KBR reports $2.03B revenue for Q3 2026

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended July 3, October 2, 2026

20 unchanged paragraphs

As of July 22, October 21, 2026, there were 126,067,755 126,108,987 shares of KBR, Inc. Common Stock, par value $0.001 per share, outstanding.

1 unchanged paragraph

Financial Statements (Unaudited) 188 changes

1 unchanged paragraph

(In millions, except for per share data)

Three months ended Nine months ended

October 2, 2026 October 3, 2025 October 2, 2026 October 3, 2025

Revenues $ 2,028 $ 1,931 $ 5,935 $ 5,901

Cost of revenues ( 1,727 ) ( 1,661 ) ( 5,076 ) ( 5,041 )

Gross profit 301 270 859 860

Equity in earnings of unconsolidated affiliates 64 70 167 163

Selling, general and administrative expenses ( 154 ) ( 145 ) ( 416 ) ( 431 )

Spin-off costs and other charges ( 24 ) ( 4 ) ( 70 ) ( 4 )

Other operating expense ( 1 ) ( 2 ) ( 1 )

Operating income 186 191 538 587

Interest expense ( 36 ) ( 39 ) ( 108 ) ( 121 )

Other non-operating expense ( 2 ) ( 5 )

Income from continuing operations before income taxes 150 152 428 461

Provision for income taxes ( 18 ) ( 34 ) ( 96 ) ( 116 )

Net income from continuing operations 132 118 332 345

Net income (loss) from discontinued operations, net of tax 4 ( 1 ) 4 ( 55 )

Net income 136 117 336 290

Less: Net income attributable to noncontrolling interests included in continuing operations 2 2 4 4

Less: Net income (loss) attributable to noncontrolling interests included in discontinued operations 1 1 ( 18 )

Net income attributable to KBR $ 133 $ 115 $ 331 $ 304

Net income attributable to KBR per share

Basic earnings per share from continuing operations $ 1.03 $ 0.91 $ 2.60 $ 2.62

Basic earnings (loss) per share from discontinued operations $ 0.03 $ ( 0.01 ) $ 0.02 $ ( 0.29 )

Basic earnings per share attributable to KBR $ 1.06 $ 0.90 $ 2.62 $ 2.33

Diluted earnings per share from continuing operations $ 1.03 $ 0.91 $ 2.57 $ 2.62

Diluted earnings (loss) per share from discontinued operations $ 0.03 $ ( 0.01 ) $ 0.03 $ ( 0.29 )

Diluted earnings per share attributable to KBR $ 1.06 $ 0.90 $ 2.60 $ 2.33

Basic weighted average common shares outstanding 126 128 126 130

Diluted weighted average common shares outstanding 126 128 127 130

Cash dividends declared per share $ 0.165 $ 0.165 $ 0.495 $ 0.495

See accompanying notes to condensed consolidated financial statements.

1 unchanged paragraph

Three months ended Nine months ended

October 2, 2026 October 3, 2025 October 2, 2026 October 3, 2025

Net income $ 136 $ 117 $ 336 $ 290

Other comprehensive income (loss):

Foreign currency translation adjustments 4 ( 22 ) ( 18 ) 66

Pension and post-retirement benefits 4 1 13 4

Changes in fair value of derivatives 2 ( 9 ) 5 ( 24 )

Changes in fair value of available-for-sale debt securities 1 1

Other comprehensive income (loss) 11 ( 30 ) 1 46

Income tax (expense) benefit:

Pension and post-retirement benefits ( 1 ) ( 3 ) ( 1 )

Changes in fair value of derivatives 2 ( 1 ) 5

Income tax (expense) benefit ( 1 ) 2 ( 4 ) 4

Other comprehensive income (loss), net of tax 10 ( 28 ) ( 3 ) 50

Comprehensive income 146 89 333 340

Less: Comprehensive income attributable to noncontrolling interests included in continuing operations 2 2 4 4

Less: Comprehensive income (loss) attributable to noncontrolling interests included in discontinued operations 1 1 ( 18 )

Comprehensive income attributable to KBR $ 143 $ 87 $ 328 $ 354

See accompanying notes to condensed consolidated financial statements.

1 unchanged paragraph

(In millions, except share data)

October 2, 2026 January 2, 2026

Cash and cash equivalents $ 439 $ 500

Accounts receivable, net of allowance for credit losses of $ 6 and $ 6 , respectively

Contract assets 320 280

Other current assets 225 166

Current assets of discontinued operations 14 19

Total current assets 2,298 2,051

Pension assets 127 89

Property, plant and equipment, net of accumulated depreciation of $ 520 and $ 506 (including net PPE of $ 7 and $ 5 owned by a variable interest entity), respectively

Operating lease right-of-use assets 224 217

Goodwill 2,670 2,677

Intangible assets, net of accumulated amortization of $ 535 and $ 501 , respectively

Equity in and advances to unconsolidated affiliates 242 107

Deferred income taxes 120 162

Other assets (including $ 51 and $ 0 of available-for-sale debt securities at fair value, respectively)

Total assets $ 7,018 $ 6,584

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable $ 847 $ 712

Contract liabilities 429 331

Accrued salaries, wages and benefits 353 342

Current maturities of long-term debt 554 49

Other current liabilities 253 235

Current liabilities of discontinued operations 10 19

Total current liabilities 2,446 1,688

Employee compensation and benefits 153 144

Income tax payable 102 83

Deferred income taxes 97 95

1 unchanged paragraph

1 unchanged paragraph

and 108 more changes in the filing

Note 1: Basis of Presentation 1 change

1 unchanged paragraph

The condensed consolidated financial statements include all normal and recurring adjustments necessary to present fairly our financial position as of July 3, October 2, 2026, the results of our operations for the three and six nine months ended July 3, October 2, 2026 and July 4, October 3, 2025, respectively, and our cash flows for the six nine months ended July 3, October 2, 2026 and July 4, October 3, 2025, respectively. Our significant accounting policies are detailed in "Note 1. Significant Accounting Policies" of our 2025 Annual Report on Form 10-K. The Company's fiscal year ends on the Friday closest to December 31. The three months ended July 3, October 2, 2026 and July 4, October 3, 2025 each contained 91 days, and the six nine months ended July 3, October 2, 2026 and July 4, October 3, 2025 each contained 182 273 days.

