SYM 10-K & 10-Q changes, risk factors and insider trading
Symbotic Inc. · Nasdaq · General Industrial Machinery & Equipment, Nec · CIK 1837240 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “We are required to assess our internal control over financial reporting and our management has identified a material weakness. If our remediation of the material weakness is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.”
New heading “The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our systems. If we are unable to compete effectively, our sales and profitability could be adversely affected.”
New heading “If we are unable to develop new solutions, adapt to technological change, sell our systems, services and software into new markets or further penetrate our existing markets, our revenue may not grow as expected.”
Removed heading “The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our System. If we are unable to compete effectively, our sales and profitability could be adversely affected.”
Removed heading “If we are unable to develop new solutions, adapt to technological change, sell our software, services and System into new markets or further penetrate our existing markets, our revenue may not grow as expected.”
Removed heading “We are required to assess our internal control over financial reporting and our management has identified material weaknesses. If our remediation of the material weaknesses is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.”
Removed heading “Because we did not become a public reporting company by means of a traditional underwritten initial public offering, our shareholders may face additional risks and uncertainties.”
Largest changes
“We are required to assess our internal control over financial reporting and our management has identified a material weakness. …”see in full comparison
“We are required to assess our internal control over financial reporting and our management has identified material weaknesses. …”see in full comparison
“The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our systems. If we are unable to compete effectively, our sales and profitability could be adversely affected.”see in full comparison
“The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our System. If we are unable to compete effectively, our sales and profitability could be adversely affected.”see in full comparison
“Our operating costs are subject to fluctuations, particularly due to changes in prices for commodities, parts, raw materials, energy and related utilities, freight and labor, which may be driven by inflation, prevailing price levels, exchange rates, changes in trade agreements and trade protection measures including tariffs and other economic factors. In the past, our operating costs have been impacted by price inflation and these costs may continue to be so impacted. The U.S. …”see in full comparison
“Our operating costs are subject to fluctuations, particularly due to changes in prices for commodities, parts, raw materials, energy and related utilities, freight and labor, which may be driven by inflation, prevailing price levels, exchange rates, changes in trade agreements and trade protection measures including tariffs and other economic factors. In the past, our operating costs have been impacted by price inflation and these costs may continue to be so impacted. The U.S. …”see in full comparison
Full comparison: every changed paragraph (165)
•Risks Related to Our Business, Operations and Industry, including:
•Complex technology will need to be developed,developed and implemented, both in-house and in coordination with our vendors and suppliers, for us to successfully produce and integrate our Systemsystems with our customers’ existing warehouses, and there can be no assurance that they will be successfully developed.developed and implemented.
•We are required to assess our internal control over financial reporting and our management has identified a material weakness. If our remediation of the material weakness is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.
•The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our systems. If we are unable to compete effectively, our sales and profitability could be adversely affected.
•If we are unable to develop new solutions, adapt to technological change, sell our systems, services and software into new markets or further penetrate our existing markets, our revenue may not grow as expected.
•The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our System. If we are unable to compete effectively, our sales and profitability could be adversely affected.
•If we are unable to develop new solutions, adapt to technological change, sell our software, services and System into new markets or further penetrate our existing markets, our revenue may not grow as expected.
•If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards and changing business needs, requirements or preferences, our Systemsystems may become less competitive.
•If demand for our Systemsystems does not grow as we expect, or if market adoption of A.I.-enabledA.I.-powered robotics and supply chain automation solutions does not continue to develop, or develops slower than we expect, our future revenue may stagnate or decline and our business may be adversely affected.
•Risks related to being a public company, including that:
•We are required to assess our internal control over financial reporting and our management has identified material weaknesses. If our remediation of the material weaknesses is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.
•Risk related to intellectual property, including that:
•Our business, financial condition and results of operations may be adversely affected and the value of our brand, Systemsystems and other intangible assets may be diminished if we are unable to maintain and protect our IP (including maintaining the confidentiality and control of our proprietary source code and other trade secrets) from unauthorized use, infringement or misappropriation by third parties.
•Risks related to cybersecurity, software deficiencies, service interruptions and data privacy, including that:
•Risks related to ownership of our common stock, including that:
•Risks related to our organizational structure, including that:
•The dualmulti class structure of our common stock has the effect of concentrating voting control with our founder, certain family members of our founder and certain affiliated entities and trusts of our founder and his family members; this will limit or preclude your ability to influence our corporate matters.
•Other risks, including that:
We face significant risks and difficulties as a growing company. We have a limited operating history upon which to evaluate the viability and sustainability of our technology and processes, which increases the risk to your investment. In addition, we have an accumulated deficit of $1.3 billion as of September 28,27, 20242025 and have incurred recurring net losses since inception, including net losses of $84.7$91.0 million and $207.9$84.7 million, respectively, for the years ended September 28,27, 20242025 and September 30,28, 2023.2024. We could continue to incur operating losses in the near term as we continue to invest significantly in our business to position us for future growth, including expending substantial financial and other resources on our:
•product development, including investments in our product development team and the development of new productsfunctionality and new functionalityenhancements for our supply chain automation system (“System”), as well as investments in further optimizing our System, technology and infrastructuresystems;
•our technology infrastructure, including systems, architecture, scalability, availability, performance and security;
•our international operations and anticipated international expansion into new markets; and
•expansion into new market verticals, including e-commerce and healthcare;
Our investments in our System, technologysystems and services,services may not be successful on the timeline we anticipate oror, at allall, and may not result in increased revenue growth. Additionally, we have encountered, and may in the future encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries, such as unforeseen operating expenses, difficulties, complications, delays and other known or unknown factors that may result in losses in future periods. If our revenue growth does not meet our expectations in future periods, or we are unable to maintain or increase our revenue at a rate sufficient to offset the expected increase in our costs, our business, financial position and results of operations will be harmed, and we may not be able to achieve or maintain profitability over the long term.
We depend heavily on our larger customers, and therefore, our success is heavily dependent on their ability to grow their businesses and their adoption of our System.systems.
Walmart, our largest customer, accounted for approximately 87%85% of our total revenue in the fiscal year ended September 28,27, 20242025 and for a significant portionmajority of our $22.4$22.5 billion backlog as of September 28,27, 2024.2025. We have worked with Walmart since 2015 and entered into a Master Automation Agreement with Walmart in 2017 to implement our Systemsystems in 25 of Walmart’s 42 regional distribution centers. We amended and restated theour Master Automation Agreement onwith MayWalmart 20,in 2022 (“2022 Walmart MAA”) to implement our SystemSystems in all of Walmart’s 42 regional distribution centers, adding approximately an additional $6.1 billion to our backlog.backlog at that time. Pursuant to the 2022 Walmart MAA, we have agreed to certain restrictions on our ability to sell or license our products and services to a specified company or its subsidiaries, affiliates or dedicated service providers. Walmart also has certain board observation rights. In the first quarter of fiscal year 2025, we entered into a commercial agreement with Walmart de México y Centroamérica to implement our System in two of their locations near Mexico City.
In the first quarter of fiscal year 2025, we entered into a commercial agreement with Nueva Wal Mart de México, S. de R.L. de C.V to implement our systems in two of their locations near Mexico City. In the second quarter of fiscal year 2025, we entered into a Master Automation Agreement (“2025 Walmart MAA”) with Walmart for the development, manufacture, and installation of 400 micro-fulfillment systems if we satisfy certain performance metrics.
Our ability to maintain a close, mutually beneficial relationship with Walmart is an important element in our continued growth. The loss or cancellation of business from Walmart, including our failure to properly implement or optimize our Systemsystems in Walmart’s distribution centers,warehouses, or our failure to comply with the terms of the 2022 Walmart MAA or 2025 Walmart MAA, could materially and adversely affect our business, financial condition or results of operations. Similarly, if Walmart is not able to grow its business or its business declines, including as a result of a reduction in the level of discretionary spending by its customers or competition from other retailers, our business, financial condition or results of operations may be materially and adversely affected.
We have several larger customers, AFS,UNFI, GreenBoxGreenBox, Southern Glazers and C&S Wholesale Grocers, Inc. (“C&S Wholesale Grocers”), with which we are affiliated, and UNFI.Albertsons. Net sales to these customers accounted for approximately 11%13% of our total revenue in the fiscal year ended September 28,27, 2024.2025. It is not possible for us to predict the level of demand that will be generated by any of these customers in the future. In addition, revenue from these larger customers may fluctuate from time to time based on these customers’their business needs and customer experience, the timing of which may be affected by market conditions or other factors outside of our control. To the extent that one or more customers in this group decide not to further implement our System in their distribution centerssystems or decide to retain manual solutions or adopt single point automated solutions for their distribution centers,solutions, our business, financial condition or results of operations may be materially and adversely affected.
