HOME DEPOT, INC. - Quarter Report: 2025 May (Form 10-Q)

For products and services sold in stores or online, payment is typically due at the point of sale. When we receive payment before the customer has taken possession of the merchandise or the service has been performed, the amount received is recorded as deferred revenue until the sale or service is complete. Such performance obligations are part of contracts with expected original durations of typically three months or less. As of May 4, 2025 and February 2, 2025, deferred revenue for products and services was $ billion and $ billion, respectively.

We further record deferred revenue for the sale of gift cards and recognize the associated revenue upon the redemption of those gift cards, which generally occurs within of gift card issuance. As of May 4, 2025 and February 2, 2025, our performance obligations for unredeemed gift cards were $ billion and $ billion, respectively. Gift card breakage income, which is our estimate of the portion of our outstanding gift card balance not expected to be redeemed, is recognized in net sales and was immaterial during the three months ended May 4, 2025 and April 28, 2024.

In August 2023, our Board of Directors approved a $ billion share repurchase authorization that replaced the previous authorization of $ billion, which was approved in August 2022. The August 2023 authorization does not have a prescribed expiration date. As of May 4, 2025, approximately $ billion of the $ billion share repurchase authorization remained available. In March 2024, we paused share repurchases and have not resumed share repurchase activity as of May 4, 2025.

The following discussion provides an analysis of the Company’s financial condition and results of operations from management’s perspective and should be read in conjunction with the consolidated financial statements and related notes included in this report and in the 2024 Form 10-K and with our MD&A included in the 2024 Form 10-K.

We opened three new stores in the U.S. during the first quarter of fiscal 2025, resulting in a total store count of 2,350 at May 4, 2025. A total of 322 stores, or 13.7%, were located in Canada and Mexico. Our inventory turnover ratio was 4.3 times at the end of the first quarter of fiscal 2025, compared to 4.5 times at the end of the first quarter of fiscal 2024.

We generated $4.3 billion of cash flow from operations during the first three months of fiscal 2025. This cash flow, together with cash on hand, was used to fund cash payments of $2.3 billion for dividends, repay $1.1 billion of long-term debt, and repay $278 million of net commercial paper borrowings. In addition, we funded $806 million in capital expenditures. In February 2025, we announced a 2.2% increase in our quarterly cash dividend to $2.30 per share.

Our ROIC for the trailing twelve-month period was 31.3% at the end of the first quarter of fiscal 2025 and 37.1% at the end of the first quarter of fiscal 2024. The decrease in ROIC was primarily driven by higher average long-term debt and higher average equity due to the financing of the SRS acquisition in the second quarter of fiscal 2024. See the Non-GAAP Financial Measures section below for our definition and calculation of ROIC.

We are closely monitoring developments with respect to tariffs and other trade policy matters. Over the last decade, we have worked diligently to diversify our global supply chain. Based on estimates using recent purchase data, we believe over 50% of product purchases for the substantial majority of our U.S. operations are currently sourced in the U.S. We intend to continue diversifying our global supply chain, including further limiting our concentration of product purchases for the substantial majority of our U.S. operations within any single country outside the U.S. We believe these actions, along with our scale, vendor relationships, and experienced internal teams, position us to effectively mitigate the impact that tariffs in effect as of the date of this filing could have on our business, as well as allow for maximum flexibility as our global sourcing strategies evolve.

While tariff and other trade policy developments since the beginning of fiscal 2025 have not had a meaningful financial impact on our business to date, trade policy discussions are ongoing. As a result, we cannot predict with certainty their ultimate impact on our business in future periods, including our results of operations and cash flows. For more information on these risks and uncertainties see Part I, Item 1A. “Risk Factors” of our 2024 Form 10-K. 


