Franklin Templeton (BEN) 10-K: MD&A Changes Lead 9 November 2026 Filing Roundup

In addition, state laws and regulations regarding these topics continue to evolve. For example, in October 2023, California enacted a new climate accountability package pursuant to its Climate Corporate Data Accountability Act that requires annual disclosure of certain greenhouse gas emissions and Climate-Related Financial Risk Act that requires biennial disclosure of certain climate-related financial risks and mitigation measures, each beginning in 2026, subject to applicable implementing regulations that the California Air Resources Board is expected to finalize in late 2025 that may impact final scope and compliance timing. Globally, the independent International Sustainability Standards Board and other applicable sustainability disclosure standards continue to impact how national regulators and governance bodies approach these and related topics.

In addition, state laws and regulations regarding these topics continue to evolve. For example, California enacted the Climate Corporate Data Accountability Act, which requires annual disclosure of certain greenhouse gas emissions beginning in 2026 pursuant to applicable implementing regulations by the California Air Resources Board, while enforcement of the California Climate-Related Financial Risk Act, which requires biennial disclosure of certain climate-related financial risks and mitigation measures, remains stayed subject to ongoing legal challenges. Globally, the independent International Sustainability Standards Board and other applicable sustainability disclosure standards continue to impact how national regulators and governance bodies approach these and related topics.

Components of accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Unrecognized ​ Gains (Losses) ​ Accumulated ​ ​ ​ Currency ​ Pension and ​ on Cash ​ Other ​ ​ ​ Translation ​ Postretirement ​ Flow ​ Comprehensive ​ ​ Adjustments (1) Benefit Costs Hedges Income (Loss) ​ ​ (in millions) ​ Balance at fiscal year end 2022 ​ $ (177) ​ $ (216) ​ $ (102) ​ $ (495) ​ Other comprehensive income, net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income before reclassifications ​ 251 ​ ​ 21 ​ ​ 31 ​ ​ 303 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 10 ​ ​ 4 ​ ​ 38 ​ ​ 52 ​ Income tax expense ​ ​ — ​ ​ (5) ​ ​ (4) ​ ​ (9) ​ Other comprehensive income, net of tax ​ ​ 261 ​ ​ 20 ​ ​ 65 ​ ​ 346 ​ Less: other comprehensive income attributable to noncontrolling interests ​ ​ (9) ​ ​ — ​ ​ — ​ ​ (9) ​ Balance at fiscal year end 2023 ​ $ 75 ​ $ (196) ​ $ (37) ​ $ (158) ​ Other comprehensive income (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ​ ​ 130 ​ ​ (56) ​ ​ 102 ​ ​ 176 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 1 ​ ​ 4 ​ ​ (18) ​ ​ (13) ​ Income tax (expense) benefit ​ — ​ ​ 15 ​ ​ (8) ​ ​ 7 ​ Other comprehensive income (loss), net of tax ​ ​ 131 ​ ​ (37) ​ ​ 76 ​ ​ 170 ​ Less: other comprehensive income attributable to noncontrolling interests ​ ​ (7) ​ ​ — ​ ​ — ​ ​ (7) ​ Balance at fiscal year end 