PARKER-HANNIFIN CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$19.9B
Gross margin	36.9%
Operating income	$4.3B
Net income	— not reported
Diluted EPS	$27.12
Cash & equivalents	$467.0M
Total assets	$29.5B
Long-term debt	$7.5B

Key takeaway

Net sales were essentially flat at $19.85 billion, as growth in Aerospace Systems (up to $6.19 billion, +13%) offset a 5.5% decline in Diversified Industrial sales tied partly to divestitures and softer end markets.

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Beneath the surface

The effective tax rate fell sharply to 14.0% from 20.9%, boosted by a foreign valuation allowance release and a lower taxable gain on divestitures than the GAAP gain, which flatters EPS growth and may not recur.

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