	Three Months Ended
	May 4, 2025				April 28, 2024
dollars in millions	$		% of Net Sales		$		% of Net Sales
Net sales	$	39,856			$	36,418
Gross profit	13,459		33.8	%	12,433		34.1	%
Operating expenses:
Selling, general and administrative	7,530		18.9		6,667		18.3
Depreciation and amortization	796		2.0		687		1.9
Total operating expenses	8,326		20.9		7,354		20.2
Operating income	5,133		12.9		5,079		13.9
Interest and other (income) expense:
Interest income and other, net	(24)		(0.1)		(57)		(0.2)
Interest expense	615		1.5		485		1.3
Interest and other, net	591		1.5		428		1.2
Earnings before provision for income taxes	4,542		11.4		4,651		12.8
Provision for income taxes	1,109		2.8		1,051		2.9
Net earnings	$	3,433	8.6	%	$	3,600	9.9	%


	Three Months Ended
Selected financial and sales data:	May 4, 2025			April 28, 2024			% Change
Comparable sales (% change)	(0.3)		%	(2.8)		%	N/A
Comparable customer transactions (% change) (1)	(0.5)		%	(1.5)		%	N/A
Comparable average ticket (% change) (1) (2)	—		%	(1.3)		%	N/A
Customer transactions (in millions) (1)	394.8			386.8			2.1	%
Average ticket (1) (2)	$	90.71		$	90.68		—	%
Diluted earnings per share	$	3.45		$	3.63		(5.0)	%

We assess our sales performance by evaluating both net sales and comparable sales. In fiscal 2025, there is a one-week calendar shift as a result of the 53rd week in fiscal 2024. For purposes of the following discussion, comparable sales, comparable customer transactions, and comparable average ticket are based upon the comparable 13-week period from fiscal 2024.

Net Sales. Net sales for the first quarter of fiscal 2025 were $39.9 billion, an increase of 9.4% from $36.4 billion for the first quarter of fiscal 2024. The increase in net sales for the first quarter of fiscal 2025 was primarily driven by SRS, which was acquired in the second quarter of fiscal 2024 and contributed $2.6 billion of net sales during the first quarter of fiscal 2025. Additionally, due to the 53rd week in fiscal 2024, the first quarter of fiscal 2025 included one less week of winter and one additional week of spring, which further contributed to the increase in net sales in the first quarter of fiscal 2025.

Online sales, which consist of sales of products generated through websites and mobile applications, represented 15.5% of net sales during the first quarter of fiscal 2025 and increased by 10.9% compared to the first quarter of fiscal 2024, which includes the benefit of the seasonal timing shift. Calculated on a comparable week basis relative to fiscal 2024, online sales increased by 8.3%.

Comparable Sales. Comparable sales is a measure that highlights the performance of our existing locations and websites by measuring the change in net sales for a period over the comparable prior period of equivalent length. Comparable sales includes sales at all locations, physical and online, open greater than 52 weeks (including remodels and relocations) and excludes closed stores. Retail stores become comparable on the Monday following their 52nd week of operation. Acquisitions are typically included in comparable sales after they have been owned for more than 52 weeks. Fiscal 2025 includes 52 weeks and fiscal 2024 included 53 weeks. For our calculation of comparable sales in fiscal 2025, we will compare weeks 1 through 52 in fiscal 2025 against weeks 2 through 53 in fiscal 2024. Comparable sales is intended only as supplemental information and is not a substitute for net sales presented in accordance with GAAP. The method of calculating comparable sales varies across the retail industry. As a result, our method of calculating comparable sales may not be the same as similarly titled measures reported by other companies.

Total comparable sales for the first quarter of fiscal 2025 decreased 0.3%, primarily reflecting a 0.5% decrease in comparable customer transactions and a flat comparable average ticket compared to the first quarter of fiscal 2024. Foreign exchange rates negatively impacted comparable sales by approximately 70 basis points for the quarter. Our comparable sales performance continues to reflect the impact of macroeconomic uncertainties and other macroeconomic factors, including a persisting high interest rate environment pressuring home improvement demand.

During the first quarter of fiscal 2025, our Appliances, Plumbing, Indoor Garden, Electrical, Outdoor Garden and Building Materials merchandising departments posted positive comparable sales compared to the first quarter of fiscal 2024. All of our other merchandising departments posted negative comparable sales during the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024.