Our Chairman and Chief Executive Officer, Richard B. Cohen, also serves as the Executive Chairman of C&S Wholesale Grocers. Additionally, Mr. Cohen and trusts for the benefit of his family are the onlysubstantial beneficialmajority stockholders of C&S Wholesale Grocers. As a result, C&S Wholesale Grocers can be considered an affiliate of ours.
C&S Wholesale Grocers is also an important customer that has our Systemssystems that are Operational (defined as achieving acceptance) in its facilities. We provide ongoing Software Maintenance and Support and Operation Services under our contracts with C&S through SeptemberOctober 2029. Despite our affiliation with C&S Wholesale Grocers, there is no guarantee that it will continue to be a customer beyond the term of its current contracts with us in SeptemberOctober 2029. To the extent C&S Wholesale Grocers decides not to renew its contracts with us or to implement additional Systems in their distribution centers,systems, our business, financial condition or results of operations may be materially and adversely affected.
The GreenBox joint venture and related commercial agreement are expected to be material to our financial condition and results of operations. Our backlog includes $11.6 billion associated with GreenBox and any delays in implementation could adversely affect the business and when anticipated benefits are realized. We may be unable to obtain the benefits, avoid the difficulties and risks of the joint venture, or it may take us longer than expected to fully realize the anticipated benefits and synergies of the GreenBox joint venture. Those benefits and synergies may ultimately be smaller than anticipated or may not be realized at all, which could adversely affect our business, financial condition or results of operations The GreenBox joint venture may also require us to issue additional equity securities, spend our cash, or incur debt (and increased interest expense), liabilities and amortization expenses related to intangible assets, which could adversely affect our results of operations and dilute the economic and voting rights of our stockholders. In addition, we cannot assure you that the GreenBox joint venture will lead to the successful development of new or enhanced products and services or that any new or enhanced products and services, if developed, will achieve market acceptance or prove to be profitable.
Our operating results and financial condition fluctuate from quarter to quarter and year to year and are likely to continue to vary due to a number of factors, many of which will not be within our control. Both our business and supply chain automation product portfolio are changing and evolving rapidly, and our historical operating results may not be useful in predicting our future operating results. If our operating results do not meet the guidance that we provide to the marketplace or the expectations of securities analysts or investors, the market price of our Class A common stock will likely decline. Fluctuations in our operating results and financial condition may be due to a number of factors, including:
•the portion of our revenue attributable to software licensemaintenance and maintenance feessupport and System operation service fees versus milestone payments for Systemsystem installationdeployment and other sales;
•changes in pricing by us in response to competitive pricing actions;
•the impact of shortages of components, commodities or other materials, including semiconductorssemiconductors, integrated circuits and integrated circuits,batteries, and other supply chain disruptions;
•our ability to control costs, including our operating expensesexpenses, warranty obligations and the costs of the equipment we purchase;
•the timing and success of introductions of new solutions, products or upgrades by us or our competitorssolutions;
•changes in our business and pricing policies or those of our competitors;
•changes in our pricing policies or those of our competitors;
•our ability to protect our patents, copyrights trademarks and trade secrets (“IP”) by obtaining, maintaining, and enforcing our IP rights;
•our ability to obtain, maintain, protect or enforce our intellectual property or proprietary rights (“IP”) and maintain the confidentiality of our trade secrets;
•the amount and timing of expenditures, including those related to expanding our operations, increasing research and development,development and improving facilities and introducing new supply chain automation solutions;
•changes in the payment terms forof our Systemcustomer contracts;
Complex technology will need to be developed,developed and implemented, both in-house and in coordination with our vendors and suppliers, for us to successfully produce and integrate our Systemsystems with our customers’ existing warehouses, and there can be no assurance that they will be successfully developed.developed and implemented.
Our Systemsystems requiresrequire a substantial amount of third-party and proprietary in-house software and complex hardware to be installed and operated in our customers’ warehouses. The development of such advanced technologies is inherently complex and costly, and we will need to coordinate with our vendors and suppliers to produce and integrate our Systemsystems with our customers’ infrastructure. In the future, one or more of our third-party software or hardware providers may choose not to support the operation of their software, software services and infrastructure with our System,systems, or our Systemsystems may not support the capabilities needed to operate with such software, software services and infrastructure.
Defects and errors may be revealed over time (and may not even be known until after our Systemsystems hashave been deployed to our customers) and our control over the performance of third-party services and systems may be limited. We may be unable to develop the necessary technology or meet the technological requirements and production timing to support our business plan. In addition, our System may not comply with the cost, performance useful life and warranty requirements we anticipate in our business plan. As a result, our business plan could be significantly impacted and we may incur significant liabilities under warranty claims, which could adversely affect our business, prospects, financial condition and results of operations.
In addition, our systems may not comply with the cost, performance useful life and warranty requirements we anticipate in our business plan. Our warranty exposure could be exacerbated by the performance of third-party components or integration with customer infrastructure, and we may not always be able to recover related costs from our vendors or suppliers. Warranty obligations may exceed the reserves we have established, requiring us to incur additional unexpected costs. As a result, our business plan could be significantly impacted and we may incur significant liabilities under warranty claims, which could adversely affect our business, prospects, financial condition and results of operations.
We are required to assess our internal control over financial reporting and our management has identified a material weakness. If our remediation of the material weakness is not effective, or we identify additional material weaknesses or other adverse findings in the future, our ability to report our financial condition or results of operations accurately or timely or prevent fraud may be adversely affected, which may result in a loss of investor confidence in our financial reports, significant expenses to remediate any internal control deficiencies, and ultimately have an adverse effect on the trading price of our common stock.
Our management has conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 27, 2025. Based upon this evaluation and those criteria, management concluded that, as of September 27, 2025, the Company’s internal control over financial reporting was not effective due to the identification of a material weakness. As of September 27, 2025, the Company did not effectively design procedures and controls over the timing of the recognition of cost of revenue. This resulted in timing discrepancies on the recognition of cost of revenue. Given that we recognize revenue on a percentage of completion basis, this also resulted in timing discrepancies on the recognition of revenue. This deficiency in internal control over financial reporting constituted a material weakness. For further discussion of this material weakness, see Item 9A. Controls and Procedures. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our success depends on the continuing services of key employees. We believe the depth and quality of the experience of our management team with the retail supply chain, distribution logistics, automation and robotics technology is key to our ability to be successful. The loss of these individuals could materially and adversely affect our business and financial condition.
Changes in laws and regulations related to employees, independent contractors, and temporary personnel may also lead to increased costs, reduced operational flexibility, and adversely affect our ability to staff our operations and manage workforce needs.
Our Systemsystems may not be successful or meet existing or future requirements in customer agreements with existing or future customers.
Our first case picking system became Operational at a customer distribution center in 2012 and our latest version of our case picking system became Operational at a customer distribution center in 2019. Our first BreakPack system became Operational at a customer distribution center in 2025. Since that time, we have continued to refine the robotics technology and capabilities of our systems and anticipate continuing to upgrade our systems and services in the future.
WeOur installed our first System in a customer distribution center in 2012BreakPack and launchedmicro-fulfillment oursystems, latestas Systemwell inas 2019.any Sinceother that time, we have continued to refine the robotics technology and capabilities of our System and anticipate continuing to upgrade our System and related software, services and products in the future. Any System,system, software, service or product we may launch in the futurefuture, may not be well received by our customers, may not help us to generate new customers, may adversely affect the attrition rate of existing customers and may increase our customer acquisition costs and the costs to service our customers. Any revenue we may generate from these or other new Systems, software, services or productsthem may be lower than revenue generated from our existing System, softwaresystems and services and may not be sufficient for us to recoup our development or customer acquisition costs incurred, particularly if launch dates are delayed for any new System, software, services or products or we are unable to scale such System, products, software or services.scale. In addition, BreakPack, and the micro-fulfillment systems, as well as any new System,system, software, services and products may require increased operational expenses or customer acquisition costs and present new and difficult technological and intellectual property challenges that may subject us to claims or complaints if our customers experience installation issues, service disruptions or failures or other quality issues. To the extent any newof System,these software,systems services andor products are not successful, it could have an adverse impact on our business, financial condition, cash flowsflow or results of operations.
The markets in which we participate are competitive. Many companies, including large retail and e-commerce companies, companies that offer point solutions or other comprehensive or specific supply chain functionalities and other companies that focus on automated technologies, may target the markets in which we do business. Additionally, our customers and potential customers may develop in-house solutions that compete with our systems. If we are unable to compete effectively, our sales and profitability could be adversely affected.
