Special Note Regarding Forward-Looking Statements Various statements in this Form 10-Q, or incorporated by reference into this Form 10-Q, in future filings by us with the Securities and Exchange Commission (the "SEC"), in our press releases, and in oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our current expectations about the Company's future operating results and financial condition, the implementation and results of our strategic plans and initiatives, store openings and closings, capital expenses, our plans regarding our quarterly cash dividend and Class A common stock repurchase programs, and our ability to meet citizenship and sustainability goals. Forward-looking statements are based on current expectations and are indicated by words or phrases such as "aim," "anticipate," "outlook," "estimate," "ensure," "commit," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed in or implied by such forward-looking statements. These risks, uncertainties, and other factors include, among others: •the loss of key personnel, including Mr. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, including any potential changes resulting from the execution of our long-term growth strategy, and our ability to effectively transfer knowledge and maintain adequate controls and procedures during periods of transition; •the impact to our business resulting from the potential imposition of additional tariffs, duties, or taxes, changes to existing trade agreements, and other charges or barriers to trade, including those recently imposed by the U.S. following the U.S. Supreme Court ruling against the tariffs previously announced under the authority of the International Emergency Economic Powers Act ("IEEPA") and resulting potential refund status of the IEEPA tariffs, any retaliatory measures implemented by impacted countries, and any related impact to global stock markets, foreign currency exchange rates, and existing inflationary pressures, as well as our ability to implement mitigating sourcing strategies; •the potential impact to our business resulting from inflationary pressures, including increases in the costs of raw materials, transportation, wages, healthcare, and other benefit-related costs; •the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders, including potential business disruptions related to ongoing military conflicts taking place in various parts of the world, most notably the conflicts involving Iran and other ongoing hostilities in the Middle East, civil and political unrest, diplomatic tensions between the U.S. and other countries and any resulting anti-American sentiment, high interest rates, and bank failures, among other factors described herein; •the impact to our business resulting from a prolonged slowdown in economic conditions or changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during periods of economic downturn, and our ability to accurately forecast consumer demand, the failure of which could result in either a build-up or shortage of inventory; •the potential impact to our business resulting from supply chain disruptions, including those caused by capacity constraints, closed factories and/or labor shortages (stemming from pandemic diseases, labor disputes, strikes, or otherwise), man-made or natural disasters, scarcity of raw materials, port congestion, and scrutiny or detention of goods produced in certain territories resulting from laws, regulations, or trade restrictions, such as those imposed by the Uyghur Forced Labor Prevention Act ("UFLPA") or the Countering America's Adversaries Through Sanctions Act ("CAATSA"), which could result in shipment approval delays leading to inventory shortages and lost sales, as well as potential shipping delays, inventory shortages, and/or higher freight and other operating costs resulting from port strikes, disruptions to major waterways, and/or increases in oil and other energy prices; •changes in our tax obligations and effective tax rate due to a variety of factors, including potential changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated; •our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment; •our exposure to currency exchange rate fluctuations from both a transactional and translational perspective; 32 •our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platforms; •our ability and the ability of our third-party service providers to secure our respective facilities and systems from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, ransomware, or similar Internet or email events; •the potential impact on our business arising from developments and operational risks related to the implementation of artificial intelligence technologies and associated evolving regulatory requirements; •our ability to recruit and retain qualified employees to operate our retail stores, distribution centers, and various corporate functions; •our ability to successfully implement our long-term growth strategy; •our ability to continue to expand and grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result, as well as our ability to accelerate growth in certain product categories; •our ability to open new retail stores and concession shops, as well as enhance and expand our digital footprint and capabilities, all in an effort to expand our direct-to-consumer presence; •our ability to respond to constantly changing fashion and retail trends and consumer demands in a timely manner, develop products that resonate with our existing customers and attract new customers, and execute marketing and advertising programs that appeal to consumers; •our ability to competitively price our products and create an acceptable value proposition for consumers; •our ability to continue to maintain our brand image and reputation and protect our trademarks; •our ability to achieve our goals regarding citizenship and sustainability practices, including those related to climate change, our human capital, and our supply chain, or if our stakeholders disagree with such goals; •the potential impact to our business if any of our distribution centers were to become inoperable or inaccessible; •the potential impact on our operations and on our suppliers and customers resulting from man-made or natural disasters, including pandemic diseases, severe weather, geological events, and other catastrophic events, such as terrorist attacks, military conflicts, and other hostilities; •our ability to achieve anticipated operating enhancements and cost reductions from our strategic initiatives and restructuring plans, as well as the resulting impact to our business, which may be dilutive to our earnings in the short term; •the impact to our business resulting from potential costs and obligations related to the early or temporary closure of our stores or termination of our long-term, non-cancellable leases; •our ability to maintain adequate levels of liquidity to provide for our cash needs, including our debt obligations, tax obligations, capital expenditures, and potential payment of dividends and repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs; •the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors; •our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments; •a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation, exportation, and traceability and transparency of products which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and 33 corruption laws prohibiting improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business; •the potential impact to the trading prices of our securities if our operating results, Class A common stock share repurchase activity, and/or cash dividend payments differ from investors' expectations; •our ability to maintain our credit profile and ratings within the financial community; •our intention to introduce new products or brands, or enter into or renew alliances; •changes in the business of, and our relationships with, major wholesale customers and licensing partners; and •our ability to make strategic acquisitions and successfully integrate the acquired businesses into our existing operations. These forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. A detailed discussion of significant risk factors that have the potential to cause our actual results to differ materially from our expectations is included in our Annual Report on Form 10-K for the fiscal year ended March 28, 2026 (the "Fiscal 2026 10-K"). There are no material changes to such risk