8 unchanged paragraphs

Note 2: Business Segment Information 102 changes

6 unchanged paragraphs

Three months ended July 3, 2026

Three months ended October 2, 2026

1 unchanged paragraph

Revenues $ 1,308 $ 676 $ $ 1,984

Cost of revenues ( 1,120 ) ( 571 ) ( 1,691 )

Gross profit 188 105 293

Operating income (loss) 116 103 ( 47 ) 172

Interest expense ( 35 ) ( 35 )

Other non-operating expense ( 2 ) ( 2 )

Revenues $ 1,266 $ 762 $ $ 2,028

Cost of revenues ( 1,087 ) ( 640 ) ( 1,727 )

Gross profit 179 122 301

Equity in earnings of unconsolidated affiliates 11 41 52 16 48 64

Selling, general and administrative expenses ( 69 80 ) ( 43 45 ) ( 31 29 ) ( 143 154 )

Spin-off costs and other charges ( 15 ) ( 1 ) ( 15 24 ) ( 31 24 )

Other operating income expense 1 1 ( 1 ) ( 1 )

Operating income (loss) 115 124 ( 53 ) 186

Interest expense ( 36 ) ( 36 )

Other non-operating income (expense) 3 ( 1 ) ( 2 )

Income (loss) from continuing operations before income taxes 116 103 118 123 ( 84 91 ) 135 150

Provision for income taxes ( 38 18 ) ( 38 18 )

Net income (loss) from continuing operations 116 103 118 123 ( 122 109 ) 97 132

1 unchanged paragraph

Net income (loss) attributable to KBR from continuing operations $ 116 118 $ 101 121 $ ( 122 109 ) $ 95 130

1 unchanged paragraph

Depreciation and amortization $ 24 $ 11 $ 7 $ 42

Three months ended July 4, 2025

Depreciation and amortization $ 26 $ 11 $ 6 $ 43

Purchases of property, plant and equipment $ ( 5 1 ) $ ( 2 5 ) $ ( 9 2 ) $ ( 16 8 )

Three months ended October 3, 2025

1 unchanged paragraph

Revenues $ 1,336 $ 616 $ $ 1,952

Cost of revenues ( 1,168 ) ( 494 ) ( 1,662 )

Gross profit 168 122 290

Operating income (loss) 108 125 ( 39 ) 194

Interest expense ( 41 ) ( 41 )

Revenues $ 1,326 $ 605 $ $ 1,931

Cost of revenues ( 1,160 ) ( 501 ) ( 1,661 )

Gross profit 166 104 270

Equity in earnings of unconsolidated affiliates 8 43 51 62 70

Selling, general and administrative expenses ( 68 62 ) ( 40 47 ) ( 38 36 ) ( 146 145 )

Spin-off costs and other charges ( 4 ) ( 4 )

Other operating income (expense) ( 1 ) ( 1 )

Operating income (loss) 113 119 ( 41 ) 191

Interest expense ( 39 ) ( 39 )

Other non-operating income (expense) ( 2 ) 1 ( 7 ) ( 8 ) 1

Income (loss) from continuing operations before income taxes 106 126 111 120 ( 87 79 ) 145 152

Provision for income taxes ( 39 34 ) ( 39 34 )

Net income (loss) from continuing operations 106 126 111 120 ( 126 113 ) 106 118

Less: Net income (loss) attributable to noncontrolling interests included in continuing operations ( 1 ) 2 1 2

Net income (loss) attributable to KBR from continuing operations $ 107 111 $ 124 118 $ ( 126 113 ) $ 105 116

1 unchanged paragraph

Six months ended July 3, 2026

Depreciation and amortization $ 27 25 $ 11 $ 7 $ 45 43

Purchases of property, plant and equipment $ ( 10 6 ) $ ( 2 1 ) $ ( 2 1 ) $ ( 14 8 )

Nine months ended October 2, 2026

1 unchanged paragraph

Revenues $ 2,604 $ 1,303 $ $ 3,907

Cost of revenues ( 2,247 ) ( 1,102 ) ( 3,349 )

Gross profit 357 201 558

Operating income (loss) 227 216 ( 91 ) 352

Interest expense ( 72 ) ( 72 )

Other non-operating expense ( 2 ) ( 2 )

Revenues $ 3,870 $ 2,065 $ $ 5,935

Cost of revenues ( 3,334 ) ( 1,742 ) ( 5,076 )

Gross profit 536 323 859

Equity in earnings of unconsolidated affiliates 21 82 103 37 130 167

Selling, general and administrative expenses ( 136 216 ) ( 65 110 ) ( 61 90 ) ( 262 416 )

Spin-off costs and other charges ( 16 ) ( 2 ) ( 28 52 ) ( 46 70 )

Other operating income (expense) 1 ( 1 ) ( 2 ) ( 1 2 )

Operating income (loss) 342 340 ( 144 ) 538

Interest expense ( 108 ) ( 108 )

Other non-operating income (expense) 3 ( 1 ) ( 4 ) ( 2 )

Income (loss) from continuing operations before income taxes 227 216 345 339 ( 165 256 ) 278 428

Provision for income taxes ( 78 96 ) ( 78 96 )

Net income (loss) from continuing operations 227 216 345 339 ( 243 352 ) 200 332

Less: Net income attributable to noncontrolling interests included in continuing operations 2 2 4 4

Net income (loss) attributable to KBR from continuing operations $ 227 345 $ 214 335 $ ( 243 352 ) $ 198 328

1 unchanged paragraph

Depreciation and amortization $ 49 $ 21 $ 13 $ 83

Total assets as of July 3, 2026 $ 3,748 $ 2,026 $ 893 $ 6,667

Six months ended July 4, 2025

Depreciation and amortization $ 75 $ 32 $ 19 $ 126

Purchases of property, plant and equipment $ ( 12 13 ) $ ( 3 8 ) $ ( 13 15 ) $ ( 28 36 )

Total assets as of October 2, 2026 $ 3,797 $ 2,206 $ 1,015 $ 7,018

Nine months ended October 3, 2025

1 unchanged paragraph

Revenues $ 2,717 $ 1,253 $ $ 3,970

1 unchanged paragraph

1 unchanged paragraph

and 22 more changes in the filing

Note 3: Revenue 90 changes

3 unchanged paragraphs

July 3, 2026 July 3, 2026

Three months ended Six Nine months ended

October 2, 2026 October 2, 2026

1 unchanged paragraph

International Government Clients 199 38 237 391 84 475

Commercial and Infrastructure Clients 21 638 659 47 1,219 1,266

Total revenue $ 1,308 $ 676 $ 1,984 $ 2,604 $ 1,303 $ 3,907

July 4, 2025 July 4, 2025

U.S. Government Defense and Intelligence Clients $ 834 836 $ $ 834 836 $ 1,650 2,486 $ $ 1,650 2,486