2024 ​ $ 199 ​ $ (233) ​ $ 39 ​ $ 5 ​ Other comprehensive income (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications ​ ​ (46) ​ ​ 40 ​ ​ 77 ​ ​ 71 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ — ​ ​ 8 ​ ​ (53) ​ ​ (45) ​ Income tax expense ​ ​ — ​ ​ (15) ​ ​ (3) ​ ​ (18) ​ Other comprehensive income (loss), net of tax ​ ​ (46) ​ ​ 33 ​ ​ 21 ​ ​ 8 ​ Less: other comprehensive income attributable to noncontrolling interests ​ ​ (7) ​ ​ — ​ ​ — ​ ​ (7) ​ Balance at fiscal year end 2025 ​ $ 146 ​ $ (200) ​ $ 60 ​ $ 6 ​ (1) Includes hedges of net investment foreign currency exchange gains or losses which offset foreign currency exchange losses or gains attributable to the translation of the net investments . 26, 2025 Segment and Geographic Data Schedule of net sales by segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ 2025 2024 2023 ​ ​ (in millions) ​ Transportation Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Automotive ​ $ 7,052 ​ $ 7,039 ​ $ 7,038 ​ Commercial transportation ​ 1,425 ​ 1,456 ​ 1,525 ​ Sensors ​ 911 ​ 986 ​ 1,112 ​ Total Transportation Solutions ​ ​ 9,388 ​ ​ 9,481 ​ ​ 9,675 ​ Industrial Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital data networks ​ ​ 2,208 ​ ​ 1,274 ​ ​ 1,162 ​ Automation and connected living ​ ​ 2,147 ​ ​ 1,994 ​ ​ 2,352 ​ Aerospace, defense, and marine ​ ​ 1,483 ​ ​ 1,344 ​ ​ 1,178 ​ Energy ​ ​ 1,344 ​ ​ 919 ​ ​ 883 ​ Medical ​ ​ 692 ​ ​ 833 ​ ​ 784 ​ Total Industrial Solutions ​ ​ 7,874 ​ ​ 6,364 ​ ​ 6,359 ​ Total ​ $ 17,262 ​ $ 15,845 ​ $ 16,034 ​ Net sales by geographic region and segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ 2025 2024 2023 ​ ​ (in millions) ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ $ 4,118 ​ $ 3,709 ​ $ 3,447 ​ Industrial Solutions ​ ​ 2,434 ​ ​ 1,658 ​ ​ 1,709 ​ Total Asia–Pacific ​ ​ 6,552 ​ ​ 5,367 ​ ​ 5,156 ​ Europe/Middle East/Africa (“EMEA”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 3,282 ​ ​ 3,600 ​ ​ 3,897 ​ Industrial Solutions ​ ​ 2,460 ​ ​ 2,299 ​ ​ 2,311 ​ Total EMEA ​ ​ 5,742 ​ ​ 5,899 ​ ​ 6,208 ​ Americas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 1,988 ​ ​ 2,172 ​ ​ 2,331 ​ Industrial Solutions ​ ​ 2,980 ​ ​ 2,407 ​ ​ 2,339 ​ Total Americas ​ ​ 4,968 ​ ​ 4,579 ​ ​ 4,670 ​ Total ​ $ 17,262 ​ $ 15,845 ​ $ 16,034 ​ Schedule of operating results and other data by reportable segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation ​ Industrial ​ ​ ​ ​ ​ ​ Solutions Solutions Total ​ ​ (in millions) ​ As of or for the fiscal year ended September 26, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 9,388 ​ $ 7,874 ​ $ 17,262 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 6,151 ​ ​ 5,032 ​ ​ 11,183 ​ Selling, general, and administrative expenses ​ ​ 892 ​ ​ 974 ​ ​ 1,866 ​ Research, development, and engineering expenses ​ ​ 452 ​ ​ 377 ​ ​ 829 ​ Other segment items (1) ​ ​ 75 ​ ​ 98 ​ ​ 173 ​ Operating income ​ $ 1,818 ​ $ 1,393 ​ $ 3,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 405 ​ $ 243 ​ $ 648 ​ Amortization ​ ​ 70 ​ ​ 120 ​ ​ 190 ​ Capital expenditures ​ ​ 