic sales grew 4.7% in Europe and grew 2.2% in Australia.

 
Gross Profit Margin 5 $155 $156 $170 $176 $172 $162 $177 $177 $190 $176 $195 $200 $209 $194 $225 48.1% 48.0% 50.3% 50.8% 51.7% 50.2% 51.6% 51.6% 50.3% 49.3% 51.0% 50.4% 51.5% 50.6% 51.8% 40% 42% 44% 46% 48% 50% 52% $100 $125 $150 $175 $200 $225 $250 Q1 F'23 Q2 F'23 Q3 F'23 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 Q4 F'24 Q1 F'25 Q2 F'25 Q3 F'25 Q4 F'25 Q1 F'26 Q2 F'26 Q3 F'26 GROSS PROFIT & GPM% (millions of USD) Q3 F’26 – GROSS PROFIT MARGIN: Gross profit margin of 51.8% compared to 51.0% in Q3 of F’25. The impact of facility closure and other reorganization costs reduced gross profit by approximately 30 basis points in Q3 of F’25.

 
SG&A Expense 6 Q3 F’26 – SG&A EXPENSE: SG&A expense increased as a percent of sales when compared to Q3 last year primarily due to acquisition-related costs of $13.5M incurred in Q3 F’26, which was partially offset by cost reduction activities completed in the prior year. We continue to drive sustainable efficiency in SG&A expenses while investing in sales generating resources to drive sales growth. $90 $92 $91 $97 $96 $91 $96 $93 $112 $106 $109 $118 $118 $108 $129 27.9% 28.3% 27.0% 28.2% 29.0% 28.3% 27.9% 27.2% 29.7% 29.7% 28.4% 29.7% 29.0% 28.1% 29.6% 20% 22% 24% 26% 28% 30% $75 $90 $105 $120 $135 $150 Q1 F'23 Q2 F'23 Q3 F'23 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 Q4 F'24 Q1 F'25 Q2 F'25 Q3 F'25 Q4 F'25 Q1 F'26 Q2 F'26 Q3 F'26 SG&A EXPENSE AND SG&A EXPENSE AS A % OF SALES (millions of USD)

 
R&D Expense 7 Q3 F’26 – R&D EXPENSE: Investments in R&D continue to drive organic sales growth. F’25 acquisitions carry a higher level of R&D as a percentage of sales. $13.9 $15.4 $15.7 $16.3 $15.7 $16.8 $17.7 $17.5 $18.9 $18.7 $19.2 $23.1 $23.3 $24.3 $23.5 4.3% 4.7% 4.7% 4.7% 4.7% 5.2% 5.1% 5.1% 5.0% 5.2% 5.0% 5.8% 5.7% 6.3% 5.4% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q1 F'23 Q2 F'23 Q3 F'23 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 Q4 F'24 Q1 F'25 Q2 F'25 Q3 F'25 Q4 F'25 Q1 F'26 Q2 F'26 Q3 F'26 R&D EXPENSE AND R&D EXPENSE AS A % OF SALES (millions of USD)

 
Income Before Income Taxes 8 $50.3 $48.5 $63.0 $63.8 $59.4 $55.8 $64.4 $68.2 $58.8 $52.0 $65.7 $60.5 $68.5 $62.0 $73.4 $20 $30 $40 $50 $60 $70 $80 Q1 F'23 12.6% Q2 F'23 15.4% Q3 F'23 23.0% Q4 F'23 18.2% Q1 F'24 18.0% Q2 F'24 15.1% Q3 F'24 2.2% Q4 F'24 6.9% Q1 F'25 (1.0%) Q2 F'25 (6.8%) Q3 F'25 2.1% Q4 F'25 (11.3%) Q1 F'26 16.5% Q2 F'26 19.1% Q3 F'26 11.6% * Adjusted Income Before Income Taxes is a non-GAAP measure. See appendix. (millions of USD)INCOME BEFORE INCOME TAXES (GAAP) Q3 F’26 – INCOME BEFORE INCOME TAXES: GAAP Income before income taxes increased 11.6% to $73.4M in Q3 of F’26 compared to $65.7M in Q3 of F’25. Adjusted Income Before Income Taxes* increased 23.8% to $92.1M in Q3 of F’26 compared to $74.4M in Q3 of F’25. Year-on-Year Growth (Decline)