U.S. Government Federal Civilian Clients 254 254 516 516 209 209 725 725

International Government Clients 197 34 231 588 118 706

Commercial and Infrastructure Clients 24 728 752 71 1,947 2,018

Total revenues $ 1,266 $ 762 $ 2,028 $ 3,870 $ 2,065 $ 5,935

Three months ended Six Nine months ended

October 3, 2025 October 3, 2025

1 unchanged paragraph

International Government Clients 181 42 223 348 94 442

Commercial and Infrastructure Clients 26 574 600 53 1,159 1,212

Total revenue $ 1,336 $ 616 $ 1,952 $ 2,717 $ 1,253 $ 3,970

U.S. Government Defense and Intelligence Clients $ 856 832 $ $ 856 832 $ 1,762 2,594 $ $ 1,762 2,594

U.S. Government Federal Civilian Clients 273 273 554 554 274 274 828 828

International Government Clients 194 42 236 542 136 678

Commercial and Infrastructure Clients 26 563 589 79 1,722 1,801

Total revenues $ 1,326 $ 605 $ 1,931 $ 4,043 $ 1,858 $ 5,901

1 unchanged paragraph

Dollars in millions July 3, 2026 July 3, 2026

Three months ended Six Nine months ended

Dollars in millions October 2, 2026 October 2, 2026

1 unchanged paragraph

United States $ 951 $ 67 $ 1,018 $ 1,901 $ 149 $ 2,050

Europe 218 143 361 433 294 727

Middle East 32 213 245 63 405 468

Australia 65 92 157 128 178 306

Africa 20 32 52 39 70 109

Asia 5 44 49 9 79 88

Other countries 17 85 102 31 128 159

Total revenue $ 1,308 $ 676 $ 1,984 $ 2,604 $ 1,303 $ 3,907

Dollars in millions July 4, 2025 July 4, 2025

United States $ 890 $ 79 $ 969 $ 2,791 $ 228 $ 3,019

Europe 235 141 376 668 435 1,103

Middle East 37 320 357 100 725 825

Australia 60 89 149 188 267 455

Africa 16 32 48 55 102 157

Asia 6 40 46 15 119 134

Other countries 22 61 83 53 189 242

Total revenues $ 1,266 $ 762 $ 2,028 $ 3,870 $ 2,065 $ 5,935

Three months ended Six Nine months ended

Dollars in millions October 3, 2025 October 3, 2025

1 unchanged paragraph

United States $ 988 $ 122 $ 1,110 $ 1,964 $ 255 $ 2,219

Europe 214 142 356 507 306 813

Middle East 39 166 205 65 318 383

Australia 56 81 137 106 163 269

Africa 18 51 69 36 84 120

Asia 10 27 37 13 68 81

Other countries 11 27 38 26 59 85

Total revenue $ 1,336 $ 616 $ 1,952 $ 2,717 $ 1,253 $ 3,970

United States $ 938 $ 102 $ 1,040 $ 2,902 $ 357 $ 3,259

Europe 263 134 397 770 440 1,210

Middle East 28 172 200 93 490 583

Australia 62 87 149 168 250 418

Africa 20 44 64 56 128 184

Asia 2 28 30 15 96 111

Other countries 13 38 51 39 97 136

Total revenues $ 1,326 $ 605 $ 1,931 $ 4,043 $ 1,858 $ 5,901

1 unchanged paragraph

Three months ended July 3, 2026 Six months ended July 3, 2026

Three months ended October 2, 2026 Nine months ended October 2, 2026

1 unchanged paragraph

Cost-Reimbursable $ 746 $ 15 $ 761 $ 1,517 $ 22 $ 1,539

Time-and-Materials 203 374 577 403 737 1,140

Fixed Price 359 287 646 684 544 1,228

Total revenue $ 1,308 $ 676 $ 1,984 $ 2,604 $ 1,303 $ 3,907

Three months ended July 4, 2025 Six months ended July 4, 2025

Cost-Reimbursable $ 725 $ 1 $ 726 $ 2,242 $ 23 $ 2,265

Time-and-Materials 215 423 638 618 1,160 1,778

Fixed Price 326 338 664 1,010 882 1,892

Total revenues $ 1,266 $ 762 $ 2,028 $ 3,870 $ 2,065 $ 5,935

Three months ended October 3, 2025 Nine months ended October 3, 2025

1 unchanged paragraph

Cost-Reimbursable $ 853 $ $ 853 $ 1,744 $ $ 1,744

Time-and-Materials 194 421 615 401 805 1,206

Fixed Price 289 195 484 572 448 1,020

Total revenue $ 1,336 $ 616 $ 1,952 $ 2,717 $ 1,253 $ 3,970

Cost-Reimbursable $ 823 $ $ 823 $ 2,567 $ $ 2,567

Time-and-Materials 195 378 573 596 1,183 1,779

Fixed Price 308 227 535 880 675 1,555

Total revenues $ 1,326 $ 605 $ 1,931 $ 4,043 $ 1,858 $ 5,901

1 unchanged paragraph

1 unchanged paragraph

and 10 more changes in the filing

Note 4: Cash and Cash Equivalents 8 changes

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents include cash balances held by our wholly owned subsidiaries as well as cash held by joint ventures that we consolidate. Joint venture and the Aspire Defence project cash balances are limited to specific project activities and are not available for other projects, new acquisitions and joint ventures, general cash needs or distribution to us without approval of the Board of Directors of the respective entities. The cash and cash equivalents held in consolidated joint ventures and the Aspire Defence project are expected to be used for their respective project costs and distributions of earnings.

2 unchanged paragraphs

Total $ 237 $ 75 $ 312

Cash and cash equivalents $ 164 156 $ 75 198 $ 239 354

Short-term investments (c) 13 13 18 18

Cash and cash equivalents held in consolidated joint ventures and Aspire Defence subcontracting entities (d) 60 60 67 67

Total $ 241 $ 198 $ 439

4 unchanged paragraphs

(b) Includes U.S. dollar and foreign currency deposits held in U.S. entities with operating accounts that constitute onshore cash for tax purposes but may reside either in the U.S. or in a foreign country. Includes cash and cash equivalents held by our wholly owned captive insurance company of $ 10 million and $ 15 million as of July 3, October 2, 2026 and January 2, 2026, respectively, which is generally not available to KBR to support its other operations.

