KFORCE INC
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
KFRC$54.15-2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0000930420-26-000063
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0000930420-26-000074
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 72 previous paragraphs and 73 current paragraphs.
38 unchanged; 30 reworded; 5 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
•Direct Hire revenue for the nine months ended September 30, 2026 increased 3.0% to $20.3 million from $19.7 million in the comparable period in 2025.
Current report
We were pleased to have delivered another quarter of accelerating revenue and earnings growth in the third quarter of 2026. We believe our performance reflects the continuing build of momentum that began in the second half of 2025, as evidenced by another quarter of sequential growth, and is further accentuated by delivering a year-over-year growth rate in our Technology business of nearly 8% that is roughly equivalent to our pre-pandemic compound annual growth rate. There has been considerable debate about whether AI tools and technologies will constrain demand across our sector. Across Kforce’s 64-year history, we have navigated—and helped our clients navigate—several defining periods of technological change, from mainframe and personal computing and the internet to mobile technology and cloud computing. We witnessed that each transition reshaped the labor market, yet it also created new opportunities as workers, particularly technology professionals, developed new skills and adapted to evolving demands. Over time, these cycles ultimately expanded the number and breadth of technology-related roles.
Current report
•FA Flex gross profit margins decreased 20 basis points for the three months ended September 30, 2026 as compared to the same period in 2025, which was primarily driven by higher healthcare costs, partially offset by improved bill and pay spreads. FA Flex gross profit margins increased 30 basis points for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily driven by improved bill and pay spreads. In the fourth quarter, we expect FA Flex gross profit margins to decline slightly due to seasonality on a sequential basis.
Current report
SG&A expenses as a percentage of revenue decreased 120 and 10 basis points for the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025.
Current report
We have gained leverage from adjustments to headcount levels and refinements in our organizational structure. We also recorded a gain on a company-owned life insurance policy during the three months ended September 30, 2026. The nine months ended September 30, 2026 were impacted by the aforementioned items, but partially offset by an increase in healthcare costs and higher performance-based compensation costs due to improved financial performance.
Removed paragraphs (4)
Previous report
•Direct Hire revenue for the six months ended June 30, 2026 increased 2.1% to $13.6 million from $13.4 million in the comparable period in 2025.
Previous report
There has been considerable discussion about whether our Firm and the broader sector can continue to deliver revenue growth given the much-speculated negative demand impact of AI tools and technologies. We are pleased to report that we have delivered three consecutive quarters of financial performance that have exceeded pre-pandemic and pre-AI averages. The revenue improvment that we have experienced in our business in the first half of 2026 is consistent with the improving macro demand environment for talent. Key indicators including the Institute for Supply Management (“ISM”) Services Purchasing Managers’ Index (“PMI”), American Staffing Association’s (“ASA”) Staffing Index and the Staffing Industry Analysts (“SIA”) Bullhorn Staffing Indicator have strengthened over the last several months. In addition, while overall U.S. job growth has moderated in recent months, recent gains have been increasingly concentrated in professional and business services, which are far more aligned to Kforce’s end markets than the growth drivers over the past couple of years.
Previous report
•FA Flex gross profit margins increased 60 and 70 basis points for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, which was primarily driven by improved bill and pay spreads and lower healthcare costs. In the third quarter, we expect FA Flex gross profit margins to remain fairly stable sequentially and year over year.
Previous report
SG&A as a percentage of revenue increased 50 basis points for the three and six months ended June 30, 2026, as compared to the same periods in 2025, which is primarily driven by higher performance-based compensation costs due to improved financial performance.
Reworded paragraphs (30)
Previous wording
The following is an executive summary of what Kforce believes are highlights as of and for the six months ended June 30, 2026, which should be considered in the context of the additional discussions herein and in conjunction with the unaudited condensed consolidated financial statements and notes thereto.
Current wording
The following is an executive summary of what Kforce believes are highlights as of and for the nine months ended September 30, 2026, which should be considered in the context of the additional discussions herein and in conjunction with the unaudited condensed consolidated financial statements and notes thereto.
