杜比實驗室第三財季收入3.05億美元 純利跌38%至每股0.30美元

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 26, 2026 
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From              To             
Commission File Number: 001-32431 
 

DOLBY LABORATORIES, INC. 
(Exact name of registrant as specified in its charter)
Delaware90-0199783
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

1275 Market StreetSan FranciscoCalifornia94103-1410
(Address of principal executive offices)(Zip Code)

(415) 558-0200 
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.001 par valueDLBThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒Accelerated Filer  ☐
Non-accelerated Filer  ☐Smaller Reporting Company  ☐
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
On July 24, 2026, the registrant had 59,416,894 shares of Class A common stock, par value $0.001 per share, and 34,251,901 shares of Class B common stock, par value $0.001 per share, outstanding.

Table of Contents

DOLBY LABORATORIES, INC.
FORM 10-Q 
For the Fiscal Quarter Ended June 26, 2026
TABLE OF CONTENTS
 
PART I – FINANCIAL INFORMATION

Item 1.Unaudited Interim Condensed Consolidated Financial Statements
4

Unaudited Interim Condensed Consolidated Balance Sheets
4

Unaudited Interim Condensed Consolidated Statements of Operations
5

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income
6

Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity
7

Unaudited Interim Condensed Consolidated Statements of Cash Flows
9

Notes to Unaudited Interim Condensed Consolidated Financial Statements
10

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
39

Item 3.Quantitative and Qualitative Disclosures About Market Risk
60

Item 4.Controls and Procedures
62

PART II – OTHER INFORMATION 

Item 1.Legal Proceedings
63

Item 1A.Risk Factors
63

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
79

Item 5.Other Information
79

Item 6.Exhibits
80

Signature

2

Table of Contents

GLOSSARY OF TERMS
The following table summarizes certain terms and abbreviations that may be used within the text of this report:

AbbreviationTerm
AACAdvanced Audio Coding
AFSAvailable-For-Sale (Securities)
AOCIAccumulated Other Comprehensive Income (Loss)

APICAdditional Paid In-Capital
ARPUAverage Revenue Per Unit
ASCAccounting Standards Codification

ASUAccounting Standards Update

AVCAdvanced Video Coding
AVRAudio/Video Receiver
CEConsumer Electronics
CESConsumer Electronics Show
CODMChief Operating Decision Maker

COSOCommittee of Sponsoring Organizations (of the Treadway Commission)
DDDolby Digital®
DD+Dolby Digital Plus™
DMADigital Media Adapter

DVDDigital Versatile Disc
EPSEarnings Per Share
ESPEstimated Selling Price
ESPPEmployee Stock Purchase Plan
ETSIEuropean Telecommunication Standards Institute
FASBFinancial Accounting Standards Board
FCPAForeign Corrupt Practices Act

G&AGeneral and Administrative

HDRHigh-Dynamic Range

HE-AACHigh Efficiency Advanced Audio Coding
HEVCHigh Efficiency Video Coding

ICIntegrated Circuit

IBRIncremental Borrowing Rate
IECInternational Electrotechnical Commission
IPIntellectual Property

ISOInternational Organization for Standardization
ITUInternational Telecommunication Union
LPLimited Partner/Partnership

NOLNet Operating Loss

OECDOrganization For Economic Co-Operation and Development
OEMOriginal Equipment Manufacturer

OTTOver-The-Top
PCPersonal Computer
PCSPost-Contract Support
PLFPremium Large Format
PP&EProperty, Plant, and Equipment
PSOPerformance-Based Stock Option
PSUPerformance-Based Restricted Stock Unit
R&DResearch and Development
ROURight-Of-Use
RSURestricted Stock Unit
S&MSales and Marketing
SECU.S. Securities and Exchange Commission
SERPSupplemental Executive Retirement Plan

STBSet-Top Box

TSRTotal Stockholder Return

U.S. GAAPGenerally Accepted Accounting Principles in the United States
VDPVideo Distribution Program
VVCVersatile Video Coding

3

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)