1 unchanged paragraph

(d) Includes short-term investments held by Aspire Defence subcontracting entities for $ 26 31 million and $ 11 million as of July 3, October 2, 2026 and January 2, 2026, respectively.

Note 5: Unapproved Change Orders and Claims Against Clients 7 changes

1 unchanged paragraph

Dollars in millions July 3, 2026 July 4, 2025

Dollars in millions October 2, 2026 October 3, 2025

1 unchanged paragraph

Net increase in project estimates 4 57 64

Approved change orders ( 10 15 ) ( 128 )

Ending balance of amounts included in project estimates-at-completion $ 19 14 $ 33 40

Amounts recognized over time based on progress $ 10 8 $ 31 33

The balance as of July 3, October 2, 2026 relates to estimated recoveries of claims associated with certain U.S. government projects in our Mission Technology Solutions segment. During the six nine months ended July 4, October 3, 2025, a resolution was reached regarding an outstanding unapproved change order within our Mission Technology Solutions segment for $ 128 million.

Note 6: Equity Method Investments and Variable Interest Entities 20 changes

1 unchanged paragraph

Six Nine months ended Year ended

Dollars in millions July 3, October 2, 2026 January 2, 2026

1 unchanged paragraph

Equity in earnings of unconsolidated affiliates 103 167 210

Distributions of earnings of unconsolidated affiliates (a) ( 63 111 ) ( 165 )

Payments from unconsolidated affiliates, net ( 5 10 ) ( 9 )

Investment in (return of) equity method investments, net (b) 128 127 ( 82 )

1 unchanged paragraph

Other (c) ( 28 ) ( 43 )

Ending balance $ 241 $ 107

Other (c) ( 37 ) ( 43 )

Ending balance $ 242 $ 107

(a) In the normal course of business, our joint ventures will declare a distribution in the current quarter that is not paid until the subsequent quarter. As such, the distributions declared during the current quarter may not agree to the distributions of earnings from unconsolidated affiliates on our condensed consolidated statements of cash flows. During the year ended January 2, 2026, joint ventures within our STS segment declared a distribution of earnings of $ 34 million that was not received by KBR until the six nine months ended July 3, October 2, 2026. During the year ended January 3, 2025, a joint venture within our STS segment declared a distribution of earnings of $ 39 million that was not received by KBR until the year ended January 2, 2026.

(b) During the six nine months ended July 3, October 2, 2026, we recorded $ 128 127 million of investment in equity method investments primarily related to BRIS closing on an agreement to acquire a welding and turnaround services provider. We contributed $ 115 million in cash to BRIS as part of this agreement, which has been reflected as an "investment in equity method investments, net" within the investing section of our condensed consolidated statements of cash flows. During the year ended January 2, 2026, we received a return of investment from BRIS of approximately $ 82 million, primarily related to our joint venture partner in BRIS selling its ownership interest to a third party in October 2025 which resulted in funds being distributed by BRIS prior to the closing of this sale to return capital to its owners. Of the funds distributed, KBR received $ 79 million which has been reflected as a "return of equity method investment, net" within the investing section of our condensed consolidated statements of cash flows.

(c) During the six nine months ended July 3, October 2, 2026, Other included a reduction to the net liability position of $ 28 38 million related to a joint venture within our STS business segment. During the year ended January 2, 2026, Other included a reduction to the net liability position of $ 43 million related to a joint venture within our STS business segment.

1 unchanged paragraph

Contract liabilities $ 29 $ 41

We often provide engineering, construction management and other subcontractor services to our unconsolidated joint ventures, and our revenues include amounts related to these services. For the three and six nine months ended July 3, October 2, 2026, our revenues included $ 145 154 million and $ 291 445 million, respectively, and for the three and six nine months ended July 4, October 3, 2025, our revenues included $ 190 172 million and $ 363 535 million, respectively, related to the services we provided primarily to the Aspire Defence Limited joint venture within our MTS business segment and a joint venture within our STS business segment.

During the six nine months ended July 3, October 2, 2026 we purchased available-for-sale debt securities for $ 34 million from Mura Technology ("Mura"), a company in which we have an aggregate investment of approximately 17 %. Refer to Other Investments within Note 15. "Fair Value of Financial Instruments and Risk Management" for further detail on the available-for-sale debt securities.

Amounts included in our condensed consolidated balance sheets related to services we provided to our unconsolidated joint ventures as of July 3, October 2, 2026 and January 2, 2026 are were as follows:

Dollars in millions July 3, October 2, 2026 January 2, 2026

Accounts receivable, net of allowance for credit losses $ 54 63 $ 59

Contract liabilities $ 31 $ 41

Note 7: Retirement Benefits 12 changes

Dollars in millions July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

We have two frozen defined benefit pension plans in the U.S., one frozen and one active plan in the U.K. and one frozen plan in Germany. The components of net periodic pension benefit related to the frozen U.K. pension for the three and six nine months ended July 3, October 2, 2026 and July 4, October 3, 2025, respectively, were as follows:

Three months ended Six Nine months ended

Dollars in millions October 2, 2026 October 3, 2025 October 2, 2026 October 3, 2025

1 unchanged paragraph

Interest cost $ 15 $ 15 $ 31 $ 30

Recognized actuarial loss 4 1 8 2

Interest cost $ 16 $ 16 $ 47 $ 46

Expected return on plan assets ( 28 29 ) ( 28 29 ) ( 57 86 ) ( 54 83 )

Prior service cost amortization 1 1 1

Recognized actuarial loss 3 1 11 3

Net periodic pension benefit $ ( 9 ) $ ( 11 12 ) $ ( 18 27 ) $ ( 21 33 )

In 2024, the Trustee of the U.K. defined benefit pension plan commenced the triennial actuarial valuation of the plan which was finalized during the year ended January 2, 2026. At this time, we do not anticipate contributing additional funding to this plan at least until The next triennial valuation occurs. of the UK defined benefit plan will occur in fiscal 2027.