Gross profit for the first quarter of fiscal 2025 increased 8.3% to $13.5 billion from $12.4 billion for the first quarter of fiscal 2024. Gross profit as a percentage of net sales, or gross profit margin, was 33.8% for the first quarter of fiscal 2025 compared to 34.1% for the first quarter of fiscal 2024. The decrease in gross profit margin primarily reflects the inclusion of SRS in our consolidated results, partially offset by lower shrink and supply chain productivity within our Primary segment.

Selling, General & Administrative. SG&A for the first quarter of fiscal 2025 increased $863 million, or 12.9%, to $7.5 billion from $6.7 billion for the first quarter of fiscal 2024. As a percentage of net sales, SG&A was 18.9% for the first quarter of fiscal 2025 compared to 18.3% for the first quarter of fiscal 2024, primarily reflecting the impact of a non-recurring legal-related benefit recognized in the first quarter of fiscal 2024 as well as higher payroll costs in the first quarter of fiscal 2025 within our Primary segment.

Depreciation and Amortization. Depreciation and amortization for the first quarter of fiscal 2025 increased $109 million, or 15.9%, to $796 million from $687 million for the first quarter of fiscal 2024. As a percentage of net sales, depreciation and amortization was 2.0% for the first quarter of fiscal 2025 compared to 1.9% for the first quarter of fiscal 2024, primarily reflecting increased intangible asset amortization expense related to SRS.

Interest and other, net for the first quarter of fiscal 2025 increased $163 million, or 38.1%, to $591 million from $428 million for the first quarter of fiscal 2024. As a percentage of net sales, interest and other, net was 1.5% for the first quarter of fiscal 2025 compared to 1.2% for the first quarter of fiscal 2024, primarily reflecting higher interest expense driven by higher long-term debt.

Our combined effective income tax rate was 24.4% for the first quarter of fiscal 2025 compared to 22.6% for the first quarter of fiscal 2024. The increase in our effective tax rate was driven by certain discrete tax benefits recognized during the first quarter of fiscal 2024.

Diluted earnings per share were $3.45 for the first quarter of fiscal 2025 compared to $3.63 for the first quarter of fiscal 2024. The decrease in diluted earnings per share was primarily driven by lower net earnings during the first quarter of fiscal 2025.

To provide clarity on our operating performance, we supplement our reporting with certain non-GAAP financial measures. However, this supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. Non-GAAP financial measures presented herein may differ from similar measures used by other companies.

We believe ROIC is meaningful for management, investors and ratings agencies because it measures how effectively we deploy our capital base. ROIC is a non-GAAP profitability measure, not a measure of financial performance under GAAP. We define ROIC as NOPAT, a non-GAAP financial measure, for the most recent twelve-month period, divided by average debt and equity. We define average debt and equity as the average of beginning and ending long-term debt (including current installments) and equity for the most recent twelve-month period.


	Twelve Months Ended (3)
dollars in millions	May 4, 2025 (2)			April 28, 2024
Net earnings	$	14,639		$	14,870
Interest and other, net	2,283			1,752
Provision for income taxes	4,658			4,595
Operating income	21,580			21,217
Income tax adjustment (1)	(5,151)			(5,021)
NOPAT	$	16,429		$	16,196

Average debt and equity	$	52,413		$	43,629

ROIC	31.3		%	37.1		%

At May 4, 2025, we had $1.4 billion in cash and cash equivalents, of which $811 million was held by our foreign subsidiaries. We believe that our current cash position, cash flow generated from operations, funds available from our commercial paper program, and access to the long-term debt capital markets should be sufficient not only for our operating requirements, any required debt payments, and satisfaction of other contractual obligations, but also to enable us to invest in the business, fund dividend payments, and fund any share repurchases through the next several fiscal years. In addition, we believe that we have the ability to obtain alternative sources of financing, if necessary.

