Symbotic Inc.NASDAQ: SYM

Symbotic Reports Third Quarter Fiscal Year 2025 Results

WILMINGTON, Mass., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, announced financial results for its third quarter of fiscal year 2025, which ended on June 28, 2025. Symbotic reported revenue of $592 million, a net loss of $32 million and adjusted EBITDA1 of $45 million for the third quarter of fiscal year 2025.

In comparison, Symbotic posted revenue of $470 million, a net loss of $27 million and adjusted EBITDA1 of $3 million in the third quarter of fiscal year 2024.

Cash and cash equivalents decreased by $177 million from the prior quarter, totaling $778 million at the end of the third quarter of fiscal year 2025.

“We continue to deliver strong results and drive operational progress,” said Rick Cohen, Symbotic Chairman and Chief Executive Officer. “We are building on this momentum with game-changing innovations that are unlocking new opportunities across the supply chain as we have unveiled with our next generation storage structure.”

“Revenue grew 26% and gross margins improved once again year-over-year,” said Carol Hibbard, Symbotic Chief Financial Officer. “Looking ahead, with the launch of a proprietary new storage structure, we expect a temporary short-term impact on revenue based on schedules shifting to accommodate. Importantly, the new structure does not affect our backlog and supports our long-term value creation.”

OUTLOOK

For the fourth quarter of fiscal 2025, Symbotic expects revenue of $590 million to $610 million, and adjusted EBITDA2 of $45 million to $49 million.

WEBCAST INFORMATION

Symbotic will host a webcast today at 5:00 pm ET to discuss its third quarter of fiscal year 2025 results. The webcast link is: https://edge.media-server.com/mmc/go/Symbotic-Q3-2025.

_______________
1 Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is a non-GAAP financial measure as defined below under “Use of Non-GAAP Financial Information.” See the tables below for reconciliations to net loss, the most comparable GAAP measure.

2 Symbotic is not providing guidance for net loss, which is the most comparable GAAP financial measure to adjusted EBITDA, because information reconciling forward-looking adjusted EBITDA to net loss is unavailable to it without unreasonable effort. Symbotic is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of Symbotic’s control and/or cannot be reasonably predicted, such as restructuring charges and the provision for stock-based compensation.

ABOUT SYMBOTIC

Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation

technology, high-density storage and machine learning to solve today's complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

USE OF NON-GAAP FINANCIAL INFORMATION

Symbotic reports its financial results in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). This press release contains financial measures that are not recognized under U.S. GAAP (“non-GAAP financial measures”), including adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, adjusted research and development expenses, adjusted selling, general, and administrative expenses, and free cash flow. These non-GAAP financial measures have limitations as an analytical tool as they do not have a standardized meaning prescribed by U.S. GAAP. The non-GAAP financial measures Symbotic uses may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies and, therefore, are unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP financial measures are provided as a supplement to corresponding U.S. GAAP measures to provide additional information regarding the results of operations from management’s perspective. Accordingly, non-GAAP financial measures should not be considered a substitute for, in isolation from, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. All non-GAAP financial measures presented in this press release are reconciled to their closest reported U.S. GAAP financial measures. Symbotic recommends that investors review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate its business.

Symbotic defines adjusted EBITDA, a non-GAAP financial measure, as GAAP net loss excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; equity method investment; internal control remediation; business transformation costs; fair value adjustments on strategic investments; restructuring charges; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation, and restructuring charges. Symbotic defines adjusted gross profit margin, a non-GAAP financial measure, as adjusted gross profit divided by total revenue. Symbotic defines adjusted research and development expenses, a non-GAAP financial measure, as GAAP research and development expenses excluding the following items: depreciation and amortization of tangible and intangible assets and stock-based compensation. Symbotic defines adjusted selling, general, and administrative expenses, a non-GAAP financial measure, as GAAP selling, general, and administrative expenses excluding the following items: depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; internal control remediation; business transformation costs; joint venture formation fees; equity financing transaction costs; and other infrequent items that may arise from time to time. Symbotic defines free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less purchases of property and equipment and capitalization of internal use software development costs. In addition to Symbotic’s financial results determined in accordance with U.S. GAAP, Symbotic believes that adjusted EBITDA, adjusted gross profit, adjusted gross profit margin, adjusted research and development expenses, adjusted selling, general, and administrative expenses, and free cash flow non-GAAP financial measures, are useful in evaluating the performance of Symbotic’s business because they highlight trends in its core business.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, Symbotic’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.

