“I think in my script, I mentioned we -- right now, based on everything that we know, there will be a slight tailwind for 2026. And assuming that, that actually materializes, yes, I think we would see a slight benefit to the -- on the margin front.”

In context

“rator: Our next question comes from Michael Lavery from Piper Sandler. Michael Lavery: I wanted to ask a margin question, maybe with 2 kind of quick components. One is just maybe understanding if you have any visibility on currency impact next year. You called out the 100 basis points, I assume transactional headwind in the gross margin build. Is that likely to fade? Or how do we think about maybe how that flows through in '26 if you've got the better currency on the top and EPS side? And then just also in the quarter, you had EBIT margins up well ahead of the gross margin performance. Were there any timing considerations? Or how sticky should we consider that to be? Is there anything in there we need to think about that's maybe a one-off? John Murphy: Michael, let me -- on the first one, I think in my script, I mentioned we -- right now, based on everything that we know, there will be a slight tailwind for 2026. And assuming that, that actually materializes, yes, I think we would see a slight benefit to the -- on the margin front. So part one. Part 2, step out of -- we -- I know we spend most of the time on the quarter itself. I think when it comes to the margin trends, I really like to step back and look at the trends over multiple quarters. And in line with our -- with the long-term algorithm, we continue to be focused on delivering against that over time. We have had some timing benefits in Q3. And we also are in 2025, earning more productivity in the marketing area with some of the digitization work, et cetera, that we have underway that is more pronounced for this year. I don't see that being the same every year. But as we go into '26, we should have a little bit of a tailwind and the objective will be to continue to have that expansion of margins in line with the algorithm. Operator: Our next question comes f”