We provide systems that offer a comprehensive supply chain automation solution. Accordingly, we compete with a number of companies that offer solutions to the retail distribution market, including companies that offer (i) comprehensive solutions, which are comprised of a disparate set of point solutions such as Witron, Knapp AG, Honeywell, Dematic, Vanderlande, SSI Schaefer and Swisslog; and (ii) solutions that focus exclusively on micro-fulfillment, such as Exotec, Ocado, AutoStore, Geek+, Hai Robotics and Knapp AG. Although we believe that our systems are significantly differentiated, the markets in which we participate may become more competitive in the future.
•our systems’ prices, functionality, performance, ease of use, ease of installation, reliability, availability and cost effectiveness relative to that of our competitors’ products;
•our success in identifying new markets, applications and technologies and evolving our systems to address these markets;
Our customers may also internally develop their own automated solutions for their warehouses. Our market may need further education on the value of automated supply chain solutions and our systems and on how to integrate them into current operations. A lack of understanding as to how our systems operate may cause potential customers to prefer more traditional technologies, limited point solutions or internally developed automated processes or to be cautious about investing in our systems. If we are unable to educate potential customers and change the market’s readiness to accept our technology, then our business, results of operations and financial condition may be harmed.
Management's Discussion & Analysis (MD&A)
New heading “Restructuring Charges”
New heading “Restructuring Charges”
Removed heading “Business Combination”
Removed heading “Warrant Transactions”
Largest changes
•Restructuring charges – Restructuring chargessee in full comparisonrepresentarecharges incurredcosts associated withcertainrestructuringactionsplans and are primarily related toour restructure within the U.S. and Canada. These charges includeemployee severance andrelatedbenefitexpenses for workforce reductions,arrangements, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part ofthesetheactions.restructuring plan. The restructuring charges in fiscal year 2025 represent those charges incurred related to a reduction of our workforce across all areas of the employees that joined the Company’s workforce in connection with the acquisition of ASR. The restructuring charges in fiscal years 2023 and 2024 represent those charges incurred associated with certain actions to restructure parts of the Company within the U.S. and Canada. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.
“We believe that the global supply chain has reached a point of critical stress, driving an inflection in demand for intelligent and scalable automation. As consumer buying habits change, the labor market shifts, and cost of living wages increase, the demand on warehouse workers is becoming overly burdensome. Manual operations are becoming unsustainable and older automation systems are not capable of optimally satisfying modern operational needs. …”see in full comparison
•see in full comparisonEquityInternalmethodcontrolinvestmentremediation –EquityInternalmethodcontrolinvestmentremediationrepresentscostsourrepresentproportionateprofessionalshareservicesoffeesincomerelatedortolosstheofCompany’sunconsolidatedeffortsvariabletointerestremediateentities.material weaknesses. Weexcludeexcludedthisthese fees from our non-GAAP financial measures to provide a useful comparison of our operating resultsto priorbetween periods and to our peer companies because such amounts are not representative of our normal operating activities.
“Our System is based on a unique approach to connecting producers of goods to end users, in a way that resolves the mismatches of quantity, timing and location that arise between the two, while reducing costs. The underlying architecture of our System is what differentiates our solution from anything else in the marketplace. …”see in full comparison
Full comparison: every changed paragraph (92)
Our vision is to make the supply chain work better for everyone. We do this by developing, commercializing, and deploying innovative,innovative and comprehensive technology solutions that dramatically improve supply chain operations. We currently automate the processing of palletspallets, cases and casesitems (known as eaches) in large warehouses or distribution centers for some of the largest retail companies in the world. Our System enhances operations at the front end of the supply chain, and therefore benefit all supply partners further down the chain, irrespective of fulfillment strategy.warehouses.
Our robotic based automation systems, which include hardware and essential software, move, store and sort cases and eaches in warehouses. Our systems are operational in a number of the world’s largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and are being deployed in GreenBox Systems LLC (“GreenBox”), our warehouse-as-a-service joint venture. We have spent significant time working closely with our customers to develop, test and refine our technology. We have approximately $22.5 billion of backlog as of September 27, 2025, of which our agreements with Walmart and GreenBox comprise the vast majority.
We have devoted significant funds and resources to date in developing and diversifying our systems and related applications. Our systems are designed to increase efficiency, speed and flexibility of the supply chain by using proprietary robotics and A.I.-powered software for the movement and storage of goods. Our intellectual property is protected by a portfolio of approximately 1,100 issued and/or pending patents.
We believe that the global supply chain has reached a point of critical stress, driving an inflection in demand for intelligent and scalable automation. As consumer buying habits change, the labor market shifts, and cost of living wages increase, the demand on warehouse workers is becoming overly burdensome. Manual operations are becoming unsustainable and older automation systems are not capable of optimally satisfying modern operational needs. The dramatic growth in e-commerce has increased supply chain complexity by putting pressure on retailers to support multiple sales channels and orders of eaches in addition to cases and pallets. Meanwhile, consumer expectations have evolved to demand a larger variety of items to be delivered quickly and seamlessly. This has placed significant strain on the traditional supply chain and the people who support it. We help our customers thrive in this increasingly challenging environment.
In January 2025, we acquired the Advanced Systems and Robotics (“ASR”) business from Walmart and signed a Master Automation Agreement that provides for the development, manufacture and installation of automated systems for online pickup and delivery at Walmart retail stores (“2025 Walmart MAA”). This acquisition added a new product category for us to address the opportunity for automated fulfillment of customer orders at the local and store level, which supports the growth of e-commerce. Under the 2025 Walmart MAA, as of September 27, 2025, we are operating several micro-fulfillment systems, which we will continue to support. We are in the process of developing an advanced micro-fulfillment system for future deployments.
Our System is based on a unique approach to connecting producers of goods to end users, in a way that resolves the mismatches of quantity, timing and location that arise between the two, while reducing costs. The underlying architecture of our System is what differentiates our solution from anything else in the marketplace. It utilizes fully autonomous robots, collectively controlled by our artificial intelligence (“A.I.”) enabled system software to achieve at scale, real world supply chain improvements that are so compelling that we believe our approach can become the de facto standard approach for how warehouses operate.
On July 23, 2023, we, along with New Symbotic Holdings, and Symbotic US (collectively, the “Symbotic Group”), entered into a Framework Agreement (the “Framework Agreement”) with Sunlight Investment Corp. (“Sunlight”), SVF II Strategic Investments AIV LLC (“SVF” and, together with Sunlight, “SoftBank”), and GreenBox Systems LLC (“GreenBox”), related to the formation of GreenBox as a strategic joint venture between the Symbotic Group and SoftBank, the entry into a Limited Liability Company Agreement of GreenBox and Master Services, License and Equipment Agreement (the “Commercial Agreement”) and issuance of a warrant to purchase Class A Common Stock of Symbotic (the “GreenBox Warrant”). GreenBox was established on July 21, 2023, and will build and automate supply chain networks globally by operating and financing our advanced A.I. and automation technology for the warehouse. We own 35% of GreenBox and SoftBank Group owns 65% of GreenBox.
Business Combination
Refer to Note 1, Organization and Operations to our consolidated financial statements for further details on the historical business organization and formation of Symbotic Inc.
Revenue
We generate revenue through our design and installation of supply chain automation systems to automate customers’ depalletizing, storage, selection, and palletization warehousing processes.processes (“System”). The Systems have both a hardware component and an essential software component that enables the Systems to be programmed to operate within specific customer environments. We enter into contracts with customers that can include various combinations of services to design and install the Systems. These services are generally distinct and accounted for as separate performance obligations. As a result, each customer contract may contain multiple performance obligations. We determine whether performance obligations are distinct based on whether the customer can benefit from the productgood or service on its own or together with other resources that are readily available and whether our commitment to provide the goods or services to the customer is separately identifiable from other promises in the contract.
Systems: We design, assemble, and install Systems and perform configuration of essential software. Systems include the delivery of hardware and an essential software component, sold as either a perpetual or term-based on-premise license, that automate our customers’ depalletizing, storage, selection, and palletization warehousing processes. The hardware and essential software are each not capable of being distinct because our customers cannot benefit from the hardware or software on their own. Accordingly, they are treated as a single performance obligation. Fees for Systems are typically either fixed or cost-plus fixed fee amountsamounts, fixed, or in certain cases, subject to a capped cost amount that are due based on the achievement of a variety of milestones beginning at contract inception through final acceptance. The substantial majority of our software is sold as a perpetual on-premise license, however, we do sell an immaterial amount of term-based on-premise licenses.
The key metrics which describe our SystemSystems from commencement to completion are as follows: (1) “Start” is defined as when we sign a Statement of Work (“SOW”) with a customer; (2) “Deployment” is defined as the period of time following the signed SOW until the acceptance of the System; and (3) “Operational” is defined as achieving acceptance of a System. The majority of Systems revenue occurs during Deployment, and once a System reachesis acceptance,Operational, software maintenance and support begins.