factors, nor have we identified any previously undisclosed risks that could materially adversely affect our business, operating results, and/or financial condition, as set forth in Part II, Item 1A — "Risk Factors" of this Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In this Form 10-Q, references to "Ralph Lauren," "ourselves," "we," "our," "us," and the "Company" refer to Ralph Lauren Corporation and its subsidiaries, unless the context indicates otherwise. We utilize a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2027 will end on April 3, 2027 and will be a 53-week period ("Fiscal 2027"). Fiscal year 2026 ended on March 28, 2026 and was a 52-week period ("Fiscal 2026"). The first quarter of Fiscal 2027 ended on June 27, 2026 and was a 13-week period. The first quarter of Fiscal 2026 ended on June 28, 2025 and was also a 13-week period. INTRODUCTION Management's discussion and analysis of financial condition and results of operations ("MD&A") is provided as a supplement to the accompanying consolidated financial statements and notes thereto to help provide an understanding of our results of operations, financial condition, and liquidity. MD&A is organized as follows: •Overview. This section provides a general description of our business, global economic conditions and industry trends, and a summary of our financial performance for the three-month period ended June 27, 2026. In addition, this section includes a discussion of recent developments and transactions affecting comparability that we believe are important in understanding our results of operations and financial condition, and in anticipating future trends. •Results of operations. This section provides an analysis of our results of operations for the three-month period ended June 27, 2026 compared to the three-month period ended June 28, 2025. •Financial condition and liquidity. This section provides a discussion of our financial condition and liquidity as of June 27, 2026, which includes (i) an analysis of our financial condition as compared to the prior fiscal year-end; (ii) an analysis of changes in our cash flows for the three months ended June 27, 2026 compared to the three months ended June 28, 2025; (iii) an analysis of our liquidity, including the availability under our commercial paper borrowing program and credit facilities, our supplier finance program, outstanding debt and covenant compliance, common stock repurchases, and payments of dividends; and (iv) a description of any material changes in our material cash requirements since March 28, 2026. •Market risk management. This section discusses any significant changes in our risk exposures related to foreign currency exchange rates, interest rates, and our investments since March 28, 2026. •Critical accounting policies. This section discusses any significant changes in our critical accounting policies since March 28, 2026. Critical accounting policies typically require significant judgment and estimation on the part of management in their application. In addition, all of our significant accounting policies, including our critical accounting policies, are summarized in Note 3 of the Fiscal 2026 10-K. 34 •Recently issued accounting standards. This section discusses the potential impact on our reported results of operations and financial condition of certain accounting standards that have been recently issued. OVERVIEW Our Business Our Company is a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, handbags, footwear & accessories, fragrances, home, and hospitality. Our long-standing reputation and distinctive image have been developed across a wide range of products, brands, distribution channels, and international markets. Our brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, RLX Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others. We diversify our business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows us to maintain a dynamic balance as our operating results do not depend solely on the performance of any single geographic area or channel of distribution. We sell directly to consumers through our integrated retail channel, which includes our retail stores, concession-based shop-within-shops, and digital commerce operations around the world. Our wholesale sales are made principally to major department stores, specialty stores, and third-party digital partners around the world, as well as to certain third-party-owned stores to which we have licensed the right to operate in defined geographic territories using our trademarks. In addition, we license to third parties for specified periods and geographies the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, eyewear, fragrances, and home furnishings. We organize our business into the following three reportable segments: •North America — Our North America segment, representing approximately 41% of our Fiscal 2026 net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses primarily in the U.S. and Canada. In North America, our retail business is primarily comprised of our Ralph Lauren stores, our outlet stores, and our digital commerce sites, www.RalphLauren.com and www.RalphLauren.ca. Our wholesale business in North America is comprised primarily of sales to department stores and, to a lesser extent, specialty stores. •Europe — Our Europe segment, representing approximately 31% of our Fiscal 2026 net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses in Europe and emerging markets. In Europe, our retail business is primarily comprised of our Ralph Lauren stores, our outlet stores, our concession-based shop-within-shops, and our various digital commerce sites. Our wholesale business in Europe is comprised primarily of a varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital and licensee partners. •Asia — Our Asia segment, representing approximately 26% of our Fiscal 2026 net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses in Asia, Australia, and New Zealand. Our retail business in Asia is primarily comprised of our Ralph Lauren stores, our outlet stores, our concession-based shop-within-shops, and our various digital commerce sites. In addition, we sell our products online through various third-party digital partner commerce sites. Our wholesale business in Asia is comprised primarily of sales to department stores and various third-party digital and licensee partners. No operating segments were aggregated to form our reportable segments. In addition to these reportable segments, we also have other non-reportable segments, representing approximately 2% of our Fiscal 2026 net revenues, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through our global licensing alliances. Approximately 59% of our Fiscal 2026 net revenues were earned outside of the U.S. See Note 16 to the accompanying consolidated financial statements for further discussion of our segment reporting structure. Our business is typically affected by seasonal trends, with higher levels of retail sales in our second and third fiscal quarters and higher wholesale sales in our second and fourth fiscal quarters. These trends result primarily from the timing of key vacation travel, back-to-school, and holiday shopping periods impacting our retail business and timing of seasonal wholesale shipments. As a result of changes in our business, consumer spending patterns, and the macroeconomic environment, including those resulting from pandemic diseases and other catastrophic events, historical quarterly operating trends and working capital requirements may not be indicative of our future performance. In addition, fluctuations in sales, operating 35 income (loss), and cash flows in any fiscal quarter may be affected by other events affecting retail sales, such as changes in weather patterns. Accordingly, our operating results and cash flows for the three-month period ended June 27, 2026 are not necessarily indicative of the operating results and cash flows that may be expected for the full Fiscal 2027. Recent Developments Next Generation Transformation Project We began a multi-year global project during our fiscal year ended March 30, 2024 that is expected to significantly transform the way in which we operate our business and further enable our long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project will span the next several years, with implementation occurring in phases by region and/or capability, and involves the redesign of certain end-to-end processes and the implementation