 
Net Income & Diluted EPS 9 Q3 F’26 – NET INCOME & DILUTED EPS: GAAP Net Income was $57.8M in Q3 of F’26 compared to $52.3M in Q3 of F’25. • Adjusted Net Income* was $71.9M in Q3 of F’26 compared to $58.8M in Q3 of F’25 (an increase of 22.3%). GAAP Diluted EPS was $1.21 in Q3 of F’26 compared to $1.09 in Q3 of F’25. • Adjusted Diluted EPS* was $1.50 in Q3 of F’26 compared to $1.22 in Q3 of F’25 (an increase of 23.0%). * Adjusted Net Income and Adjusted Diluted EPS are non-GAAP measures. See appendix. $39.4 $38.0 $48.1 $49.4 $47.2 $43.6 $50.9 $55.5 $46.8 $40.3 $52.3 $49.9 $53.9 $48.1 $57.8 $25 $35 $45 $55 $65 Q1 F'23 Q2 F'23 Q3 F'23 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 Q4 F'24 Q1 F'25 Q2 F'25 Q3 F'25 Q4 F'25 Q1 F'26 Q2 F'26 Q3 F'26 NET INCOME (GAAP) (millions of USD) $0.79 $0.76 $0.96 $1.00 $0.97 $0.90 $1.05 $1.15 $0.97 $0.83 $1.09 $1.04 $1.13 $1.09 $1.21 $0.50 $0.70 $0.90 $1.10 $1.30 Q1 F'23 Q2 F'23 Q3 F'23 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 Q4 F'24 Q1 F'25 Q2 F'25 Q3 F'25 Q4 F'25 Q1 F'26 Q2 F'26 Q3 F'26 DILUTED EPS (GAAP)

 
Cash Generation 10 CASH FLOW FROM OPERATING ACTIVITIES $28.0 $29.4 $72.5 $79.3 $62.3 $36.1 $72.7 $84.0 $23.4 $39.6 $59.9 $58.3 $33.4 $53.3 $78.2 $0 $25 $50 $75 $100 Q1 F'23 71% Q2 F'23 77% Q3 F'23 151% Q4 F'23 161% Q1 F'24 132% Q2 F'24 83% Q3 F'24 143% Q4 F'24 151% Q1 F'25 50% Q2 F'25 98% Q3 F'25 115% Q4 F'25 117% Q1 F'26 62% Q2 F'26 111% Q3 F'26 135%% of Net Income CASH FLOWS IN Q3 OF F’26: Overview: Cash flow from operating activities was $78.2M in Q3 of F’26 vs. $59.9M in Q3 of F’25. Free cash flow* was $67.2M in Q3 of F’26 compared to $55.6M in Q3 of F’25. Returning Funds to our Shareholders: In Q3 of F’26, we returned a total of $16.7M to our shareholders in the form of dividends and share buybacks. Dividends – Returned $11.6M to our shareholders in the form of dividends. Share Buybacks – Repurchased 63,323 shares in Q3 of F’26 for $5.2M (average price of $81.59/share). * Free cash flow is calculated as Net Cash Provided by Operating Activities less Capital Expenditures. (millions of USD) (millions of USD) 3 Mos. Ended Apr. 30, 2026 3 Mos. Ended Apr. 30, 2025 9 Mos. Ended Apr. 30, 2026 9 Mos. Ended Apr. 30, 2025 Cash Balance - Beginning of Period 176.5$ 138.5$ 174.3$ 250.1$ Cash Flow from Operating Activities 78.2 59.9 164.9 122.9 Capital Expenditures (11.0) (4.3) (33.0) (18.7) Dividends (11.6) (11.3) (34.7) (34.2) Share Repurchases (5.2) (33.2) (14.1) (33.2) Business Acquisitions - (9.9) (17.4) (147.2) Debt Repayments (51.8) 15.1 (72.9) 11.9 Effect of Exchange Rates on Cash 0.6 (3.1) 5.3 (3.7) Other (0.2) 0.5 3.1 4.3 Cash Balance - End of Period 175.5$ 152.2$ 175.5$ 152.2$

 
Net Cash 11 STRONG BALANCE SHEET: April 30, 2026 cash = $175.5M. April 30, 2026 debt = $26.9M. Balance sheet provides flexibility for future investments. $15 $31 $84 $102 $123 $96 $97 $159 $29 $51 $49 $75 $67 $98 $149 $0 $50 $100 $150 Q1 F'23 Q2 F'23 Q3 F'23 Q4 F'23 Q1 F'24 Q2 F'24 Q3 F'24 Q4 F'24 Q1 F'25 Q2 F'25 Q3 F'25 Q4 F'25 Q1 F'26 Q2 F'26 Q3 F'26 NET CASH (millions of USD)

