AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED BALANCE SHEETS May 2, January 31, May 3, (In thousands, except per share amounts) 2026 2026 2025 (Unaudited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 103,286 $ 238,923 $ 87,853 Merchandise inventory 816,666 701,966 645,062 Accounts receivable, net 200,781 258,624 228,561 Prepaid expenses 94,383 93,231 103,466 Other current assets 23,477 21,429 23,082 Total current assets 1,238,593 1,314,173 1,088,024 Operating lease right-of-use assets 1,580,670 1,450,592 1,471,705 Property and equipment, at cost, net of accumulated depreciation 794,943 785,622 765,594 Goodwill, net 225,275 225,269 225,225 Non-current deferred income taxes 88,068 85,532 78,483 Intangible assets, net 36,855 37,468 41,549 Other assets 116,466 111,024 96,774 Total assets $ 4,080,870 $ 4,009,680 $ 3,767,354 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 203,813 $ 251,761 $ 247,994 Current portion of operating lease liabilities 310,586 320,005 319,626 Accrued compensation and payroll taxes 67,810 82,354 58,380 Unredeemed gift cards and gift certificates 67,408 75,278 63,282 Accrued income and other taxes 44,089 41,290 23,114 Other current liabilities and accrued expenses 107,920 96,875 75,261 Total current liabilities 801,626 867,563 787,657 Non-current liabilities: Non-current operating lease liabilities 1,479,103 1,380,318 1,337,489 Long-term debt, net 85,000 — 110,000 Other non-current liabilities 71,597 70,365 57,992 Total non-current liabilities 1,635,700 1,450,683 1,505,481 Stockholders’ equity: Preferred stock, $0.01 par value; 5,000 shares authorized; none issued and outstanding — — — Common stock, $0.01 par value; 600,000 shares authorized; 249,566 shares issued; 167,524, 168,958 and 173,267 shares outstanding, respectively 2,496 2,496 2,496 Contributed capital 354,723 382,676 362,342 Accumulated other comprehensive loss (15,221 ) (15,586 ) (42,105 ) Retained earnings 2,565,906 2,552,721 2,361,273 Treasury stock, at cost, 82,042, 80,608 and 76,299 shares, respectively (1,263,237 ) (1,229,154 ) (1,212,774 ) Total AEO stockholders' equity 1,644,667 1,693,153 1,471,232 Non-controlling interests (1,123 ) (1,719 ) 2,984 Total stockholders’ equity 1,643,544 1,691,434 1,474,216 Total liabilities and stockholders’ equity 4,080,870 4,009,680 3,767,354 Refer to Notes to Consolidated Financial Statements 7 AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 13 Weeks Ended May 2, May 3, (In thousands, except per share amounts) 2026 2025 Total net revenue $ 1,195,285 $ 1,089,599 Cost of sales, including certain buying, occupancy and warehousing expenses 739,113 767,178 Gross profit 456,172 322,421 Selling, general and administrative expenses 376,492 338,786 Impairment and restructuring charges — 17,119 Depreciation and amortization expense 51,454 51,697 Operating income (loss) $ 28,226 $ (85,181 ) Interest expense (income), net 7,853 (219 ) Other (income) expense, net (7,222 ) 168 Income (loss) before income taxes 27,595 (85,130 ) Provision (Benefit) for income taxes 4,658 (19,712 ) Net income (loss) $ 22,937 $ (65,418 ) Net loss attributable to non-controlling interests 588 519 Net income (loss) attributable to AEO $ 23,525 $ (64,899 ) Basic net income (loss) per common share attributable to AEO $ 0.14 $ (0.36 ) Diluted net income (loss) per common share attributable to AEO $ 0.14 $ (0.36 ) Weighted average common shares outstanding - basic 167,835 179,548 Weighted average common shares outstanding - diluted 172,342 179,548 Refer to Notes to Consolidated Financial Statements 8 AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) 13 Weeks Ended May 2, May 3, (In thousands) 2026 2025 Net income (loss) $ 23,525 $ (64,899 ) Other comprehensive gain Foreign currency translation gain 380 14,559 Other comprehensive gain 380 14,559 Comprehensive income (loss) $ 23,905 $ (50,340 ) Less: Comprehensive loss attributable to non-controlling interests 573 245 Comprehensive income (loss) attributable to AEO $ 24,478 $ (50,095 ) Refer to Notes to Consolidated Financial Statements 9 AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) 13 Weeks Ended May 2, 2026 and May 3, 2025 Common Stock (In thousands, except per share amounts) Shares Outstanding Par Value Contributed Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Treasury Stock Total AEO Stockholders' Equity Non-controlling Interest Total Stockholders' Equity Balance at February 1, 2025 188,618 $ 2,496 $ 362,616 $ (56,390 ) $ 2,456,063 $ (1,001,154 ) $ 1,763,631 $ 3,229 $ 1,766,860 Stock awards — — 20,411 — — — 20,411 — 20,411 Repurchase of common stock as part of publicly announced programs, including excise tax (2,000 ) — — — — (31,301 ) (31,301 ) — (31,301 ) Accelerated share repurchase, including excise tax (14,467 ) — — — — (201,469 ) (201,469 ) — (201,469 ) Repurchase of common stock from employees (653 ) — — — — (7,893 ) (7,893 ) — (7,893 ) Reissuance of treasury stock 1,769 — (21,368 ) — (7,552 ) 29,043 123 — 123 Net (loss) — — — — (64,899 ) — (64,899 ) (519 ) (65,418 ) Other comprehensive income — — — 14,285 — — 14,285 274 14,559 Cash dividends declared and dividend equivalents ($0.125 per share) — — 683 — (22,339 ) — (21,656 ) — (21,656 ) Contributions from non-controlling interests — — — — — — — — — Balance at May 3, 2025 173,267 $ 2,496 $ 362,342 $ (42,105 ) $ 2,361,273 $ (1,212,774 ) $ 1,471,232 $ 2,984 $ 1,474,216 Balance at January 31, 2026 168,958 $ 2,496 $ 382,676 $ (15,586 ) $ 2,552,721 $ (1,229,154 ) $ 1,693,153 $ (1,719 ) $ 1,691,434 Stock awards — — 21,882 — — — 21,882 — 21,882 Repurchase of common stock as part of publicly announced programs, including excise tax (3,000 ) — — — — (53,505 ) (53,505 ) — (53,505 ) Repurchase of common stock from employees (1,013 ) — — — — (20,012 ) (20,012 ) — (20,012 ) Reissuance of treasury stock 2,579 — (50,509 ) — 11,275 39,434 200 — 200 Net income (loss) — — — — 23,525 — 23,525 (588 ) 22,937 Other comprehensive income (loss) — — — 365 — — 365 15 380 Cash dividends declared and dividend equivalents ($0.125 per share) — — 674 — (21,615 ) — (20,941 ) — (20,941 ) Contributions from non-controlling interests — — — — — — — 1,169 1,169 Balance at May 2, 2026 167,524 $ 2,496 $ 354,723 $ (15,221 ) $ 2,565,906 $ (1,263,237 ) $ 1,644,667 $ (1,123 ) $ 1,643,544 Refer to Notes to Consolidated Financial Statements 10 AMERICAN EAGLE OUTFITTERS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 13 Weeks Ended May 2, May 3, (In thousands) 2026 2025 Operating activities: Net income (loss) $ 22,937 $ (65,418 ) Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 51,454 53,507 Share-based compensation 22,058 20,563 Deferred income taxes (2,530 ) (8,748 ) Income earned from equity method investment (6,472 ) (300 ) Distribution received from equity method investment 6,272 — Loss on impairment of assets — 15,063 Changes in assets and liabilities: Accounts receivable 52,432 33,826 Merchandise inventory (114,505 ) (1,671 ) Operating lease assets 77,579 113,020 Operating lease liabilities (118,220 ) (89,268 ) Other assets (1,259 ) (34,134 ) Accounts payable (48,002 ) (32,741 ) Accrued compensation and payroll taxes (14,454 ) (55,376 ) Accrued and other liabilities 7,488 (2,995 ) Net cash (used for) operating