of a suite of technology systems on a global scale. These efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, as well as financial planning and reporting, better enabling us to optimize inventory levels and increase the speed with which we react to changes in consumer demand across markets, among other benefits. We continue to advance key workstreams under the NGT project including completion of global design templates that support our core enterprise resource planning platform and related processes, automation of certain distribution center operations, and the global roll-out of merchandise allocation and long-range demand planning tools. In connection with the NGT project, we incurred other charges of $20.8 million and $11.0 million during the three-month periods ended June 27, 2026 and June 28, 2025, respectively, which were recorded within restructuring and other charges, net in the consolidated statements of operations. Global Economic Conditions and Industry Trends The global economy and retail industry are impacted by many factors beyond our control. In April 2025, the U.S. announced significant changes to its trade policies under the authority of IEEPA, including broad-based tariff increases on foreign imported goods, with potential for new tariffs and further future increases to existing tariffs, as well as revisions or terminations to existing trade agreements. In response, many countries announced retaliatory tariffs on U.S. exports and other trade restrictions. In February 2026, the U.S. Supreme Court invalidated the IEEPA tariffs previously applied to our foreign imports, after which the U.S. announced additional tariffs under other trade authorities. In March 2026, the U.S. Court of International Trade issued an order directing U.S. Customs and Border Protection ("CBP") to refund IEEPA tariffs that were previously collected, and in April 2026, CBP announced the refund process, leveraging the Consolidated Administration and Processing of Entries Claim Portal through a phased rollout. While we have submitted refund claims for eligible IEEPA tariffs previously paid, the ultimate amount and timing of collection, and approval of any such refunds remain uncertain. Moreover, trade policy developments are ongoing and continue to create uncertainty regarding the future relationship between the U.S. and other countries, and could contribute to further trade restrictions, higher inflation, slower economic growth, supply chain disruptions, and continued volatility in global stock markets and foreign currency exchange rates. In addition to evolving trade policies, the global economy has been negatively impacted by ongoing military conflicts, including those involving Iran and other hostilities in the Middle East, which have increased uncertainty around global energy and key shipping routes. Although our ongoing operations in the Middle East are not material, our business has been, and may continue to be, affected by the broader macroeconomic and supply chain implications of these conflicts and related disruptions, including higher energy, freight, and transportation costs, inflationary pressures, unfavorable foreign currency exchange rates, financial market volatility, and periodic shipping delays, among other factors. While our business has not been significantly impacted by such disruptions, we have experienced some shipping delays affecting the timing of inventory receipts. The duration and potential escalation of these conflicts and related disruptions remain uncertain and could result in further inventory receipt delays and/or higher freight and transportation costs in the near-term and beyond. Overall economic conditions, including inflationary pressures, relatively elevated interest rates, foreign currency volatility, and organized labor disputes, continue to impact consumer discretionary income levels, spending, and sentiment in the U.S. and globally. Collectively, these conditions have contributed to a competitive and uncertain retail operating environment. In response to such pressures, and to reduce elevated inventory levels, many retailers (particularly in the U.S. and Europe) continue to resort to promotional activity to support traffic conversion. Furthermore, the department store sector continues to experience consolidations, restructurings, bankruptcies, other ownership changes, and store closures. 36 In response to these macroeconomic, industry, and geopolitical pressures, we have implemented various global strategies to address many of these challenges and continue to build a foundation for long-term profitable growth by strengthening our consumer-facing areas and driving a more efficient operating model. We have also proactively diversified our supply chain from a geographic perspective and believe we can further mitigate cost pressures through disciplined inventory management, supplier negotiations, our ability to change country of origin, and pricing actions. However, the tariff environment remains dynamic and unpredictable, and significant increases in tariffs across our supply chain could negatively impact our profitability. Despite the competitive environment, we remain focused on executing our broader long-term strategy of brand elevation, which includes multiple levers to continue driving average unit retail growth and brand equity. We continue to monitor the geopolitical and macroeconomic environment, including evolving trade policies, tariffs, and disruption or volatility affecting key shipping routes, and adjust our operating strategies to help mitigate the related impacts on our results of operations. For a detailed discussion of significant risk factors that have the potential to cause our actual results to differ materially from our expectations, see Part I, Item 1A — "Risk Factors" in our Fiscal 2026 10-K. Summary of Financial Performance Operating Results During the three months ended June 27, 2026, we reported net revenues of $1.960 billion, net income of $262.2 million, and net income per diluted share of $4.28, as compared to net revenues of $1.719 billion, net income of $220.4 million, and net income per diluted share of $3.52 during the three months ended June 28, 2025. The comparability of our operating results has been affected by net restructuring-related charges and certain other charges (benefits), as well as foreign currency volatility. Our operating results are also susceptible to changes in macroeconomic conditions. Our operating performance for the three-month period ended June 27, 2026 as compared to the prior fiscal year period reflected revenue growth of 14.0% on a reported basis and 13.4% on a constant currency basis, as defined within "Transactions and Trends Affecting Comparability of Results of Operations and Financial Condition" below. Net revenues reflected growth across all of our reportable segments. Our gross profit as a percentage of net revenues increased by 140 basis points to 73.7% during the three months ended June 27, 2026 as compared to the prior fiscal year period, primarily driven by average unit retail ("AUR") growth, and, to a lesser extent, favorable channel and geographic mix shifts, more than offsetting pressure from tariffs and other product costs. Selling, general, and administrative ("SG&A") expenses as a percentage of net revenues during the three months ended June 27, 2026 declined by 20 basis points to 55.0% as compared to the prior fiscal year period, largely attributable to operating leverage on higher net revenues. Net income increased by $41.8 million to $262.2 million during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025, primarily due to a $68.8 million increase in our operating income, partly offset by a $22.4 million increase in our income tax provision. Net income per diluted share increased by $0.76 to $4.28 per share during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025, driven by the higher level of net income and lower weighted-average diluted shares outstanding. During the three-month periods ended June 27, 2026 and June 28, 2025, our operating results were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $23.5 million and $19.3 million, respectively, which had an after-tax effect of reducing net income by $18.8 million, or $0.31 per diluted share, and $15.4 million, or $0.25 per diluted share, respectively. Financial Condition and Liquidity As of June 27, 2026, net cash and short-term investments position (calculated as cash and cash equivalents, plus short-term investments, less total debt) was $702.2 million, as compared to $826.1 million as of the end of Fiscal 2026. The decrease in our net cash and short-term investments position was primarily due to our use of cash to support Class A common stock repurchases of $325.1 million, including $75.1 million of share withholdings in satisfaction of tax obligations related to the vesting of stock-based compensation awards, to make dividend payments of $54.8 million, to invest in our business through $53.4 million of capital expenditures, and the unfavorable effect of exchange rate changes of $16.5 million, primarily related to our cash and cash equivalents, partly offset by our operating cash flows of $339.3 million. 