Note 8: Debt and Other Credit Facilities 10 changes

1 unchanged paragraph

Dollars in millions July 3, October 2, 2026 January 2, 2026

Term Loan A $ 967 957 $ 989

1 unchanged paragraph

Unamortized debt issuance costs and discounts ( 18 16 ) ( 21 )

Total debt 2,552 2,541 2,596

Less: current portion 49 554 49

Total long-term debt, net of current portion $ 2,503 1,987 $ 2,547

3 unchanged paragraphs

We had cash borrowings of $ 141 281 million on our Revolver that occurred during the six nine months ended July 3, October 2, 2026. We had cash repayments of $ 161 301 million on our Revolver, $ 20 29 million on our Term Loan A and $ 5 8 million on our Term Loan B that occurred during the six nine months ended July 3, October 2, 2026. The interest rates with respect to the Revolver, Term Loan A and Term Loan B are based on, at our option, the applicable adjusted reference rate plus an additional margin or base rate plus additional margin. Additionally, there is a commitment fee applicable to available amounts under the Revolver.

17 unchanged paragraphs

Both Term Loan A-1 and Term Loan A-3 provide for quarterly principal payments of 0.625 % of the aggregate principal amount, increasing which increased to 1.25 % starting with the quarter ending ended April 3, 2026. Term Loan A-2 provides for quarterly principal payments of 0.625 % of the aggregate principal amount and Term Loan B provides for quarterly principal payments of $ 3 million. Each of Term Loan A-1, Term Loan A-3 and the Revolver matures in February 2029, Term Loan A-2 matures in August 2027 and Term Loan B matures in January 2031. The Term Loan A-2 principal that matures in August 2027 is reflected in current maturities of long-term debt within our condensed consolidated balance sheets.

The Senior Credit Facility contains financial covenants providing for a maximum consolidated net leverage ratio and a consolidated interest coverage ratio (as such terms are defined in the Senior Credit Facility). Our consolidated net leverage ratio as of the last day of any fiscal quarter may not exceed 4.25 to 1 in 2023, reducing to 4.00 to 1 in 2024 and thereafter. Our consolidated interest coverage ratio may not be less than 3.00 to 1 as of the last day of any fiscal quarter. As of July 3, October 2, 2026, we were in compliance with our financial covenants under our Senior Credit Facility.

3 unchanged paragraphs

In connection with certain projects, we are required to provide letters of credit, surety bonds or guarantees to our customers in the ordinary course of business as credit support for contractual performance guarantees, advanced payments received from customers and future funding commitments. As of July 3, October 2, 2026, we had a $ 1 billion committed line of credit on the Revolver under our Senior Credit Facility and $ 491 million of bilateral and uncommitted lines of credit. As of July 3, October 2, 2026, with respect to our Revolver, we had $ 375 million of outstanding borrowings. We also have $ 18 million of outstanding letters of credit on our Senior Credit Facility. With respect to our $ 491 million of bilateral and uncommitted lines of credit, we utilized $ 290 305 million for letters of credit as of July 3, October 2, 2026. The total remaining capacity of these committed and uncommitted lines of credit was approximately $ 808 793 million as of July 3, October 2, 2026, all of which can be used toward issuing letters of credit. Of the letters of credit outstanding under the Senior Credit Facility, none have expiry dates beyond the maturity date of the Senior Credit Facility. Of the total letters of credit outstanding under our bilateral facilities, $ 99 million relate to our joint venture operations where the letters of credit are posted using our capacity to support our pro-rata share of obligations under various contracts executed by joint ventures of which we are a member.

Note 9: Income Taxes 5 changes

The effective tax rate was approximately 28 22 % and 27 25 % on income from continuing operations for the six nine months ended July 3, October 2, 2026 and July 4, October 3, 2025, respectively. The effective tax rate of 28 22 % for the six nine months ended July 3, October 2, 2026, as compared to the U.S. statutory rate of 21%, was affected by the rate differential on our foreign earnings, the impact of state and local taxes in the U.S. and discrete activity for the year, offset by a $ 15 million discrete tax benefit associated with the ongoing IRS examination and appeals process for certain tax years. The effective tax rate of 27 25 % for the six nine months ended July 4, October 3, 2025, as compared to the U.S. statutory rate of 21%, was primarily affected by the rate differential on our foreign earnings and the impact of state and local taxes in the U.S. During the nine months ended October 3, 2025, the effective tax rate was also affected by a resolution reached with tax authorities regarding the jurisdiction of taxable income in certain tax years prior to 2016. As a result of this resolution, we released previously reserved uncertain tax positions and recognized additional tax positions regarding the jurisdiction of taxable income in years after 2016.

On July 4, 2025, the reconciliation bill H.R. 1 was enacted into law in the U.S. H.R.1 includes a broad range of tax reform provisions, including the elective deduction for domestic Research and Development ("R&D"), a reinstatement of elective 100% first-year bonus depreciation and changes to the interest limitation calculation under 163(j), among other provisions. The Company is currently evaluating the impact of the H.R. 1 tax provisions which within H.R. 1 could affect the Company's effective tax rate and deferred tax assets in 2026 and future periods. A quantitative estimate of the specific financial effects cannot be reasonably determined at this time due to the complexity of the changes in the tax reform and optionality of voluntary elections.

The valuation allowance for deferred tax assets as of July 3, October 2, 2026 and January 2, 2026 was $ 126 134 million and $ 124 million, respectively. The remaining valuation allowance is primarily related to foreign tax credit carryforwards and foreign and state net operating loss carryforwards that, in the judgment of management, do not meet the more likely than not realization threshold. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income, in the appropriate character and source, during the periods in which those temporary differences become deductible or within the remaining carryforward period. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment.

The utilization of the unreserved foreign tax credit carryforwards is based on our ability to generate income from foreign sources of approximately $ 19 43 million prior to their expiration. The utilization of other net deferred tax assets, excluding those associated with indefinite-lived intangible assets, is based on our ability to generate U.S. forecasted taxable income of approximately $ 800 814 million. Changes in our forecasted taxable income, in the appropriate character and source, as well as jurisdiction, could affect the ultimate realization of deferred tax assets.

The provision for uncertain tax positions was $ 86 million and $ 76 million as of July 3, October 2, 2026 and January 2, 2026, respectively, and was primarily included within income tax payable on our condensed consolidated balance sheets.

Note 11: U.S. Government Matters 2 changes

1 unchanged paragraph

We accrued for probable and reasonably estimable unallowable costs associated with open government matters related to our MTS business in the amounts of $ 22 21 million as of July 3, October 2, 2026 and $ 37 million as of January 2, 2026, which are recorded in other liabilities on our condensed consolidated balance sheets.