Forward-looking statements include, but are not limited to, statements about the ability of or expectations regarding, Symbotic to:

  • meet the technical requirements of existing or future supply agreements with its customers, including with respect to existing backlog;

  • expand its target customer base and maintain its existing customer base;

  • realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business, the GreenBox joint venture, the Commercial Agreement with GreenBox, Symbotic’s acquisitions of developed technology intangible assets, and the commercial agreement with Walmart de México y Centroamérica;

  • realize its outlook, including its system gross margin;

  • anticipate industry trends;

  • maintain and enhance its system;

  • maintain the listing of the Symbotic Class A Common Stock on Nasdaq;

  • execute its growth strategy;

  • develop, design and sell systems that are differentiated from those of competitors;

  • execute its research and development strategy;

  • acquire, maintain, protect and enforce intellectual property;

  • attract, train and retain effective officers, key employees or directors;

  • comply with laws and regulations applicable to its business;

  • stay abreast of modified or new laws and regulations applying to its business;

  • successfully defend litigation;

  • issue equity securities in connection with future transactions;

  • meet future liquidity requirements and, if applicable, comply with restrictive covenants related to long-term indebtedness;

  • timely and effectively remediate any material weaknesses in its internal control over financial reporting;

  • anticipate rapid technological changes; and

  • effectively respond to general economic and business conditions.

Forward-looking statements also include, but are not limited to, statements with respect to:

  • the future performance of Symbotic’s business and operations;

  • expectations regarding revenues, expenses, adjusted EBITDA and anticipated cash needs;

  • expectations regarding cash flow, liquidity and sources of funding;

  • the next generation storage structure;

  • expectations regarding capital expenditures;

  • the anticipated benefits of Symbotic’s leadership structure;

  • the effects of pending and future legislation, regulation and trade practices, including tariffs;

  • business disruption;

  • disruption to the business due to Symbotic’s dependency on certain customers;

  • increasing competition in the warehouse automation industry;

  • any delays in the design, production or launch of Symbotic’s systems and products;

  • the failure to meet customers’ requirements under existing or future contracts or customer’s expectations as to price or pricing structure;

  • any defects in new products or enhancements to existing products;

  • the fluctuation of operating results from period to period due to a number of factors, including the pace of customer adoption of Symbotic’s new products and services and any changes in its product mix that shift too far into lower gross margin products; and

  • any consequences associated with joint ventures and legislative and regulatory actions and reforms.

Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 4, 2024. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management’s current expectations and plans relating to the future, and the reader is cautioned not to place undue reliance on these forward-looking statements because of their inherent uncertainty and to appreciate the limited purposes for which they are being used by management. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements speak only as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. Symbotic is not under any obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Symbotic has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in Symbotic’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 filed with the SEC on December 4, 2024 and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the acquisition of Walmart’s Advanced Systems and Robotics business and risks related to the acquisition.

Any financial projections in this press release or discussed in the webcast are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic, or its representatives, considered or considers the projections to be a reliable prediction of future events.

Annualized, projected and estimated numbers are not forecasts and may not reflect actual results.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements.