37 Net cash provided by operating activities was $339.3 million during the three months ended June 27, 2026, as compared to $176.1 million during the three months ended June 28, 2025. The net increase in cash provided by operating activities was primarily due to a net favorable change related to lower inventory levels as compared to the prior fiscal year period, as well as an increase in net income before non-cash charges. Our equity decreased to $2.722 billion as of June 27, 2026 compared to $2.841 billion as of March 28, 2026 due to our share repurchase activity and dividends declared during the three months ended June 27, 2026, partly offset by our comprehensive income and the net impact of stock-based compensation arrangements. Transactions and Trends Affecting Comparability of Results of Operations and Financial Condition The comparability of our operating results for the three-month periods ended June 27, 2026 and June 28, 2025 has been affected by certain transactions, including pretax charges incurred in connection with our restructuring activities and certain other benefits (charges), as summarized below (references to "Notes" are to the notes to the accompanying consolidated financial statements): Three Months Ended June 27, 2026 June 28, 2025 (millions) Restructuring and other charges, net (see Note 7) $ (24.8) $ (19.3) Non-routine bad debt expense reversals(a) 1.3 — Total net charges $ (23.5) $ (19.3) (a)Non-routine bad debt expense reversals are recorded within SG&A expenses in the consolidated statements of operations. Because we are a global company, the comparability of our operating results reported in U.S. Dollars is also affected by foreign currency exchange rate fluctuations because the underlying currencies in which we transact change in value over time compared to the U.S. Dollar. Such fluctuations can have a significant effect on our reported results. As such, in addition to financial measures prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), our discussions often contain references to constant currency measures, which are calculated by translating current-year and prior-year reported amounts into comparable amounts using a single foreign exchange rate for each currency. We present constant currency financial information, which is a non-U.S. GAAP financial measure, as a supplement to our reported operating results. We use constant currency information to provide a framework for assessing how our businesses performed excluding the effects of foreign currency exchange rate fluctuations. We believe this information is useful to investors for facilitating comparisons of operating results and better identifying trends in our businesses. The constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with U.S. GAAP. Reconciliations between this non-U.S. GAAP financial measure and the most directly comparable U.S. GAAP measure are included in the "Results of Operations" section where applicable. Our discussion also includes reference to comparable store sales. Comparable store sales refer to the change in sales of our stores that have been open for at least 13 full fiscal months. Sales from our digital commerce sites are also included within comparable sales for those geographies that have been serviced by the related site for at least 13 full fiscal months. Sales for stores or digital commerce sites that are closed or shut down during the year are excluded from the calculation of comparable store sales. Sales for stores that are either relocated, enlarged (as defined by gross square footage expansion of 25% or greater), or generally closed for 30 or more consecutive days for renovation are also excluded from the calculation of comparable store sales until such stores have been operating in their new location or in their newly renovated state for at least 13 full fiscal months. All comparable store sales metrics are calculated on a constant currency basis. Our "Results of Operations" discussion that follows includes the significant changes in operating results arising from these items affecting comparability. However, unusual items or transactions may occur in any period. Accordingly, investors and other financial statement users should consider the types of events and transactions that have affected operating trends. 38 RESULTS OF OPERATIONS Three Months Ended June 27, 2026 Compared to Three Months Ended June 28, 2025 The following table summarizes our results of operations and expresses the percentage relationship to net revenues of certain financial statement captions. All percentages shown in the table below and the discussion that follows have been calculated using unrounded numbers. Three Months Ended June 27, 2026 June 28, 2025 $ Change % / bps Change (millions, except per share data) Net revenues $ 1,959.8 $ 1,719.1 $ 240.7 14.0 % Cost of goods sold (515.6) (476.8) (38.8) 8.2 % Gross profit 1,444.2 1,242.3 201.9 16.2 % Gross profit as % of net revenues 73.7 % 72.3 % 140 bps Selling, general, and administrative expenses (1,077.0) (949.4) (127.6) 13.4 % SG&A expenses as % of net revenues 55.0 % 55.2 % (20 bps) Restructuring and other charges, net (24.8) (19.3) (5.5) 28.7 % Operating income 342.4 273.6 68.8 25.2 % Operating income as % of net revenues 17.5 % 15.9 % 160 bps Interest expense (13.0) (11.5) (1.5) 12.5 % Interest income 11.6 14.8 (3.2) (21.8 %) Other income (expense), net 1.2 1.1 0.1 8.9 % Income before income taxes 342.2 278.0 64.2 23.1 % Income tax provision (80.0) (57.6) (22.4) 39.0 % Effective tax rate(a) 23.4 % 20.7 % 270 bps Net income $ 262.2 $ 220.4 $ 41.8 19.0 % Net income per common share: Basic $ 4.36 $ 3.62 $ 0.74 20.4 % Diluted $ 4.28 $ 3.52 $ 0.76 21.6 % (a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes. Net Revenues. Net revenues increased by $240.7 million, or 14.0%, to $1.960 billion during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025, reflecting growth across our reportable segments, including favorable foreign currency effects of $10.0 million. On a constant currency basis, net revenues increased by $230.7 million, or 13.4%. The following table summarizes the percentage change in our consolidated comparable store sales for the three months ended June 27, 2026 as compared to the prior fiscal year period: % Change Digital commerce 13 % Brick and mortar 12 % Total comparable store sales 12 % Our global average store count increased by 1 store and concession shop during the three months ended June 27, 2026 compared with the three months ended June 28, 2025, primarily due to new full price store openings in Asia, largely offset by concession shop closures also in Asia. 39 The following table details our retail store presence by segment as of the periods presented: June 27, 2026 June 28, 2025 Freestanding Stores: North America 220 225 Europe 111 106 Asia 269 238 Total freestanding stores 600 569 Concession Shops: Europe 29 30 Asia 603 635 Total concession shops 632 665 Total stores 1,232 1,234 In addition to our stores, we sell products online in North America, Europe, and Asia through our various digital commerce sites, as well as through our Polo mobile apps in the U.S. and Canada. We also sell products online through various third-party digital partner commerce sites, primarily in Asia. Net revenues for our segments, as well as a discussion of the changes in each reportable segment's net revenues from the comparable prior fiscal year period, are provided below: Three Months Ended $ Change Foreign Exchange Impact $ Change % Change June 27, 2026 June 28, 2025 As Reported Constant Currency As Reported Constant Currency (millions) Net Revenues: North America $ 740.3 $ 656.2 $ 84.1 $ 0.1 $ 84.0 12.8 % 12.8 % Europe 594.4 554.5 39.9 14.7 25.2 7.2 4.6 Asia 589.3 