activities (65,222 ) (54,672 ) Investing activities: Capital expenditures for property and equipment (61,416 ) (61,606 ) Sale of available-for-sale investments — 50,000 Other investing activities (461 ) (227 ) Net cash (used for) investing activities (61,877 ) (11,833 ) Financing activities: Accelerated Share Repurchase — (201,469 ) Repurchase of common stock as part of publicly announced programs (53,482 ) (31,301 ) Repurchase of common stock from employees (20,012 ) (7,893 ) Proceeds from revolving line of credit 114,500 110,000 Principal payments from revolving line of credit (29,500 ) — Cash dividends paid (20,940 ) (21,657 ) Other financing activities 793 (1,814 ) Net cash provided by (used for) financing activities (8,641 ) (154,134 ) Effect of exchange rates changes on cash 103 (470 ) Net change in cash and cash equivalents (135,637 ) (221,109 ) Cash and cash equivalents - beginning of period 238,923 308,962 Cash and cash equivalents - end of period $ 103,286 $ 87,853 Refer to Notes to Consolidated Financial Statements 11 Index for Notes to the Consolidated Financial Statements Note 1 Interim Financial Statements 13 Note 2 Summary of Significant Accounting Policies 13 Note 3 Cash and Cash Equivalents 19 Note 4 Fair Value Measurements 19 Note 5 Earnings per Share 20 Note 6 Property and Equipment, Net 21 Note 7 Goodwill and Intangible Assets, Net 21 Note 8 Long-Term Debt, Net 21 Note 9 Share-Based Payments 22 Note 10 Income Taxes 23 Note 11 Commitments and Contingencies 23 Note 12 Segment Reporting 24 Note 13 Impairment and Restructuring Charges 26 Note 14 Subsequent Events 26 12 AMERICAN EAGLE OUTFITTERS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Interim Financial Statements The accompanying Consolidated Financial Statements of American Eagle Outfitters, Inc. (the "Company," "we," "us," and "our"), a Delaware corporation, at May 2, 2026 and May 3, 2025 and for the 13 week periods ended May 2, 2026 and May 3, 2025 have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Certain notes and other information have been condensed or omitted from the interim Consolidated Financial Statements presented in this Quarterly Report. Therefore, these Consolidated Financial Statements should be read in conjunction with our Fiscal 2025 Form 10-K. In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and those described in the notes that follow) considered necessary for a fair presentation have been included. The existence of subsequent events has been evaluated through the filing date of this Quarterly Report. The Company operates under the American Eagle® ("AE") and Aerie® brands. We also operate Todd Snyder New York ("Todd Snyder"), a premium menswear brand, and Unsubscribed, which focuses on consciously made slow fashion. The Company operates stores in the United States, Canada and Mexico, with merchandise available in more than 30 countries through a global network of license partners. Additionally, the Company operates a robust e-commerce business across its brands. Through the end of Fiscal 2025, the Company operated Quiet Platforms, which primarily served as its regionalized fulfillment center network while also utilizing excess space to service appropriate third-party customers. In Fiscal 2025, as part of its continued supply chain network optimization project, the Company made the decision to close the Quiet Platforms business and discontinue services for all third-party customers. Closure of the Quiet Platforms’ operations was substantially complete as of May 2, 2026 and had an immaterial impact on the Company’s results of operations for the 13 weeks ended May 2, 2026. Historically, our operations have been seasonal, with a large portion of total net revenue and operating income occurring in the third and fourth fiscal quarters, reflecting increased demand during the back-to-school and year-end holiday selling seasons, respectively. Our quarterly results of operations also may fluctuate based upon such factors as the timing of certain holiday seasons, the number and timing of new store openings, the acceptability of seasonal merchandise offerings, the timing and level of markdowns, store closings and remodels, competitive factors, weather, changes in import tariffs and other trade restrictions, and general economic and political conditions. 2. Summary of Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries and consolidated entities where the Company's ownership percentage is less than 100%. Non-controlling interests’ (“NCI”) share of net income (loss) is presented as net income (loss) attributable to NCI on the Consolidated Statements of Operations and Comprehensive Income and the NCI share of stockholders equity is presented as a component of Total stockholders' equity on the Consolidated Balance Sheets. Certain prior‑period amounts have been reclassified to conform to the current‑period presentation, including the separate presentation of non-controlling interests. These reclassifications had no impact on the Company’s operating income, net income attributable to NCI, net income per common share attributable to AEO or cash flows. 13 All intercompany transactions and balances have been eliminated in consolidation. At May 2, 2026, the Company operated in two reportable segments, American Eagle and Aerie. Fiscal Year Our fiscal year is a 52- or 53-week year that ends on the Saturday nearest to January 31. As used herein, “Fiscal 2028” refers to the 53-week period that will end on February 3, 2029. "Fiscal 2027" refers to the 52-week period that will end on January 29, 2028. "Fiscal 2026" refers to the 52-week period that will end on January 30, 2027. "Fiscal 2025" refers to the 52-week period ended January 31, 2026. Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, our management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires disclosure of additional information for specific expense categories in the notes to financial statements for interim and annual periods. Specifically, the amendment requires quantitative disclosure for purchases of inventory, employee compensation, depreciation, and intangible asset amortization within an expense caption. For any remaining amounts within an expense caption, a qualitative description must be included. In all reporting periods, a total selling expense amount must be disclosed, with an annual disclosure of the entity's definition of selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company plans to adopt ASU 2024-03 effective for Fiscal 2027. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses ("ASU 2025-05"), which amends the guidance under Topic 326. This amendment provides the option to use a practical expedient to assume balance sheet conditions remain unchanged when developing forecasts for estimating expected credit losses. The guidance is effective for fiscal years beginning after December 15, 2025. The Company has adopted ASU 2025-05, which did not have a material impact to the Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The new guidance modernizes accounting for the costs of internal-use software by removing "project stages" from the capitalization process. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those years. Early adoption is permitted. The Company plans to adopt ASU 2025-06 effective for Fiscal 2028. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) ("ASU 2025-07"). This amendment clarifies the scope of derivative accounting to exclude nonexchange-traded contracts. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those years. Transition may be applied prospectively, or under a modified retrospective approach. The Company has adopted ASU 2025-07 using the modified retrospective approach, which did not have a material impact to the Consolidated Financial Statements. Foreign Currency Translation In accordance with FASB Accounting Standards Codification ("ASC") 830, Foreign Currency Matters, the Company translates assets and liabilities denominated in foreign currencies into U.S. dollars ("USD") (the reporting currency) at the exchange rates prevailing at the balance sheet date. The Company translates revenues and expenses denominated in foreign currencies into USD at the monthly average exchange rates for the period. Gains or losses resulting from foreign currency transactions are included in the consolidated results of operations, whereas related translation adjustments are reported as an element of other comprehensive income (loss) in accordance with ASC 220, Comprehensive Income. 14 We are exposed to the impact of foreign exchange rate risk primarily through our Canadian and Mexican operations where the functional currency is the Canadian dollar and Mexican peso, respectively. The impact of all other foreign currencies is currently immaterial to our consolidated financial results. During the 13 weeks ended May 2, 2026, an unrealized gain of $0.4 million was included in other comprehensive income, which was primarily related to the fluctuations of the USD to Mexican peso and USD to Canadian dollar exchange rates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Refer to Note 3, Cash and Cash Equivalents, to the Consolidated Financial Statements for additional information regarding cash and cash equivalents. Accounts Receivable The Company's receivables are primarily generated from product sales and royalties from our licensees. Receivables also include amounts due from landlords, including construction allowances and lease incentive receivables, vendors, and governmental authorities, as well as amounts for sell-offs of past season merchandise. The primary indicators of the credit quality of our receivables are aging, payment history, economic sector information and outside credit monitoring, and are assessed on a quarterly basis. Our credit loss exposure is mainly concentrated in our accounts receivable portfolio. Our allowance for credit losses is calculated using a loss-rate method based on historical experience, current market conditions and reasonable forecasts. 13 Weeks Ending May 2, May 3, (In thousands) 2026 2025 Beginning balance $ 25,532 $ 8,879 Amount recorded to expense to increase reserve 1,104 10,577 Amount written-off against customer accounts to decrease reserve (2 ) - Ending balance $ 26,634 $ 19,456 Merchandise Inventory Merchandise inventory is valued at the lower of average cost or net realizable value, utilizing the retail method. Average cost includes merchandise design and sourcing costs and related expenses. The Company records merchandise receipts when control of the merchandise has transferred to the Company. The Company reviews its inventory levels to identify slow-moving merchandise and generally uses markdowns to clear merchandise. Additionally, the Company estimates a markdown reserve for future planned permanent markdowns related to current inventory. Markdowns may occur when inventory exceeds customer demand for reasons of style, seasonal adaptation, changes in customer preference, lack of consumer acceptance of fashion items, competition, or if it is determined that the inventory in stock will not sell at its currently ticketed price. Such markdowns may have a material adverse impact on earnings, depending on the extent and amount of inventory affected. The Company also estimates a shrinkage reserve for the period between the last physical count and the balance sheet date. The estimate for the shrinkage reserve, based on historical results, can be affected by changes in merchandise mix and changes in actual shrinkage trends. Property and Equipment Property and equipment is recorded on the basis of cost with depreciation computed utilizing the straight-line method over the asset’s estimated useful life. The useful lives of our major classes of assets are as follows: Buildings 25 years Leasehold improvements Lesser of 10 years or the term of the lease Fixtures and equipmentInformation technology Five yearsThree to five years 15 As of May 2, 2026, the weighted average remaining useful life of our assets was approximately six years. In accordance with ASC 360, Property, Plant, and Equipment ("ASC 360"), the Company’s management evaluates the value of leasehold improvements, store fixtures, and operating lease right-of-use ("ROU") assets associated with retail stores. The Company evaluates long-lived assets for impairment at the individual store level, which is the lowest level at which individual cash flows can be identified. Impairment losses are recorded on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the projected undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts. When events such as these occur, the impaired assets are adjusted to their estimated fair value and an impairment loss is recorded separately as a component of operating income within the Consolidated Statements of Operations. Our impairment loss calculations require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values. The significant assumptions used in our fair value analysis are forecasted revenue and market rent. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions we use to calculate long-lived asset impairment losses. However, if actual results are not consistent with our estimates and assumptions, our consolidated operating results could be adversely affected. When the Company closes, remodels, or relocates a store prior to the end of its lease term, the remaining net book value of the assets related to the store is recorded as a write-off of assets within depreciation and amortization expense. Refer to Note 6, Property and Equipment, Net to the Consolidated Financial Statements for additional information regarding property and equipment, and refer to Note 13, Impairment and Restructuring Charges to the Consolidated Financial Statements for additional information regarding impairment charges for the 13 weeks ended May 3, 2025. There were no long-lived asset impairment charges recorded during the 13 weeks ended May 2, 2026. Goodwill and Intangible Assets The Company’s goodwill is primarily related to the acquisition of its regionalized fulfillment center network, as well as its importing operations and Canadian business, and represents the excess of cost over fair value of net assets of businesses acquired. In accordance with ASC 350, Intangibles – Goodwill and Other, the Company evaluates goodwill for possible impairment at least annually as of the last day of the fiscal year and upon occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of a reporting unit may be below its carrying value. If the carrying value of the reporting unit exceeds the fair value, an impairment charge is recorded in the period of the evaluation based on that difference. The Company last performed an annual goodwill impairment test as of January 31, 2026. No indicators of impairment were present during the 13 weeks ended May 2, 2026 or May 3, 2025. Definite-lived intangible assets are initially recorded at fair value, with amortization computed utilizing the straight-line method over the assets’ estimated useful lives. The Company’s definite-lived intangible assets, which consist primarily of trademark assets, are generally amortized over 10 to 15 years. The Company evaluates definite-lived intangible assets for impairment in accordance with ASC 360 when events or circumstances indicate that the carrying value of the asset may not be recoverable. Such an evaluation includes the estimation of undiscounted future cash flows to be generated by those assets. If the sum of the estimated future undiscounted cash flows is less than the carrying amounts of the assets, then the assets are impaired and are adjusted to their estimated fair value. No definite-lived intangible asset impairment charges were recorded during the 13 weeks ended May 2, 2026 or May 3, 2025. Refer to Note 7, Goodwill and Intangible Assets, Net, to the Consolidated Financial Statements for additional information regarding goodwill and intangible assets. Equity Method Investments The Company holds a limited partner position in ACON Apparel Investors, L.P. (the "Fund"), with ACON Apparel GenPar, LLC. ("ACON") as the general partner. The Company paid $35.0 million for a 20% interest for its limited partner position in the Fund, which was recorded in Other Assets in the Consolidated Balance Sheet. During the 13 weeks ended May 2, 2026, the Company recorded a $5.7 million unrealized gain related to its position in the Fund. Realized and unrealized gains (losses) from equity method investments are included within the Consolidated Statements of Operations as a component of Other (income) expense, net. The balance of the Company's investment at May 2, 2026 was $42.6 million. 16 Construction Allowances As part of certain lease agreements for retail stores, the Company receives construction allowances from lessors, which are generally comprised of cash amounts. The Company records a receivable and an adjustment to the operating lease ROU asset at the lease commencement date (date of initial possession of the store). The deferred lease credit is amortized as part of the single lease cost over the term of the original lease (including the pre-opening build-out period). The receivable is reduced as amounts are received from the lessor. Self-Insurance Liability The Company uses a combination of insurance and self-insurance mechanisms for certain losses related to employee medical benefits and worker’s compensation. Costs for self-insurance claims filed and claims incurred but not reported are accrued based on known claims and historical experience. Management believes that it has adequately reserved for its self-insurance liability, which is capped by stop-loss contracts with insurance companies. However, any significant variation of future claims from historical trends could cause actual results to differ from the accrued liability. Leases In accordance with the provisions of ASC 842, Leases ("ASC 842"), the Company accounts for its leases, both operating and finance, by recognizing initial ROU assets and lease liabilities measured at the present value of lease payments to be made over the lease term. Co-Branded and Private Label Credit Cards The Company offers a co-branded credit card and a private-label credit card under the AE and Aerie brands. These credit cards are issued by a third-party bank (the "Bank") in accordance with a credit card agreement (the "Agreement"). The Company has no liability to the Bank for bad debt expense, provided that purchases are made in accordance with the Bank’s procedures. We receive funding from the Bank based on the Agreement and card activity, which includes payments for new account activations and usage of the credit cards. We recognize revenue for this funding as we fulfill our performance obligations under the Agreement. This revenue is recorded in other revenue, which is a component of total net revenue in our Consolidated Statements of Operations. Customer Loyalty Program The Company offers a highly digitized loyalty program called Real Rewards by American Eagle and Aerie™ (the "Program"). The Program features both shared and unique benefits for loyalty members and credit card holders. Under the Program, members accumulate points based on purchase activity and earn rewards by reaching certain point thresholds. Members earn rewards in the form of discount savings certificates. Rewards earned are valid through the stated expiration date, which is 60 days from the issuance date of the reward. Rewards not redeemed during the 60-day redemption period are forfeited. Points earned under the Program on purchases at AE and Aerie are accounted for in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). The portion of the sales revenue attributed to the reward points is deferred and recognized when the reward is redeemed or when the points expire, using the relative stand-alone selling price method. Additionally, reward points earned using the co-branded credit card on non-AE or Aerie purchases are accounted for in accordance with ASC 606. As the points are earned, a current liability is recorded for the estimated cost of the reward, and the impact of adjustments is recorded in revenue. The Company defers a portion of the sales revenue attributed to the loyalty points and recognizes revenue when the points are redeemed or expire, consistent with the requirements of ASC 606. Credit Agreement In June 2022, the Company entered into an amended and restated credit agreement (the "Credit Agreement"). The Credit Agreement provides senior secured asset-based revolving credit for loans and letters of credit up to $700 million, subject to customary borrowing base limitations (the "Credit Facility"). The Credit Facility expires on June 24, 2027. Refer to Note 8, Long-Term Debt, Net to the Consolidated Financial Statements for additional information regarding long-term debt and other credit arrangements. 