2 unchanged paragraphs

First Kuwaiti Trading Company arbitration. In April 2008, FKTC, one of our LogCAP III subcontractors providing housing containers, filed for arbitration with the American Arbitration Association for several claims under various LogCAP III subcontracts. After a series of arbitration proceedings and related litigation between KBR and the U.S. government, the panel heard the final claims and we received an award on July 27, 2022. FKTC filed a motion for correction of the award asking the tribunal to change its findings. The tribunal denied FKTC's motion in an order issued on October 20, 2022. On January 5, 2023, FKTC filed a motion to vacate the arbitral award in the Eastern District of Virginia Federal District Court. KBR filed its response on February 2, 2023. On March 22, 2023, both parties presented oral arguments. On May 12, 2023, the District Court issued its order denying FKTC s motion to vacate the arbitration award and confirming the award. On June 12, 2023, the parties submitted their briefs in support of their calculations of the final award amount. KBR sought to confirm the net award of $ 16 million in KBR s favor plus post-judgment interest. FKTC sought to offset amounts awarded to KBR with amounts FKTC claimed it was owed based on unpaid principal and post award interest on the awards issued in its favor in the prior arbitration proceedings, totaling $ 70 million. KBR disagreed with FKTC s interest claim and calculation. On September 22, 2023, the Court issued a decision finding the net amount due in favor of KBR from FKTC is $ 8 million. FKTC has appealed this ruling. In June 2025, the appellate court affirmed the judgment in KBR s favor and then, in July 2025, denied FKTC s petition for a rehearing en banc. The deadline for FKTC to file a writ to the Supreme Court was October 13, 2025, which passed without any additional filing by FKTC. In addition, in March 2022, FKTC filed a civil action in Kuwait civil court against KBR seeking $ 100 million in damages. This action is duplicative of the claims decided in arbitration. In September 2022, we filed a motion to dismiss this action for lack of jurisdiction due to the arbitration agreement between KBR and FKTC. On December 7, 2023, the Kuwait Court of Cassation issued a ruling ordering KBR to pay an immaterial provisional damage award and requiring FKTC to refile its case in the Court of First Instance for adjudication. FKTC refiled its case and, in November 2024, served KBR. We filed responsive pleadings, motions to dismiss, and defenses with the Court in December 2025. In March 2026, the lower Court issued a judgment in FKTC's favor in the amount of $ 41 million, without regard to KBR's defenses of lack of jurisdiction and other defenses. KBR filed an appeal on April 1, 2026. Based on our assessment of existing law and precedent, the opinions or views of legal counsel and the facts available to us, no amounts were accrued as of July 3, October 2, 2026.

Note 12: Accumulated Other Comprehensive Loss 20 changes

1 unchanged paragraph

Dollars in millions Accumulated foreign currency translation adjustments Accumulated pension liability adjustments Changes in fair value of derivatives Changes in fair value of available-for-sale debt securities Total

1 unchanged paragraph

Balance at July 3, 2026 $ ( 270 ) $ ( 681 ) $ 10 $ ( 941 )

Other comprehensive income (loss) adjustments before reclassifications ( 22 18 ) 8 12 1 ( 14 5 )

Amounts reclassified from AOCL 7 10 ( 6 8 ) 1 2

Net other comprehensive income (loss) ( 22 18 ) 7 2 10 4 1 ( 13 3 )

Balance at October 2, 2026 $ ( 266 ) $ ( 678 ) $ 12 $ 1 $ ( 931 )

2 unchanged paragraphs

Balance at July 4, 2025 $ ( 232 ) $ ( 653 ) $ 17 $ ( 868 )

Other comprehensive income (loss) adjustments before reclassifications 88 66 ( 3 6 ) 85 60

Amounts reclassified from AOCL 2 3 ( 9 13 ) ( 7 10 )

Net other comprehensive income (loss) 88 2 66 3 ( 12 19 ) 78 50

Balance at October 3, 2025 $ ( 254 ) $ ( 652 ) $ 10 $ ( 896 )

1 unchanged paragraph

Dollars in millions July 3, October 2, 2026 July 4, October 3, 2025 Affected line item on the Condensed Consolidated Statements of Operations

1 unchanged paragraph

Prior service cost amortization $ ( 1 ) $ ( 1 ) See (a) below

Recognized actuarial loss ( 8 11 ) ( 2 3 ) See (a) below

Tax benefit 1 2 1 Provision for income taxes

Net pension and post-retirement benefits $ ( 7 10 ) $ ( 2 3 ) Net of tax

1 unchanged paragraph

Net changes in fair value of derivatives $ 6 $ 9 Net of tax

Interest rate swap settlements $ 7 10 $ 11 17 Interest expense

Tax expense ( 1 2 ) ( 2 4 ) Provision for income taxes

Net changes in fair value of derivatives $ 8 $ 13 Net of tax (a) This item is included in the computation of net periodic pension benefit. See Note 7. "Retirement Benefits" to our condensed consolidated financial statements for further discussion.

Note 13: Share Repurchases 16 changes

1 unchanged paragraph

On February 25, 2014, the Board of Directors authorized a plan to repurchase our outstanding shares of common stock, which replaced and terminated the August 26, 2011 share repurchase program. On February 20, 2025, the Board of Directors authorized $ 454 million of share repurchases to be added to the prior authorizations, which increased the total amount authorized and available for repurchase under the share repurchase program to $ 750 million. As of July 3, October 2, 2026, $ 402 million remained available for repurchase under this authorization. The authorization does not obligate us to acquire any particular number of shares of common stock and may be commenced, suspended or discontinued without prior notice. The share repurchases are intended to be funded through our current and future cash flows and the authorization does not have an expiration date.