Software Maintenance and Support: “Software Maintenance and Support” is defined as support services that provide our customers with technical support, updates, and upgrades to the software license. Fees for Software Maintenance and Support are typically payable in advance on a quarterly, or annual basis over the term of the Software Maintenance and Support contract, which term can range from one to 15 yearsyears, but,but for a substantial majority of our Software Maintenance and Support contracts,contracts is 15 years.
Operation Services: “Operation Services” is defined as assistance services, which can range from training services to managed services to on-site services we provide our customers operating the System and ensuring user experience is optimized for efficiency and effectiveness. Fees for Operation Services are typically invoiced to our customers on a time and materials basis monthly in arrears or using a fixed fee structure. Also included in Operation Services is revenue generated from the sales of spare parts to our customers as needed to service their System.
Operation Services: Operation Services cost of revenue consists primarily of labor cost for our operations team who is providing assistance services to our customers to run their System within their warehouse.customers. Operation Services cost of revenue also includes the cost of spare parts sold to our customers as needed to service their System. Operation Services cost of revenue is expensed as incurred.
Restructuring Charges
Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of the restructuring plans.
Other income (expense), net primarily consists of dividend and interest income earned on our money market accounts and the impact of foreign currency transaction gains and losses associated with monetary assets and liabilities. Other income (expense) also consists of any gain, losses, or impairments on our strategic investments and derivative instruments.
We are subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to our allocable share of any taxable income or loss of Symbotic Holdings LLC. We also have foreign subsidiaries which are subject to income tax in their local jurisdictions.
As a result of the Business Combination, we were appointed as the sole managing member of Symbotic Holdings. Symbotic Holdings is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and for most applicable state and local income taxes. Any taxable income or loss generated by Symbotic Holdings is passed through to and included in the taxable income or loss of its members, including us, on a pro rata basis, subject to applicable tax regulations. We are subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to our allocable share of any taxable income or loss of Symbotic Holdings. We also have foreign subsidiaries which are subject to income tax in their local jurisdictions. Prior to the close of the Business Combination, our financial reporting predecessor, Legacy Warehouse was treated as a pass-through entity for tax purposes and no provision, except for certain foreign subsidiaries which are taxed in their respective foreign jurisdictions, was made in the consolidated financial statements for income taxes. Any income tax items for the periods prior to the close of the Business Combination are related to the applicable subsidiary companies that are subject to foreign income tax.
The following tables set forth our results of operations for the periods presented and as a percentage of our total revenue for those periods. The data has been derived from the consolidated financial statements contained in this Annual Report on Form 10-K which include, in our opinion, all adjustments, consisting only of normal recurring adjustments, that we consider necessary for a fair statement of the financial position and results of operations for the interim periods presented. The period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods.
The following tables set forth certain consolidated financial data in U.S. dollar amounts and as a percentage of total revenue.
Revenue
Systems revenue increased for the year ended September 27, 2025, as compared to the year ended September 28, 2024, due to there being 50 Systems in Deployment for the fiscal year ended September 27, 2025, as compared to 44 Systems in Deployment for the fiscal year ended September 28, 2024. The increase in Systems revenue was also attributable to the additional revenue generated from the 2025 Walmart MAA for ASR.
Systems revenue increased for the year ended September 28, 2024, as compared to the year ended September 30, 2023, due to 44 Systems in Deployment for the fiscal year ended September 28, 2024, as compared to 35 Systems in Deployment for the fiscal year ended September 30, 2023. The increase in Deployments is primarily due to the continued build out of our Systems included in the Walmart Master Automation Agreement. Pursuant to the Master Automation Agreement, we are installing and implementing our System within all of Walmart’s 42 regional distribution centers. We expect the Master Automation Agreement to continue to generate Systems revenue as we install and implement the Systems at the remaining regional distribution centers through fiscal year 2029.
The increase in Software Maintenance and Support revenue is due to 48 Operational Systems which were under Software Maintenance and Support contracts for the year ended September 27, 2025, as compared to 25 Operational Systems which arewere under Software Maintenance and Support contracts for the year ended September 28, 2024, as compared to 12 Operational Systems which are under Software Maintenance and Support contracts for the year ended September 30, 2023.2024.
The increase in Operation Services revenue is attributable to an increase in Operational Systems where we arewere performing Operation Services for the year ended September 28,27, 2024,2025, as compared to the year ended September 30, 2023. The increase results from the number of Operational Systems we have as well as spare parts sales to our customers for the year ended September 28, 2024, as compared to the year ended September 30, 2023. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected.2024.
The increase results from the number of Operational Systems we have as well as spare parts sales to our customers for the year ended September 27, 2025, as compared to the year ended September 28, 2024. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected.
Systems gross profit increased $40.6$169.8 million for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023.2024. The increase in gross profit is primarily driven by 50 Systems in Deployment during the fiscal year ended September 27, 2025, as compared to 44 Systems in Deployment during the fiscal year ended September 28, 2024,2024. asThe comparedincrease to 35in Systems ingross Deploymentprofit duringwas thefurther fiscaldriven yearby endedlower Septembercost 30,of 2023.revenue resulting from better cost control.
The increase in Software Maintenance and Support gross profit is driven by the revenue from the additional Operational Systems which arewere under Software Maintenance and Support contracts for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023,2024, while costs to perform our Software Maintenance and Support services remained relatively flat.
The increasedecrease in Operation Services gross profit for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023,2024, iswas driven by an increase in theOperation numberServices costs at certain of Operationalour Systemscustomer sites, certain loss contracts where we are performing Operation Services,Services efficiencyexpense improvementexceeded on our existing Systems where we are performing Operation Services,revenue, and a decrease in the mix in the profit generated from the salessale of spare parts.parts to our customers, which was partially offset by additional training services provided to our customers, and services related to the acquisition of ASR.
The decreaseincrease in research and development expenses for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023,2024, is due to the following:
The primary driver for the increase in employee-related costs for the year ended September 27, 2025, as compared to the year ended September 28, 2024, was from an increase in engineering resources assigned to customer projects, which was primarily related to the 2025 Walmart MAA. There was also an increase in the cost for contractors and consultants for the year ended September 27, 2025, as compared to the year ended September 28, 2024, which we use to support our growth.
Employee-related costs decreased primarily as a result of a decrease in stock-based compensation expense and expense incurred for contractors. As we apply the graded-vesting method of expense recognition to all stock-based compensation awards with service-only conditions, lower expense was incurred during the year ended September 28, 2024, as compared to the year ended September 30, 2023, due to the expense recognized during the year ended September 30, 2023 for the issuance of restricted stock to our employees following the Business Combination. Additionally, we experienced a decrease in the expense related to contractors as a result of a combination of hiring full time employees and outsourcing certain business activities to third parties. These decreases were partially offset by an increase in payroll related costs as we continue to grow our software and hardware engineering organizations to support the development of key projects and to support the continued expansion of our A.I. and analytics capabilities.
The increase in prototyping-relatedPrototyping-related costs, allocated overhead expenses, and other duringexpenses increased for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023, is2024, primarily attributable tofrom an increase in allocated overheadprototype expenses fromas selling,we general,implement and administrative expensesefforts to researchexpand andour developmentcurrent expensesproduct resultingofferings, fromas well as an increase in amortization expense attributable to generalthe overheadintangible expensesassets suchthat aswe rentacquired through our asset and otherbusiness occupancyacquisition expenses for the year ended September 28, 2024.transactions.
The decreaseincrease in selling, general, and administrative expenses for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023,2024, is due to the following:
Employee-related costs increased in the year ended September 27, 2025, as compared to the year ended September 28, 2024, primarily as a result of our full-time employee and contractor headcount growth within our selling, general, and administrative functions. We increased our headcount primarily to support our rapid acceleration of System Deployments and business transformation. We incurred incremental costs related to building both shorter-term as well as permanent processes and infrastructure to ramp partnerships and operations.
Allocated overhead and other expenses increased in the year ended September 27, 2025, as compared to the year ended September 28, 2024, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure, as well as an increase in audit, tax, and legal expenses, primarily attributable to increased professional services fees related to strategic acquisitions and our internal controls remediation.
Restructuring Charges
We incurred $22.9 million of restructuring charges for the year ended September 27, 2025 resulting from severance and other benefits expense primarily related to the reduction of workforce across all areas of the employees that joined the Company’s workforce in connection with the acquisition of ASR. A portion of these charges were reimbursed by Walmart in connection with the acquisition of ASR.
Employee-related costs decreased primarily as a result of a decrease in stock-based compensation expense and expense incurred for contractors. As we apply the graded-vesting method of expense recognition to all stock-based compensation awards with service-only conditions, lower expense was incurred during the year ended September 28, 2024, as compared to the year ended September 30, 2023, due to the expense recognized during the year ended September 30, 2023 for the issuance of restricted stock to our employees following the Business Combination. Additionally, we experienced a decrease in the expense related to contractors as a result of a combination of hiring full time employees and outsourcing certain business activities to third parties. These decreases were partially offset by an increase to payroll-related expenses incurred as our business continues to grow.
