“In 2025, we saw some investment, and we knew that would impact year-over-year comparisons in the first part of the year, but you will start to see the benefits of that and see those improving margins even here in 2026 as we move to the back half of the year.”

In context

“Rafe Brown (Chief Financial Officer): I would just call out, as we mentioned in our remarks, we continue to expect to see bottom-line margins improving as we go across 2026. When we do planning, we roll it out and look at carryforward numbers to make sure we are very conscious of run rates going into the next year. In 2025, we saw some investment, and we knew that would impact year-over-year comparisons in the first part of the year, but you will start to see the benefits of that and see those improving margins even here in 2026 as we move to the back half of the year.”