Electronic Arts Inc.
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Item 1: Business
Overview
Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs and mobile devices.
What We Offer
We create innovative games and experiences that deliver high-quality interactive entertainment and drive engagement across our global network of hundreds of millions of players. We are focusing on building games and experiences that grow the global online communities around our key franchises; deepening engagement through connecting interactive storytelling to key intellectual property; and harnessing our communities to grow in, around, and beyond our games. We develop and publish games and experiences across diverse genres, such as sports, racing, first-person shooter, action, role-playing and simulation. We believe that our creative talent, production capabilities, broad portfolio of owned and licensed IP, and technological foundation, coupled with our network of hundreds of millions of players, provide us with strategic advantages.
Through our live services offerings, we offer high-quality experiences designed to provide value to players and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated outside of the sale of our full games. Our digital live services and other net revenue represented 71 percent of our total net revenue during fiscal year 2026. We offer live services through our global football and American football franchises (which includes EA SPORTS College Football and EA SPORTS Madden NFL) and based on our iconic IP such as The Sims, Apex Legends and Battlefield. Our most popular live services are the extra content in the Ultimate Team mode associated with our sports franchises. Ultimate Team allows players to collect current and former players in order to build and compete as a personalized team. Live services net revenue generated from extra content purchased within Ultimate Team, a substantial portion of which was derived from FC Ultimate Team, is material to our business.
Our players engage with our products and services on consoles, PCs and mobile devices. Players can access our products and services through traditional single-game purchase or through subscription offerings; and certain of our products and services are available through a “free-to-play” model whereby players download the game for free and engage with services provided on an ongoing basis. For example, we develop products and services within the EA SPORTS FC franchise that allow players to engage through multiple business models, distribution channels and devices, including: (1) our annualized console and PC games and associated experiences, which can be purchased through both digital distribution and retail channels and also are available through subscription services; (2) a mobile free-to-play offering; and (3) a PC free-to-play game available in certain countries. Revenue from our EA SPORTS FC franchise, as well as revenue from our American football franchise, is material to our business and will continue to be so.
Distribution of Products and Services
Console. We primarily distribute our console products and services through partners, such as Sony and Microsoft. Under the terms of publishing agreements our products and services are developed, marketed, published, and distributed with PlayStation
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and Xbox consoles. Our direct sales to Sony and Microsoft represented approximately 39 percent and 16 percent of total net revenue, respectively, in fiscal year 2026. Under these agreements, we have the non-exclusive right to use, for a fixed term and in a designated territory, technology that is owned or licensed by them to publish our games on their respective consoles. With respect to our digitally-delivered products and services, the console manufacturers pay us either a wholesale price or a royalty percentage on the revenue they derive from their sales of our products and services. Our transactions for packaged goods products are made pursuant to individual purchase orders, which are accepted on a case-by-case basis. Our packaged goods games are sold directly to mass market retailers, specialty stores and through distribution arrangements. For packaged goods products, we pay the console manufacturers a per-unit royalty for each unit manufactured. Many key commercial terms of our relationships with Sony and Microsoft — such as manufacturing terms, delivery times, policies and approval conditions — are determined unilaterally, and are subject to change by the console manufacturers.
Our publishing agreements also require us to indemnify the console manufacturers for any loss, liability and expense resulting from any claim against the console manufacturer regarding our products and services, including any claims for patent, copyright or trademark infringement brought against the console manufacturers. Each agreement may be terminated by the console manufacturers if a breach or default by us is not cured after we receive written notice from the console manufacturers, or if we become insolvent. The console manufacturers are not obligated to enter into license agreements with us for any future consoles, products or services.
Mobile and PC. We distribute our mobile applications and additional content through distributors such as Apple and Google. Our applications are downloaded for mobile devices from third party application storefronts. The distributor collects payment from consumers for content purchased within the application or charges consumers a one-time fee to download the application. Our distribution agreements establish the amounts that are retained by the distributor and the amounts passed through to us. These arrangements are typically terminable on short notice. The agreements generally do not obligate the distributors to market or distribute any of our applications. Application storefront policies are determined unilaterally by the distributors and are subject to change.
Our PC products and services can be downloaded directly through the EA app, and EA’s digital storefront, as well as through third-party online download stores, such as Steam. We also have agreements with companies, such as Tencent Holdings Limited, Nexon Co., Ltd and Garena Online Private Limited, or their respective affiliates, that allow these companies to publish our mobile and PC free-to-play games in certain countries. Our players access games from the publishers’ online storefronts and are charged for additional content purchased within our game environment. The agreements generally establish the amounts that are retained by the publisher and the amounts passed through to us.
Competition
The market for interactive entertainment is intensely competitive and changes rapidly as new products, business models and distribution channels are introduced. We also face competition for the right to license certain intellectual property included in our products. In order to remain successful, we are required to anticipate and commit to, sometimes years in advance, the ways in which our products and services will compete in the market. We face significant competition from companies that focus on developing products and services available on consoles, PCs and/or mobile devices. In addition, we compete with large, diversified companies that have strengthened their interactive entertainment capabilities. Their greater financial and other resources may provide larger budgets to develop and market tools, technologies, products and services that gain consumer success and shift player time and engagement away from our products and services. We also continue to expect new entrants to emerge as advances in technology and artificial intelligence have lowered the barriers to creating new games.
More broadly, we compete against providers of different sources of entertainment, such as movies, television, social media, online casual entertainment and music that our players could enjoy in their free time. Important competitive factors in our industry include the ability to attract creative and technical talent, game quality and ease of use, innovation, compatibility of products with certain consoles and other distribution channels, brand recognition, reputation, reliability, security, creativity, price, marketing, and quality of customer service. The companies with which we compete, as well as competitive factors, may change and evolve as we execute our strategic plan.
Risks related to competitive factors affecting our business are described in Part I, Item 1A, Risk Factors.
Research and Development
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Because the industries in which we compete are characterized by rapid technological advances, our ability to compete successfully is linked to our ability to deliver competitive products, services and technologies to the marketplace. We have teams focused on developing new technologies to enhance existing products and services and to expand the range of our offerings. For example, we are investing, and intend to continue to invest, in research and development to incorporate artificial intelligence into our products and services. We expect developments in artificial intelligence or our investments in artificial intelligence to accelerate the production of our products and services and enable new experiences for our players.