Our material cash requirements include contractual and other obligations arising in the normal course of business. These obligations primarily include long-term debt and related interest payments, operating and finance lease obligations, and purchase obligations. In addition to our cash requirements, we follow a disciplined approach to capital allocation. This approach first prioritizes investing in the business, followed by paying dividends, with the intent of then returning excess cash to shareholders in the form of share repurchases. In March 2024, we paused share repurchases in connection with the acquisition of SRS and do not have plans to resume share repurchases in fiscal 2025.

During the first three months of fiscal 2025, we invested approximately $806 million back into our business in the form of capital expenditures. In line with our expectation of approximately 2.5% of fiscal 2025 net sales, we plan to invest approximately $4 billion back into our business in the form of capital expenditures in fiscal 2025. We expect to make these investments across initiatives to improve the customer experience, including through technology and development of other differentiated capabilities, to continue to mature and build out Pro customer capabilities, as well as to build new stores. However, we may adjust our capital expenditures to support the operations of the business, to enhance long-term strategic positioning, or in response to the economic environment, as necessary or appropriate. We may also utilize strategic acquisitions to help accelerate our strategic initiatives.

In February 2025, we announced a 2.2% increase in our quarterly cash dividend from $2.25 to $2.30 per share. During the first three months of fiscal 2025, we paid cash dividends of $2.3 billion to shareholders. We intend to pay a dividend in the future; however, any future dividend is subject to declaration by our Board of Directors based on our earnings, capital requirements, financial condition, and other factors considered relevant by our Board of Directors.

In August 2023, our Board of Directors approved a $15.0 billion share repurchase authorization that replaced the previous authorization of $15.0 billion, which was approved in August 2022. The August 2023 authorization does not have a prescribed expiration date. As of May 4, 2025, approximately $11.7 billion of the $15.0 billion share repurchase authorization remained available.

We have a commercial paper program that allows for borrowings up to $7.0 billion and is supported by $7.0 billion of back-up credit facilities. At the beginning of fiscal 2025, these back-up credit facilities consisted of a five-year $3.5 billion credit facility scheduled to expire in July 2027, a 364-day $2.0 billion credit facility scheduled to expire in May 2025, and a 364-day $1.5 billion credit facility scheduled to expire in July 2025. On May 6, 2025, we terminated all three back-up credit facility agreements and simultaneously entered into a new five-year $3.5 billion credit facility scheduled to expire in May 2030 and a new 364-day $3.5 billion credit facility scheduled to expire in May 2026.

All of our short-term borrowings in the first three months of fiscal 2025 were under our commercial paper program, and the maximum amount outstanding at any time was $1.1 billion. At May 4, 2025, we had $38 million of outstanding borrowings under our commercial paper program with a weighted average interest rate of 2.9%, we had no outstanding borrowings under our back-up credit facilities, and we were in compliance with all of the covenants contained in our back-up credit facilities, none of which are expected to impact our liquidity or capital resources.

We also issue senior notes from time to time as part of our capital management strategy. We did not have any issuances of senior notes during the first three months of fiscal 2025. In April 2025, we repaid our $500 million 2.70% and $500 million 5.125% senior notes at maturity.

The indentures governing our senior notes do not generally limit our ability to incur additional indebtedness or require us to maintain financial ratios or specified levels of net worth or liquidity. The indentures governing our notes contain various customary covenants; however, none of the covenants are expected to impact our liquidity or capital resources. We were in compliance with all such covenants at May 4, 2025. See Note 5 to our consolidated financial statements for further discussion of our debt arrangements.

Cash flow generated from operations provides us with a significant source of liquidity. Our operating cash flows result primarily from cash received from our customers, offset by cash payments we make for products and services, associate compensation, operations, occupancy costs, and income taxes. Cash provided by or used in operating activities is also subject to changes in working capital. Working capital at any point in time is subject to many variables, including seasonality, inventory management and category expansion, the timing of cash receipts and payments, vendor payment terms, and fluctuations in foreign exchange rates.