495 ​ ​ 441 ​ ​ 936 ​ Segment assets (2) ​ ​ 5,975 ​ ​ 4,439 ​ ​ 10,414 ​ As of or for the fiscal year ended September 27, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 9,481 ​ $ 6,364 ​ $ 15,845 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 6,220 ​ ​ 4,169 ​ ​ 10,389 ​ Selling, general, and administrative expenses ​ ​ 874 ​ ​ 858 ​ ​ 1,732 ​ Research, development, and engineering expenses ​ ​ 440 ​ ​ 301 ​ ​ 741 ​ Other segment items (1) ​ ​ 67 ​ ​ 120 ​ ​ 187 ​ Operating income ​ $ 1,880 ​ $ 916 ​ $ 2,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 451 ​ $ 209 ​ $ 660 ​ Amortization ​ ​ 71 ​ ​ 95 ​ ​ 166 ​ Capital expenditures ​ ​ 431 ​ ​ 249 ​ ​ 680 ​ Segment assets (2) ​ ​ 5,758 ​ ​ 3,717 ​ ​ 9,475 ​ As of or for the fiscal year ended September 29, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 9,675 ​ $ 6,359 ​ $ 16,034 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 6,702 ​ ​ 4,277 ​ ​ 10,979 ​ Selling, general, and administrative expenses ​ ​ 840 ​ ​ 830 ​ ​ 1,670 ​ Research, development, and engineering expenses ​ ​ 432 ​ ​ 276 ​ ​ 708 ​ Other segment items (1) ​ ​ 214 ​ ​ 159 ​ ​ 373 ​ Operating income ​ $ 1,487 ​ $ 817 ​ $ 2,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 398 ​ $ 209 ​ $ 607 ​ Amortization ​ ​ 92 ​ ​ 95 ​ ​ 187 ​ Capital expenditures ​ ​ 471 ​ ​ 261 ​ ​ 732 ​ Segment assets (2) ​ ​ 5,762 ​ ​ 3,511 ​ ​ 9,273 ​ (1) Other segment items consist of acquisition and integration costs and net restructuring and other charges . (2) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment. Reconciliation of segment assets to total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year End ​ ​ 2025 2024 2023 ​ ​ (in millions) ​ Total segment assets ​ $ 10,414 ​ $ 9,475 ​ $ 9,273 ​ Other current assets ​ 1,864 ​ 2,059 ​ 2,373 ​ Other noncurrent assets ​ 12,803 ​ 11,320 ​ 10,066 ​ Total assets ​ $ 25,081 ​ $ 22,854 ​ $ 21,712 ​ Net sales and net property, plant, and equipment by geographic region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, Plant, and ​ ​ ​ Net Sales (1) ​ Equipment, Net ​ ​ ​ Fiscal ​ Fiscal Year End ​ ​ 2025 2024 2023 2025 2024 2023 ​ ​ (in millions) ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ China ​ $ 4,610 ​ $ 3,571 ​ $ 3,182 ​ $ 970 ​ $ 844 ​ $ 794 ​ Other Asia–Pacific ​ 1,942 ​ 1,796 ​ 1,974 ​ 373 ​ 332 ​ 294 ​ Total Asia–Pacific ​ ​ 6,552 ​ ​ 5,367 ​ ​ 5,156 ​ ​ 1,343 ​ ​ 1,176 ​ ​ 1,088 ​ EMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Switzerland ​ ​ 3,860 ​ ​ 3,906 ​ ​ 4,111 ​ ​ 15 ​ ​ 7 ​ ​ 6 ​ Germany ​ 193 ​ 236 ​ 405 ​ 592 ​ 586 ​ 637 ​ Other EMEA ​ ​ 1,689 ​ ​ 1,757 ​ ​ 1,692 ​ ​ 1,134 ​ ​ 1,060 ​ ​ 965 ​ Total EMEA ​ 5,742 ​ 5,899 ​ 6,208 ​ 1,741 ​ 1,653 ​ 1,608 ​ Americas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ 4,408 ​ ​ 4,020 ​ ​ 4,107 ​ ​ 1,085 ​ ​ 953 ​ ​ 933 ​ Other Americas ​ 560 ​ 559 ​ 563 ​ 143 ​ 121 ​ 125 ​ Total Americas ​ 4,968 ​ 4,579 ​ 4,670 ​ 1,228 ​ 1,074 ​ 1,058 ​ Total ​ $ 17,262 ​ $ 15,845 ​ $ 16,034 ​ $ 4,312 ​ $ 3,903 ​ $ 3,754 ​ (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale .

Net sales by geographic region and segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ (in millions) ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ $ 4,498 ​ $ 4,118 ​ $ 3,709 ​ Industrial Solutions ​ ​ 3,266 ​ ​ 2,434 ​ ​ 1,658 ​ Total Asia–Pacific ​ ​ 7,764 ​ ​ 6,552 ​ ​ 5,367 ​ Europe/Middle East/Africa (“EMEA”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 3,557 ​ ​ 3,282 ​ ​ 3,600 ​ Industrial Solutions ​ ​ 2,829 ​ ​ 2,460 ​ ​ 2,299 ​ Total EMEA ​ ​ 6,386 ​ ​ 5,742 ​ ​ 5,899 ​ Americas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation Solutions ​ ​ 2,014 ​ ​ 1,988 ​ ​ 2,172 ​ Industrial Solutions ​ ​ 3,808 ​ ​ 2,980 ​ ​ 2,407 ​ Total Americas ​ ​ 5,822 ​ ​ 4,968 ​ ​ 4,579 ​ Regional net sales ​ ​ 19,972 ​ ​ 17,262 ​ ​ 15,845 ​ Reconciling item (1) ​ ​ (87) ​ ​ — ​ ​ — ​ Total ​ $ 19,885 ​ $ 17,262 ​ $ 15,845 ​ (1) Reconciling item relates to IEEPA tariff refunds received in fiscal 2026 that are expected to be returned to customers. Schedule of operating results and other data by reportable segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transportation ​ Industrial ​ ​ ​ ​ ​ ​ Solutions ​ Solutions ​ Total ​ ​ ​ (in millions) ​ As of or for the fiscal year ended September 25, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ $ 19,885 ​ Reconciling item (1) ​ ​ ​ ​ ​ ​ ​ ​ 87 ​ Segment net sales ​ $ 10,069 ​ $ 9,903 ​ ​ 19,972 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (2) ​ ​ 6,558 ​ ​ 6,212 ​ ​ ​ ​ Selling, general, and administrative expenses ​ ​ 978 ​ ​ 1,146 ​ ​ ​ ​ Research, development, and engineering expenses ​ ​ 473 ​ ​ 469 ​ ​ ​ ​ Other segment items (3) ​ ​ 91 ​ ​ 58 ​ ​ ​ ​ Segment operating income ​ $ 1,969 ​ $ 2,018 ​ ​ 3,987 ​ Reconciling item (4) ​ ​ ​ ​ ​ ​ ​ ​ 4 ​ Operating income ​ ​ ​ ​ ​ ​ ​ $ 3,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 454 ​ $ 352 ​ $ 806 ​ Amortization ​ ​ 71 ​ ​ 156 ​ ​ 227 ​ Capital expenditures ​ ​ 428 ​ ​ 694 ​ ​ 1,122 ​ Segment assets (5) ​ ​ 6,124 ​ ​ 5,314 ​ ​ 11,438 ​ As of or for the fiscal year ended September 26, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 9,388 ​ $ 7,874 ​ $ 17,262 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 6,151 ​ ​ 5,032 ​ ​ ​ ​ Selling, general, and administrative expenses ​ ​ 892 ​ ​ 974 ​ ​ ​ ​ Research, development, and engineering expenses ​ ​ 452 ​ ​ 377 ​ ​ ​ ​ Other segment items (3) ​ ​ 75 ​ ​ 98 ​ ​ ​ ​ Operating income ​ $ 1,818 ​ $ 1,393 ​ $ 3,211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 405 ​ $ 243 ​ $ 648 ​ Amortization ​ ​ 70 ​ ​ 120 ​ ​ 190 ​ Capital expenditures ​ ​ 495 ​ ​ 441 ​ ​ 936 ​ Segment assets (5) ​ ​ 5,975 ​ ​ 4,439 ​ ​ 10,414 ​ As of or for the fiscal year ended September 27, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 9,481 ​ $ 6,364 ​ $ 15,845 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ ​ 6,220 ​ ​ 4,169 ​ ​ ​ ​ Selling, general, and administrative expenses ​ ​ 874 ​ ​ 858 ​ ​ ​ ​ Research, development, and engineering expenses ​ ​ 440 ​ ​ 301 ​ ​ ​ ​ Other segment items (3) ​ ​ 67 ​ ​ 120 ​ ​ ​ ​ Operating income ​ $ 1,880 ​ $ 916 ​ $ 2,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation ​ $ 451 ​ $ 209 ​ $ 660 ​ Amortization ​ ​ 71 ​ ​ 95 ​ ​ 166 ​ Capital expenditures ​ ​ 431 ​ ​ 249 ​ ​ 680 ​ Segment assets (5) ​ ​ 5,758 ​ ​ 3,717 ​ ​ 9,475 ​ (1) Reconciling item for net sales relates to IEEPA tariff refunds received in fiscal 2026 that are expected to be returned to customers. (2) Excludes $91 million related to IEEPA tariff refunds which were recorded as a reduction to cost of sales in fiscal 2026. (3) Other segment items consist of acquisition and integration costs and net restructuring and other charges . (4) Reconciling item for operating income relates to the net impact of IEEPA tariff refunds received in fiscal 2026. (5) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment. Reconciliation of segment assets to total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year End ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ (in millions) ​ Total segment assets ​ $ 11,438 ​ $ 10,414 ​ $ 9,475 ​ Other current assets ​ 2,482 ​ 1,864 ​ 2,059 ​ Other noncurrent assets ​ 12,752 ​ 12,803 ​ 11,320 ​ Total assets ​ $ 26,672 ​ $ 25,081 ​ $ 22,854 ​ Net sales and net property, plant, and equipment by geographic region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, Plant, and ​ ​ ​ Net Sales (1) ​ Equipment, Net ​ ​ ​ Fiscal ​ Fiscal Year End ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ (in millions) ​ Asia–Pacific: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ China ​ $ 5,692 ​ $ 4,610 ​ $ 3,571 ​ $ 1,070 ​ $ 970 ​ $ 844 ​ Other Asia–Pacific ​ 2,072 ​ 1,942 ​ 1,796 ​ 556 ​ 373 ​ 332 ​ Total Asia–Pacific ​ ​ 7,764 ​ ​ 6,552 ​ ​ 5,367 ​ ​ 1,626 ​ ​ 1,343 ​ ​ 1,176 ​ EMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Switzerland ​ ​ 4,238 ​ ​ 3,860 ​ ​ 3,906 ​ ​ 21 ​ ​ 15 ​ ​ 7 ​ Germany ​ 188 ​ 193 ​ 236 ​ 529 ​ 592 ​ 586 ​ Other EMEA ​ ​ 1,960 ​ ​ 1,689 ​ ​ 1,757 ​ ​ 1,151 ​ ​ 1,134 ​ ​ 1,060 ​ Total EMEA ​ 6,386 ​ 5,742 ​ 5,899 ​ 1,701 ​ 1,741 ​ 1,653 ​ Americas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ 5,272 ​ ​ 4,408 ​ ​ 4,020 ​ ​ 1,152 ​ ​ 1,085 ​ ​ 953 ​ Other Americas ​ 550 ​ 560 ​ 559 ​ 158 ​ 143 ​ 121 ​ Total Americas ​ 5,822 ​ 4,968 ​ 4,579 ​ 1,310 ​ 1,228 ​ 1,074 ​ ​ ​ ​ 19,972 ​ ​ 17,262 ​ ​ 15,845 ​ ​ 4,637 ​ ​ 4,312 ​ ​ 3,903 ​ Reconciling item (2) ​ ​ (87) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 19,885 ​ $ 17,262 ​ $ 15,845 ​ $ 4,637 ​ $ 4,312 ​ $ 3,903 ​ (1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale. (2) Reconciling item for net sales relates to IEEPA tariff refunds received in fiscal 2026 that are expected to be returned to customers.