June 26,
2026September 26,
2025
ASSETS
Current assets:
Cash and cash equivalents$669,394 $701,893 
Restricted cash69,492 91,468 
Short-term investments652 703 
Accounts receivable, net of allowance for credit losses of $9,593 and $7,221
285,148 331,096 
Contract assets, net of allowance for credit losses of $94 and $101
206,881 180,804 
Inventories, net30,768 30,424 
Prepaid expenses and other current assets63,706 51,873 
Total current assets1,326,041 1,388,261 
Long-term investments86,437 80,205 
Property, plant, and equipment, net459,115 470,608 
Operating lease right-of-use assets42,401 33,204 
Intangible assets, net382,434 397,057 
Goodwill528,343 529,900 
Deferred taxes213,171 214,361 
Other non-current assets118,660 114,164 
Total assets$3,156,602 $3,227,760 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$12,470 $17,840 
Accrued liabilities360,407 369,256 
Income taxes payable— 8,928 
Contract liabilities 33,593 31,382 
Operating lease liabilities9,859 10,384 
Total current liabilities416,329 437,790 
Non-current contract liabilities23,463 29,687 

Non-current operating lease liabilities37,591 28,494 
Other non-current liabilities86,504 99,843 
Total liabilities563,887 595,814 

Commitments and Contingencies (See Note 15)

Stockholders’ equity:
Class A, $0.001 par value, one vote per share, 500,000,000 shares authorized: 59,393,554 shares issued and outstanding as of June 26, 2026 and 60,802,616 as of September 26, 2025
52 54 
Class B, $0.001 par value, ten votes per share, 500,000,000 shares authorized: 34,251,901 shares issued and outstanding as of June 26, 2026 and 34,660,045 as of September 26, 2025
40 40 

Retained earnings2,598,923 2,634,980 
Accumulated other comprehensive loss(15,468)(12,517)
Total stockholders’ equity – Dolby Laboratories, Inc.2,583,547 2,622,557 
Noncontrolling interest9,168 9,389 
Total stockholders’ equity2,592,715 2,631,946 
Total liabilities and stockholders’ equity$3,156,602 $3,227,760 

See accompanying notes to unaudited interim condensed consolidated financial statements
4

Table of Contents

DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
 
Fiscal Quarter EndedFiscal Year-To-Date Ended

June 26,
2026June 27,
2025June 26,
2026June 27,
2025
Revenue:
Licensing$282,351 $289,905 $974,367 $966,390 
Products and services22,644 25,641 72,964 75,716 
Total revenue304,995 315,546 1,047,331 1,042,106 

Cost of revenue:
Cost of licensing22,718 21,713 67,523 62,508 
Cost of products and services17,601 22,289 60,735 58,105 
Total cost of revenue40,319 44,002 128,258 120,613 

Gross profit264,676 271,544 919,073 921,493 

Operating expenses:
Research and development65,749 65,982 198,477 194,327 
Sales and marketing85,071 86,163 272,786 270,191 
General and administrative75,585 72,307 221,783 212,814 

Restructuring charges/(credits)3,955 (547)16,605 8,879 
Total operating expenses230,360 223,905 709,651 686,211 

Operating income34,316 47,639 209,422 235,282 

Other income/(expense):
Interest income/(expense), net3,453 4,111 12,595 10,316 

Other income, net6,033 3,766 13,086 16,219 
Total other income9,486 7,877 25,681 26,535 

Income before income taxes43,802 55,516 235,103 261,817 
Provision for income taxes(14,588)(8,974)(56,754)(54,979)
Net income including noncontrolling interest29,214 46,542 178,349 206,838 
Less: net income attributable to noncontrolling interest(612)(471)(1,505)(1,152)
Net income attributable to Dolby Laboratories, Inc.$28,602 $46,071 $176,844 $205,686 

Net income per share:
Basic$0.30 $0.48 $1.86 $2.14 
Diluted$0.30 $0.48 $1.84 $2.11 
Weighted-average shares outstanding:
Basic94,242 95,897 94,975 95,947 
Diluted94,518 96,900 95,859 97,537 

Related party rent expense:

Included in net income attributable to noncontrolling interest$79 $71 $235 $213 

Cash dividend declared per common share$0.36 $0.33 $1.08 $0.99 
Cash dividend paid per common share$0.36 $0.33 $1.08 $0.99 

See accompanying notes to unaudited interim condensed consolidated financial statements
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DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)

 Fiscal Quarter EndedFiscal Year-To-Date Ended
 June 26,
2026June 27,
2025June 26,
2026June 27,
2025

