Revenue and profitability dynamics: Q2 revenue was $4.274 billion, up 8.1% vs. prior-year quarter; gross margin 52.49% (down 137 bps vs. year-ago quarter). Excluding the $59 million LIFO charge, gross margin would be marginally higher YoY. EBIT rose or fell depending on the LIFO overlay; reported EBIT $698.5 million, down 1.2% YoY; excluding LIFO, EBIT would have been up about 7.2% YoY. Net income was $468.9 million, down 3.9% YoY; diluted EPS $27.63 (EPS as-reported), with a per-share impact of $2.66 from the LIFO charge. Revenue by FX: peso tailwind contributed a $74 million lift to sales and $23 million to EBIT; EPS benefited by roughly $0.95 vs. year-ago quarter. Cash flow and liquidity: Q2 free cash flow $15 million; year-to-date FCF $645 million vs. $856 million in the prior year, reflecting capex and working capital timing. Balance sheet snapshot: total assets $20.40 billion; total liabilities $21.97 billion; total stockholders’ equity negative $2.07 billion; net debt about $12.12 billion; leverage around 2.5x EBITDAR. Capital allocation: $311 million of buybacks in the quarter; $1.4 billion remaining authorization. Store growth and mix: opened 64 stores in the quarter to 6,709 U.S., 913 Mexico, and 152 Brazil; trailing four-quarter net new stores net adds at 342; full-year plan of 350–360 net new stores vs. 304 in FY2025.