State ​ 6 ​ 4 ​ — ​ Non-U.S. ​ 395 ​ 365 ​ 418 ​ ​ ​ ​ 423 ​ ​ 392 ​ ​ 441 ​ Deferred income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. State ​ 5 ​ 3 ​ (6) ​ Non-U.S. ​ 886 ​ (743) ​ 19 ​ ​ ​ ​ 938 ​ ​ (789) ​ ​ (77) ​ Income tax expense (benefit) ​ $ 1,361 ​ $ (397) ​ $ 364 ​ U.S. and non-U.S. components of income from continuing operations before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ 2025 2024 2023 ​ ​ (in millions) ​ U.S. ​ $ (70) ​ $ (96) ​ $ (137) ​ Non-U.S. ​ 3,274 ​ 2,893 ​ 2,405 ​ Income from continuing operations before income taxes ​ $ 3,204 ​ $ 2,797 ​ $ 2,268 ​ Reconciliation between U.S. federal income taxes at the statutory rate and income tax expense (benefit) on continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ 2025 2024 2023 ​ ​ (in millions) ​ Notional U.S. federal income tax expense at the statutory rate (1) ​ $ 673 ​ $ 587 ​ $ 476 ​ Adjustments to reconcile to the income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. state income tax expense (benefit), net ​ 9 ​ 6 ​ (5) ​ Tax law changes ​ — ​ (260) ​ (1) ​ Tax credits ​ (24) ​ (982) ​ (13) ​ Non-U.S. net (earnings) loss (2) ​ 40 ​ (15) ​ (58) ​ Change in accrued income tax liabilities ​ 38 ​ 160 ​ 47 ​ Valuation allowance ​ 617 ​ 328 ​ (47) ​ Legal entity restructurings and intercompany transactions ​ ​ 2 ​ ​ (234) ​ ​ (1) ​ Divestitures ​ ​ (1) ​ ​ — ​ ​ (17) ​ Excess tax benefits from share-based payments ​ ​ (22) ​ ​ (8) ​ ​ (6) ​ Other ​ ​ 29 ​ 21 ​ (11) ​ Income tax expense (benefit) ​ $ 1,361 ​ $ (397) ​ $ 364 ​ (1) The U.S. federal statutory rate was 21% for fiscal 2025, 2024, and 2023. (2) Excludes items which are separately presented. Components of net deferred income tax asset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year End ​ ​ 2025 2024 ​ ​ (in millions) ​ Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and reserves ​ $ 461 ​ $ 417 ​ Tax loss, credit, and other tax attribute carryforwards ​ 9,638 ​ 10,075 ​ Inventories ​ 61 ​ 81 ​ Intangible assets ​ ​ 883 ​ ​ 884 ​ Pension and postretirement benefits ​ 57 ​ 84 ​ Deferred revenue ​ 5 ​ 10 ​ Interest ​ 562 ​ 524 ​ Lease liabilities ​ ​ 92 ​ ​ 85 ​ Other ​ 4 ​ 3 ​ Gross deferred tax assets ​ 11,763 ​ 12,163 ​ Valuation allowance ​ (8,821) ​ (8,285) ​ Deferred tax assets, net of valuation allowance ​ ​ 2,942 ​ ​ 3,878 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Property, plant, and equipment ​ (108) ​ (93) ​ Write-down of investments in subsidiaries ​ ​ (231) ​ ​ (244) ​ Lease ROU assets ​ ​ (90) ​ ​ (84) ​ Other ​ (204) ​ (159) ​ Total deferred tax liabilities ​ (633) ​ (580) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets ​ $ 2,309 ​ $ 3,298 ​ Tax loss, credit, and other tax attribute carryforwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiration Period ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2031 ​ ​ ​ ​ ​ ​ ​ Through ​ Through ​ No ​ ​ ​ ​ Fiscal 2030 Fiscal 2045 Expiration Total ​ ​ (in millions) ​ U.S.

