Reports Q4 revenue $213.4B, consensus $211.23B. Operating income increased to $25.0B in the fourth quarter, compared with $21.2B in fourth quarter 2024. Fourth quarter 2025 operating income includes three special charges-$1.1B for the resolution of tax disputes associated with the stores business in Italy, and the settlement of a lawsuit, $730M in estimated severance costs, and $610M in asset impairments primarily related to physical stores. Without these charges, operating income would have been $27.4B, the company stated.
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