Allocated overhead and other expenses increased primarily due to an increase in information technology related costs as well as audit and tax expenses as compared to the prior year as our employee base and infrastructure continue to grow.
The increasedecrease in other income, net for the year ended September 28,27, 2024,2025, as compared to the year ended September 30,28, 2023,2024, iswas due to higherless interest income earned onduring investedthe cashyear balancesended andSeptember marketable27, securities2025 asresulting afrom result of increasedlower interest rates andin the current fiscal year, despite a higher cash balance. The decrease in interest income was offset by other income earned on the fair value adjustment recorded during the year ended September 27, 2025 related to our warrants to purchase shares of a supplier.
We recorded an income tax benefit for the year ended September 27, 2025, primarily related to the release of $2.2 million valuation allowance related to our acquisition of ASR, as compared to an expense for the year ended September 28, 2024, which was primarily related to the establishment of $3.9 million of a valuation allowance related to foreign deferred tax asset, as compared to a benefit for the year ended September 30, 2023, which was primarily related to the release of $6.1 million of previously established valuation allowances related to foreign deferred tax assets. Refer to Note 12,11, Income Taxes, for further information.
In addition to providing financial measurements based on generally accepted accounting principles in the United States of America, (“GAAP” or “U.S. GAAP”),GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP, or non-GAAP financial measures. We use these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation, and to evaluate our financial performance. These non-GAAP financial measures are Adjusted EBITDA, Adjusted gross profit, Adjusted gross profit margin, Adjusted research and Freedevelopment expenses, Adjusted selling, general, and administrative expenses, and free cash flow, as discussed below.
We consider Adjusted EBITDA to be an important indicator of the operational strength and performance of our business and a good measure of our historical operating trends. Adjusted EBITDA eliminates items that we do not consider to be part of our core operations. We define Adjusted EBITDA as GAAP net loss excluding the following items: interest income; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; business combination transaction expenses; CEOequity transitionmethod investment; internal control remediation; business transformation costs; fair value adjustments on strategic investments; restructuring charges; joint venture formation fees; restructuring charges; equity financing transaction costs; equity method investment; and other infrequent items that may arise from time to time.
•Business combination transaction expenses – Business combination transaction expenses represent the expenses incurred related to the Business Combination, which we completed on June 7, 2022 as well as other strategic acquisition opportunities. It primarily includes investment banker fees, legal fees, professional fees for accountants, transaction fees, advisory fees, due diligence costs, certain other professional fees, and other direct costs associated with strategic activities. These amounts are impacted by the timing of the Business Combination or other strategic acquisition opportunities which we may pursue. We exclude Businessbusiness combination transaction expenses from our non-GAAP financial measures to provide a useful comparison of our operating results to priorbetween periods and to peer companies because such amounts vary significantly based on the magnitude of the Business Combination transaction and do not reflect our core operations.
•Joint venture formation fees – Joint venture formation fees represent the charges incurred associated with the formation of GreenBox, which was formed on July 21, 2023. It primarily includes investment banker fees, legal fees, transaction fees, advisory fees, and certain other professional fees. We exclude joint venture formation fees from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and peer companies because such amounts vary significantly based on the magnitude of the joint venture and do not reflect our core operations.
•CEO transition charges – CEO transition charges represent the charges incurred associated with the separation agreement we entered into with Michael Loparco in November 2022. We exclude these CEO transition charges from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts are not representative of our normal operating activities.
•Restructuring charges – Restructuring charges representare charges incurredcosts associated with certainrestructuring actionsplans and are primarily related to our restructure within the U.S. and Canada. These charges includeemployee severance and relatedbenefit expenses for workforce reductions,arrangements, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of thesethe actions.restructuring plan. The restructuring charges in fiscal year 2025 represent those charges incurred related to a reduction of our workforce across all areas of the employees that joined the Company’s workforce in connection with the acquisition of ASR. The restructuring charges in fiscal years 2023 and 2024 represent those charges incurred associated with certain actions to restructure parts of the Company within the U.S. and Canada. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.
•Equity financing transaction costs – Equity financing transaction costs represent the costs incurred, including for legal and accountant fees, transaction fees, advisory fees, due diligence costs, and certain other professional fees that are directly related to our equity financing transaction which occurred in February 2024. We exclude these costs from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts are not representative of our normal operating activities.
•EquityInternal methodcontrol investmentremediation – EquityInternal methodcontrol investmentremediation representscosts ourrepresent proportionateprofessional shareservices offees incomerelated orto lossthe ofCompany’s unconsolidatedefforts variableto interestremediate entities.material weaknesses. We excludeexcluded thisthese fees from our non-GAAP financial measures to provide a useful comparison of our operating results to priorbetween periods and to our peer companies because such amounts are not representative of our normal operating activities.
•Business transformation costs – Business transformation costs represent consultancy fees incurred for specific business initiatives that do not reflect the cost of normal business operations. We excluded these costs from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to our peer companies because such amounts are not representative of our normal operating activities.
•Fair value adjustments on strategic investments – Fair value adjustments on strategic investments primarily consist of the gain or loss on strategic investments, which includes recurring fair value adjustments which are adjusted for observable price changes and any potential impairments. See Note 13, Fair Value Measures, included in this report for additional information on our strategic investment activity. We exclude fair value adjustments on strategic investments given the volatility in ongoing adjustments to the valuation of these strategic investments and because such adjustments are unrelated to the operating performance of our business.
•Equity method investment – Equity method investment represents our proportionate share of income or loss of unconsolidated variable interest entities. We exclude this from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to our peer companies because such amounts are not representative of our normal operating activities.
•CEO transition costs – CEO transition costs represent the costs incurred during 2023 associated with the separation agreement we entered into with Michael Loparco in November 2022. We exclude these transition costs from our non-GAAP financial measures because such amounts are not representative of our normal operating activities.
•Joint venture formation fees – Joint venture formation fees represent the charges incurred associated with the formation of GreenBox, which was established on July 21, 2023. It primarily includes investment banker fees, legal fees, transaction fees, advisory fees, and certain other professional fees. We exclude joint venture formation fees from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and peer companies because such amounts do not reflect our core operations.
•Equity financing transaction costs – Equity financing transaction costs represent the costs incurred, including for legal, professional fees for accountants, transaction fees, advisory fees, due diligence costs, and certain other professional fees that are directly related to an equity financing transaction. We excluded these costs from our non-GAAP financial measures to provide a useful comparison of our operating results between periods and to our peer companies because such amounts are not representative of our normal operating activities.
We consider Adjusted gross profit and Adjusted gross profit margin to be important indicators of profitability,profitability which we use in our financial and operational decision-making and evaluation of our overall operating performance. We define Adjusted gross profit, a non-GAAP financial measure, as GAAP gross profit excluding the following items: depreciation, stock-based compensation expense,compensation, and restructuring charges. We define Adjusted gross profit margin, a non-GAAP financial measure, as non-GAAP Adjusted gross profit divided by total revenue. The following table reconciles GAAP gross profit to Adjusted gross profit and gross profit margin to Adjusted gross profit margin during the periods presented (dollars in thousands):
What changed in the latest 10-Q
Risk Factors
We are subject to various risks and uncertainties in the course of our business. For a detailed discussion of these risks, please see the section in our Annual Report on Form 10-K filed with the SEC on November 24, 2025 titled “Risk Factors”. Any of the matters highlighted in those risk factors could adversely affect our business, results of operations and financial condition.
Full comparison: every changed paragraph (1)
We are subject to various risks and uncertainties in the course of our business. For a detailed discussion of these risks, please see the section in our Annual Report on Form 10-K filed with the SEC on November 24, 2025 titled “Risk Factors”. Any of the matters highlighted in those risk factors could adversely affect our business, results of operationoperations and financial condition.
Management's Discussion & Analysis (MD&A)
Largest changes
Employee-related costssee in full comparisonremained relatively flatdecreased for the three months endedMarchJune28,27, 2026, as compared to the three months endedMarchJune29,28, 2025.WeThehaddecreaseaninincreaseemployee-related costs was primarily driven by a decrease in stock-based compensation expensedueastowellincrementalasgrantscostmadesavingsforrealized from thethree months ended March 28, 2026, as compared to the three months ended March 29, 2025. This increase was partially offset by a decrease in payroll-related expenses for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025, driven by the reduction in forcerestructuring which occurred in thefirstthird quarter of fiscal year2026.2025.