State ​ 6 ​ 4 ​ Non-U.S. ​ 395 ​ 365 ​ ​ ​ ​ 423 ​ ​ 392 ​ Deferred income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ U.S. State ​ 5 ​ 3 ​ Non-U.S. ​ 886 ​ (743) ​ ​ ​ ​ 938 ​ ​ (789) ​ Income tax expense (benefit) ​ $ 1,361 ​ $ (397) ​ Components of income from continuing operations before income taxes ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ ​ (in millions) ​ Ireland ​ $ 11 ​ Foreign ​ 3,939 ​ Income from continuing operations before income taxes ​ $ 3,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ (in millions) ​ U.S. ​ $ (70) ​ $ (96) ​ Non-U.S. ​ 3,274 ​ 2,893 ​ Income from continuing operations before income taxes ​ $ 3,204 ​ $ 2,797 ​ Schedule of Income taxes paid, net of refunds ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ ​ (in millions) ​ Ireland ​ $ — ​ Foreign: ​ ​ ​ China ​ ​ 263 ​ Japan ​ ​ 28 ​ Other foreign jurisdictions ​ 163 ​ Income taxes paid, net of refunds ​ $ 454 ​ Reconciliation between income taxes at the statutory rate and income tax expense (benefit) on continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ ​ ​ ​ Amount ​ Percentage (1) ​ ​ ​ ​ ($ in millions) ​ ​ Provision for income taxes at the Irish statutory rate (2) ​ $ 494 ​ 12.5 % ​ Foreign tax effects: ​ ​ ​ ​ ​ ​ ​ China ​ ​ ​ ​ ​ ​ ​ Statutory rate differences (3) ​ ​ 101 ​ 2.6 ​ ​ Withholding taxes ​ ​ 72 ​ 1.8 ​ ​ Other ​ ​ (1) ​ — ​ ​ Luxembourg ​ ​ ​ ​ ​ ​ ​ Statutory rate differences (3) ​ ​ 49 ​ 1.2 ​ ​ Statutory revaluation of investments in subsidiaries ​ ​ (499) ​ (12.6) ​ ​ Changes in valuation allowance ​ ​ 411 ​ 10.4 ​ ​ Nondeductible interest expense ​ ​ 33 ​ 0.8 ​ ​ Other ​ ​ 17 ​ 0.4 ​ ​ Malta ​ ​ ​ ​ ​ ​ ​ Statutory rate differences (3) ​ ​ 77 ​ 1.9 ​ ​ Changes in valuation allowance ​ ​ 170 ​ 4.3 ​ ​ Notional interest deduction ​ ​ (279) ​ (7.1) ​ ​ Other ​ ​ (8) ​ (0.2) ​ ​ Switzerland ​ ​ ​ ​ ​ ​ ​ Statutory rate differences (3) ​ ​ (82) ​ (2.1) ​ ​ Subnational taxes ​ ​ 101 ​ 2.6 ​ ​ Other ​ ​ (8) ​ (0.2) ​ ​ U.S. ​ ​ ​ ​ ​ ​ ​ Changes in valuation allowance ​ ​ (43) ​ (1.1) ​ ​ Nondeductible interest expense ​ ​ 55 ​ 1.4 ​ ​ Other ​ ​ 14 ​ 0.4 ​ ​ Other foreign jurisdictions ​ ​ 93 ​ 2.4 ​ ​ Other ​ ​ 10 ​ 0.3 ​ ​ Worldwide changes in unrecognized tax benefits ​ ​ (82) ​ (2.1) ​ ​ Income tax expense ​ $ 695 ​ 17.6 % ​ (1) Represents percentage of income from continuing operations before income taxes. (2) The Irish statutory rate for trading income was 12.5% for fiscal 2026. (3) Represents statutory rate differences between Ireland and the named jurisdiction. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ (in millions) ​ Notional U.S. federal income tax expense at the statutory rate (1) ​ $ 673 ​ $ 587 ​ Adjustments to reconcile to the income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ U.S. state income tax expense, net ​ 9 ​ 6 ​ Tax law changes ​ — ​ (260) ​ Tax credits ​ (24) ​ (982) ​ Non-U.S. net (earnings) loss (2) ​ 40 ​ (15) ​ Change in accrued income tax liabilities ​ 38 ​ 160 ​ Valuation allowance ​ 617 ​ 328 ​ Legal entity restructurings and intercompany transactions ​ ​ 2 ​ ​ (234) ​ Excess tax benefits from share-based payments ​ ​ (22) ​ ​ (8) ​ Other ​ 28 ​ 21 ​ Income tax expense (benefit) ​ $ 1,361 ​ $ (397) ​ (1) The U.S. federal statutory rate was 21% for fiscal 2025 and 2024. (2) Excludes items which are separately presented. Components of net deferred income tax asset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year End ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in millions) ​ Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Accrued liabilities and reserves ​ $ 453 ​ $ 461 ​ Tax loss, credit, and other tax attribute carryforwards ​ 10,274 ​ 9,638 ​ Intangible assets ​ ​ 740 ​ ​ 883 ​ Interest ​ 506 ​ 562 ​ Other ​ 214 ​ 219 ​ Gross deferred