 
Raised F’26 Diluted EPS Guidance GAAP Diluted EPS $4.66 to $4.76 (+18.3% to +20.8% vs. F’25) F’26 Adjusted Diluted EPS* $5.20 to $5.30 (+13.0% to +15.2% vs. F’25) Guidance Assumptions: Organic sales growth in the mid-single digit percentages. Full-year income tax rate of approximately 21%. Foreign currency exchange rates as of April 30, 2026. Depreciation and amortization expense of approximately $44M. Capital expenditures of approximately $45M. 12 * Adjusted Diluted EPS is a non-GAAP measure. See appendix.

 
Americas & Asia 13 • Revenues increased 14.4% in Q3 of F’26: • Organic growth = + 10.1%. • Acquisition = + 3.1%. • Fx increase = +1.2%. • Organic sales grew 9.7% in the Americas with growth in wire ID, product ID and safety and facility ID. • Organic sales grew 11.9% in Asia with growth throughout the region. • Growth in segment profit due to organic sales growth in higher gross margin product lines. Q3 of F’25 segment profit included facility closure and other reorganization costs. Q3 F’26 SUMMARY:Q3 F’26 vs. Q3 F’25 (millions of USD) $222 $212 $225 $228 $245 $234 $254 $261 $269 $252 $290 23% 21% 22% 23% 22% 20% 23% 20% 22% 21% 24% 0% 5% 10% 15% 20% 25% $100 $150 $200 $250 $300 $350 Q1 F'24 3.3% - (1.9%) Q2 F'24 1.2% 0.1% (5.1%) Q3 F'24 4.5% (0.1%) (3.5%) Q4 F'24 3.4% (0.8%) (2.2%) Q1 F'25 5.1% (0.2%) 5.8% Q2 F'25 4.3% (1.4%) 7.6% Q3 F'25 5.4% (1.1%) 8.6% Q4 F'25 4.3% - 9.8% Q1 F'26 4.7% - 4.9% Q2 F'26 3.1% 1.0% 3.5% Q3 F'26 10.1% 1.2% 3.1% SALES & SEGMENT PROFIT % (millions of USD) Q3 F’26 Q3 F’25 Change Sales $ 290.1 $ 253.7 + 14.4% Segment Profit 68.7 57.2 + 20.2% Segment Profit % 23.7% 22.5% + 120 bps • Mid-single digit organic sales growth in F’26. • Growth in segment profit, excluding amortization. OUTLOOK: Organic For. Curr. Acq. & Div.

 
Europe & Australia 14 • Revenues increased 12.6% in Q3 of F’26: • Organic growth = + 4.5%. • Fx increase = + 8.1%. • Organic sales grew 4.7% in Europe and grew 2.2% in Australia. • Segment profit increased due to organic sales growth and cost reduction actions completed in fiscal year 2025. Q3 of F’25 segment profit included facility closure and other reorganization costs. Q3 F’26 SUMMARY:Q3 F’26 vs. Q3 F’25 (millions of USD) $110 $111 $119 $115 $132 $123 $129 $136 $136 $133 $145 15% 14% 16% 17% 10% 9% 14% 11% 14% 12% 15% 0% 4% 8% 12% 16% 20% $50 $100 $150 $200 $250 $300 Q1 F'24 1.4% 4.6% - Q2 F'24 2.5% 2.0% - Q3 F'24 4.4% (0.6%) - Q4 F'24 (1.8%) (1.2%) - Q1 F'25 0.7% 3.6% 15.0% Q2 F'25 (0.8%) (3.6%) 15.1% Q3 F'25 (5.4%) (0.1%) 14.2% Q4 F'25 (1.3%) 5.7% 14.4% Q1 F'26 (0.8%) 4.3% - Q2 F'26 (1.1%) 9.0% - Q3 F'26 4.5% 8.1% - SALES & SEGMENT PROFIT % Q3 F’26 Q3 F’25 Change Sales $ 145.2 $ 128.9 + 12.6% Segment Profit 21.5 17.5 + 22.8% Segment Profit % 14.8% 13.6% + 120 bps Organic For. Curr. Acquisitions • Low-single digit organic sales growth in F’26. • Growth in segment profit, excluding amortization. OUTLOOK: (millions of USD)