•Restructuring charges – Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of the restructuring plan. The restructuring charges in fiscal year 2025 represent those charges incurred related to a reduction of our workforce across all areas of the employees that joined our workforce in connection with the ASR Acquisition. The restructuring charges in fiscal year 2026 represent those charges incurred related to a reduction of our workforce across the organization to align resource investment to business needs. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.see in full comparison
Three andsee in full comparisonSixNine Months EndedMarchJune28,27, 2026 Compared to the Three andSixNine Months EndedMarchJune29,28, 2025
“The increase in other income, net for the nine months ended June 27, 2026, as compared to the nine months ended June 28, 2025, was primarily due to an increase in fair value adjustments made on certain of our strategic investments for observable price changes in the nine months ended June 27, 2026, as compared to the nine months ended June 28, 2025. …”see in full comparison
“The decrease in other income, net for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025, was primarily due to the fair value adjustment made in the three months ended March 29, 2025 when such adjustment did not occur in the three months ended March 28, 2026. This decrease was partially offset by an increase in interest income due to higher interest earned on invested cash balances for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025.”see in full comparison
During thesee in full comparisonsixnine months endedMarchJune28,27, 2026, we received net proceeds of $424.3 million from the issuance of Class A common stock upon completion of our equity financing transaction in December 2025. Additionally, we received proceeds from the issuance of common stock under our ESPP of $3.9 million. These proceeds were offset by $1.2 million in distributions to or on behalf of Symbotic Holdings partners to fund all or part of their obligations with respect to the taxable income of Symbotic Holdings that is allocated to them. No other significant financing activities occurred during thesixnine months endedMarchJune28,27, 2026.
Full comparison: every changed paragraph (56)
Our robotic based automation systems, which include hardware and essential software, move, store and sort cases and eaches in warehouses. Our systems are operational in a number of the world’s largest retailers, including Walmart, wholesale distributors, including C&S Wholesale Grocers, and are being deployed in GreenBox Systems LLC, which is now doing business as Exol (“Exol”), our warehouse-as-a-service joint venture. We have spent significant time working closely with our customers to develop, test and refine our technology. We have approximately $22.7$22.5 billion of backlog as of MarchJune 28,27, 2026, of which our agreements with Walmart and Exol comprise the vast majority.
We have devoted significant funds and resources to date in developing and diversifying our systems and related applications. Our systems are designed to increase efficiency, speed and flexibility of the supply chain by using proprietary robotics and A.I.-powered software for the movement and storage of goods. Our intellectual property is protected by a portfolio of approximately 1,100 issued and/or pending patents.patents as of September 27, 2025.
In January 2025, we acquired the Advanced Systems and Robotics (“ASR”) business from Walmart and signed a Master Automation Agreement that provides for the development, manufacture and installation of automated systems for online pickup and delivery at Walmart retail stores (“2025 Walmart MAA”). This acquisition added a new product category for us to address the opportunity for automated fulfillment of customer orders at the local and store level, which supports the growth of e-commerce. Under the 2025 Walmart MAA, as of MarchJune 28,27, 2026, we are operating several micro-fulfillment systems, which we will continue to support. We are in the process of developing an advanced micro-fulfillment system for future deployments.
Other income (expense), net primarily consists of dividend and interest income earned on our money market accountsaccounts, the impact of unrealized gains and losses on certain securities held, and the impact of foreign currency transaction gains and losses associated with monetary assets and liabilities.
Results of Operations for the Three and SixNine Months Ended MarchJune 28,27, 2026 and MarchJune 29,28, 2025
Three and SixNine Months Ended MarchJune 28,27, 2026 Compared to the Three and SixNine Months Ended MarchJune 29,28, 2025
Systems revenue increased during the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, due to there being 7077 Systems in Deployment during the fiscal quarter ended MarchJune 28,27, 2026, as compared to 46 Systems in Deployment during the same quarter of fiscal 2025.
The increase in Software Maintenance and Support revenue is due to 5256 Operational Systems which are under Software Maintenance and Support contracts for the three months ended MarchJune 28,27, 2026, as compared to 3742 Operational Systems which were under Software Maintenance and Support contracts for the three months ended MarchJune 29,28, 2025.
The decreaseincrease in Operation Services revenue is primarily attributable to aan decreaseincrease in trainingthe servicesnumber providedof toOperational ourSystems customerswhere we are performing Operation Services for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025.
Systems revenue increased during the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, due to additional revenue generated from the 2025 Walmart MAA and there being 7077 Systems in Deployment during the sixnine months ended MarchJune 28,27, 2026, as compared to 46 Systems in Deployment during the samenine quartermonths ofended fiscalJune 28, 2025.
The increase in Software Maintenance and Support revenue is due to 5256 Operational Systems which are under Software Maintenance and Support contracts for the sixnine months ended MarchJune 28,27, 2026, as compared to 3742 Operational Systems which were under Software Maintenance and Support contracts for the sixnine months ended MarchJune 29,28, 2025.
The increase in Operation Services revenue is attributable to an increase in the number of Operational Systems where we are performing Operation Services for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, partially offset by a decrease in training services provided to our customers. As we continue to increase the number of Operational Systems, an increase in the number of Operation Services contracts is expected.
The following table sets forth our gross profit for the three months ended MarchJune 28,27, 2026 and MarchJune 29,28, 2025:
Systems gross profit increased $37.4$42.2 million for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025. The increase in Systems gross profit is primarily driven by ourthere capturebeing of the increasing value we are driving for customers as well as the 7077 Systems in Deployment during the three months ended MarchJune 29,27, 2025,2026, as compared to 46 Systems in Deployment during the three months ended MarchJune 29,28, 2025.2025 as well as our capture of the increasing value we are driving for customers. The increase in Systems gross profit was further driven by continued strong project execution and cost discipline, partially offset by increased tariff expenses as tariff regulations continue to evolve and increased warranty expense.evolve.
The increase in Software Maintenance and Support gross profit is driven by the revenue from the additional Operational Systems which are under Software Maintenance and Support contracts for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, while costs to perform our maintenance and support services remained relatively flat.
The decreaseincrease in Operation Services gross profit for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, is driven by an increasedincrease costin fortraining services provided to our managed services portfolio. This cost increase resultedcustomers in aconnection decreased margin, which was partially offset bywith the increase in the number of Operational SystemsSystems, fromas well as the priorsale year.of spare parts to our customers.
The following table sets forth our gross profit for the sixnine months ended MarchJune 28,27, 2026 and MarchJune 29,28, 2025:
Systems gross profit increased $74.7$116.9 million for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025. The increase in Systems gross profit is primarily driven by our capture of the increasing value we are driving for customers as well as the 7077 Systems in Deployment during the sixnine months ended MarchJune 29,27, 2025,2026, as compared to 46 Systems in Deployment during the sixnine months ended MarchJune 29,28, 2025. The increase in Systems gross profit was further driven by continued strong project execution and cost discipline, partially offset by increased tariff expenses as tariff regulations continue to evolve, and increased warranty expense.
The increase in Software Maintenance and Support gross profit is driven by the revenue from the additional Operational Systems which are under Software Maintenance and Support contracts for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, while costs to perform our maintenance and support services remained relatively flat.
The increase in Operation Services gross profit for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, is primarily driven by operational efficiencies and an increase in the number of Operational Systems from the prior year.
The decrease in research and development expenses for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, is due to the following:
Employee-related costs remained relatively flatdecreased for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025. WeThe haddecrease anin increaseemployee-related costs was primarily driven by a decrease in stock-based compensation expense dueas towell incrementalas grantscost madesavings forrealized from the three months ended March 28, 2026, as compared to the three months ended March 29, 2025. This increase was partially offset by a decrease in payroll-related expenses for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025, driven by the reduction in forcerestructuring which occurred in the firstthird quarter of fiscal year 2026.2025.
Prototyping-related costs, allocated overhead expenses, and other expenses decreased for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, primarily from athere decreasebeing infewer prototype-relateddeveloped coststechnology intangible assets with remaining amortization for the three months ended June 27, 2026 as wecompared haveto completedthe olderthree researchmonths andended developmentJune projects,28, while costs for current research and development projects require fewer prototypes.2025.
The decrease in research and development expenses for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, is due to the following:
Employee-related costs decreased for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025. The primary driver in the decrease to employee-related costs for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, was from an increase in engineering resources assigned to customer projects, which was primarily related to the 2025 MAA.
Prototyping-related costs, allocated overhead expenses, and other expenses decreased for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, primarily from a decrease in prototype-related costs as we have completed older research and development projects, while costs for current research and development projects require fewer prototypes. This decrease was partially offset by an increase in amortization expense attributable to the intangible assets that we acquired through our asset and business combination transactions.
The increase in selling, general, and administrative expenses for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, is due to the following:
Employee-related costs increased in the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, primarily as a result of our full-time employee and contractor headcount growth within our selling, general, and administrative functions. We increased our headcount primarily to support ourthe rapidincreased accelerationnumber of DeploymentsSystems in Deployment and business transformation. We incurred incremental costs related to building both shorter-term as well as permanent processes and infrastructure to ramp partnerships and operations.