tax assets ​ 12,187 ​ 11,763 ​ Valuation allowance ​ (9,251) ​ (8,821) ​ Deferred tax assets, net of valuation allowance ​ ​ 2,936 ​ ​ 2,942 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Statutory revaluation of investments in subsidiaries ​ ​ (690) ​ ​ (231) ​ Other ​ (364) ​ (402) ​ Total deferred tax liabilities ​ (1,054) ​ (633) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets ​ $ 1,882 ​ $ 2,309 ​ Tax loss, credit, and other tax attribute carryforwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiration Period ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2032 ​ ​ ​ ​ ​ ​ ​ Through ​ Through ​ No ​ ​ ​ ​ ​ ​ ​ Fiscal 2031 ​ ​ ​ Fiscal 2046 ​ ​ ​ Expiration ​ ​ ​ Total ​ ​ ​ ​ ​ (in millions) ​ Net operating loss ​ $ 51 ​ $ 7,319 ​ $ 1,342 ​ $ 8,712 ​ Tax credit ​ ​ 42 ​ ​ 1,082 ​ ​ 7 ​ ​ 1,131 ​ Notional interest deduction ​ ​ — ​ ​ — ​ ​ 340 ​ ​ 340 ​ Capital loss ​ ​ — ​ ​ 2 ​ ​ 89 ​ ​ 91 ​ Total tax loss, credit, and other tax attribute carryforwards ​ $ 93 ​ $ 8,403 ​ $ 1,778 ​ $ 10,274 ​ Activity of unrecognized income tax benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ (in millions) ​ Balance at beginning of fiscal year ​ $ 719 ​ $ 652 ​ $ 454 ​ Additions for tax positions related to prior years ​ 40 ​ 3 ​ 5 ​ Reductions for tax positions related to prior years ​ (112) ​ (14) ​ (6) ​ Additions for tax positions related to the current year ​ 111 ​ 97 ​ 215 ​ Settlements ​ (13) ​ (2) ​ (5) ​ Reductions due to lapse of applicable statutes of limitations ​ (78) ​ (16) ​ (15) ​ Foreign currency translation ​ ​ (8) ​ ​ (1) ​ ​ 4 ​ Balance at end of fiscal year ​ $ 659 ​ $ 719 ​ $ 652 ​ Tax years subject to examination in major tax jurisdictions ​ ​ ​ ​ ​ Jurisdiction ​ ​ ​ Open Years ​ ​ ​ China 2016 through 2026 ​ Germany 2015 through 2026 ​ Ireland ​ 2021 through 2026 ​ Japan 2020 through 2026 ​ Luxembourg 2021 through 2026 ​ Switzerland 2022 through 2026 ​ U.S.

The Industrial Solutions segment’s products are used in the following end markets: ● Digital data networks (28% of segment’s net sales)— We deliver products and solutions that are used in a variety of equipment architectures within the networking, data center, and wireless infrastructure industries. Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, virtual reality, and artificial intelligence/machine learning applications to help our customers meet their current challenges and future innovations. ● Automation and connected living (27% of segment’s net sales)— Our products are used in factory and warehouse automation and process control systems such as industrial controls, robotics, human machine interface, industrial communication, and power distribution. Our building automation and smart city infrastructure products are used to connect lighting and offer solutions in HVAC, elevators/escalators, and security.

The Industrial Solutions segment’s products are used in the following end markets: ● Digital data networks (32% of segment’s net sales)— We deliver advanced signal and power connectivity solutions, together with associated thermal solutions, for the rapidly evolving artificial intelligence (“AI”) data center and AI edge ecosystems. We also provide connectivity solutions for networking, wireless infrastructure, and the Internet of Things, helping our customers address today’s requirements and enable next-generation technologies. ● Automation and connected living (25% of segment’s net sales)— Our products are used in factory and warehouse automation and process control systems such as industrial controls, robotics, human machine interface, industrial communication, and power distribution. Our building automation and smart city infrastructure products are used to connect lighting and offer solutions in HVAC, elevators/escalators, and security.