INVESTOR RELATIONS CONTACT

Charlie Anderson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com

MEDIA INQUIRIES

mediainquiry@symbotic.com

Symbotic Inc. and Subsidiaries
Consolidated Statements of Operations

Three Months Ended

Nine Months Ended

 (in thousands, except share and per share information)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Revenue:

Systems

$

559,108

$

513,372

$

450,595

$

1,536,539

$

1,168,993

Software maintenance and support

8,121

6,685

3,545

20,331

8,280

Operation services

24,892

29,594

16,198

71,595

46,340

Total revenue

592,121

549,651

470,338

1,628,465

1,223,613

Cost of revenue:

Systems

457,911

414,560

398,761

1,254,289

1,024,832

Software maintenance and support

1,756

2,095

2,539

5,735

6,201

Operation services

24,832

25,168

14,065

72,952

43,331

Total cost of revenue

484,499

441,823

415,365

1,332,976

1,074,364

Gross profit

107,622

107,828

54,973

295,489

149,249

Operating expenses:

Research and development expenses

52,147

61,540

44,722

157,279

133,327

Selling, general, and administrative expenses

75,670

78,347

47,871

215,092

143,535

Restructuring charges

16,361

—

—

16,361

—

Total operating expenses

144,178

139,887

92,593

388,732

276,862

Operating loss

(36,556

)

(32,059

)

(37,620

)

(93,243

)

(127,613

)

Other income, net

8,451

11,714

11,615

27,987

27,626

Loss before income tax and equity method investment

(28,105

)

(20,345

)

(26,005

)

(65,256

)

(99,987

)

Income tax expense (benefit)

(44

)

1,397

(182

)

1,204

(102

)

Loss from equity method investment

(3,776

)

(2,490

)

(537

)

(7,831

)

(537

)

Net loss

(31,925

)

(21,438

)

(26,724

)

(71,883

)

(100,626

)

Net loss attributable to noncontrolling interests

(26,012

)

(17,513

)

(22,043

)

(58,569

)

(84,300

)

Net loss attributable to common stockholders

$

(5,913

)

$

(3,925

)

$

(4,681

)

$

(13,314

)

$

(16,326

)

Loss per share of Class A Common Stock:

Basic and Diluted

$

(0.05

)

$

(0.04

)

$

(0.05

)

(0.12

)

$

(0.18

)

Weighted-average shares of Class A Common Stock outstanding:

Basic and Diluted

109,201,745

107,726,978

102,414,284

107,664,864

92,891,276

Symbotic Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

The following table reconciles GAAP net loss to Adjusted EBITDA:

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Net loss

$

(31,925

)

$

(21,438

)

$

(26,724

)

$

(71,883

)

$

(100,626

)

Interest income

(8,373

)

(7,229

)

(11,610

)

(23,371

)

(27,554

)

Income tax expense (benefit)

44

(1,397

)

182

(1,204

)

102

Depreciation and amortization

12,940

11,169

10,032

30,969

15,065

Stock-based compensation

50,279

47,962

30,320

126,982

94,508

Business Combination transaction expenses

422

3,298

—

7,522

—

Equity method investment

3,776

2,490

537

7,831

537

Internal control remediation

1,795

2,175

—

7,046

—

Business transformation costs

75

2,400

—

2,475

—

Fair value adjustments on strategic investments

—

(4,481

)

—

(4,481

)

—

Restructuring charges

16,361

(231

)

—

16,130

34,206

Joint venture formation fees

—

—

—

—

1,089

Equity financing transaction costs

—

—

—

—

1,985

Adjusted EBITDA

$

45,394

$

34,718

$

2,737

$

98,016

$

19,312

The following table reconciles GAAP gross profit to Adjusted gross profit:

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Gross profit

$

107,622

$

107,828

$

54,973

$

295,489

$

149,249

Depreciation

3,538

2,949

5,359

8,957

5,540

Stock-based compensation

16,034

11,264

3,807

31,006

12,394

Restructuring charges

—

(231

)

—

(231

)

34,206

Adjusted gross profit

$

127,194

$

121,810

$

64,139

$

335,221

$

201,389

Gross profit margin

18.2

%

19.6

%

11.7

%

18.1

%

12.2

%

Adjusted gross profit margin

21.5

%

22.2

%

13.6

%

20.6

%

16.5

%

The following table reconciles GAAP research and development expenses to Adjusted research and development expenses:

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Research and development expenses

$

52,147

$

61,540

$

44,722

$

157,279

$

133,327

Depreciation and amortization

(7,133

)

(5,611

)

(1,250

)

(15,044

)

(3,236

)

Stock-based compensation

(12,860

)

(15,608

)

(13,279

)

(40,719

)

(41,728

)

Adjusted research and development expenses

$

32,154

$

40,321

$

30,193

$

101,516

$

88,363

The following table reconciles GAAP selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses:

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Selling, general, and administrative expenses

$

75,670

$

78,347

$

47,871

$

215,092

$

143,535

Depreciation and amortization

(2,270

)

(2,609

)

(3,423

)

(6,969

)

(6,294

)

Stock-based compensation

(21,385

)

(21,091

)

(13,235

)

(55,257

)

(40,385

)

Business combination transaction expenses

(422

)

(3,298

)

—

(7,522

)

—

Internal control remediation

(1,795

)

(2,175

)

—

(7,046

)

—

Business transformation costs

(75

)

(2,400

)

—

(2,475

)

—

Joint venture formation fees

—

—

—

—

(1,089

)

Equity financing transaction costs

—

—

—

—

(1,985

)

Adjusted selling, general, and administrative expenses

$

49,723

$

46,774

$

31,213

$

135,823

$

93,782

The following table reconciles GAAP net cash provided by (used in) operating activities to free cash flow:

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Net cash provided by (used in) operating activities

$

(138,343

)

$

269,575

$

50,384

$

336,259

$

41,306

Purchases of property and equipment and capitalization of internal use software development costs

(14,867

)

(20,560

)

(17,143

)

(42,784

)

(23,007

)

Free cash flow

$

(153,210

)

$

249,015

$

33,241

$

293,475

$

18,299

Symbotic Inc. and Subsidiaries
Supplemental Common Share Information

Total Common Shares issued and outstanding:

June 28, 2025

September 28, 2024

Class A Common Shares issued and outstanding

110,252,933

104,689,377

Class V-1 Common Shares issued and outstanding

76,015,171

76,965,386

Class V-3 Common Shares issued and outstanding

403,559,196

404,309,196

589,827,300

585,963,959

Symbotic Inc. and Subsidiaries
Consolidated Balance Sheets

(in thousands, except share data)

June 28, 2025

September 28, 2024

ASSETS

Current assets:

Cash and cash equivalents

$

777,576

$

727,310

Accounts receivable

136,237

201,548

Unbilled accounts receivable

236,433

218,233

Inventories

138,901

106,136

Deferred expenses

35,545

1,058

Prepaid expenses and other current assets

101,516

101,252

Total current assets

1,426,208

1,355,537

Property and equipment, net

73,013

97,109

Intangible assets, net

82,921

3,664

Goodwill

60,534

—

Equity method investment

105,551

81,289

Other assets

79,184

40,953

Total assets

$

1,827,411

$

1,578,552

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

215,624

$

175,188

Accrued expenses and other current liabilities

183,690

165,644

Deferred revenue

918,097

676,314

Total current liabilities

1,317,411

1,017,146

Deferred revenue

5,044

129,233

Other liabilities

61,544

42,043

Total liabilities

1,383,999

1,188,422

Commitments and contingencies

—

—

Equity:

Class A Common Stock, 3,000,000,000 shares authorized, 110,252,933 and 104,689,377 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively

13

13

Class V-1 Common Stock, 1,000,000,000 shares authorized, 76,015,171 and 76,965,386 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively

7

7

Class V-3 Common Stock, 450,000,000 shares authorized, 403,559,196 and 404,309,196 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively

40

40

Additional paid-in capital

1,550,610

1,523,692

Accumulated deficit

(1,337,239

)

(1,323,925

)

Accumulated other comprehensive loss

(2,678

)