Intellectual Property and Technology
To establish and protect our intellectual property, we rely on a combination of copyrights, trademarks, patents, patent applications, trade secrets, know-how, license agreements, confidentiality provisions and procedures and other contractual provisions. We actively engage in enforcement and other activities to protect our intellectual property, but the laws of some countries in which we operate, particularly in Asia, either do not protect our intellectual property to the same extent as the laws of the United States or are poorly enforced. As our digital business has grown, our products and services increasingly depend on the reliability, availability and security of our technological infrastructure. In addition, we engage in activities designed to limit the impact of abuse of our digital products and services, including monitoring our games for evidence of exploitation and re-balancing our game environments in the event that such abuse is discovered.
Governmental Regulation
We are a global company subject to various and complex laws and regulations domestically and internationally, including laws and regulations related to gaming, user privacy, data collection and retention, consumer protection, protection of minors, online safety, content, advertising, localization, information security, intellectual property, competition, sanctions, addressing climate change, taxation, and employment, among others. Many of these laws and regulations are continuously evolving and developing, and the application to, and impact on, us is uncertain. Certain of our business models, including those that utilize virtual items and virtual currency, are subject to new laws or regulations or evolving interpretations and application of existing laws and regulations that have limited or restricted, and may continue to limit or restrict, the sale of our products and services in certain territories.
Seasonality
We have historically experienced the highest percentage of our net bookings in our third fiscal quarter.
Human Capital
As of March 31, 2026, we employed approximately 14,600 people globally, with 71 percent located internationally. Our Board and its committees oversee our human capital management programs, practices and strategies.
Our focus on people and culture helps our teams create products and services that entertain hundreds of millions of players around the world. We prioritize hiring and retaining a global workforce of top talent that generates the creative ideas that are necessary to build products and services that resonate with global audiences. We aim to bring our workforce together in an environment where creativity thrives, perspectives are invited, and people feel valued. We monitor employee sentiment through regular engagement surveys that address areas such as career development, manager performance and job satisfaction.
Our compensation programs and practices are designed to compensate our employees fairly based on the work that they perform. We invest in developing and retaining employees through access to professional growth resources, skills learning, and other job-specific and general training. We also build technical onboarding and job-specific programs to help our employees onboard to technical roles and grow in their specific domains. We maintain resources, programs and services to support employees' physical, mental, familial and financial health. We offer a wide range of benefits, such as comprehensive health insurance and time-off and leave programs.
Investor Information
Our website address is www.ea.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to those reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act, as amended, are available free of charge on the Investor Relations section of our website at http://ir.ea.com as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”). The SEC
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maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. We announce material financial information and business updates through our SEC filings, press releases, public conference calls and webcasts, the Investor Relations section of our website at http://ir.ea.com, our blog at https://www.ea.com/news and through our X profile @EA. Except as expressly set forth in this Form 10-K annual report, the contents of our website, 2025 Impact Report and/or social media accounts are not incorporated into, or otherwise to be regarded as part of this Form 10-K.
Company Information
We were incorporated originally in California in 1982. In September 1991, we were reincorporated under the laws of Delaware. Our principal executive offices are located at 209 Redwood Shores Parkway, Redwood City, California 94065 and our telephone number is (650) 628-1500.
Information About Our Executive Officers
The following table sets forth information regarding our executive officers as of May 11, 2026:
| Name | Age | Position | ||||||||||
| Andrew Wilson | 51 | Chief Executive Officer, Chair of the Board | ||||||||||
| Stuart Canfield | ||||||||||||
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations
OVERVIEW
The following overview is a high-level discussion of our operating results, as well as some of the trends and drivers that affect our business. Management believes that an understanding of these trends and drivers provides important context for our results for the fiscal year ended March 31, 2026, as well as our future prospects. This summary is not intended to be exhaustive, nor is it intended to be a substitute for the detailed discussion and analysis provided elsewhere in this Form 10-K, including in the “Business” section and the “Risk Factors” above, the remainder of “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)” or the Consolidated Financial Statements and related Notes.
Proposed Merger
On September 28, 2025, we entered into a Merger Agreement pursuant to and subject to the terms and conditions of which we will be acquired by the Consortium. For further details on this proposed transaction, see Note 1 of the Consolidated Financial Statements and "Part I—Item 1A. Risk Factors" contained elsewhere in this Form 10-K.
About Electronic Arts
Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs, and mobile devices. We create innovative games and experiences that deliver high-quality interactive entertainment and drive engagement across our global network of hundreds of millions of players. Through our live services offerings, we offer high-quality experiences designed to provide value to players and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our full games. We are focusing on building games and experiences that grow the global online communities around our key franchises; deepening engagement through connecting interactive storytelling to key intellectual property; and harnessing our communities to grow in, around, and beyond our games.
Financial Results
Our key financial results for our fiscal year ended March 31, 2026 were as follows:
•Total net revenue was $7,531 million, up 1 percent year-over-year.
•Live services and other net revenue was $5,383 million, down 1 percent year-over-year.
•Gross margin was 79 percent, flat year-over-year.
•Operating expenses were $4,785 million, up 9 percent year-over-year.
•Operating income was $1,162 million, down 24 percent year-over-year.
•Net income was $887 million with diluted earnings per share of $3.51.
•Net cash provided by operating activities was $2,553 million, up 23 percent year-over-year.
•Total cash, cash equivalents and short-term investments were $2,980 million.
•We returned $941 million to stockholders through our capital return programs, repurchasing 5.3 million shares for approximately $750 million and returning $191 million through our quarterly cash dividend program.
Trends in Our Business
Live Services Business. We offer our players high-quality experiences designed to provide value to players and to extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our full games and free-to-play games. Our net revenue attributable to live services and other was $5,383 million, $5,461 million, and $5,547 million for fiscal years 2026, 2025, and 2024, respectively, and we expect that live services net revenue will continue to be material to our business. Within live services and other, net revenue attributable to extra content was $4,091 million, $4,365 million, and $4,463 million for fiscal years 2026, 2025, and 2024, respectively. Growth in live services net revenue, including extra content may not be linear due to the competitive landscape, consumer buying patterns, and other factors. Our most popular live services are the extra content in the Ultimate Team mode associated with our sports franchises. Ultimate Team allows players to collect current and former players in order to build and compete as a personalized team. Live services net revenue generated from extra content purchased within Ultimate Team, a substantial portion of which was derived from FC Ultimate Team, is material to our business.
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Digital Delivery of Games. In our industry, players increasingly purchase games digitally as opposed to purchasing physical discs. While this trend, as applied to our business, may not be linear due to a mix of products during a fiscal year, consumer buying patterns and other factors, over time we expect players to continue to purchase a higher proportion of our games digitally. As a result, we expect net revenue attributable to digital full game downloads to increase over time and net revenue attributable to sales of packaged goods to decrease.
Our net revenue attributable to digital full game downloads was $1,708 million, $1,478 million, and $1,343 million during fiscal years 2026, 2025, and 2024, respectively; while our net revenue attributable to packaged goods sales was $440 million, $524 million, and $672 million in fiscal years 2026, 2025, and 2024, respectively. In addition, as measured based on total units sold on Microsoft’s Xbox One and Xbox Series X and Sony’s PlayStation 4 and 5 rather than by net revenue, we estimate that 81 percent, 78 percent, and 73 percent of our total units sold during fiscal years 2026, 2025, and 2024, were sold digitally. Digital full game units are based on sales information provided by Microsoft and Sony; packaged goods units sold through are estimated by obtaining data from significant retail and distribution partners in North America, Europe and Asia, and applying internal sales estimates with respect to retail partners from which we do not obtain data. We believe that these percentages are reasonable estimates of the proportion of our games that are digitally downloaded in relation to our total number of units sold for the applicable period of measurement.
Increases in consumer adoption of digital purchase of games combined with increases in our live services revenue generally results in expansion of our gross margin, as costs associated with selling a game digitally are generally less than selling the same game through traditional retail and distribution channels.
Increased Competition. Competition in our business is intense. Our competitors range from established interactive entertainment companies to emerging start-ups. In addition, we compete with large, diversified companies that have strengthened their interactive entertainment capabilities. Our competitors have access to certain resources such as larger budgets, tools, technologies, or IP portfolios that can lead to greater consumer success and shift player time and engagement away from our products and services. In addition, our leading position within the interactive entertainment industry makes us a prime target for recruiting our executives, as well as key creative and technical talent, resulting in retention challenges and increased cost to retain and incentivize our key people.
Concentration of Sales Among the Most Popular Games. In our industry, we see a large portion of games sales concentrated on the most popular titles. Similarly, a significant portion of our revenue has been derived from games based on a few popular titles, such as EA SPORTS FC, EA SPORTS College Football, EA SPORTS Madden NFL, Apex Legends, Battlefield, and The Sims. In particular, we have historically derived a significant portion of our net revenue from our global football franchise, the annualized version of which is consistently one of the best-selling games in the marketplace.
Net Bookings. In order to improve transparency into our business, we disclose an operating performance metric, net bookings. Net bookings is defined as the net amount of products and services sold digitally or sold-in physically in the period. Net bookings is calculated by adding total net revenue to the change in deferred net revenue for online-enabled games.
The following is a calculation of our total net bookings for the periods presented:
| Year Ended March 31, | |||||||||||
| (In millions) | 2026 | 2025 | |||||||||
| Net revenue | $ | 7,531 | $ | 7,463 | |||||||
| Change in deferred net revenue (online-enabled games) | 495 | (108) | |||||||||
Net bookings | $ | 8,026 | $ | 7,355 | |||||||
Net bookings were $8,026 million for fiscal year 2026 primarily driven by sales related to our global football, Battlefield, and American football franchises. Net bookings increased $671 million or 9 percent as compared to fiscal year 2025 primarily due to the release of Battlefield 6 and a year-over-year increase in sales from our global football franchise, partially offset by a year-over-year decrease in sales from EA SPORTS College Football, the prior year release of Dragon Age: The Veilguard, and The Sims franchise. Live services and other net bookings were $5,630 million for fiscal year 2026, and increased $292 million or 5 percent as compared to fiscal year 2025. The increase in live services and other net bookings was primarily due to increased sales of extra content within our global football franchise and from Battlefield 6, partially offset by decreased sales of extra content from Ultimate Team within EA SPORTS College Football, and The Sims 4. Full game net bookings were $2,396 million for fiscal year 2026, and increased $379 million or 19 percent as compared to fiscal year 2025 primarily due to the release of Battlefield 6, partially offset by a year-over-year decline in EA SPORTS College Football, and the prior year release of Dragon Age: The Veilguard.
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities, and revenue and expenses during the reporting periods. The policies discussed below are considered by management to be critical because they are not only important to the portrayal of our financial condition and results of operations, but also because application and interpretation of these policies requires both management judgment and estimates of matters that are inherently uncertain and unknown. As a result, actual results may differ materially from our estimates.
Revenue Recognition
We derive revenue principally from sales of our games, and related extra content and services that can be experienced on game consoles, PCs, and mobile devices. Our product and service offerings include, but are not limited to, the following:
•full games with both online and offline functionality (“Games with Services”), which generally includes (1) the initial game delivered digitally or via physical disc at the time of sale and typically provide access to offline core game content (“software license”); (2) updates on a when-and-if-available basis, such as software patches or updates, and/or additional free content to be delivered in the future (“future update rights”); and (3) a hosted connection for online playability (“online hosting”);
•full games with online-only functionality which require an Internet connection to access all gameplay and functionality (“Online-Hosted Service Games”);
•extra content related to Games with Services and Online-Hosted Service Games which provides access to additional in-game content;
•subscriptions, such as EA Play and EA Play Pro, that generally offer access to a selection of full games, in-game content, online services and other benefits typically for a recurring monthly or annual fee; and
•licensing to third parties to distribute and host our games and content.
We evaluate and recognize revenue by:
•identifying the contract(s) with the customer;
•identifying the performance obligations in the contract;
•determining the transaction price;
•allocating the transaction price to performance obligations in the contract; and
•recognizing revenue as each performance obligation is satisfied through the transfer of a promised good or service to a customer (i.e., “transfer of control”).
Certain of our full game and/or extra content are sold to resellers with a contingency that the full game and/or extra content cannot be resold prior to a specific date (“Street Date Contingency”). We recognize revenue for transactions that have a Street Date Contingency when the Street Date Contingency is removed and the full game and/or extra content can be resold by the reseller. For digital full game and/or extra content downloads sold to customers, we recognize revenue when the full game and/or extra content is made available for download to the customer.
Online-Enabled Games
Games with Services. Our sales of Games with Services are evaluated to determine whether the software license, future update rights and the online hosting are distinct and separable. Sales of Games with Services are generally determined to have three distinct performance obligations: software license, future update rights, and the online hosting.
Since we do not sell the performance obligations on a stand-alone basis, we consider market conditions and other observable inputs to estimate the stand-alone selling price for each performance obligation. For Games with Services, generally 75 percent of the sales price is allocated to the software license performance obligation and recognized at a point in time when control of the license has been transferred to the customer. The remaining 25 percent is allocated to the future update rights and the online hosting performance obligations and recognized ratably as the service is provided (over the Estimated Offering Period).
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Online-Hosted Service Games. Sales of our Online-Hosted Service Games are determined to have one distinct performance obligation: the online hosting service. We recognize revenue from these arrangements ratably as the service is provided (over the Estimated Offering Period).
Extra Content. Revenue received from sales of downloadable content are derived primarily from the sale of virtual currencies and digital in-game content that are designed to extend and enhance players’ game experience. Sales of extra content are accounted for in a manner consistent with the treatment for our Games with Services and Online-Hosted Service Games as discussed above, depending upon whether or not the extra content has offline functionality. That is, if the extra content has offline functionality, then the extra content is accounted for similarly to Games with Services (generally determined to have three distinct performance obligations: software license, future update rights, and the online hosting). If the extra content does not have offline functionality, then the extra content is determined to have one distinct performance obligation: the online-hosted service.
Subscriptions
Sales of our subscriptions are determined to have one performance obligation: the online hosting. We recognize revenue from these arrangements ratably over the subscription term as the performance obligation is satisfied.
Licensing Revenue
We utilize third-party licensees to distribute and host our games and content in accordance with license agreements, for which the licensees typically pay us a fixed minimum guarantee and/or sales-based royalties. These arrangements typically include multiple performance obligations, such as a time-based license of software and future update rights. We recognize as revenue a portion of the minimum guarantee when we transfer control of the license of software (generally upon commercial launch) and the remaining portion ratably over the contractual term in which we provide the licensee with future update rights. Any sales-based royalties are generally recognized as the related sales occur by the licensee.
Significant Judgments around Revenue Arrangements
Identifying performance obligations. Performance obligations promised in a contract are identified based on the goods and services that will be transferred to the customer that are both capable of being distinct, (i.e., the customer can benefit from the goods or services either on its own or together with other resources that are readily available), and are distinct in the context of the contract (i.e., it is separately identifiable from other goods or services in the contract). To the extent a contract includes multiple promises, we must apply judgment to determine whether those promises are separate and distinct performance obligations. If these criteria are not met, the promises are accounted for as a combined performance obligation.
Determining the transaction price. The transaction price is determined based on the consideration that we will be entitled to receive in exchange for transferring our goods and services to the customer. Determining the transaction price often requires judgment, based on an assessment of contractual terms and business practices. It further includes review of variable consideration such as discounts, sales returns, price protection, and rebates, which is estimated at the time of the transaction. In addition, the transaction price does not include an estimate of the variable consideration related to sales-based royalties. Sales-based royalties are recognized as the sales occur.
Allocating the transaction price. Allocating the transaction price requires that we determine an estimate of the relative stand-alone selling price for each distinct performance obligation. Determining the relative stand-alone selling price is inherently subjective, especially in situations where we do not sell the performance obligation on a stand-alone basis (which occurs in the majority of our transactions). In those situations, we determine the relative stand-alone selling price based on various observable inputs using all information that is reasonably available. Examples of observable inputs and information include: historical internal pricing data, cost plus margin analysis, pre-release versus post-release costs, and pricing data from competitors to the extent the data is available. The results of our analysis resulted in a specific percentage of the transaction price being allocated to each performance obligation.
Determining the Estimated Offering Period. The offering period is the period in which we offer to provide the future update rights and/or online hosting for the game and related extra content sold. Because the offering period is not an explicitly defined period, we must make an estimate of the offering period for the service-related performance obligations (i.e., future update rights and online hosting). Determining the Estimated Offering Period is inherently subjective and is subject to regular revision. Generally, we consider the average period of time customers are online when estimating the offering period. We also consider the estimated period of time between the date a game unit is sold to a reseller and the date the reseller sells the game unit to the customer (i.e., time in channel). Based on these two factors, we then consider the method of distribution. For example, games
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and extra content sold at retail would have a composite offering period equal to the online gameplay period plus time in channel as opposed to digitally-distributed games and extra content which are delivered immediately via digital download and therefore, the offering period is estimated to be only the online gameplay period.
Additionally, we consider results from prior analyses, known and expected online gameplay trends, as well as disclosed service periods for competitors’ games in determining the Estimated Offering Period for future sales. We believe this provides a reasonable depiction of the transfer of future update rights and online hosting to our customers, as it is the best representation of the time period during which our games and extra content are experienced. We recognize revenue for future update rights and online hosting performance obligations ratably on a straight-line basis over this period as there is a consistent pattern of delivery for these performance obligations. Revenue for service-related performance obligations for digitally-distributed games and extra content is recognized over an estimated eight-month period beginning in the month of sale, and revenue for service-related performance obligations for games and extra content sold through retail is recognized over an estimated ten-month period beginning in the month of sale. Prior to July 1, 2025, revenue for service-related performance obligations for our mobile free-to-play games was recognized generally over an eight-month period, and for our PC and console free-to-play games was recognized generally over a twelve-month period, in each case beginning in the month of sale.
During the three months ended September 30, 2025, we completed our annual evaluation of the Estimated Offering Period, and as a result, for sales beginning July 1, 2025, the revenue that we recognize for the service-related performance obligation related to our mobile free-to-play and PC and console free-to-play games is recognized generally over an eleven-month period beginning in the month of sale. This change in Estimated Offering Period did not impact the amount of net bookings or the operating cash flows that we report. During the fiscal year ended March 31, 2026, this change to our Estimated Offering Period resulted in an estimated net decrease in net revenue of $74 million and net income of $56 million, and a decrease of $0.22 diluted earnings per share.
Principal Agent Considerations
We evaluate sales to end customers of our full games and related content via third-party storefronts, including digital storefronts such as Microsoft’s Xbox Store, Sony’s PlayStation Store, Apple App Store, and Google Play Store, in order to determine whether or not we are acting as the principal in the sale to the end customer, which we consider in determining if revenue should be reported gross or net of fees retained by the third-party storefront. An entity is the principal if it controls a good or service before it is transferred to the end customer. Key indicators that we evaluate in determining gross versus net treatment include but are not limited to the following:
•the underlying contract terms and conditions between the various parties to the transaction;
•which party is primarily responsible for fulfilling the promise to provide the specified good or service to the end customer;
•which party has discretion in establishing the price for the specified good or service; and
•which party has title risk before the specified good or service has been transferred to the end customer.
Based on an evaluation of the above indicators, except as discussed below, we have determined that generally the third party is considered the principal to end customers for the sale of our full games and related content. We therefore report revenue related to these arrangements net of the fees retained by the storefront. However, for sales arrangements via Apple App Store and Google Play Store, EA is considered the principal to the end customer and thus, we report revenue on a gross basis and mobile platform fees are reported within cost of revenue.
Income Taxes
We recognize deferred tax assets and liabilities for both (1) the expected impact of differences between the financial statement amount and the tax basis of assets and liabilities and (2) the expected future tax benefit to be derived from tax losses and tax credit carryforwards. We do not recognize any deferred taxes related to the U.S. taxes on foreign earnings as we recognize these taxes as a period cost.
We record a valuation allowance against deferred tax assets when it is considered more likely than not that all or a portion of our deferred tax assets will not be realized. In making this determination, we are required to give significant weight to evidence that can be objectively verified. It is generally difficult to conclude that a valuation allowance is not needed when there is significant negative evidence, such as cumulative losses in recent years. Forecasts of future taxable income are considered to be less objective than past results. Therefore, cumulative losses weigh heavily in the overall assessment.
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In addition to considering forecasts of future taxable income, we are also required to evaluate and quantify other possible sources of taxable income in order to assess the realization of our deferred tax assets, namely the reversal of existing deferred tax liabilities, the carryback of losses and credits as allowed under current tax law, and the implementation of tax planning strategies. Evaluating and quantifying these amounts involves significant judgments. Each source of income must be evaluated based on all positive and negative evidence and this evaluation may involve assumptions about future activity. Certain taxable temporary differences that are not expected to reverse during the carry forward periods permitted by tax law cannot be considered as a source of future taxable income that may be available to realize the benefit of deferred tax assets.
Every quarter, we perform a realizability analysis to evaluate whether it is more likely than not that all or a portion of our deferred tax assets will not be realized. Our Swiss deferred tax asset realizability analysis relies upon future Swiss taxable income, and considers all available sources of Swiss income based on positive and negative evidence. We give more weight to evidence that can be objectively verified. However, estimating future Swiss taxable income requires judgment, specifically related to assumptions about expected growth rates of future Swiss taxable income, which are based primarily on third party market and industry growth data. Actual results that differ materially from those estimates could have a material impact on our valuation allowance assessment. Swiss interest rates have an impact on the valuation allowance and are based on published Swiss guidance, which generally occurs in the fourth quarter of our fiscal year. We have adjusted our valuation allowance for changes in the published interest rates in the past and we may do so again in the future. Switzerland has a seven-year carryforward period and does not permit the carry back of losses. Any significant changes to the Swiss interest rates or tax laws on loss carryforward period could result in a material impact to the valuation allowance and to our Consolidated Financial Statements. Actions we take in connection with acquisitions could also impact the utilization of our Swiss deferred tax asset.
As part of the process of preparing our Consolidated Financial Statements, we are required to estimate our income taxes in each jurisdiction in which we operate prior to the completion and filing of tax returns for such periods. This process requires estimating both our geographic mix of income and our uncertain tax positions in each jurisdiction where we operate. These estimates require us to make judgments about the likely application of the tax law to our situation, as well as with respect to other matters, such as anticipating the positions that we will take on tax returns prior to preparing the returns and the outcomes of disputes with tax authorities. The ultimate resolution of these issues may take extended periods of time due to examinations by tax authorities and statutes of limitations. In addition, changes in our business, including acquisitions, changes in our international corporate structure, changes in the geographic location of business functions or assets, changes in the geographic mix and amount of income, as well as changes in our agreements with tax authorities, valuation allowances, applicable accounting rules, applicable tax laws and regulations, rulings and interpretations thereof, developments in tax audit and other matters, and variations in the estimated and actual level of annual pre-tax income can affect the overall effective tax rate.
IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS
The information under the subheading “Recently Issued Accounting Standards” in Note 1 — Description of Business and Basis of Presentation to the Consolidated Financial Statements in this Form 10-K is incorporated by reference into this Item 7.
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RESULTS OF OPERATIONS
Our fiscal year is reported on a 52- or 53-week period that ends on the Saturday nearest March 31. Our results of operations for the fiscal year ended March 31, 2026 contained 52 weeks and ended on March 28, 2026. Our results of operations for the fiscal year ended March 31, 2025 contained 52 weeks and ended on March 29, 2025. For simplicity of disclosure, all fiscal periods are referred to as ending on a calendar month end.
Net Revenue
Net revenue consists of sales generated from (1) full games sold as digital downloads or as packaged goods and designed for play on game consoles and PCs, (2) live services which primarily includes sales of extra content for console, PC, and mobile games, (3) subscriptions that generally offer access to a selection of full games, in-game content, online services and other benefits, and (4) licensing our games to third parties to distribute and host our games and content.
Comparison of Fiscal Year 2026 to Fiscal Year 2025
Net Revenue
Net revenue for fiscal year 2026 was $7,531 million, primarily driven by sales related to our global football, American football, and Battlefield franchises. Net revenue for fiscal year 2026 increased $68 million, as compared to fiscal year 2025. This increase was driven by a $667 million increase in net revenue primarily due to the release of Battlefield 6, partially offset by a $599 million decrease in net revenue primarily from our American football franchise, decreased sales of extra content for Apex Legends, and the prior year release of Dragon Age: The Veilguard.
Net Revenue by Composition
Our net revenue by composition for fiscal years 2026 and 2025 was as follows (in millions):
| Year Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||
| Net revenue: | |||||||||||||||||||||||
| Full game downloads | $ | 1,708 | $ | 1,478 | $ | 230 | 16 | % | |||||||||||||||
| Packaged goods | 440 | 524 | (84) | (16) | % | ||||||||||||||||||
| Full game | $ | 2,148 | $ | 2,002 | $ | 146 | 7 | % | |||||||||||||||
| Live services and other | $ | 5,383 | $ | 5,461 | $ | (78) | (1) | % | |||||||||||||||
| Total net revenue | $ | 7,531 | $ | 7,463 | $ | 68 | 1 | % | |||||||||||||||
Full Game Net Revenue
Full game net revenue includes full game downloads and packaged goods. Full game downloads primarily include revenue from digital sales of full games on console, PC, and certain licensing revenue. Packaged goods primarily include revenue from full games that are sold physically through distribution arrangements, mass market retailers, and specialty stores.
Full game net revenue for fiscal year 2026 was $2,148 million, primarily driven by EA SPORTS FC 26, Battlefield 6, EA SPORTS Madden NFL 26, and EA SPORTS FC 25. Full game net revenue for fiscal year 2026 increased $146 million, or 7 percent, as compared to fiscal year 2025. This increase was primarily due to the release of Battlefield 6, partially offset by a year-over-year decline in EA SPORTS College Football, the prior year release of Dragon Age: The Veilguard, and EA SPORTS FC.
Live Services and Other Net Revenue
Live services and other net revenue primarily includes revenue from sales of extra content for console, PC, and mobile games, certain licensing revenue, subscriptions, and advertising.
Live services and other net revenue for fiscal year 2026 was $5,383 million, primarily driven by sales of extra content for our global football, American football, and The Sims franchises. Live services and other net revenue for fiscal year 2026 decreased
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$78 million, or 1 percent, as compared to fiscal year 2025. This decrease was primarily driven by decreased sales of extra content for Apex Legends, and Ultimate Team within EA SPORTS Madden NFL, partially offset by increased sales of extra content within our global football franchise.
Cost of Revenue
Cost of revenue consists of (1) certain royalty expenses for sports organizations, movie studios, independent software developers, and others (2) mobile platform fees associated with our mobile revenue (for transactions in which we are acting as the principal in the sale to the end customer), (3) data center, bandwidth and server costs associated with hosting our online games and websites, (4) inventory costs, including manufacturing royalties, (5) payment processing fees, (6) amortization and impairments of certain intangible assets, and (7) personnel-related costs.
Cost of revenue for fiscal years 2026 and 2025 was as follows (in millions):
| March 31, 2026 | % of Net Revenue | March 31, 2025 | % of Net Revenue | % Change | Change as a % of Net Revenue | ||||||||||||||||||||||
| $ | 1,584 | 21 | % | $ | 1,543 | 21 | % | 3 | % | — | % | ||||||||||||||||
Cost of revenue increased by $41 million during fiscal year 2026 as compared to fiscal year 2025. The increase was primarily due to a net increase in royalty costs driven by the impacts from foreign exchange, and higher online hosting fees, primarily driven by the release of Battlefield 6. This increase was partially offset by a decrease in product-related costs primarily due to our global football and American football franchises, partially offset by Battlefield 6.
Research and Development
Research and development expenses consist of expenses incurred by our production studios for personnel-related costs, related overhead costs, external third-party development costs, contracted services, and depreciation. Research and development expenses for our online products include expenses incurred by our studios consisting of direct development and related overhead costs in connection with the development and production of our online games. Research and development expenses also include expenses associated with our digital platform, software licenses and maintenance, and management overhead.
Research and development expenses for fiscal years 2026 and 2025 were as follows (in millions):
| March 31, 2026 | % of Net Revenue | March 31, 2025 | % of Net Revenue | $ Change | % Change | ||||||||||||||||||||||
| $ | 2,828 | 38 | % | $ | 2,569 | 34 | % | $ | 259 | 10 | % | ||||||||||||||||
Research and development expenses increased by $259 million, or 10 percent, in fiscal year 2026, as compared to fiscal year 2025. This increase was primarily due to a $144 million increase in personnel-related costs as part of our continued investment in our studios, and an increase in variable compensation, a $53 million increase in studio-related contracted services, and a $45 million increase in digital infrastructure costs.
Marketing and Sales
Marketing and sales expenses consist of advertising, marketing and promotional expenses, personnel-related costs, and related overhead costs.
Marketing and sales expenses for fiscal years 2026 and 2025 were as follows (in millions):
| March 31, 2026 | % of Net Revenue | March 31, 2025 | % of Net Revenue | $ Change | % Change | ||||||||||||||||||||||
| $ | 1,128 | 15 | % | $ | 962 | 13 | % | $ | 166 | 17 | % | ||||||||||||||||
Marketing and sales expenses increased by $166 million, or 17 percent, in fiscal year 2026, as compared to fiscal year 2025. This increase was primarily due to higher advertising and marketing spending related to the release of Battlefield 6, partially offset by a decrease in advertising and marketing spending for Apex Legends.