474.0 115.3 (4.8) 120.1 24.3 25.3 Other non-reportable segments 35.8 34.4 1.4 — 1.4 3.9 3.8 Total net revenues $ 1,959.8 $ 1,719.1 $ 240.7 $ 10.0 $ 230.7 14.0 % 13.4 % North America net revenues — Net revenues increased by $84.1 million, or 12.8%, during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025. On a constant currency basis, net revenues increased by $84.0 million, or 12.8%. The $84.1 million increase in North America net revenues was driven by: •a $42.2 million increase related to our North America retail business. On a constant currency basis, net revenues increased by $42.1 million, reflecting an increase of $42.0 million in comparable store sales. The increase in our comparable store sales reflected high-teens AUR growth and higher traffic during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025. The following table summarizes the percentage changes in comparable store sales related to our North America retail business: % Change Digital commerce 8 % Brick and mortar 10 % Total comparable store sales 9 % •a $41.9 million increase related to our North America wholesale business, driven by strong selling trends and replenishment orders, including resumed shipments to a luxury wholesale account, and a favorable timing shift of inventory shipments. 40 Europe net revenues — Net revenues increased by $39.9 million, or 7.2%, during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025. On a constant currency basis, net revenues increased by $25.2 million, or 4.6%. The $39.9 million increase in Europe net revenues was driven by: •a $30.8 million increase related to our Europe wholesale business, driven by positive selling trends and a favorable timing shift of inventory shipments, as well as favorable foreign currency effects of $8.3 million; and •a $9.1 million increase related to our Europe retail business, inclusive of favorable foreign currency effects of $6.4 million. On a constant currency basis, net revenues increased by $2.7 million, reflecting an increase of $3.7 million in comparable store sales, partly offset by a decrease of $1.0 million in non-comparable store sales. The increase in our comparable store sales reflected low-single digit AUR growth during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025. The following table summarizes the percentage changes in comparable store sales related to our Europe retail business: % Change Digital commerce 6 % Brick and mortar — % Total comparable store sales 1 % Asia net revenues — Net revenues increased by $115.3 million, or 24.3%, during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025. On a constant currency basis, net revenues increased by $120.1 million, or 25.3%. The $115.3 million increase in Asia net revenues was primarily driven by: •a $116.8 million increase related to our Asia retail business, inclusive of unfavorable foreign currency effects of $5.0 million. On a constant currency basis, net revenues increased by $121.8 million, reflecting increases of $88.3 million in comparable store sales and $33.5 million in non-comparable store sales. The increase in our comparable store sales reflected mid-teens AUR growth and higher traffic during the three months ended June 27, 2026 as compared to the three months ended June 28, 2025. The following table summarizes the percentage changes in comparable store sales related to our Asia retail business: % Change Digital commerce 32 % Brick and mortar 22 % Total comparable store sales 23 % Gross Profit. Gross profit increased by $201.9 million, or 16.2%, to $1.444 billion for the three months ended June 27, 2026, including favorable foreign currency effects of $8.9 million. Gross profit as a percentage of net revenues increased to 73.7% for the three months ended June 27, 2026 from 72.3% for the three months ended June 28, 2025. The 140 basis point increase reflected favorable foreign currency effects of approximately 10 basis points. The remaining 130 basis point improvement was primarily due to mid-teens AUR growth as well as favorable channel and geographic mix shifts, more than offsetting pressure from tariffs and other product costs. Gross profit is the difference between total net revenues and cost of goods sold. Cost of goods sold includes the amounts incurred to acquire and produce inventory for sale to our customers, including product costs, freight-in, and import costs, as well as changes in reserves for shrinkage and inventory realizability. Gains and losses associated with forward foreign currency exchange contracts that are designated and qualifying as cash flow hedges of inventory transactions are also recognized within cost of goods sold when the hedged inventory is sold. The costs of selling merchandise, including those associated with preparing merchandise for sale, such as picking, packing, warehousing, and order charges, are included in SG&A expenses in the consolidated statements of operations. As a result, our gross profit may not be comparable to that of other entities. Selling, General, and Administrative Expenses. SG&A expenses include costs relating to compensation and benefits, marketing and advertising, rent and occupancy, distribution, information technology, legal, depreciation and amortization, bad debt, and other selling and administrative costs. SG&A expenses increased by $127.6 million, or 13.4%, to $1.077 billion for the three months ended June 27, 2026, including unfavorable foreign currency effects of $4.4 million. SG&A expenses as a 41 percentage of net revenues declined to 55.0% for the three months ended June 27, 2026 from 55.2% for the three months ended June 28, 2025. The 20 basis point decline was largely attributable to operating leverage on higher net revenues. The $127.6 million increase in SG&A expenses was driven by: Three Months Ended June 27, 2026 Compared to Three Months Ended June 28, 2025 (millions) SG&A expense category: Compensation-related expenses $ 48.1 Marketing and advertising expenses 33.0 Rent and occupancy expenses 24.3 Staff-related expenses 5.9 Selling-related expenses 4.5 Other 11.8 Total increase in SG&A expenses $ 127.6 Restructuring and Other Charges, Net. Restructuring and other charges, net during the three-month periods ended June 27, 2026 and June 28, 2025 consisted primarily of net restructuring charges of $3.0 million and $6.4 million, respectively, associated with severance and benefits costs, as well as other charges of $20.8 million and $11.0 million, respectively, incurred in connection with our Next Generation Transformation project (refer to "Recent Developments" for additional discussion). See Note 7 to the accompanying consolidated financial statements. Operating Income. Operating income increased by $68.8 million, or 25.2%, to $342.4 million for the three months ended June 27, 2026, reflecting favorable foreign currency effects of $4.5 million. Our operating results during the three-month periods ended June 27, 2026 and June 28, 2025 were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $23.5 million and $19.3 million, respectively. Operating income as a percentage of net revenues was 17.5% for the three months ended June 27, 2026, reflecting a 160 basis point increase from the prior fiscal year period. The increase in operating income as a percentage of net revenues was primarily driven by the increase in our gross margin, as well as a decrease in SG&A expenses as a percentage of net revenues. Operating income and margin for our segments, as well as a discussion of the changes in each reportable segment's operating margin from the comparable prior fiscal year period, are provided below: Three Months Ended June 27, 2026 June 28, 2025 Operating Income Operating Margin Operating Income Operating Margin $ Change Margin Change (millions) (millions) (millions) Segment: North America $ 170.9 23.1 % $ 135.5 20.7 % $ 35.4 240 bps Europe 156.9 26.4 146.2 26.4 10.7 — bps Asia 197.7 33.5 145.4 30.7 52.3 280 bps Other non-reportable segments 31.7 88.6 30.6 88.8 1.1 (20 bps) Total segment operating income 557.2 457.7 99.5 Corporate expenses, net (190.0) (164.8) (25.2) Restructuring and other charges, net(a) (24.8) (19.3) (5.5) Total operating income $ 342.4 17.5 % $ 273.6 15.9 % $ 68.8 160 bps (a)See discussion above for additional information related to restructuring and other charges, net recorded during the fiscal periods presented. North America operating margin improved by 240 basis points, primarily due to a reduction of 130 basis points in SG&A expense as a percentage of net revenues and an increase of 120 basis points in gross margin. 