Net income including noncontrolling interest$29,214 $46,542 $178,349 $206,838 
Other comprehensive income/(loss):
Currency translation adjustments gains/(losses), net of tax benefit/(expense) of $0, $0, $0, and $0
(2,791)12,982 (2,176)4,392 
Unrealized gains/(losses) on investments, net of tax benefit/(expense) of $0, $0, $5, and $0
— (69)5 (77)
Unrealized gains/(losses) on cash flow hedges, net of tax benefit/(expense) of $65, ($433), $72, and ($354)
(451)1,706 (866)1,432 
Total other comprehensive income/(loss), net of tax(3,242)14,619 (3,037)5,747 

Total comprehensive income25,972 61,161 175,312 212,585 
Less: comprehensive income attributable to noncontrolling interest(562)(636)(1,419)(1,236)
Comprehensive income attributable to Dolby Laboratories, Inc.$25,410 $60,525 $173,893 $211,349 

See accompanying notes to unaudited interim condensed consolidated financial statements
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DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)

 Common
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
ComprehensiveLossTotal Stockholders' Equity - Dolby
Laboratories,
Inc.Noncontrolling
InterestTotal Stockholders' Equity
Balance as of March 27, 2026$93 $— $2,630,175 $(12,276)$2,617,992 $9,140 $2,627,132 
Net income— — 28,602 — 28,602 612 29,214 
Other comprehensive loss, net of tax— — — (3,192)(3,192)(50)(3,242)
Distributions to noncontrolling interest— — — — — (534)(534)
Stock-based compensation expense— 30,964 — — 30,964 — 30,964 
Capitalized stock-based compensation expense— 186 — — 186 — 186 
Repurchase of common stock(1)(39,127)(25,869)— (64,997)— (64,997)
Excise tax on common stock repurchases— (524)— — (524)— (524)
Cash dividends declared and paid on common stock— — (33,985)— (33,985)— (33,985)

Common stock issued under employee stock plans— 9,392 — — 9,392 — 9,392 
Tax withholdings on vesting of restricted stock— (891)— — (891)— (891)

Balance as of June 26, 2026$92 $— $2,598,923 $(15,468)$2,583,547 $9,168 $2,592,715 

 Common
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated
Other
Comprehensive
LossTotal Stockholders' Equity - Dolby
Laboratories,
Inc.Noncontrolling
InterestTotal Stockholders' Equity
Balance as of September 26, 2025$94 $— $2,634,980 $(12,517)$2,622,557 $9,389 $2,631,946 
Net income— — 176,844 — 176,844 1,505 178,349 
Other comprehensive loss, net of tax— — — (2,951)(2,951)(86)(3,037)
Distributions to noncontrolling interest— — — — — (1,640)(1,640)
Stock-based compensation expense— 98,883 — — 98,883 — 98,883 
Capitalized stock-based compensation expense— 390 — — 390 — 390 
Repurchase of common stock(3)(89,756)(110,242)— (200,001)— (200,001)
Excise tax on common stock repurchases— (1,088)— — (1,088)— (1,088)
Cash dividends declared and paid on common stock— — (102,659)— (102,659)— (102,659)

Common stock issued under employee stock plans2 24,683 — — 24,685 — 24,685 
Tax withholdings on vesting of restricted stock(1)(33,112)— — (33,113)— (33,113)

Balance as of June 26, 2026$92 $— $2,598,923 $(15,468)$2,583,547 $9,168 $2,592,715 

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 Common
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated 
Other 
Comprehensive 
Income/(Loss)Total Stockholders' Equity - Dolby
Laboratories,
Inc.Noncontrolling
InterestTotal Stockholders' Equity
Balance as of March 28, 2025$95 $— $2,601,552 $(27,978)$2,573,669 $9,350 $2,583,019 
Net income— — 46,071 — 46,071 471 46,542 
Other comprehensive income, net of tax— — — 14,454 14,454 165 14,619 
Distributions to noncontrolling interest— — — — — (468)(468)
Stock-based compensation expense— 30,728 — — 30,728 — 30,728 
Capitalized stock-based compensation expense— 82 — — 82 — 82 
Repurchase of common stock— (42,164)2,173 — (39,991)— (39,991)
Cash dividends declared and paid on common stock— — (31,633)— (31,633)— (31,633)

Common stock issued under employee stock plans— 12,557 — — 12,557 — 12,557 
Tax withholdings on vesting of restricted stock(1)(1,203)— — (1,204)— (1,204)

Balance as of June 27, 2025$94 $— $2,618,163 $(13,524)$2,604,733 $9,518 $2,614,251 

 Common
StockAdditional
Paid-In
CapitalRetained
EarningsAccumulated 
Other 
Comprehensive 
Income/(Loss)Total Stockholders' Equity - Dolby
Laboratories,
Inc.Noncontrolling
InterestTotal Stockholders' Equity
Balance as of September 27, 2024$94 $— $2,496,255 $(19,187)$2,477,162 $9,731 $2,486,893 
Net income— — 205,686 — 205,686 1,152 206,838 
Other comprehensive income, net of tax— — — 5,663 5,663 84 5,747 
Distributions to noncontrolling interest— — — — — (1,449)(1,449)
Stock-based compensation expense— 97,462 — — 97,462 — 97,462 
Capitalized stock-based compensation expense— 233 — — 233 — 233 
Repurchase of common stock(1)(101,238)11,249 — (89,990)— (89,990)
Cash dividends declared and paid on common stock— — (95,010)— (95,010)— (95,010)

Common stock issued under employee stock plans2 38,679 — — 38,681 — 38,681 
Tax withholdings on vesting of restricted stock(1)(35,136)(17)— (35,154)— (35,154)

Balance as of June 27, 2025$94 $— $2,618,163 $(13,524)$2,604,733 $9,518 $2,614,251 

See accompanying notes to unaudited interim condensed consolidated financial statements
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DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Fiscal Year-To-Date Ended
 June 26,
2026June 27,
2025
Operating activities:
Net income including noncontrolling interest$178,349 $206,838 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization70,842 65,829 
Stock-based compensation98,883 97,462 
Amortization of operating lease right-of-use assets7,889 8,193 

Provision for credit losses4,244 2,582 
Deferred income taxes1,542 (9,146)

Share of net income of equity method investees, net of cash distributions(7,602)1,845 
Other non-cash items affecting net income(1,289)(429)
Changes in operating assets and liabilities:
Accounts receivable, net1,489 15,234 
Contract assets, net(28,442)(6,902)
Inventories6,512 4,020 
Operating lease right-of-use assets(17,547)(1,717)
Prepaid expenses and other assets(31,999)28,003 
Accounts payable and accrued liabilities35,611 (48,979)
Income taxes, net(2,771)1,895 
Contract liabilities1,620 (1,061)
Operating lease liabilities9,036 (8,237)
Other non-current liabilities(11,600)(6,063)
Net cash provided by operating activities314,767 349,367 

Investing activities:

Proceeds from sales of marketable securities— 15,911 

Proceeds from sale of assets held for sale— 16,881 

Purchases of property, plant, and equipment(28,681)(20,104)

Business combinations, net of cash and restricted cash acquired, and other related payments— (1,362)
Purchases of intangible assets(42,575)— 
Proceeds from sale of intangible assets16,623 — 

Net cash provided by/(used in) investing activities(54,633)11,326 

Financing activities:

Proceeds from issuance of common stock24,685 38,681 
Repurchase of common stock(200,001)(89,990)
Payment of excise tax on repurchase of common stock — (261)
Payment of cash dividend(102,659)(95,010)
Distributions to noncontrolling interest(1,640)(1,449)

Shares repurchased for tax withholdings on vesting of restricted stock(33,113)(35,154)

Net cash used in financing activities(312,728)(183,183)

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash(1,881)1,302 
Net increase/(decrease) in cash, cash equivalents, and restricted cash(54,475)178,812 
Cash, cash equivalents, and restricted cash at beginning of period793,361 577,752 
Cash, cash equivalents, and restricted cash at end of period$738,886 $756,564 

Supplemental disclosure:
Cash paid for income taxes, net of refunds received$57,327 $58,520 

Non-cash investing activities and financing activities:
Change in property, plant, and equipment purchased, unpaid at period-end$(1,512)$10,738 
Accrual of unpaid stock repurchase excise tax1,088 — 