17 Income Taxes The Company calculates income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires the use of the liability method. Under this method, deferred tax assets and liabilities are recognized based on the difference between the Consolidated Financial Statements carrying amounts of existing assets and liabilities and their respective tax bases as computed pursuant to ASC 740. Deferred tax assets and liabilities are measured using the tax rates, based on certain judgments regarding enacted tax laws and published guidance, in effect in the years when those temporary differences are expected to reverse. A valuation allowance is established against the deferred tax assets when it is more likely than not that some portion or all of the deferred taxes may not be realized. Changes in the Company’s level and composition of earnings, tax laws or the deferred tax valuation allowance, as well as the results of tax audits, may materially impact the Company’s effective income tax rate. The Company evaluates its income tax positions in accordance with ASC 740, which prescribes a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return, including a decision whether to file or not to file in a particular jurisdiction. Under ASC 740, a tax benefit from an uncertain position may be recognized only if it is "more likely than not" that the position is sustainable based on its technical merits. The calculation of deferred tax assets and liabilities, as well as the decision to recognize a tax benefit from an uncertain position and to establish a valuation allowance, requires management to make estimates and assumptions. The Company believes that its estimates and assumptions are reasonable, although actual results may have a positive or negative material impact on the balances of deferred tax assets and liabilities, valuation allowances or net income (loss). Refer to Note 10, Income Taxes, to the Consolidated Financial Statements for additional information regarding income taxes. Revenue Recognition The Company recognizes revenue pursuant to ASC 606. Revenue is recorded for store sales upon the purchase of merchandise by customers. The Company’s e-commerce operation records revenue upon the customer receipt date of the merchandise. Shipping and handling revenues are included in total net revenue. Sales tax collected from customers is excluded from revenue and is included as part of accrued income and other taxes on the Company’s Consolidated Balance Sheets. The Company recognizes royalty revenue generated from its license or franchise agreements based on a percentage of merchandise sales by the licensee/franchisee. This revenue is recorded as a component of total net revenue when earned and collection is probable. The Company defers a portion of the sales revenue attributed to loyalty points and recognizes revenue when the points are redeemed or expire, consistent with the requirements of ASC 606. Refer to Customer Loyalty Program above for additional information. Revenue associated with Quiet Platforms was recognized as the services were performed until the completion of its operational wind-down during the 13 weeks ended May 2, 2026. Cost of Sales, Including Certain Buying, Occupancy and Warehousing Expenses Cost of sales consists of merchandise costs, including design, sourcing, importing and inbound freight costs, as well as markdowns, shrinkage and certain promotional costs (collectively, "merchandise costs"), buying, occupancy and warehousing costs and services, and until the completion of its operational wind-down, Quiet Platforms' costs to service its customers. Design costs are related to the Company's Design Center operations and include compensation, travel and entertainment, supplies and samples for our design teams, as well as rent and depreciation for our Design Center. These costs are included in cost of sales as the respective inventory is sold. Total net revenue, net of merchandise costs, represents merchandise margin. Buying, occupancy and warehousing costs and services consist of compensation, employee benefit expenses and travel and entertainment for our buyers and certain senior merchandising executives; rent and utilities related to our stores, corporate headquarters, distribution centers and other office space; freight from our distribution centers to the stores; compensation and supplies for our distribution centers, including purchasing, receiving and inspection costs; and shipping and handling costs related to our e-commerce operation. Gross profit is the difference between total net revenue and cost of sales. 18 Selling, General and Administrative Expenses Selling, general and administrative expenses consist of compensation and employee benefit expenses, including salaries, incentives and related benefits associated with our stores and corporate headquarters. Selling, general and administrative expenses also include advertising costs, supplies for our stores and home office, communication costs, travel and entertainment, leasing costs and services purchased. Selling, general and administrative expenses do not include compensation, employee benefit expenses and travel for our design, sourcing and importing teams, our buyers and our distribution centers as these amounts are recorded in cost of sales. Additionally, selling, general and administrative expenses do not include rent and utilities, operating costs of our distribution centers, and shipping and handling costs related to our e-commerce operations, all of which are included in cost of sales. Interest Expense (Income), Net Interest expense (income), net, primarily consists of interest expense related to the Participation Agreement (as defined below) for tariff refund claims. Refer to Note 14, Subsequent Events, to the Consolidated Financial Statements for additional information. Other (Income) Expense, Net Other (income) expense, net, primarily consists of unrealized gains on equity method investments. Segment Information The Company has identified two operating segments (American Eagle and Aerie brand) that also represent our reportable segments and reflect our chief operating decision maker's ("CODM") (defined as our Chief Executive Officer ("CEO")) internal view of analyzing results and allocating resources. Additionally, our Todd Snyder and Unsubscribed brands, as well as Quiet Platforms until the completion of its operational wind-down, have been identified as separate operating segments; however, as they do not meet the quantitative thresholds for separate disclosures they have been included in the Corporate and Other category. For additional information regarding the Company’s segment and geographic information, refer to Note 12, Segment Reporting to the Consolidated Financial Statements. 3. Cash and Cash Equivalents The following table summarizes the fair market values for the Company’s cash and cash equivalents which are recorded in the Consolidated Balance Sheets: (In thousands) May 2, 2026 January 31, 2026 May 3, 2025 Cash and cash equivalents: Cash $ 101,329 $ 183,406 $ 85,200 Interest bearing deposits 1,957 55,517 2,653 Total cash and cash equivalents $ 103,286 $ 238,923 $ 87,853 4. Fair Value Measurements ASC 820, Fair Value Measurement Disclosures ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. Fair value is defined under ASC 820 as the exit price associated with the sale of an asset or transfer of a liability in an orderly transaction between market participants at the measurement date. Financial Instruments Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. In addition, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: •Level 1 — Quoted prices in active markets. •Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly. 19 •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash equivalents are Level 1 financial assets and are measured at fair value on a recurring basis, for all periods presented. Refer to Note 3, Cash and Cash Equivalents to the Consolidated Financial Statements for