42 Europe operating margin was flat, with an increase of 160 basis points in gross margin offset by an increase in SG&A expenses as a percentage of net revenues, which included higher marketing expenses. This operating margin was inclusive of the favorable impact of 40 basis points related to foreign currency effects. Asia operating margin improved by 280 basis points, primarily due to a reduction of 240 basis points in SG&A expenses as a percentage of net revenues and an increase of 50 basis points in gross margin. The overall improvement in operating margin was inclusive of the favorable impact of 10 basis points related to foreign currency effects. Corporate expenses increased by $25.2 million to $190.0 million during the three months ended June 27, 2026 as compared to the prior fiscal year. The increase in corporate expenses was primarily due to higher compensation-related expenses of $25.9 million and staff-related expenses of $2.9 million, partly offset by higher intercompany sourcing commission of $3.6 million (which is offset at the segment level and eliminates in consolidation). Non-operating Income (Expense), Net. Non-operating income (expense), net is comprised of interest expense, interest income, and other income (expense), net, which includes foreign currency gains (losses), equity in income (losses) from our equity-method investees, and other non-operating expenses. During the three months ended June 27, 2026, we reported non-operating expense, net of $0.2 million as compared to non-operating income, net of $4.4 million during the three months ended June 28, 2025. Income Tax Provision. The income tax provision represents federal, foreign, state and local income taxes. Our effective tax rate will change from period to period based on various factors including, but not limited to, the geographic mix of earnings, the timing and amount of foreign dividends, enacted tax legislation, state and local taxes, tax audit findings and settlements, and the interaction of various global tax strategies. The income tax provision and effective tax rate for the three months ended June 27, 2026 were $80.0 million and 23.4%, respectively, compared to $57.6 million and 20.7%, respectively, for the three months ended June 28, 2025. The $22.4 million increase in our income tax provision was primarily driven by an increase in our pretax income, as well as the 270 basis point increase in our effective tax rate. The increase in our effective tax rate was due to unfavorable tax impacts of the deduction for foreign-derived eligible income and the unfavorable tax impact of earnings generated in higher taxed jurisdictions, partly offset by the favorable impact of lower income tax reserves associated with certain income tax audits as compared to the prior fiscal year period. See Note 8 to the accompanying consolidated financial statements. Net Income. Net income increased to $262.2 million for the three months ended June 27, 2026, from $220.4 million for the three months ended June 28, 2025. The $41.8 million increase in net income was primarily due to the increase in our operating income, partly offset by the increase in our income tax provision, both as previously discussed. Our operating results during the three-month periods ended June 27, 2026 and June 28, 2025 were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $23.5 million and $19.3 million, respectively, which had an after-tax effect of reducing net income by $18.8 million and $15.4 million, respectively. Net Income per Diluted Share. Net income per diluted share increased to $4.28 for the three months ended June 27, 2026, from $3.52 for the three months ended June 28, 2025. The $0.76 per share increase was primarily driven by the higher level of net income, as previously discussed, and lower weighted-average diluted shares outstanding during the three months ended June 27, 2026 driven by our share repurchases during the last twelve months. Net income per diluted share for the three-month periods ended June 27, 2026 and June 28, 2025 were also negatively impacted by $0.31 per share and $0.25 per share, respectively, attributable to net restructuring-related charges and certain other charges (benefits), as previously discussed. 43 FINANCIAL CONDITION AND LIQUIDITY Financial Condition The following table presents our financial condition as of June 27, 2026 and March 28, 2026: June 27, 2026 March 28, 2026 $ Change (millions) Cash and cash equivalents $ 1,719.0 $ 1,988.0 $ (269.0) Short-term investments 222.6 77.0 145.6 Long-term debt(a) (1,239.4) (1,238.9) (0.5) Net cash and short-term investments $ 702.2 $ 826.1 $ (123.9) Equity $ 2,721.6 $ 2,841.4 $ (119.8) (a)See Note 9 to the accompanying consolidated financial statements for discussion of the carrying amounts of our debt. The decrease in our net cash and short-term investments position at June 27, 2026 as compared to March 28, 2026 was primarily due to our use of cash to support Class A common stock repurchases of $325.1 million, including $75.1 million of share withholdings in satisfaction of tax obligations related to the vesting of stock-based compensation awards, to make dividend payments of $54.8 million, to invest in our business through $53.4 million in capital expenditures, and the unfavorable effect of exchange rate changes of $16.5 million, primarily related to our cash and cash equivalents, partly offset by our operating cash flows of $339.3 million. The decrease in our equity was attributable to our share repurchase activity and dividends declared during the three months ended June 27, 2026, partly offset by our comprehensive income and the net impact of stock-based compensation arrangements. Cash Flows The following table details our cash flows for the three-month periods ended June 27, 2026 and June 28, 2025: Three Months Ended June 27, 2026 June 28, 2025 $ Change (millions) Net cash provided by operating activities $ 339.3 $ 176.1 $ 163.2 Net cash used in investing activities (204.1) (198.3) (5.8) Net cash (used in) provided by financing activities (387.0) 114.1 (501.1) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (16.5) 76.1 (92.6) Net (decrease) increase in cash, cash equivalents, and restricted cash $ (268.3) $ 168.0 $ (436.3) Net Cash Provided by Operating Activities. Net cash provided by operating activities was $339.3 million during the three months ended June 27, 2026, as compared to $176.1 million during the three months ended June 28, 2025. The $163.2 million net increase in cash provided by operating activities was due to a net favorable change related to our operating assets and liabilities, including our working capital, as compared to the prior fiscal year period, as well as an increase in net income before non-cash charges. The net favorable change related to our operating assets and liabilities, including our working capital, was primarily driven by a year-over-year decrease in our inventory levels, with prior year's inventory balance elevated due to the tariff impacts in North America and earlier timing of deliveries in Europe. 44 Net Cash Used in Investing Activities. Net cash used in investing activities was $204.1 million during the three months ended June 27, 2026, as compared to $198.3 million during the three months ended June 28, 2025. The $5.8 million net increase in cash used in investing activities was primarily driven by: •a $130.5 million increase in purchases of investments, less proceeds from sales and maturities of investments. During the three months ended June 27, 2026, we made net investment purchases of $147.5 million, as compared to $17.0 million during the three months ended June 28, 2025. This increase in cash used in investing activities was offset by: •a $133.9 million decrease in capital expenditures. During the three months ended June 27, 2026, we spent $53.4 million on capital expenditures, as compared to $187.3 million during the three months ended June 28, 2025. Our capital expenditures during the three months ended June 27, 2026 primarily related to store openings and renovations, corporate office renovations, and enhancements to our information technology systems. Net Cash (Used in) Provided by Financing Activities. Net cash used in financing activities was $387.0 million during the three months ended June 27, 2026, as compared to net cash provided by financing activities of $114.1 million during the three