3 unchanged paragraphs

Three months ended July 3, 2026 Six months ended July 3, 2026

Three months ended October 2, 2026 Nine months ended October 2, 2026

1 unchanged paragraph

Withhold to cover shares 3,206 34.43 92,335 41.99 $ 4

Total 733,346 $ 34.22 $ 25 822,475 $ 35.09 $ 29

Three months ended July 4, 2025 Six months ended July 4, 2025

Repurchases under the authorized share repurchase program 730,140 $ 34.22 $ 25 730,140 $ 34.22 $ 25

Withhold to cover shares 4,871 35.93 97,206 41.68 4

Total 4,871 $ 35.93 $ 827,346 $ 35.10 $ 29

Three months ended October 3, 2025 Nine months ended October 3, 2025

1 unchanged paragraph

Repurchases under the authorized share repurchase program 910,056 $ 52.72 $ 48 3,919,143 $ 50.50 $ 198

Withhold to cover shares 3,244 51.95 116,927 49.05 6

Total 913,300 $ 52.72 $ 48 4,036,070 $ 50.46 $ 204

Repurchases under the authorized share repurchase program 2,024,772 $ 49.37 $ 100 5,943,915 $ 50.12 $ 298

Withhold to cover shares 2,037 49.83 118,964 49.07 6

Total 2,026,809 $ 49.37 $ 100 6,062,879 $ 50.10 $ 304

Note 14: Income per Share 26 changes

2 unchanged paragraphs

July 3, July 4, July 3, July 4,

Three months ended Six Nine months ended

October 2, October 3, October 2, October 3,

2 unchanged paragraphs

Net income from continuing operations $ 97 132 $ 106 118 $ 200 332 $ 227 345

Less: Net income attributable to noncontrolling interests included in continuing operations 2 1 2 2 4 4

Net income attributable to KBR from continuing operations 95 105 198 225 130 116 328 341

Less: Earnings allocable to participating securities 1 1 1 1

Basic net income attributable to KBR from continuing operations 94 104 197 224 130 116 327 340

Diluted net income attributable to KBR from continuing operations $ 94 130 $ 104 116 $ 197 327 $ 224 340

1 unchanged paragraph

Net income (loss) from discontinued operations, net of tax $ 2 4 $ ( 48 1 ) $ 4 $ ( 54 55 )

Less: Net income (loss) attributable to noncontrolling interests included in discontinued operations 1 ( 16 ) 1 ( 18 )

Net income (loss) attributable to KBR from discontinued operations 1 3 ( 32 1 ) 3 ( 36 37 )

Basic net income (loss) attributable to KBR from discontinued operations 1 3 ( 32 1 ) 3 ( 36 37 )

Diluted net income (loss) attributable to KBR from discontinued operations $ 1 3 $ ( 32 1 ) $ 3 $ ( 36 37 )

1 unchanged paragraph

Basic weighted average common shares outstanding 126 129 127 128 126 130

Stock options and restricted shares 1 1

Diluted weighted average common shares outstanding 127 129 126 128 127 131 130

2 unchanged paragraphs

Continuing operations $ 0.74 $ 0.81 $ 1.55 $ 1.72

Continuing operations $ 1.03 $ 0.91 $ 2.60 $ 2.62

Discontinued operations $ 0.01 0.03 $ ( 0.25 0.01 ) $ 0.02 $ ( 0.27 0.29 )

Total basic earnings per share attributable to KBR $ 0.75 1.06 $ 0.56 0.90 $ 1.55 2.62 $ 1.45 2.33

1 unchanged paragraph

Continuing operations $ 0.74 $ 0.81 $ 1.55 $ 1.71

Continuing operations $ 1.03 $ 0.91 $ 2.57 $ 2.62

Discontinued operations $ 0.01 0.03 $ ( 0.25 0.01 ) $ 0.03 $ ( 0.27 0.29 )

Total diluted earnings per share attributable to KBR $ 0.75 1.06 $ 0.56 0.90 $ 1.55 2.60 $ 1.44 2.33

The diluted net income attributable to KBR per share calculation excluded the following weighted-average potential common shares because their inclusion would have been anti-dilutive: 0.4 million for the three and six nine months ended July 3, October 2, 2026 related to our restricted stock awards and 0.3 million for three and six nine months ended July 4, October 3, 2025 related to our stock options and restricted stock awards.

Note 15: Fair Value of Financial Instruments and Risk Management 28 changes

2 unchanged paragraphs

July 3, October 2, 2026 January 2, 2026

2 unchanged paragraphs

Term Loan A Level 2 $ 967 957 $ 967 957 $ 989 $ 989

Term Loan B Level 2 978 979 975 977 983 989

Senior Notes Level 2 250 247 243 250 246

2 unchanged paragraphs

The following disclosures for foreign currency risk and interest rate risk includes include the fair value hierarchy levels for our assets and liabilities that are measured at fair value on a recurring basis.

1 unchanged paragraph

As of July 3, October 2, 2026, the gross notional value of our foreign currency exchange forwards and option contracts used to hedge balance sheet exposures was $ 244 279 million, all of which had durations of 32 33 days or less. The fair value of our balance sheet hedges are included in other current assets and other current liabilities on our condensed consolidated balance sheets at July 3, October 2, 2026 and January 2, 2026. The fair values of these derivatives are considered Level 2 under ASC Topic 820, Fair Value Measurement , as they are based on quoted prices directly observable in active markets.

1 unchanged paragraph

Dollars in millions July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

Net loss $ ( 2 ) $ ( 2 ) $ $ ( 5 )

Three months ended Six Nine months ended

Dollars in millions October 2, 2026 October 3, 2025 October 2, 2026 October 3, 2025

Balance Sheet Hedges - Fair Value $ ( 1 ) $ $ ( 1 ) $ ( 2 )

Balance Sheet Position - Remeasurement ( 2 ) 1 ( 2 ) ( 3 2 )

Net gain (loss) $ ( 3 ) $ 1 $ ( 3 ) $ ( 4 )

2 unchanged paragraphs

Dollars in millions Notional Amount at July 3, October 2, 2026* Pay Fixed Rate (Weighted Average) Receive Variable Rate Settlement and Termination

3 unchanged paragraphs

March 2023 Amortizing Interest Rate Swaps 101 99 3.81 % Term SONIA Monthly through November 2026

4 unchanged paragraphs

Our interest rate swaps are reported at fair value using Level 2 inputs. The fair value of the interest rate swaps at July 3, October 2, 2026 was a $ 14 16 million asset, of which $ 11 10 million is included in other current assets and $ 3 6 million is included in other assets. The fair value of the interest rate swaps at January 2, 2026 was a $ 10 million net asset, of which $ 11 million is included in other current assets and $ 1 million is included in each of other assets, other current liabilities and other liabilities.

Sales of Receivables. From time to time, we sell certain receivables to unrelated third-party financial institutions under various accounts receivable monetization programs. One such program is with MUFG Bank, Ltd. ( MUFG ) under a Master Accounts Receivable Purchase Agreement (the RPA ), which provides the sale to MUFG of certain of our designated eligible receivables, with a significant portion of such receivables being owed by the U.S. government. During the six nine months ended July 3, October 2, 2026, we derecognized $ 608 935 million of accounts receivables from the balance sheet under these agreements, of which certain receivables totaling $ 583 910 million were sold under the MUFG RPA. The fair value of the sold receivables approximated their book value due to their short-term nature. The fees incurred are presented in other non-operating expense on the condensed consolidated statements of operations.