(2,594

)

Total stockholders' equity

210,753

197,233

Noncontrolling interest

232,659

192,897

Total equity

443,412

390,130

Total liabilities and equity

$

1,827,411

$

1,578,552

Symbotic Inc. and Subsidiaries
Consolidated Statements of Cash Flows

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Cash flows from operating activities:

Net loss

$

(31,925

)

$

(21,438

)

$

(26,724

)

$

(71,883

)

$

(100,626

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

14,202

12,279

10,696

34,126

17,048

Loss from equity method investment

3,776

4,055

537

7,831

537

Foreign currency (gains) losses, net

(61

)

20

—

(73

)

(8

)

Gain on investments

—

—

(1,339

)

—

(10,084

)

Loss on disposal of assets

—

—

—

201

—

Provision for excess and obsolete inventory

3,921

292

(171

)

4,901

34,105

Stock-based compensation

49,440

43,355

29,331

119,568

86,858

Gain from strategic investment fair value adjustment

—

(4,481

)

—

(4,481

)

—

Changes in operating assets and liabilities:

Accounts receivable

1,389

(3,195

)

27,166

65,570

(31,295

)

Inventories

3,470

(23,232

)

(12,179

)

(30,187

)

(30,099

)

Prepaid expenses and other current assets

(37,107

)

89,491

45,269

62,701

2,839

Deferred expenses

27,503

(1,757

)

(5,580

)

23,582

(10,626

)

Other assets

(9,449

)

(6,400

)

514

(16,928

)

(4,952

)

Accounts payable

(4,407

)

13,806

(5,444

)

40,544

17,871

Accrued expenses and other current liabilities

12,532

(65,685

)

50,477

(7,613

)

48,593

Deferred revenue

(171,331

)

230,283

(60,635

)

117,288

12,009

Other liabilities

(296

)

2,182

(1,534

)

(8,888

)

9,136

Net cash provided by (used in) operating activities

(138,343

)

269,575

50,384

336,259

41,306

Cash flows from investing activities:

Purchases of property and equipment and capitalization of internal use software development costs

(14,867

)

(20,560

)

(17,143

)

(42,784

)

(23,007

)

Proceeds from maturities of marketable securities

—

—

50,000

—

340,000

Purchases of marketable securities

—

—

—

—

(48,660

)

Acquisitions of strategic investments

(24,233

)

—

(66,489

)

(42,225

)

(66,489

)

Cash paid for business acquisitions

—

(200,000

)

—

(200,000

)

—

Net cash provided by (used in) investing activities

(39,100

)

(220,560

)

(33,632

)

(285,009

)

201,844

Cash flows from financing activities:

Payment for taxes related to net share settlement of stock-based compensation awards

—

—

—

(3,012

)

(3,181

)

Net proceeds from issuance of common stock under employee stock purchase plan

—

3,233

—

3,233

3,435

Distributions to or on behalf of Symbotic Holdings LLC partners

57

(382

)

(47,654

)

(1,175

)

(47,654

)

Proceeds from issuance of Class A Common Stock

—

—

—

—

257,985

Proceeds from exercise of warrants

—

—

2

—

158,704

Net cash provided by (used in) financing activities

57

2,851

(47,652

)

(954

)

369,289

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

24

50

(10

)

(10

)

(25

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(177,362

)

51,916

(30,910

)

50,286

612,414

Cash, cash equivalents, and restricted cash - beginning of period

958,002

906,086

904,242

730,354

260,918

Cash, cash equivalents, and restricted cash - end of period

$

780,640

$

958,002

$

873,332

$

780,640

$

873,332

Three Months Ended

Nine Months Ended

(in thousands)

June 28, 2025

March 29, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

$

777,576

$

954,944

$

870,469

$

777,576

$

870,469

Restricted cash

3,064

3,058

2,863

3,064

2,863

Cash, cash equivalents, and restricted cash

$

780,640

$

958,002

$

873,332

$

780,640

$

873,332