additional information regarding cash equivalents. Long-Term Debt As of May 2, 2026, the fair value of the Company's $85.0 million in outstanding borrowings under its Credit Facility approximated the carrying value. As of May 3, 2025, the fair value of the Company's $110.0 million in outstanding borrowings under its Credit Facility approximated the carrying value Refer to Note 8, Long-Term Debt, Net, to the Consolidated Financial Statements for additional information regarding long-term debt and other credit arrangements. Non-Financial Assets The Company’s non-financial assets, which include intangible assets and property and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur and the Company is required to evaluate the non-financial asset for impairment, a resulting impairment would require that the non-financial asset be recorded at the estimated fair value. The fair value is determined by estimating the amount and timing of net future cash flows and discounting them using a risk-adjusted rate of interest. The Company estimates future cash flows based on its experience and knowledge of the market in which the store is located. During the 13 weeks ended May 3, 2025, the Company recorded asset impairment charges of $10.4 million related to operating lease ROU assets and $4.9 million related to fixed assets. These assets were adjusted to their fair value and the loss on impairment was recorded within impairment and restructuring charges in the Consolidated Statements of Operations for the 13 weeks ended May 3, 2025. There were no long-lived asset impairment charges recorded during the 13 weeks ended May 2, 2026. Refer to Note 13, Impairment and Restructuring Charges to the Consolidated Financial Statements for additional information regarding impairment and restructuring charges. The fair value of the Company's ROU assets was based upon market rent assumptions. The Company evaluates goodwill for possible impairment at least annually as of the last day of the fiscal year and upon occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of a reporting unit may be below its carrying value. The Company last performed an annual goodwill impairment test using Level 3 inputs as defined in ASC 820 as of January 31, 2026. No indicators of goodwill impairment were present during the 13 weeks ended May 2, 2026 and May 3, 2025. 5. Earnings per Share The following is a reconciliation between basic and diluted weighted average shares outstanding: 13 Weeks Ended (In thousands) May 2, 2026 May 3, 2025 Weighted average common shares outstanding: Basic number of common shares outstanding: 167,835 179,548 Dilutive effect of stock options and non-vested restricted stock (1) 4,507 - Diluted number of common shares outstanding 172,342 179,548 Anti-Dilutive Shares (1) 1,371 2,939 (1) For the 13 weeks ended May 3, 2025, there were 1.8 million potentially dilutive equity awards that were excluded from diluted earnings per share calculation because the Company incurred a net loss for this period and their inclusion would be anti-dilutive. Dilutive and anti-dilutive shares related to share-based compensation. Refer to Note 9, Share-Based Payments, to the Consolidated Financial Statements for additional information regarding share-based compensation. 20 On March 14, 2025, the Company entered into an accelerated share repurchase agreement (the "ASR Agreement") with Bank of America, N.A. ("Bank of America"). Pursuant to the terms of the ASR Agreement, on March 17, 2025, the Company made an aggregate payment of $200 million to Bank of America and received an aggregate initial delivery of approximately 14.5 million shares of its common stock. At final settlement on June 16, 2025, the Company received an additional 3.9 million shares. The cumulative repurchases under the ASR Agreement totaled 18.4 million shares, in the aggregate, at an average price of $10.86. The aforementioned repurchased shares were recorded as treasury stock. 6. Property and Equipment, Net Property and equipment, net consists of the following: May 2, January 31, May 3, (In thousands) 2026 2026 2025 Property and equipment, at cost $ 2,725,860 $ 2,708,945 $ 2,585,414 Less: Accumulated depreciation and impairment (1,930,917 ) (1,923,323 ) (1,819,820 ) Property and equipment, net $ 794,943 $ 785,622 $ 765,594 7. Goodwill and Intangible Assets, Net Goodwill and definite-lived intangible assets, net consist of the following: May 2, January 31, May 3, (In thousands) 2026 2026 2025 Goodwill, gross (1) $ 269,069 $ 269,063 $ 269,019 Accumulated impairment (2) (43,794 ) (43,794 ) (43,794 ) Goodwill, net $ 225,275 $ 225,269 $ 225,225 (1)The change in Goodwill, gross from period to period includes the effect of foreign currency rate fluctuations. (2)Accumulated impairment includes $43.8 million recorded prior to Fiscal 2025. May 2, January 31, May 3, (In thousands) 2026 2026 2025 Intangible assets, gross $ 148,402 $ 147,968 $ 147,558 Accumulated amortization (69,672 ) (68,626 ) (65,476 ) Accumulated impairment (1) (41,874 ) (41,874 ) (40,533 ) Intangible assets, net $ 36,855 $ 37,468 $ 41,549 (1)Accumulated impairment includes $1.3 million related to Quiet Platforms trade names recorded in Fiscal 2025, and $40.5 million of customer relationships and trade names related to Quiet Platforms recorded prior to Fiscal 2025. 8. Long-Term Debt, Net Revolving Credit Facility In June 2022, the Company entered into an amended and restated Credit Agreement. The Credit Agreement provides senior secured asset-based revolving credit for loans and letters of credit up to $700 million, subject to customary borrowing base limitations. The Credit Facility expires on June 24, 2027. All obligations under the Credit Facility are unconditionally guaranteed by certain subsidiaries. The obligations under the Credit Agreement are secured by certain assets of the Company and certain subsidiaries. As of May 2, 2026, the Company was in compliance with the terms of the Credit Agreement and had $85 million in outstanding borrowings and $12 million outstanding in stand-by letters of credit. As of May 3, 2025, the Company was in compliance with the terms of the Credit Agreement and had $110.0 million in outstanding borrowings and $12 million outstanding in stand-by letters of credit 21 Borrowings under the Credit Facility accrue interest at the election of the Company at an adjusted secured overnight financing rate ("SOFR") plus 0.10% plus an applicable margin (ranging from 1.125% to 1.375%) or an alternate base rate plus an applicable margin (ranging from 0.125% to 0.375%), with each such applicable margin being based on average borrowing availability under the Credit Facility. Interest is payable quarterly and at the end of each applicable interest period. The total interest expense related to the Credit Facility for the 13 weeks ended May 2, 2026 was $0.6 million. The total interest expense related to the Credit Facility for the 13 weeks ended May 3, 2025 was $0.3 million. 