Allocated overhead and other expenses increased in the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure. This increase was partially offset by a decrease in legal expenses from the prior year as we incurred more legal expenses related to our internal controls remediation and acquisition activity for the three months ended MarchJune 29,28, 2025.
The increase in selling, general, and administrative expenses for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, is due to the following:
Employee-related costs increased in the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, primarily as a result of our full-time employee and contractor headcount growth within our selling, general, and administrative functions. We increased our headcount primarily to support ourthe rapidincreased accelerationnumber of SystemSystems Deploymentsin Deployment and business transformation. We incurred incremental costs related to building both shorter-term as well as permanent processes and infrastructure to ramp partnerships and operations.
Allocated overhead and other expenses remained flatincreased in the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, primarily due to an increase in information technology related costs to support growth within our employee base and infrastructure as well as an increase in rent and property tax as we have increased our number of properties as we expand into other locations. This increase was partially offset by a decrease in legal expenses from the prior year as we incurred more legal expenses related to our internal controls remediation and acquisition activity for the sixnine months ended MarchJune 29,28, 2025.
The decrease in other income, net for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025, was primarily due to the fair value adjustment made in the three months ended March 29, 2025 when such adjustment did not occur in the three months ended March 28, 2026. This decrease was partially offset by an increase in interest income due to higher interest earned on invested cash balances for the three months ended March 28, 2026, as compared to the three months ended March 29, 2025.
The increase in other income, net for the sixthree months ended MarchJune 28,27, 2026, as compared to the sixthree months ended MarchJune 29,28, 2025, was primarily due to higherfair interestvalue earnedadjustments made on investedcertain cashof balancesour strategic investments for observable price changes in the sixthree months ended MarchJune 28,27, 2026, aswhen comparedsuch toobservable price changes were not present in the sixthree months ended MarchJune 29,28, 2025.
The increase in other income, net for the nine months ended June 27, 2026, as compared to the nine months ended June 28, 2025, was primarily due to an increase in fair value adjustments made on certain of our strategic investments for observable price changes in the nine months ended June 27, 2026, as compared to the nine months ended June 28, 2025. Additionally, the increase in other income, net for the nine months ended June 27, 2026, as compared to the nine months ended June 28, 2025, was due to higher interest earned on invested cash balances for the nine months ended June 27, 2026, as compared to the nine months ended June 28, 2025.
The increasedecrease in income tax expense for the three months ended MarchJune 28,27, 2026, as compared to the three months ended MarchJune 29,28, 2025, is attributable to the expense related to current international and state income taxes which were offset in fiscal year 2025 by a partial release of the valuation allowance in connection with the ASR Acquisition.taxes.
The increase in income tax expense for the sixnine months ended MarchJune 28,27, 2026, as compared to the sixnine months ended MarchJune 29,28, 2025, is attributable to the expense related to current international and state income taxestaxes. which were offset inIn fiscal year 20252025, the expense incurred was offset by a partial release of the valuation allowance in connection with the ASR Acquisition.
•Restructuring charges – Restructuring charges are costs associated with restructuring plans and are primarily related to employee severance and benefit arrangements, lower of cost and net realizable value adjustments to inventory and long-lived assets that will no longer be used in operations, and termination fees for any contracts cancelled as part of the restructuring plan. The restructuring charges in fiscal year 2025 represent those charges incurred related to a reduction of our workforce across all areas of the employees that joined our workforce in connection with the ASR Acquisition. The restructuring charges in fiscal year 2026 represent those charges incurred related to a reduction of our workforce across the organization to align resource investment to business needs. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect future expected operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.
•Internal control remediation – Internal control remediation costs represent professional services fees related to the Company’sour efforts to remediate internal control material weaknesses. We excluded these fees from our non-GAAP financial measures to provide a useful comparison of our operating results to prior periods and to our peer companies because such amounts are not representative of our normal operating activities.
The following table reconciles GAAP net income (loss) to Adjusted EBITDA for the three and sixnine months ended MarchJune 28,27, 2026 and MarchJune 29,28, 2025 (in thousands):
As of MarchJune 28,27, 2026, our principal sources of liquidity were cash received from customers upon the inception and continuation of contracts to install Systems.
The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the sixnine months ended MarchJune 28,27, 2026 and MarchJune 29,28, 2025:
Our net cash provided by operating activities consists of net income (loss) adjusted for certain non-cash items, including depreciation and amortization, foreign currency gains and losses, loss on disposal of assets, provision for excess and obsolete inventory, and stock-based compensation, as well as changes in operating assets and liabilities. The primary changes in working capital items, such as the changes in accounts receivable and deferred revenue, result from the difference in timing of payments from our customers related to System Deployments and the associated costs incurred by us to fulfill the System performance obligation. This may result in an operating cash flow source or use for the period, depending on the timing of payments received as compared to the fulfillment of the System performance obligation.
Net cash provided by operating activities was $452.9$305.6 million during the sixnine months ended MarchJune 28,27, 2026. Net cash provided by operating activities was primarily due to our net income of $22.8$77.8 million adjusted for non-cash items of $139.2$189.4 million, primarily consisting of $20.0$142.9 million stock-based compensation, $30.3 million depreciation and amortization, $94.5 million stock-based compensation, and $9.6$13.8 million provision for excess and obsolete inventory,inventory offsetas bywell as cash provided by operating assets and liabilities of $290.9$38.3 million. Cash provided by operating assets and liabilities of $290.9$38.3 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers.
Net cash provided by operating activities was $474.6$278.1 million during the sixnine months ended MarchJune 29,28, 2025. Net cash provided by operating activities was primarily due to our net loss of $26.7$47.9 million adjusted for non-cash items of $76.2$134.8 million, primarily consisting of $18.0$92.3 million stock-based compensation, $31.0 million depreciation and amortization, $55.5 million stock-based compensation, offset by cash provided by operating assets and liabilities of $425.1$191.1 million. Cash provided by operating assets and liabilities of $425.1$191.1 million was primarily driven by net working capital changes, including the timing of cash payments to vendors and cash receipts from customers, an increase in inventory purchases to meet our installation timeline for our customer’scustomers’ Deployments in connection with the Walmart MAA and other customer contracts, as well as an increase in deferred revenue resulting from an increase in the number of Deployments.
Net cash and cash equivalents used in investing activities during the sixnine months ended MarchJune 28,27, 2026 consisted of $45.4$62.8 million of purchased property and equipment and $70.0$123.2 million of cash paid for strategic investments, which includes our investment in our unconsolidated variable interest entity, Exol.Exol, and cash paid for business and asset acquisitions of $20.2 million. No other significant investing activities occurred during the sixnine months ended MarchJune 28,27, 2026.
Net cash and cash equivalents providedused byin investing activities during the sixnine months ended MarchJune 29,28, 2025 consisted of $27.9$42.8 million of purchased property and equipment and $18.0$42.2 million related to acquisitions of strategic investments, which includes our investment in our unconsolidated variable interest entity, Exol, and cash paid for the acquisition of ASR of $200.0$141.8 million.
During the sixnine months ended MarchJune 28,27, 2026, we received net proceeds of $424.3 million from the issuance of Class A common stock upon completion of our equity financing transaction in December 2025. Additionally, we received proceeds from the issuance of common stock under our ESPP of $3.9 million. These proceeds were offset by $1.2 million in distributions to or on behalf of Symbotic Holdings partners to fund all or part of their obligations with respect to the taxable income of Symbotic Holdings that is allocated to them. No other significant financing activities occurred during the sixnine months ended MarchJune 28,27, 2026.
During the sixnine months ended MarchJune 29,28, 2025, we paid taxes of $3.0 million related to net share settlement of RSUs and we also paid $1.2 million in distributions to or on behalf of Symbotic Holdings partners to fund all or part of their obligations with respect to the taxable income of Symbotic Holdings that is allocated to them. These payments were offset by proceeds received from the issuance of common stock under our ESPP of $3.2 million. No other significant financing activities occurred during the nine months ended June 28, 2025.
Our cash flows from operations along with equity infusions have historically been sufficient to fund our operating activities and other cash requirements. At MarchJune 28,27, 2026, we had a cash and cash equivalents balance of $2,009.4$1,746.4 million. Our cash requirements for the three and sixnine months ended MarchJune 28,27, 2026 were primarily related to inventory purchases in order to deliver our Systems to our customers in an orderly manner in line with our installation timeline, and acquisitions of strategic investments to expand our investment profile.
