Fiscal 2026 (year ended March 31, 2026): record adjusted results despite a demand recession in electric-forklift and transportation markets. Sales an all-time high near $3.8B, up 4% year-on-year. Adjusted operating earnings $540M including a $159M Section 45X credit; excluding it, adjusted operating profit a record $382M at a record 10.2% margin. A step back is never something to celebrate — reported net earnings fell ~19% to $293.6M, driven by a lower 45X credit ($158.6M vs $184.6M) and higher restructuring ($51M vs $14.4M). Free cash flow $468M. Management bridged the gap openly on the call.