months ended June 28, 2025. The $501.1 million net increase in cash used in financing activities was primarily driven by: •a $498.2 million decrease in cash proceeds from the issuance of long-term debt. During the three months ended June 27, 2026, we did not issue or repay any debt. On a comparative basis, during the three months ended June 28, 2025, we received $498.2 million in proceeds from our issuance of the 5.000% Senior Notes (as defined below). Sources of Liquidity Our primary sources of liquidity are the cash flows generated from our operations, our available cash and cash equivalents and short-term investments, availability under our credit facilities and commercial paper program, and other available financing options. We also maintain access to the capital markets and may issue debt securities from time to time, which may provide an additional source of liquidity and/or funds to refinance existing debt. During the three months ended June 27, 2026, we generated $339.3 million of net cash flows from our operations. As of June 27, 2026, we had $1.942 billion in cash, cash equivalents, and short-term investments, of which $1.593 billion were held by our subsidiaries domiciled outside the U.S. We are not dependent on foreign cash to fund our domestic operations. Undistributed foreign earnings generated on or before December 31, 2017 that were subject to the one-time mandatory transition tax in connection with U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act are not considered to be permanently reinvested and may be repatriated to the U.S. in the future with minimal or no additional U.S. taxation. We intend to permanently reinvest undistributed foreign earnings generated after December 31, 2017 that were not subject to the one-time mandatory transition tax. However, if our plans change and we choose to repatriate post-2017 earnings to the U.S. in the future, we would be subject to applicable U.S. and foreign taxes. The following table presents the total availability, utilization, and remaining availability under our credit facilities and Commercial Paper Program as of June 27, 2026: June 27, 2026 Description(a) Total Availability Amounts Utilized Remaining Availability (millions) Global Credit Facility and Commercial Paper Program(b) $ 750 $ 9 (c) $ 741 Pan-Asia Credit Facilities 34 1 (c) 33 (a)As defined in Note 9 to the accompanying consolidated financial statements. (b)Borrowings under the Commercial Paper Program are supported by the Global Credit Facility. Combined borrowings under the Commercial Paper Program and the Global Credit Facility are limited to $750 million. (c)Represents letters of credit and bank guarantees under the Global Credit Facility and Pan-Asia Credit Facilities, respectively, for which we were contingently liable as of June 27, 2026. 45 We believe that the Global Credit Facility is adequately diversified with no undue concentration in any one financial institution. In particular, as of June 27, 2026, there were six financial institutions participating in the Global Credit Facility, with no one participant maintaining a maximum commitment percentage in excess of 25%. In accordance with the terms of the agreement, we have the ability to expand our borrowing availability under the Global Credit Facility to $1.500 billion through the full term of the facility, subject to the agreement of one or more new or existing lenders under the facility to increase their commitments. Borrowings under the Pan-Asia Credit Facilities are guaranteed by the parent company and are granted at the sole discretion of the participating banks (as described within Note 9 to the accompanying consolidated financial statements), subject to availability of the respective banks' funds and satisfaction of certain regulatory requirements. We have no reason to believe that the participating institutions will be unable to fulfill their obligations to provide financing in accordance with the terms of the Global Credit Facility and the Pan-Asia Credit Facilities in the event of our election to draw additional funds in the foreseeable future. Our sources of liquidity are used to fund our ongoing cash requirements, including working capital requirements, global retail store and digital commerce expansion, construction and renovation of shop-within-shops, investment in infrastructure, including technology, dividend payments, debt repayments, Class A common stock repurchases, settlement of contingent liabilities (including uncertain tax positions), and other corporate activities, including our restructuring actions. We believe that our existing sources of cash, the availability under our credit facilities, and our ability to access capital markets will be sufficient to support our operating, capital, and debt service requirements for the foreseeable future, the ongoing development of our businesses, and our plans for further business expansion. However, prolonged periods of adverse economic conditions or business disruptions in any of our key regions, or a combination thereof, such as those resulting from pandemic diseases and other catastrophic events, could impede our ability to pay our obligations as they become due or return value to our shareholders, as well as delay previously planned expenditures related to our operations. See Note 9 to the accompanying consolidated financial statements and Note 10 of the Fiscal 2026 10-K for additional information relating to our credit facilities. Supplier Finance Program We support a voluntary supplier finance program which provides certain of our inventory suppliers the opportunity, at their sole discretion, to sell their receivables due from us (which generally have 90-day payment terms) to a participating financial institution for a discounted payment amount made earlier than the payment terms stipulated between us and the supplier. Our vendor payment terms and amounts due are not impacted by a supplier's decision to participate in the program. We have not pledged any assets and do not provide guarantees under the supplier finance program. Our payment obligations outstanding under our supplier finance program were $268.4 million and $172.1 million as of June 27, 2026 and March 28, 2026, respectively, and were recorded within accounts payable in the consolidated balance sheets. Debt and Covenant Compliance In June 2020, we completed a registered public debt offering and issued a $500 million aggregate principal amount of unsecured senior notes that were due and repaid on June 15, 2022 with cash on hand, which bore interest at a fixed rate of 1.700%, payable semi-annually, and a $750 million aggregate principal amount of unsecured senior notes due June 15, 2030, which bear interest at a fixed rate of 2.950%, payable semi-annually (the "2.950% Senior Notes"). In June 2025, we completed another registered public debt offering and issued a $500 million aggregate principal amount of unsecured senior notes due June 15, 2032, which bear interest at a fixed rate of 5.000%, payable semi-annually (the "5.000% Senior Notes"). The indenture and supplemental indentures governing the 2.950% Senior Notes and 5.000% Senior Notes (as supplemented, the "Indenture") contain certain covenants that restrict our ability, subject to specified exceptions, to incur certain liens; enter into sale and leaseback transactions; consolidate or merge with another party; or sell, lease, or convey all or substantially all of our property or assets to another party. However, the Indenture does not contain any financial covenants. We have a credit facility that provides for a $750 million senior unsecured revolving line of credit through June 30, 2028, which is available for working capital needs, capital expenditures, certain investments, general corporate purposes, and for funding acquisitions, as well as used to support the issuance of letters of credit and the maintenance of the Commercial Paper Program (the "Global Credit Facility"). Borrowings under the Global Credit Facility may be denominated in U.S. Dollars and certain other currencies, including Euros, Hong Kong Dollars, and Japanese Yen. We have the ability to expand the borrowing availability under the Global Credit Facility to $1.500 billion, subject to the agreement of one or more new or 46 existing lenders under the facility to increase their commitments. There are no mandatory reductions in borrowing ability throughout the term of the Global Credit Facility. The Global Credit Facility