9. Share-Based Payments The Company accounts for share-based compensation under the provisions of ASC 718, Compensation - Stock Compensation, which requires the Company to measure and recognize compensation expense for all share-based payments at fair value. Total share-based compensation expense included in the Consolidated Statements of Operations for the 13 weeks ended May 2, 2026 was $22.1 million ($18.4 million, net of tax), and for the 13 weeks ended May 3, 2025 was $20.6 million ($15.8 million, net of tax). Stock Option Grants The Company grants time-based stock option awards, which vest over the requisite service period of the award or at an employee's eligible retirement date, if earlier. A summary of the Company’s stock option activity for the 13 weeks ended May 2, 2026 follows: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding - January 31, 2026 4,543 $ 16.34 Granted 934 $ 16.52 Exercised - $ - Cancelled (267 ) $ 21.41 Outstanding - May 2, 2026 5,210 $ 16.11 4.6 13,771 Vested and expected to vest - May 2, 2026 5,052 $ 16.03 4.4 13,708 Exercisable - May 2, 2026 (1) 1,973 $ 12.10 3.4 9,557 (1)Options exercisable represent "in-the-money" vested options based upon the weighted-average exercise price of vested options compared to the Company’s stock price on May 2, 2026. As of May 2, 2026, there was $1.4 million of unrecognized compensation expense for stock option awards that is expected to be recognized over a weighted average period of 2.4 years. The fair value of stock options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: 13 Weeks Ended May 2, May 3, Black-Scholes Option Valuation Assumptions 2026 2025 Risk-free interest rate (1) 4.0 % 3.9 % Dividend yield 2.7 % 3.5 % Volatility factor (2) 53.9 % 47.5 % Weighted-average expected term (3) 4.5 years 4.5 years (1)Based on the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected life of our stock options. (2)Based on historical volatility of the Company’s common stock. (3)Represents the period of time options are expected to be outstanding. The weighted-average expected option terms were determined based on historical experience. 22 Restricted Stock Grants Time-based restricted stock awards are comprised of time-based restricted stock units. These awards vest over three years. Time-based restricted stock units receive dividend equivalents in the form of additional time-based restricted stock units, which are subject to the same restrictions and forfeiture provisions as the original award. Performance-based restricted stock awards include performance-based restricted stock units ("PSU"). Annual PSU grants cliff vest, if at all, at the end of a three-year performance period upon achievement of pre-established goals. Outstanding PSU awards receive dividend equivalents in the form of additional PSUs, which are subject to the same restrictions and forfeiture provisions as the original award. The grant date fair value of time-based restricted stock awards is based on the closing market price of the Company’s common stock on the date of grant. A Monte-Carlo simulation was utilized for performance-based restricted stock awards. A summary of the Company’s restricted stock activity is presented in the following table: Time-Based Restricted Stock Units Performance-Based Restricted Stock Units May 2, 2026 May 2, 2026 (Shares in thousands) Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Non-vested - February 1, 2025 2,994 $ 15.12 2,444 $ 16.02 Granted 1,492 $ 16.51 1,149 $ 16.35 Vested (1,359 ) $ 15.31 (1,211 ) $ 14.74 Cancelled (80 ) $ 15.17 (13 ) $ 19.34 Non-vested - May 2, 2026 3,047 $ 15.71 2,369 $ 16.82 As of May 2, 2026, there was $44.0 million of unrecognized compensation expense related to non-vested, time-based restricted stock unit awards that is expected to be recognized over a weighted-average period of 2.3 years. There is $7.8 million of unrecognized compensation expense related to PSU awards that is expected to be recognized over a weighted-average period of 2.2 years. As of May 2, 2026, the Company had 4.9 million shares available for all equity grants under the Company's stockholder-approved equity incentive plan. 10. Income Taxes The provision for income taxes is based on the current estimate of the annual effective income tax rate and is adjusted as necessary for discrete quarterly events. The effective income tax rate for the 13 weeks ended May 2, 2026 was 16.9% compared to 23.2% for the 13 weeks ended May 3, 2025. The change in the effective tax rate, as compared to the prior period, is primarily due to share-based payments and tax audit adjustments. The Company records accrued interest and penalties related to unrecognized tax benefits in income tax expense, which were insignificant for both the 13 weeks ended May 2, 2026, and May 3, 2025. The Company recognizes income tax liabilities related to unrecognized tax benefits in accordance with ASC 740 and adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Unrecognized tax benefits did not change significantly during the 13 weeks ended May 2, 2026, and May 3, 2025. 11. Commitments and Contingencies Legal proceedings 23 The Company is subject to certain legal proceedings and claims arising out of the conduct of its business. In accordance with ASC 450, Contingencies ("ASC 450"), the Company records a reserve for estimated losses when the loss is probable and the amount can be reasonably estimated. If a range of possible loss exists and no anticipated loss within the range is more likely than any other anticipated loss, the Company records the accrual at the low end of the range, in accordance with ASC 450. As the Company believes, as of the date of this Quarterly Report, that it has provided adequate reserves, it anticipates that the ultimate outcome of any matter currently pending against the Company will not materially affect the consolidated financial position, results of operations or consolidated cash flows of the Company. However, our assessment of any litigation or other legal claims could potentially change in light of the discovery of facts not presently known or determinations by judges, juries, or other finders of fact which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or claims. U.S. Tariff Update On February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The Court of International Trade (“CIT”) subsequently issued an interim order requiring U.S. Customs and Border Protection ("CBP") to process unliquidated entries without the unlawful tariffs and to develop a plan that could result in refunds of duties previously collected. Pursuant to this order from CIT, CBP developed and implemented a process to facilitate refunds through its Consolidated Administration and Processing of Entries (“CAPE”) system, which went live on April 20, 2026. At the time the IEEPA tariffs were ruled unconstitutional, the Company had paid approximately $192 million of IEEPA tariffs. As of the date of this Quarterly Report, the Company has submitted all refund claims eligible for refund in the amount of $189.8 million. While the Company has taken steps to preserve its rights, no assurance can be given that refunds will be realized. As of May 2, 2026, the Company has not recorded a receivable for these refunds as ultimate collection remained uncertain. Refer to Note 14, Subsequent Events, to the Consolidated Financial Statements for additional information. 