1 unchanged paragraph

Dollars in millions July 3, 2026 July 4, 2025

Dollars in millions October 2, 2026 October 3, 2025

1 unchanged paragraph

Sale of receivables 608 1,500

Settlement of receivables ( 608 ) ( 1,542 )

Sale of receivables 935 1,937

Settlement of receivables ( 935 ) ( 1,978 )

Outstanding balances sold to financial institutions $ 65 $ 64 65

Other Investments. Other investments include investments in equity securities of privately held companies without readily determinable fair values and are included in other assets on our condensed consolidated balance sheets. These investments are accounted for under the measurement alternative, provided that KBR does not have the ability to exercise significant influence or control over the investees. During the six nine months ended July 3, October 2, 2026, we recorded a cash outflow of $ 49 million within investing activities, reflected as purchases of available-for-sale debt securities in our condensed consolidated statements of cash flows. Of this amount, $ 34 million relates to our investment in Mura, which is discussed in more detail below, and the remaining $ 15 million relates to aggregate purchases of available-for-sale debt securities in other privately held investments. Additionally, during the six nine months ended July 3, October 2, 2026, we recorded a cash outflow of $ 13 million within investing activities, reflected as purchases of other investments in our condensed consolidated statements of cash flows related to the aggregate funding for other investments.

Mura Technology. KBR's aggregate investment in Mura is approximately 17 %. The carrying value of our investment in Mura was $ 133 134 million and $ 136 million at July 3, October 2, 2026 and January 2, 2026, respectively.

On March 23, 2026, we purchased a Convertible Note security ("Convertible Note") with a principal amount of $ 34 million. The Convertible Note accrues interest at a rate of 12.00 % per year with interest payable in March and September of each year, and matures in March 2029. Interest on the security is payable, at the issuer s election, either in cash or through a payment-in-kind mechanism where accrued interest is added to the principal balance in lieu of cash settlement. The Convertible Note security included a conversion option and warrants that allows allow settlement in additional equity interests in Mura in lieu of cash settlement.

The Convertible Note is classified as an available-for-sale debt security in accordance with ASC Topic 320 Investments Debt Securities and is included in other assets at its fair value of $ 34 35 million on our condensed consolidated balance sheets as of July 3, October 2, 2026. The Convertible Note, including accrued interest, had an amortized cost basis of $ 22 million as of July 3, October 2, 2026. The detachable warrants were accounted for as an equity instrument, with a carrying value of $ 13 million as of July 3, October 2, 2026. As of July 3, October 2, 2026, the effective interest rate of the Convertible Note was 32.27 29.30 %. Subsequent changes related to the fair value of the Convertible Note are recognized as an unrealized gain or loss recorded to accumulated other comprehensive loss on the condensed consolidated balance sheets. During the three months ended October 2, 2026, the fair value of this available-for-sale debt security increased by $ 1 million, which was recognized within accumulated other comprehensive loss on the condensed consolidated balance sheets. Debt securities classified as available-for-sale are measured using quoted market prices when quoted market prices are available. If quoted market prices for those debt securities are not available, the fair value is determined using an income valuation approach. During the three months ended July 3, 2026, there were no significant changes in market conditions or credit risk that impacted the fair value of this available-for-sale debt security. The fair value of the Convertible Note included significant unobservable inputs that are classified within Level 3 of the fair value hierarchy.

Note 16: Acquisition 1 change

On May 17, 2025, we acquired Infrastar Limited for $ 35 million, which consisted of $ 15 million of cash and contingent consideration with an estimated fair value of $ 20 million that is contingent upon the achievement of certain performance targets through May 2027. The contingent consideration could result in cash payments aggregating up to approximately $ 24 million. The purchase price allocation for the Infrastar business combination is final as of July 3, October 2, 2026. Within our STS segment, as of July 3, October 2, 2026, we recognized $ 2 million of cash, $ 11 million of intangible assets related to customer relationships and goodwill of $ 24 million primarily related to future growth opportunities. There were no changes to the fair value of assets acquired and liabilities assumed as reported in our 2025 Annual Report on Form 10-K. For U.S. tax purposes, the transaction is treated as a stock deal. As a result, there is no step-up in tax basis and the goodwill recognized is not deductible for tax purposes.

Note 17: Discontinued Operations 30 changes

HomeSafe, a joint venture with Tier One Relocation, informed us on June 18, 2025, that U.S. Transportation Command unexpectedly terminated HomeSafe's role in the Global Household Goods Contract. KBR owns a 72 % interest in HomeSafe. The HomeSafe joint venture is a VIE that is consolidated for financial reporting purposes. As of July 3, October 2, 2026, all of HomeSafe's operations, including run-off operations, have ceased. We disposed of HomeSafe during the year ended January 2, 2026 and determined that this disposal met the requirements to be reported as discontinued operations under ASC Subtopic 205-20 Discontinued Operations . We classified the disposal of HomeSafe as discontinued operations because it represents represented a strategic shift that significantly impacted our long-term operations plan. As such, the results of HomeSafe are presented as discontinued operations in the accompanying condensed consolidated statements of operations, condensed consolidated balance sheets and condensed consolidated statements of cash flows for all periods presented. HomeSafe was previously reported within our MTS business segment.

1 unchanged paragraph

Dollars in millions July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

2 unchanged paragraphs

1 unchanged paragraph

and 28 more changes in the filing

Note 18: Spin-off 2 changes

1 unchanged paragraph

and 2 more changes in the filing

MD&A 4 changes

1 unchanged paragraph

20 unchanged paragraphs

5 unchanged paragraphs

and 4 more changes in the filing

Business 138 changes

7 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

4 unchanged paragraphs

2 unchanged paragraphs

and 138 more changes in the filing

Legal proceedings 31 changes

2 unchanged paragraphs

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

4 unchanged paragraphs

7 unchanged paragraphs

2 unchanged paragraphs

and 31 more changes in the filing

Market risk 6 changes

2 unchanged paragraphs

1 unchanged paragraph

3 unchanged paragraphs

4 unchanged paragraphs

and 6 more changes in the filing

Controls and procedures 2 changes

and 2 more changes in the filing

Unregistered sales of stock 12 changes

2 unchanged paragraphs

1 unchanged paragraph

and 12 more changes in the filing

Other information 2 changes

and 2 more changes in the filing