Revenue overview and margins (USD):
- Revenue: 8,169,000,000; YoY +11.8%; QoQ +18.9%
- Gross Profit: 2,506,000,000; Gross Margin 30.68% (YoY up from ~30.1%); QoQ up sharply in line with volume/mix dynamics
- Operating Income: 771,000,000; Operating Margin 9.44% (YoY +21.04%, QoQ +88.05%)
- Net Income: 570,000,000; Net Margin 6.98% (YoY +28.67%, QoQ +106.52%)
- EPS: 2.91 (undiluted); Diluted EPS 2.90; YoY +32.88%, QoQ +110.87%
Liquidity and cash flow:
- Free Cash Flow (FCF): 312,000,000
- Operating Cash Flow: 430,000,000; CAPEX: 118,000,000; Free Cash Flow Conversion remains positive and supportive of debt reduction or deleveraging optionality
- Net cash from operating activities: 430,000,000; Net change in cash: -152,000,000; Cash at end of period: 555,000,000
- Dividends paid: 164,000,000; Net cash used in financing: 448,000,000
Balance sheet and leverage:
- Total assets: 17.694 billion; Total liabilities: 11.638 billion; Total equity: 6.056 billion
- Total debt: 5.558 billion; Net debt: 5.032 billion
- Cash and cash equivalents: 526 million; Net debt to EBITDA over trailing-reported period remains elevated (roughly mid-to-high single digits to leverage region, depending on normalization of seasonality and acquisitions)
- Working capital dynamics show inventory and payables movements affecting cash, with inventory at 4.613 billion and payables at 3.468 billion on period end
Margin dynamics and drivers:
- Margin improvement benefited from pricing discipline and favorable product mix within the U.S. and Canada footprint, while continued cost control tempered selling, general, and administrative expenses relative to revenue growth.
- EBITDA of 288 million implies a quarterly EBITDA margin of 3.5%, which, when annualized, reflects a modestly improving profitability profile given scale and mix opportunities.
Notes on guidance and cadence:
- Management did not publish explicit full-year numeric guidance in QQ1 communications; emphasis remained on sustaining pricing discipline, expanding higher-margin product and service offerings, and advancing digital capabilities to support future profitability and cash generation.