12. Segment Reporting In accordance with ASC 280, Segment Reporting ("ASC 280"), the Company has identified two operating segments (American Eagle brand and Aerie brand) that also represent our reportable segments and reflect the CODM’s internal view of analyzing results and allocating resources. Additionally, our Todd Snyder and Unsubscribed brands, as well as Quiet Platforms until the completion of its operational wind-down, have been identified as separate operating segments; however, as they do not meet the quantitative thresholds for separate disclosure, they are presented under the "Other" caption, as permitted by ASC 280. Unallocated corporate expenses are comprised of general and administrative costs that management does not attribute to any of our operating segments. These costs primarily relate to corporate administration, information and technology resources, finance and human resources functional and organizational costs, depreciation and amortization of corporate assets, and other general and administrative expenses resulting from corporate-level activities and projects. Our CEO analyzes segment results and allocates resources between segments based on the adjusted operating income (loss), or the operating income (loss) in periods where there are no adjustments, of each segment. Adjusted operating income (loss) is a non-GAAP financial measure ("non-GAAP" or "adjusted") that is defined by the Company as operating income excluding impairment and restructuring charges. Adjusted operating income (loss) is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similar measures presented by other companies. Non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. We believe that this non-GAAP information is useful as an additional means for investors to evaluate our operating performance, when reviewed in conjunction with our GAAP consolidated financial statements and provides a higher degree of transparency. 24 Reportable segment information is presented in the following tables: For the 13 weeks ended May 2, 2026 (In thousands) American Eagle Aerie Other Intersegment Elimination Total Net Revenue $ 678,476 $ 480,826 $ 35,983 $ - $ 1,195,285 Cost of sales, including certain buying, occupancy and warehousing costs 431,293 271,550 Selling, general and administrative expenses 178,672 96,969 Depreciation and amortization 21,354 16,023 Total segment operating income $ 47,157 $ 96,284 $ (6,355 ) $ - $ 137,086 Unallocated corporate expenses (108,860 ) Total operating income $ 28,226 Interest expense, net 7,853 Other (income), net (7,222 ) Income before income taxes 27,595 For the 13 weeks ended May 3, 2025 (In thousands) American Eagle Aerie Other Intersegment Elimination Total Net Revenue $ 693,865 $ 359,788 $ 43,970 $ (8,024 ) $ 1,089,599 Cost of sales, including certain buying, occupancy and warehousing costs 455,896 261,927 Selling, general and administrative expenses 168,329 82,643 Depreciation and amortization 20,168 14,170 Total segment operating income $ 49,472 $ 1,048 $ (13,169 ) $ - $ 37,351 Unallocated corporate expenses (105,413 ) Impairment and restructuring charges (1) (17,119 ) Total operating (loss) (85,181 ) Interest (income), net (219 ) Other expense, net 168 (Loss) before income taxes $ (85,130 ) (1) Refer to Note 13, Impairment and Restructuring Charges, to the Consolidated Financial Statements for additional information. 13 Weeks Ended May 2, May 3, (In thousands) 2026 2025 Capital Expenditures American Eagle $ 24,327 $ 18,933 Aerie 18,012 17,925 Other 3,021 10,173 General corporate expenditures 16,056 14,575 Total Capital Expenditures $ 61,416 $ 61,606 We do not allocate assets to the reportable segment level and therefore our CEO does not use segment asset information to make decisions. Total net revenue for the American Eagle and Aerie reportable segments in the table above represents revenue attributable to each brand's merchandise, which comprises approximately 97% of total net revenue for the 13 weeks ended May 2, 2026. 25 The following table presents summarized geographical information: 13 Weeks Ended (In thousands) May 2, 2026 May 3, 2025 Total net revenue: United States $ 1,001,487 $ 921,512 Foreign (1) 193,798 168,087 Total net revenue $ 1,195,285 $ 1,089,599 (1) Amounts represent sales from American Eagle and Aerie international retail stores, e-commerce sales that are billed to and/or shipped to foreign countries and international franchise royalty revenue. May 2, May 3, (In thousands) 2026 2025 Long-lived assets, net: United States $ 2,180,767 $ 2,065,144 Foreign 194,846 172,155 Total long-lived assets, net $ 2,375,613 $ 2,237,299 13. Impairment and Restructuring Charges There were no impairment and restructuring charges recorded during the 13 weeks ended May 2, 2026. The following table represents impairment and restructuring charges recorded within impairment and restructuring on the Consolidated Statements of Operations during the 13 weeks ended May 3, 2025. 13 Weeks Ended May 3, (In thousands) 2025 Long-lived asset impairment charges (1) $ 15,274 Employee severance (2) 1,845 Total impairment and restructuring charges $ 17,119 The following footnotes relate to impairment and restructuring charges recorded in the 13 weeks ended May 3, 2025: (1)The Company recorded $15.3 million of asset impairment charges primarily related to closing two fulfillment centers as part of its supply chain network optimization project. Of this amount, $10.4 million of charges relate to ROU assets and $4.9 million relates to property and equipment. (2)The Company recorded $1.8 million of employee severance, primarily related to closing two fulfillment centers. A rollforward of the restructuring liabilities recognized in the Consolidated Balance Sheet is as follows: 13 Weeks Ended May 2, (In thousands) 2026 Accrued liability as of January 31, 2026 $ 13,108 Less: Cash payments and adjustments (3,506 ) Accrued liability as of May 2, 2026 $ 9,602 14. Subsequent Events U.S. Tariff Refund Update 26 Beginning on May 12, 2026, the Company began to receive refunds of its tariff claims submitted through CBP’s CAPE system. As of the date of this Quarterly Report, the Company has received refunds of $108.3 million. This amount, plus any additional refunds received will be recorded as a reduction of cost of sales for the 13 weeks ending August 1, 2026. The timing and ultimate availability of any additional refunds remains uncertain. During Fiscal 2025, prior to the U.S. Supreme Court decision invalidating the IEEPA tariffs, the Company entered into a participation agreement with a third-party buyer (the "buyer") pursuant to which the Company sold a portion of its claims for refunds of previously paid tariffs imposed under the IEEPA (the "Participation Agreement"). Under the terms of the Participation Agreement, the third-party purchased $68.9 million of the Company's refund claims for $18.6 million in cash, which was accounted for under ASC 470, Debt. Accretion expense related to the Participation Agreement is recorded as interest expense. Any benefit associated with the claims included in the Participation Agreement are owed to the buyer when a refund is received from CBP. As a result of refunds received subsequent to May 2, 2026, $33.1 million was paid to the buyer as of the filing date of this Quarterly Report. 27