 
Investor Relations Brady Contact: Ann Thornton Investor Relations 414-438-6887 Ann_Thornton@bradycorp.com See our website at www.bradycorp.com/investors 15

 
Appendix GAAP to Non-GAAP Reconciliations

 
Non-GAAP Reconciliations 17 2026 2025 2026 2025 73,368$ 65,745$ 203,849$ 176,592$ Amortization expense 5,255 4,754 15,768 14,138 Non-recurring acquisition-related costs and other related expenses 13,506 - 13,506 5,059 Facility closure and other reorganization costs - 3,930 - 9,584 92,129$ 74,429$ 233,123$ 205,373$ 2026 2025 2026 2025 15,568$ 13,482$ 44,062$ 37,212$ Amortization expense 1,267 1,144 3,803 3,402 Non-recurring acquisition-related costs and other related expenses 3,376 - 3,376 1,265 Facility closure and other reorganization costs - 983 - 2,396 20,211$ 15,609$ 51,241$ 44,275$ GAAP to NON-GAAP MEASURES (Unaudited; Dollars in Thousands, Except Per Share Amounts) In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. Three months ended April 30, Three months ended April 30, Adjusted Income Tax Expense (non-GAAP measure) Income before income taxes Adjusted Income Before Income Taxes (non-GAAP measure) Brady is presenting the non-GAAP measure, “Adjusted Income Tax Expense.” This is not a calculation based upon GAAP. The amounts included in this non- GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income tax expense to the non-GAAP measure of Adjusted Income Tax Expense: Nine months ended April 30, Adjusted Income Before Income Taxes: Brady is presenting the non-GAAP measure, “Adjusted Income Before Income Taxes.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this profit measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Income before income taxes to the non-GAAP measure of Adjusted Income Before Income Taxes: Adjusted Income Tax Expense: Nine months ended April 30, Income tax expense (GAAP measure)

 
Non-GAAP Reconciliations 18 2026 2025 2026 2025 57,800$ 52,263$ 159,787$ 139,380$ Amortization expense 3,988 3,610 11,965 10,736 Non-recurring acquisition-related costs and other related expenses 10,130 - 10,130 3,794 Facility closure and other reorganization costs - 2,947 - 7,188 71,918$ 58,820$ 181,882$ 161,098$ 2026 2025 2026 2025 $ 1.21 $ 1.09 $ 3.35 $ 2.89 Amortization expense 0.08 0.08 0.25 0.22 Non-recurring acquisition-related costs and other related expenses 0.21 - 0.21 0.08 Facility closure and other reorganization costs - 0.06 - 0.15 1.50$ 1.22$ 3.81$ 3.34$ Diluted EPS Excluding Certain Items Guidance: Low High Earnings per diluted Class A Common Share (GAAP measure) $ 4.66 $ 4.76 Amortization expense 0.33 0.33 Non-recurring acquisition-related costs and other related expenses 0.21 0.21 Adjusted Diluted EPS (non-GAAP measure) 5.20$ 5.30$ GAAP to NON-GAAP MEASURES (Unaudited; Dollars in Thousands, Except Per Share Amounts) In accordance with the U.S. Securities and Exchange Commission’s Regulation G, the following provides definitions of the non-GAAP measures used in the earnings release and the reconciliation to the most closely related GAAP measure. Adjusted Diluted EPS (non-GAAP measure) Three months ended April 30, Brady is presenting the non-GAAP measure, “Adjusted Net Income.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements and supporting footnote disclosures. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income to the non-GAAP measure of Adjusted Net Income: Nine months ended April 30, Net income (GAAP measure) Adjusted Net Income (non-GAAP measure) Adjusted Net Income: Fiscal 2026 Expectations Three months ended April 30, Brady is presenting the non-GAAP measure, “Adjusted Diluted EPS.” This is not a calculation based upon GAAP. The amounts included in this non-GAAP measure are derived from amounts included in the Consolidated Financial Statements. We do not view these items to be part of our ongoing results. We believe this measure provides an important perspective of underlying business trends and results and provides a more comparable measure from year to year. The table below provides a reconciliation of the GAAP measure of Net income per Class A Nonvoting Common Share to the non-GAAP measure of Adjusted Diluted EPS (Note that certain amounts will not foot due to rounding): Nine months ended April 30, Net income per Class A Nonvoting Common Share (GAAP measure) Adjusted Diluted EPS: