One-time IEEPA tariff refund vs the adjusted base

How a one-time IEEPA tariff refund flows into the Q4 GAAP record and away from adjusted profit IEEPA tariff duties on furniture imports refund owed Refund lands — Q4 FY26 one-time ≈ $8–9M Gross margin PY 23.9% base ≈ 30% − 780bps one-time +780bps refund removed Operating income GAAP $16.3M 14.2% of sales Diluted EPS $2.58 record Operating income adj. $8.2M 7.1% · vs $10.3M PY Diluted EPS adj. $1.33 vs $1.40 · down ~5% gap ≈ $8.1M gap ≈ $1.25 refund skims out skim valve 1 2 3 4 5 FY26: GAAP EPS $6.07 vs adjusted record $4.94 the refund does not repeat — discount EPS, watch adjusted base 6