Based on our present business plan, we expect our current cash and cash equivalents, working capital, and our forecasted cash flows from operations to be sufficient to meet our foreseeable cash needs for at least the next 12 months. Our foreseeable cash needs, in addition to our recurring operating expenses, include our expected capital expenditures to support expansion of our infrastructure and workforce, potential strategic acquisitions, capital calls that may arise from time to time from Exol, and minimum contractual obligations. Contractual obligations are cash that we are obligated to pay as part of certain contracts that we have entered into during our course of business. Our contractual obligations consist of operating lease liabilities that are included in our condensed consolidated balance sheet and vendor commitments associated with agreements that are legally binding. Our operating lease cash requirements have not changed materially since September 27, 2025, and are disclosed within Note 5, Leases, included elsewhere in this Quarterly Report on Form 10-Q.
The following table summarizes our current and long-term material cash requirements as of MarchJune 28,27, 2026 for our vendor commitments:
Other than the change in accounting principle disclosed below, there have been no significant changes in our critical accounting policies and estimates during the sixnine months ended MarchJune 28,27, 2026, as compared to the critical accounting policies and estimates disclosed in the audited consolidated financial statements and related notes thereto as of and for the year ended September 27, 2025, which are included within the Annual Report on Form 10-K filed with the SEC on November 24, 2025.
In the first quarter of fiscal year 2026, we changed our stock-based compensation policy for recognizing expense for graded vesting awards with only service conditions from the accelerated attribution method to the straight-line attribution method. In connection with the Business Combination in June 2022, we granted RSUs with accelerated vesting terms. As those initial RSU awards with accelerated vesting terms have fully vested since the Business Combination, we believe the straight-line attribution method for stock-based compensation expense for awards solely subject to time-based vesting conditions is the preferable accounting policy in accordance with ASC Topic 718, Compensation - Stock Compensation,718 because it more accurately reflects how our ongoing equity awards are earned over the service period and is the predominant method used in itsour industry. With the transition from the accelerated attribution method to the straight-line attribution method, we no longer consider stock-based compensation related to our service-based RSUs to be a critical accounting policy.
As of MarchJune 28,27, 2026, we had no off-balance sheet arrangements as defined in Instruction 8 to Item 303(b) of Regulation S-K.
For information on recent accounting pronouncements, see RecentlyNote Issued2, Summary of Significant Accounting PronouncementsPolicies and- Recently AdoptedRecent Accounting Pronouncements in the notes to the unaudited condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.
SYM insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 29 filings (9 insiders, 21 trade dates, 11,410,768 shares, about $575.3M; 16 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -11,410,768 (purchases minus sales); net value about -$575.3M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-05 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-10-05 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-10-05 | Krasnow Todd |
Open-market sale |
1,753 | $42.67 | $74.8K |
| 2026-10-05 | Krasnow Todd |
Open-market sale |
247 | $43.03 | $10.6K |
| 2026-10-01 | Kane Charles |
Other |
2,000 | — | — |
| 2026-10-01 | Kane Charles |
Other |
2,000 | — | — |
| 2026-10-01 | Kane Charles |
Open-market sale |
1,100 | $42.72 | $47.0K |
| 2026-10-01 | Kane Charles |
Open-market sale |
900 | $43.72 | $39.3K |
| 2026-09-10 | Ladensohn David A |
Other | 200,000 | — | — |
| 2026-09-10 | Ladensohn David A |
Other | 200,000 | — | — |
| 2026-09-10 | Ladensohn David A |
Gift | 231,896 | — | — |
| 2026-09-10 | Ladensohn David A |
Gift | 373,896 | — | — |
| 2026-09-08 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-09-08 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-09-08 | Krasnow Todd |
Open-market sale |
1,489 | $43.46 | $64.7K |
| 2026-09-08 | Krasnow Todd |
Open-market sale |
511 | $43.88 | $22.4K |
| 2026-09-01 | Kane Charles |
Other |
2,000 | — | — |
| 2026-09-01 | Kane Charles |
Other |
2,000 | — | — |
| 2026-09-01 | Kane Charles |
Open-market sale |
2,000 | $39.00 | $78.0K |
| 2026-08-26 | Ross Andrew D |
Option exercise | 2,568 | — | — |
| 2026-08-24 | Kuffner James |
Open-market sale | 3,952 | $40.59 | $160.4K |
| 2026-08-23 | Kuffner James |
Option exercise | 9,748 | — | — |
| 2026-08-03 | Kane Charles |
Other |
2,000 | — | — |
| 2026-08-03 | Kane Charles |
Other |
2,000 | — | — |
| 2026-08-03 | Kane Charles |
Open-market sale |
2,000 | $43.21 | $86.4K |
| 2026-08-03 | Krasnow Todd |
Open-market sale |
598 | $44.80 | $26.8K |
| 2026-08-03 | Krasnow Todd |
Open-market sale |
48 | $46.22 | $2.2K |
| 2026-08-03 | Krasnow Todd |
Open-market sale |
194 | $43.76 | $8.5K |
| 2026-08-03 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-08-03 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-08-03 | Krasnow Todd |
Open-market sale |
1,160 | $45.73 | $53.0K |
| 2026-07-27 | Martins Izilda P |
Open-market sale | 27,463 | $40.80 | $1.1M |
| 2026-07-27 | Boyd William M Iii |
Open-market sale |
3,494 | $41.46 | $144.9K |
| 2026-07-27 | Boyd William M Iii |
Open-market sale |
5,700 | $40.79 | $232.5K |
| 2026-07-24 | Alexander Brian Daniel |
Open-market sale | 9,130 | $40.30 | $367.9K |
| 2026-07-24 | Freve Maria G |
Open-market sale | 2,244 | $40.28 | $90.4K |
| 2026-07-24 | Kuffner James |
Open-market sale | 18,987 | $40.38 | $766.7K |
| 2026-07-23 | Martins Izilda P |
Option exercise | 59,134 | — | — |
| 2026-07-23 | Boyd William M Iii |
Option exercise |
6,285 | — | — |
| 2026-07-23 | Boyd William M Iii |
Option exercise |
2,909 | — | — |
| 2026-07-23 | Alexander Brian Daniel |
Option exercise | 20,512 | — | — |
| 2026-07-23 | Freve Maria G |
Option exercise | 3,457 | — | — |
| 2026-07-23 | Freve Maria G |
Option exercise | 1,144 | — | — |
| 2026-07-23 | Kuffner James |
Option exercise | 47,923 | — | — |
| 2026-07-06 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-07-06 | Krasnow Todd |
Open-market sale |
182 | $44.41 | $8.1K |
| 2026-07-06 | Krasnow Todd |
Open-market sale |
1,818 | $43.87 | $79.8K |
| 2026-07-06 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-07-01 | Boyd William M Iii |
Open-market sale |
5,115 | $45.15 | $230.9K |
| 2026-07-01 | Kane Charles |
Open-market sale |
2,000 | $44.90 | $89.8K |
| 2026-07-01 | Kane Charles |
Other |
2,000 | — | — |
| 2026-07-01 | Kane Charles |
Other |
2,000 | — | — |
| 2026-06-01 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-06-01 | Krasnow Todd |
Open-market sale |
1,101 | $47.90 | $52.7K |
| 2026-06-01 | Krasnow Todd |
Open-market sale |
348 | $47.02 | $16.4K |
| 2026-06-01 | Krasnow Todd |
Other |
2,000 | — | — |
| 2026-06-01 | Krasnow Todd |
Open-market sale |
68 | $48.51 | $3.3K |
| 2026-06-01 | Krasnow Todd |
Open-market sale |
483 | $45.97 | $22.2K |
| 2026-06-01 | Kane Charles |
Open-market sale |
2,000 | $45.99 | $92.0K |
| 2026-06-01 | Kane Charles |
Other |
2,000 | — | — |
Well-known investors holding SYM (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Baillie Gifford | 2026-06-30 | 12,263,759 | $551.3M | 0.5% | Reduced 2% |
| Two Sigma Investments | 2026-06-30 | 1,410,103 | $63.4M | 0.05% | Added 50% |
| Renaissance Technologies | 2026-06-30 | 960,100 | $43.2M | 0.06% | Added 34% |
| ARK Investment Management (Cathie Wood) | 2026-06-30 | 796,749 | $35.8M | 0.23% | Added 2% |
| Millennium Management (Israel Englander) | 2026-06-30 | 770,980 | $34.7M | 0.02% | Added 116% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 400,546 | $18.0M | 0.03% | Added 94% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 255,657 | $11.5M | 0.01% | Reduced 59% |
| Bridgewater Associates | 2026-06-30 | 183,975 | $8.3M | 0.03% | Added 4% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 59,615 | $2.7M | 0.0% | Added 22% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 5,407 | $287.7K | — | Sold out |
| D. E. Shaw & Co. | 2026-06-30 | 5,478 | $246.2K | 0.0% | Reduced 98% |