See accompanying notes to unaudited interim condensed consolidated financial statements
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DOLBY LABORATORIES, INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation 
Unaudited Interim Condensed Consolidated Financial Statements
We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with U.S. GAAP, and with SEC rules and regulations, which allow for certain information and footnote disclosures that are normally included in annual financial statements prepared in accordance with U.S. GAAP to be condensed or omitted. In our opinion, these unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended September 26, 2025 and include all adjustments necessary for fair presentation. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements for the fiscal year ended September 26, 2025, which are included in our Annual Report on Form 10-K filed with the SEC.
The results for the fiscal quarter and fiscal year-to-date period ended June 26, 2026 are not necessarily indicative of the results to be expected for any subsequent quarterly or annual financial period, including the fiscal year ending September 25, 2026.
Principles of Consolidation
The unaudited interim condensed consolidated financial statements include the accounts of Dolby Laboratories, Inc. and our wholly-owned and majority-owned subsidiaries. In addition, we have consolidated the financial results of jointly owned affiliated companies in which our principal stockholder or other entities have a noncontrolling interest. We report these noncontrolling interests as a separate line in our unaudited interim condensed consolidated statements of operations as net income attributable to noncontrolling interest and in our unaudited interim condensed consolidated balance sheets as a noncontrolling interest. We eliminate all intercompany accounts and transactions upon consolidation.
Use of Estimates
The preparation of our financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported and disclosed in our unaudited interim condensed consolidated financial statements and accompanying notes. 
Significant items subject to such estimates and assumptions include estimated shipments by our licensees for which we are owed a sales-based royalty. These estimates involve the use of historical data and judgment for several key attributes including industry estimates of expected shipments, the percentage of markets using our technologies, and average sale prices. Our estimates of royalty-based revenue also take into consideration the macroeconomic effect of global events that may impact our licensees' supply chain activities as well as demand for shipments.
Additional significant items subject to such estimates and assumptions include ESPs for performance obligations within revenue arrangements; allowance for credit losses for accounts receivable; carrying values of inventories and certain PP&E, goodwill, and intangible assets; fair values of investments; accrued liabilities including unrecognized tax benefits, deferred income tax assets and liabilities, and contingent liabilities; and stock-based compensation. Actual results could differ from our estimates.
Change in Presentation
During fiscal 2025, we changed the presentation of our share of net income from equity method investees and cash distributions from equity method investees within the unaudited interim condensed consolidated statements of cash flows. Our share of net income from equity method investees, previously presented in "other non-cash items affecting net income," and cash distributions from our equity method investees, previously presented within "changes in operating assets and liabilities," are now presented in "share of net income of equity method investees, net of cash distributions." As such, prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on total net cash provided by operating activities.
Fiscal Year
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Our fiscal year is a 52 or 53 week period ending on the last Friday in September. The fiscal periods presented herein include the 13 week period ended June 26, 2026 and June 27, 2025. Our fiscal years ending September 25, 2026 (fiscal 2026) and September 26, 2025 (fiscal 2025) each consist of 52 weeks. 

2. Summary of Significant Accounting Policies 
Concentration of Credit Risk
Our financial instruments that are exposed to concentrations of credit risk principally consist of cash, cash equivalents, restricted cash, investments, accounts receivable, and contract assets. We maintain cash, cash equivalents, and investments with multiple financial institutions that have high credit standing, and that we believe are financially sound and have minimal credit risk exposure, although at times our balances may exceed the applicable insurance coverage limits. We monitor and manage the overall counterparty credit risk exposure of our cash balances to individual financial institutions on an ongoing basis. Our investment portfolio may consist of investment-grade securities diversified amongst security types, industries, and issuers. All of our securities are held in custody by large national financial institutions. Our investment policy limits the amount of credit exposure to a maximum of 5% of our total portfolio to any one issuer, except for the U.S. Treasury, and we believe no significant concentration risk exists with respect to these investments. We also mitigate counterparty risk through entering into derivative contracts with high-credit-quality financial institutions. Actual or potential defaults of one or more financial institutions could impact our results of operations or financial position, and make it challenging to find alternative qualified counterparties.
The majority of our licensing revenue is generated from customers outside of the United States ("U.S."). We manage the credit risk posed by non-U.S. customers by performing regular evaluations of the creditworthiness of our licensing customers and recognize revenue in accordance with U.S. GAAP.
Recently Issued Accounting Standards
Standards Not Yet Effective
Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires further enhancement of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU will be effective for our annual period beginning September 27, 2025, and requires prospective application with the option to apply the standard retrospectively. We will begin including the enhanced income tax disclosures on a prospective basis within the Form 10-K for the year ended September 25, 2026, but do not expect