Net cash provided by operating activities decreased by $1.2 billion in the first three months of fiscal 2025 compared to the first three months of fiscal 2024, primarily due to changes in working capital. Changes in working capital were primarily driven by increased inventory levels during the first three months of fiscal 2025 along with the deferral of our fourth quarter fiscal 2024 estimated federal tax payment to the first quarter of fiscal 2025.

Net cash used in investing activities increased by $101 million in the first three months of fiscal 2025 compared to the first three months of fiscal 2024, primarily resulting from immaterial business acquisitions in fiscal 2025, partially offset by lower capital expenditures.

Net cash used in financing activities in the first three months of fiscal 2025 primarily reflected $2.3 billion of cash dividends paid, $1.1 billion of repayments of long-term debt, and $278 million of net repayments of commercial paper borrowings. Net cash used in financing activities in the first three months of fiscal 2024 primarily reflected $2.2 billion of cash dividends paid, $1.2 billion of long-term debt repayments, and $649 million of share repurchases prior to pausing share repurchases in March 2024.

During the first three months of fiscal 2025, there were no changes to our critical accounting estimates or our significant accounting policies as disclosed in the 2024 Form 10-K. Our significant accounting policies are disclosed in Note 1 to our consolidated financial statements.

Our exposure to market risk results primarily from fluctuations in interest rates in connection with our long-term debt portfolio. We are also exposed to risks from foreign currency exchange rate fluctuations on the translation of our foreign operations into U.S. dollars and on the purchase of goods by these foreign operations that are not denominated in their local currencies. Additionally, we may experience inflation and deflation related to our purchase and sale of certain commodity products. During the first three months of fiscal 2025, there have been no material changes to our market risks from those disclosed in the 2024 Form 10-K.

Under the direction and with the participation of our Chief Executive Officer and Chief Financial Officer, we evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) and concluded that our disclosure controls and procedures were effective as of May 4, 2025.

We are in the process of an ongoing business transformation initiative, which includes upgrading and migrating certain accounting and finance systems. We plan to continue to migrate additional business processes over the course of the next few years and have modified and will continue to modify the design and implementation of certain internal control processes as the transformation continues.

Except as described above, there were no other changes in our internal control over financial reporting during the fiscal quarter ended May 4, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental regulations if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to SEC regulations, the Company uses a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. Accordingly, below we have provided an update regarding the civil consent decree we entered into with the U.S. Department of Justice, the U.S. Environmental Protection Agency (the “EPA”), and the states of Utah, Massachusetts, and Rhode Island in April 2021.

As previously reported, the decree required certain changes to lead-safe work practices in our installation services business and provided for stipulated penalties for failure to perform by third-party installers. In the first quarter of fiscal 2023, the EPA informed us that it believes we owe certain penalties for violations by third-party installers of documentation requirements under the decree. We are discussing with the EPA the basis for the stipulated penalties we allegedly owe under the decree and the aggregate amount of any stipulated penalties owed for the 42-month duration of the decree. We expect the decree to be terminated thereafter. While we cannot predict the aggregate amount of stipulated penalties we may ultimately owe to the EPA under the decree, such payments to date have totaled approximately $1.5 million, and we do not expect any such penalties to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows. Further, we have collected fines from our installers for the approximately $1.5 million paid to date, and we expect to recoup any additional amount we ultimately owe from corresponding fines we levy against our third-party installers.

In addition to the other information set forth in this report, you should carefully consider the factors discussed under Part I, Item 1A. “Risk Factors” and elsewhere in the 2024 Form 10-K. These risks and uncertainties could materially and adversely affect our business, consolidated financial condition, results of operations, or cash flows. Our operations could also be affected by additional factors that are not presently known to us or by factors that we currently do not consider material to our business. There have been no material changes in the risk factors discussed in the 2024 Form 10-K.