contains a number of covenants, as described in Note 9 to the accompanying consolidated financial statements. As of June 27, 2026, no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under our Global Credit Facility. The Pan-Asia Credit Facilities do not contain any financial covenants. See Note 9 to the accompanying consolidated financial statements and Note 10 of the Fiscal 2026 10-K for additional information relating to our debt and covenant compliance. Common Stock Repurchase Program On May 15, 2025, our Board of Directors approved an expansion of our existing common stock repurchase program that allows us to repurchase up to an additional $1.500 billion of our Class A common stock, excluding related excise taxes. As of June 27, 2026, the remaining availability under our common stock repurchase program was approximately $1.102 billion. Repurchases of shares of our Class A common stock are subject to overall business and market conditions. See Note 13 to the accompanying consolidated financial statements for additional information relating to our Class A common stock repurchase program. Dividends We have generally maintained a regular quarterly cash dividend program on our common stock since 2003. On May 14, 2026, our Board of Directors approved an increase to our quarterly cash dividend on our common stock from $0.9125 to $1.00 per share. We intend to continue to pay regular dividends on outstanding shares of our common stock. However, any decision to declare and pay dividends in the future will ultimately be made at the discretion of our Board of Directors and will depend on our results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions. See Note 13 to the accompanying consolidated financial statements for additional information relating to our quarterly cash dividend program. Material Cash Requirements There have been no substantial changes to our material cash requirements as disclosed in our Fiscal 2026 10-K, other than those which occur in the ordinary course of business. Refer to the "Financial Condition and Liquidity — Material Cash Requirements" section of the MD&A in our Fiscal 2026 10-K for detailed disclosure of our material cash requirements as of March 28, 2026. MARKET RISK MANAGEMENT As discussed in Note 12 of the Fiscal 2026 10-K and Note 11 to the accompanying consolidated financial statements, we are exposed to a variety of levels and types of risks, including the impact of changes in currency exchange rates on foreign currency-denominated balances, certain anticipated cash flows of our international operations, and the value of reported net assets of our foreign operations, as well as changes in the fair value of our fixed-rate debt obligations relating to fluctuations in benchmark interest rates. Accordingly, in the normal course of business we assess such risks and, in accordance with our established policies and procedures, may use derivative financial instruments to manage and mitigate them. We do not use derivatives for speculative or trading purposes. Given our use of derivative instruments, we are exposed to the risk that the counterparties to such contracts will fail to meet their contractual obligations. To mitigate such counterparty credit risk, it is our policy to only enter into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other factors, adhering to established limits for credit exposure. Our established policies and procedures for mitigating credit risk include ongoing review and assessment of the creditworthiness of our counterparties. We also enter into master netting arrangements with counterparties, when possible, to further mitigate credit risk. As a result of the above considerations, we do not believe that we are exposed to undue concentration of counterparty risk with respect to our derivative contracts as of June 27, 2026. However, 47 we do have in aggregate $13.8 million of derivative instruments in net asset positions held across three creditworthy financial institutions as of June 27, 2026. Foreign Currency Risk Management We manage our exposure to changes in foreign currency exchange rates using forward foreign currency exchange and cross-currency swap contracts. Refer to Note 11 to the accompanying consolidated financial statements for a summary of the notional amounts and fair values of our outstanding forward foreign currency exchange and cross-currency swap contracts, as well as the impact on earnings and other comprehensive income of such instruments as of June 27, 2026. Forward Foreign Currency Exchange Contracts We use forward foreign currency exchange contracts to mitigate risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. Dollars. As part of our overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the Chinese Renminbi, the South Korean Won, the Australian Dollar, the British Pound Sterling, the Swiss Franc, and the Canadian Dollar, we generally hedge a portion of our related exposures anticipated over the next year using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure. Our foreign exchange risk management activities are governed by established policies and procedures. These policies and procedures provide a framework that allows for the management of currency exposures while ensuring the activities are conducted within our established guidelines. Our policies include guidelines for the organizational structure of our risk management function and for internal controls over foreign exchange risk management activities, including, but not limited to, authorization levels, transaction limits, and credit quality controls, as well as various measurements for monitoring compliance. We monitor foreign exchange risk using different techniques, including periodic review of market values and performance of sensitivity analyses. Cross-Currency Swap Contracts We periodically designate pay-fixed rate, receive-fixed rate cross-currency swap contracts as hedges of our net investment in certain European subsidiaries. These contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of our senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of our fixed-rate U.S. Dollar-denominated senior note obligations to fixed rate Euro-denominated obligations. See Note 3 to the accompanying consolidated financial statements for further discussion of our foreign currency exposures and the types of derivative instruments used to hedge those exposures. Investment Risk Management As of June 27, 2026, we had cash and cash equivalents on-hand of $1.719 billion, consisting of deposits in interest bearing accounts, investments in money market deposit accounts, and investments in time deposits with original maturities of 90 days or less. Our other significant investments included $222.6 million of short-term investments, consisting of investments in time deposits with original maturities greater than 90 days. We actively monitor our exposure to changes in the fair value of our global investment portfolio in accordance with our established policies and procedures, which include monitoring both general and issuer-specific economic conditions, as discussed in Note 3 to the accompanying consolidated financial statements. Our investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in our investment policy. See Note 11 to the accompanying consolidated financial statements for further detail of the composition of our investment portfolio as of June 27, 2026. 48 CRITICAL ACCOUNTING POLICIES Our significant accounting policies are described in Note 3 of the Fiscal 2026 10-K. Our estimates are often based on complex judgments, assessments of probability, and assumptions that management believes to be reasonable, but that are inherently uncertain and unpredictable. It is also possible that other professionals, applying reasonable judgment to the same set of facts and circumstances, could develop and support a range of alternative estimated amounts. For a complete discussion of our critical accounting policies, refer to the "Critical Accounting Policies" section of the MD&A in our Fiscal 2026 10-K. There have been no significant changes in the application of our critical accounting policies since March 28, 2026. RECENTLY ISSUED ACCOUNTING STANDARDS See Note 4 to the accompanying consolidated financial statements for a description of certain recently issued accounting standards which have impacted our consolidated financial statements, or may impact our consolidated financial statements in future reporting periods.