General and Administrative
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General and administrative expenses consist of personnel and related expenses of executive and administrative staff, corporate functions such as finance, legal, human resources, and information technology (“IT”), related overhead costs, fees for professional services, and allowances for doubtful accounts.
General and administrative expenses for fiscal years 2026 and 2025 were as follows (in millions):
| March 31, 2026 | % of Net Revenue | March 31, 2025 | % of Net Revenue | $ Change | % Change | ||||||||||||||||||||||
| $ | 763 | 10 | % | $ | 745 | 10 | % | $ | 18 | 2 | % | ||||||||||||||||
General and administrative expenses increased by $18 million, or 2 percent, in fiscal year 2026, as compared to fiscal year 2025. This increase was primarily due to $28 million of fees and other direct expenses related to the Merger, partially offset by a $7 million decrease in IT related costs.
Income Taxes
Provision for income taxes for fiscal years 2026 and 2025 was as follows (in millions):
| March 31, 2026 | Effective Tax Rate | March 31, 2025 | Effective Tax Rate | ||||||||||||||
| $ | 293 | 24.8 | % | $ | 484 | 30.2 | % | ||||||||||
Our effective tax rate for the fiscal year ended March 31, 2026 was 24.8 percent as compared to 30.2 percent in fiscal year 2025.
During the fiscal year ended March 31, 2026, we recognized $24 million of tax benefit from higher excess stock-based compensation in various jurisdictions. Excluding the effect of the excess stock-based compensation, the effective tax rate for fiscal year 2026 would have been 26.9 percent.
During the fiscal year ended March 31, 2025, we recognized a $51 million tax charge to increase the valuation allowance on Swiss deferred tax assets as a result of various factors including our business operations, geographical income mix, and an increase in the Swiss interest rates. Excluding the effect of the change in valuation allowance, the effective tax rate for fiscal year 2025 would have been 27.0 percent.
Our effective tax rates for future periods will continue to depend on a variety of factors, including changes in our business, such as acquisitions and intercompany transactions, our corporate structure, the geographic location of business functions or assets, the geographic mix of income, our agreements with tax authorities, applicable accounting rules, applicable tax laws and regulations, rulings and interpretations thereof, developments in tax audit and other matters, and variations in our annual pre-tax income or loss. We anticipate that the impact of excess tax benefits and changes in valuation allowances may result in significant fluctuations to our effective tax rate in the future.
Comparison of Fiscal Year 2025 to Fiscal Year 2024
For the comparison of fiscal year 2025 to fiscal year 2024, refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for our fiscal year ended March 31, 2025, filed with the SEC on May 13, 2025 under the subheading “Comparison of Fiscal Year 2025 to Fiscal Year 2024.”
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LIQUIDITY AND CAPITAL RESOURCES
| As of March 31, | ||||||||||||||||
| (In millions) | 2026 | 2025 | Increase/(Decrease) | |||||||||||||
| Cash and cash equivalents | $ | 2,864 | $ | 2,136 | $ | 728 | ||||||||||
| Short-term investments | 116 | 112 | 4 | |||||||||||||
| Total | $ | 2,980 | $ | 2,248 | $ | 732 | ||||||||||
| Percentage of total assets | 23 | % | 18 | % | ||||||||||||
| Year Ended March 31, | ||||||||||||||||
| (In millions) | 2026 | 2025 | Change | |||||||||||||
| Net cash provided by operating activities | $ | 2,553 | $ | 2,079 | $ | 474 | ||||||||||
| Net cash provided by (used in) investing activities | (276) | 37 | (313) | |||||||||||||
| Net cash used in financing activities | (1,568) | (2,863) | 1,295 | |||||||||||||
| Effect of foreign exchange on cash and cash equivalents | 19 | (17) | 36 | |||||||||||||
| Net increase (decrease) in cash and cash equivalents | $ | 728 | $ | (764) | $ | 1,492 | ||||||||||
For the comparison of fiscal year 2025 to fiscal year 2024, refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for our fiscal year ended March 31, 2025, filed with the SEC on May 13, 2025 under the subheading “Liquidity and Capital Resources.”
Changes in Cash Flow
Operating Activities. Net cash provided by operating activities increased by $474 million during fiscal year 2026, as compared to fiscal year 2025, primarily driven by higher cash collections from sales and lower cash payments for income taxes, partially offset by lower cash inflows from hedging activities, higher personnel-related payments, and higher royalty, marketing and advertising payments.
Investing Activities. Net cash used in investing activities increased by $313 million during fiscal year 2026, as compared to fiscal year 2025, primarily driven by a $566 million decrease in proceeds from maturities and sales of short-term investments, partially offset by $279 million of reduced purchases of short-term and other investments.
Financing Activities. Net cash used in financing activities decreased by $1,295 million during fiscal year 2026, as compared to fiscal year 2025, primarily driven by a $1,739 million decrease in cash paid for common stock repurchases and related excise taxes, partially offset by a $400 million repayment of senior notes, and a $57 million increase in cash paid to taxing authorities for withholding taxes related to stock-based compensation.
Short-term Investments
Due to our mix of fixed and variable rate securities, our short-term investment portfolio is susceptible to changes in short-term interest rates. As of March 31, 2026, our short-term investments had net unrealized losses of less than $1 million or less than 1 percent of total short-term investments. From time to time, we may liquidate some or all of our short-term investments to fund operational needs or other activities, such as capital expenditures, business acquisitions or debt repayment obligations.
Senior Notes
In February 2021, we issued $750 million aggregate principal amount of the 2031 Notes and $750 million aggregate principal amount of the 2051 Notes. The effective interest rate is 1.98% for the 2031 Notes and 3.04% for the 2051 Notes. Interest is payable semiannually in arrears, on February 15 and August 15 of each year.
See Note 11 — Financing Arrangements to the Consolidated Financial Statements in this Form 10-K as it relates to our Senior Notes, which is incorporated by reference into this Item 7.