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Program(2)	Dollar Value of Shares that May Yet Be Purchased Under the Program(2)(3)
February 3, 2025 – March 2, 2025	10,784	$	391.62	—	$	11,657,503,041
March 3, 2025 – March 30, 2025	283,821	356.11		—	11,657,503,041
March 31, 2025 – May 4, 2025	28,396	360.55		—	11,657,503,041
	323,001	357.69		—

(1)These amounts include deemed repurchases pursuant to our Omnibus Stock Incentive Plan, as Amended and Restated May 19, 2022, and our 1997 Omnibus Stock Incentive Plan (collectively, the “Plans”). Under the Plans, participants surrender shares as payment of applicable tax withholding on the vesting of restricted stock. Participants in the Plans may also exercise stock options by surrendering shares of common stock that the participants already own as payment of the exercise price. Shares so surrendered by participants in the Plans are repurchased pursuant to the terms of the applicable plan and applicable award agreement and not pursuant to publicly announced share repurchase programs.

(2)On August 14, 2023, our Board of Directors approved a $15.0 billion share repurchase authorization that replaced the previous authorization of $15.0 billion, which was approved on August 18, 2022. The August 2023 authorization does not have a prescribed expiration date. As previously disclosed, we paused share repurchases in March 2024 and have not resumed share repurchase activity as of May 4, 2025.

During the first quarter of fiscal 2025, we issued 512 deferred stock units under The Home Depot, Inc. Nonemployee Directors’ Deferred Stock Compensation Plan pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506 of the SEC’s Regulation D thereunder. The deferred stock units were credited during the first quarter of fiscal 2025 to the accounts of those non-employee directors who elected to receive all or a portion of board retainers in the form of deferred stock units instead of cash. The deferred stock units convert to shares of common stock on a one-for-one basis following a termination of service as described in the plan.

During the first quarter of fiscal 2025, we credited 873 deferred stock units to participant accounts under the Restoration Plans pursuant to an exemption from the registration requirements of the Securities Act for involuntary, non-contributory plans. The deferred stock units convert to shares of common stock on a one-for-one basis following a termination of service as described in these plans.

During the fiscal quarter ended May 4, 2025, no director or officer (as defined in the rules under Section 16 of the Exchange Act) of the Company or a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.


THE HOME DEPOT, INC. (Registrant)

By:			/s/ EDWARD P. DECKER
			Edward P. Decker, Chair, President and Chief Executive Officer (Principal Executive Officer)

			/s/ RICHARD V. MCPHAIL
			Richard V. McPhail, Executive Vice President and Chief Financial Officer (Principal Financial Officer)

			/s/ KIMBERLY R. SCARDINO
			Kimberly R. Scardino, Senior Vice President – Finance, Chief Accounting Officer and Controller (Principal Accounting Officer)

Date:			May 27, 2025


Exhibit		Description
2.1	*‡	Agreement and Plan of Merger, dated as of March 27, 2024 by and among The Home Depot, Inc., Star Acquisition Merger Sub Inc., Shingle Acquisition Holdings, Inc. and Shingle Acquisition, LP [Form 10-Q filed on May 21, 2024, Exhibit 2.1]
3.1	*	Amended and Restated Certificate of Incorporation of The Home Depot, Inc. [Form 10-Q filed on September 1, 2011, Exhibit 3.1]
3.2	*	By-Laws of The Home Depot, Inc. (As Amended and Restated Effective February 23, 2023) [Form 8-K filed on February 28, 2023, Exhibit 3.2]
1 0.1	†	F o rm of Executive Officer Equi ty Award Agreement (P erformance Shares, Performance-Based Restricted Stock and Nonqualified Stock Options) p ursuant to The Home Depot, Inc. Omnibus Stock Incentive Plan, as Amended an d Restated May 19, 2022
31.1		Certification of the Chair, President and Chief Executive Officer pursuant to Rule 13a-14(a)
31.2		Certification of the Executive Vice President and Chief Financial Officer pursuant to Rule 13a-14(a)
32.1		Certification of the Chair, President and Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of the Executive Vice President and Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


Executive Summary			14
Results of Operations			15
Liquidity and Capital Resources			17
Critical Accounting Estimates			19

HOME DEPOT, INC. - Quarter Report: 2025 May (Form 10-Q)

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