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Credit Facility
On March 22, 2023, we entered into a $500 million unsecured revolving credit facility (the "Credit Facility") with a syndicate of banks. The Credit Facility terminates on March 22, 2028 unless the maturity is extended in accordance with its terms. As of March 31, 2026, no amounts were outstanding. The Credit Facility contains an option to arrange with existing lenders and/or new lenders to provide up to an aggregate of $500 million in additional commitments for revolving loans. Proceeds of loans made under the Credit Facility may be used for general corporate purposes. See Note 11 — Financing Arrangements to the Consolidated Financial Statements in this Form 10-K as it relates to our Credit Facility, which is incorporated by reference into this Item 7.
Financial Condition
Our material cash requirements, including commitments for capital expenditure, as of March 31, 2026 are set forth in our Note 13 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-K, which is incorporated by reference into this Item 7. We believe that our cash, cash equivalents, short-term investments, cash generated from operations and available financing facilities will be sufficient to meet these material cash requirements, which include licensing intellectual property from sports organizations and players associations used in our EA SPORTS titles and third-party content, debt repayment obligations, and to fund our operating requirements for the next 12 months and beyond. Our operating requirements include working capital requirements, capital expenditures, our capital return programs, and potentially, future acquisitions or strategic investments. We may choose at any time to raise additional capital to repay debt, strengthen our financial position, facilitate expansion, pursue strategic acquisitions and investments, and/or to take advantage of business opportunities as they arise. There can be no assurance, however, that such additional capital will be available to us on favorable terms, if at all, or that it will not result in substantial dilution to our existing stockholders.
During fiscal year 2026, we returned $941 million to stockholders through our capital return programs, which include repurchasing 5.3 million shares for approximately $750 million and paying $191 million through our quarterly cash dividend program.
Our foreign subsidiaries are generally subject to U.S. tax, and to the extent earnings from these subsidiaries can be repatriated without a material tax cost, such earnings will not be indefinitely reinvested. As of March 31, 2026, approximately $796 million of our cash and cash equivalents were domiciled in foreign tax jurisdictions. All of our foreign cash is available for repatriation without a material tax cost.
We have a “shelf” registration statement on Form S-3 on file with the SEC. This shelf registration statement, which includes a base prospectus, allows us at any time to offer any combination of securities described in the prospectus in one or more offerings. Unless otherwise specified in a prospectus supplement accompanying the base prospectus, we would use the net proceeds from the sale of any securities offered pursuant to the shelf registration statement for general corporate purposes, which may include funding for working capital, financing capital expenditures, research and development, marketing and distribution efforts, and if opportunities arise, for acquisitions or strategic alliances. Pending such uses, we may invest the net proceeds in interest bearing securities. In addition, we may conduct concurrent or other financings at any time.
Our ability to maintain sufficient liquidity could be affected by various risks and uncertainties including, but not limited to, customer demand and acceptance of our products, our ability to collect our accounts receivable as they become due, successfully achieving our product release schedules and attaining our forecasted sales objectives, economic conditions in the United States and abroad, the impact of acquisitions and other strategic transactions in which we may engage, the impact of competition, the seasonal and cyclical nature of our business and operating results, and the other risks described in the “Risk Factors” section, included in Part I, Item 1A of this report.
As of March 31, 2026, we did not have any off-balance sheet arrangements.
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Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-05-21 | Wilson Andrew indirect | Chairman & CEO | Sell | -5,066 | $201.66 | -$1,021,610 |
| 2026-05-20 | Schatz Jacob J. | EVP, Global Affairs and CLO | Sell | -5,000 | $201.19 | -$1,005,946 |
| 2026-05-20 | Canfield Stuart | EVP & Chief Financial Officer | Sell | -1,500 | $201.36 | -$302,040 |
| 2026-05-18 | Wilson Andrew indirect | Chairman & CEO | Sell | -2,240 | $201.11 | -$450,482 |
| 2026-05-15 | Wilson Andrew indirect | Chairman & CEO | Sell | -5,000 | $200.54 | -$1,002,709 |
| 2026-05-15 | Singh Vijayanthimala indirect | Chief People Officer | Sell | -1,200 | $200.81 | -$240,972 |
| 2026-05-15 | Miele Laura | President of EA Entertainment | Sell | -2,500 | $200.54 | -$501,344 |
| 2026-04-15 | Miele Laura | President of EA Entertainment | Sell | -2,500 | $203.21 | -$508,025 |
| 2026-04-15 | Singh Vijayanthimala indirect | Chief People Officer | Sell | -1,200 | $203.25 | -$243,900 |
| 2026-04-15 | Wilson Andrew indirect | Chairman & CEO | Sell | -5,000 | $203.21 | -$1,016,058 |
| 2026-03-16 | Miele Laura | President of EA Entertainment | Sell | -2,500 | $199.95 | -$499,883 |
| 2026-03-16 | Singh Vijayanthimala indirect | Chief People Officer | Sell | -1,200 | $199.69 | -$239,628 |
| 2026-03-16 | Wilson Andrew indirect | Chairman & CEO | Sell | -5,000 | $199.95 | -$999,746 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-07-31 10-Q expected by 2026-08-04 (in 67 days)
- ~2026-10-30 10-Q expected by 2026-11-03 (in 158 days)
- ~2027-02-02 10-Q expected by 2027-02-06 (in 253 days)
- ~2027-05-10 10-K expected by 2027-05-28 (in 350 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-05-11 10-K Annual Report
- 2026-05-05 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2026-02-10 8-K Other Events
- 2026-02-03 10-Q Quarterly Report
- 2026-02-03 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2026-01-06 8-K Material Agreement Terminated; Triggering Event/Obligation; Other Events
- 2025-12-15 8-K Other Events
- 2025-10-31 10-Q Quarterly Report
- 2025-10-28 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-09-29 8-K Material Agreement Entered; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-08-15 8-K Officer/Director Change; Shareholder Vote Results; Financial Statements and Exhibits
- 2025-08-01 10-Q Quarterly Report
- 2025-07-29 8-K Earnings Release; Other Events; Financial Statements and Exhibits
- 2025-05-13 10-K Annual Report
- 2025-05-06 8-K Earnings Release; Other Events; Financial Statements and Exhibits