Previous wording
•Revenue for the six months ended June 30, 2026 increased 2.3% to $679.7 million from $664.3 million in the comparable period in 2025. Revenue increased 2.1% and 4.9% for Technology and FA, respectively, primarily driven by increases in consultants on assignment.
Current wording
•Revenue for the nine months ended September 30, 2026 increased 4.1% to $1.04 billion from nearly $1.00 billion in the comparable period in 2025. Revenue increased 4.0% and 4.6% for Technology and FA, respectively, primarily driven by increases in consultants on assignment.
Previous wording
•Flex revenue for the six months ended June 30, 2026 increased 2.3% to $666.1 million from $651.0 million in the comparable period in 2025. Flex revenue increased 2.1% and 5.8% for Technology and FA, respectively.
Current wording
•Flex revenue for the nine months ended September 30, 2026 increased 4.1% to $1.02 billion from $0.98 billion in the comparable period in 2025. Flex revenue increased 4.0% and 5.4% for Technology and FA, respectively.
Previous wording
•Gross profit margin for the six months ended June 30, 2026 increased 100 basis points to 27.9% from 26.9% in the comparable period in 2025 primarily driven by an increase in Flex gross profit margins and a greater percentage of Direct Hire revenue.
Current wording
•Gross profit margin for the nine months ended September 30, 2026 increased 80 basis points to 28.0% from 27.2% in the comparable period in 2025 primarily driven by an increase in Flex gross profit margins and a greater percentage of Direct Hire revenue.
Previous wording
•Flex gross profit margin for the six months ended June 30, 2026 increased 100 basis points to 26.4% from 25.4% in the comparable period in 2025 primarily driven by improved bill and pay spreads.
Current wording
•Flex gross profit margin for the nine months ended September 30, 2026 increased 80 basis points to 26.5% from 25.7% in the comparable period in 2025 primarily driven by improved bill and pay spreads.
Previous wording
•SG&A expenses as a percentage of revenue for the six months ended June 30, 2026 increased to 23.0% from 22.5% in the comparable period in 2025 primarily driven by higher performance-based compensation costs due to improved financial performance.
Current wording
•SG&A expenses as a percentage of revenue for the nine months ended September 30, 2026 decreased slightly to 22.5% from 22.6% in the comparable period in 2025.
Previous wording
•Net income for the six months ended June 30, 2026 increased 8.9% to $20.2 million, or $1.19 diluted earnings per share, from $18.6 million, or $1.03 diluted earnings per share, for the six months ended June 30, 2025.
Current wording
•Net income for the nine months ended September 30, 2026 increased 20.3% to $35.7 million, or $2.08 diluted earnings per share, from $29.7 million, or $1.66 diluted earnings per share, for the nine months ended September 30, 2025.
Previous wording
•The Firm returned $28.2 million of capital to our shareholders in the form of open market repurchases totaling $14.7 million and quarterly dividends totaling $13.5 million during the six months ended June 30, 2026.
Current wording
•The Firm returned $34.9 million of capital to our shareholders in the form of open market repurchases totaling $14.7 million and quarterly dividends totaling $20.2 million during the nine months ended September 30, 2026.
Previous wording
•Cash used in operating activities was $6.7 million during the six months ended June 30, 2026, as compared to cash provided by operating activities of $18.6 million for the six months ended June 30, 2025. The change was primarily driven by an increase in trade receivables given the improvement in revenue trends.
Current wording
•Cash provided by operating activities was $2.8 million during the nine months ended September 30, 2026, as compared to cash provided by operating activities of $41.9 million for the nine months ended September 30, 2025. The change was primarily driven by an increase in trade receivables given the significant levels of revenue growth we are delivering.
Previous wording
Kforce is a leading domestic provider of technology and finance and accounting talent solutions to innovative and industry-leading companies. At June 30, 2026, Kforce employed over 1,600 associates and had more than 8,000 consultants on assignment. Kforce serves clients across a diverse set of industries and organizations of all sizes, but we place a particular focus on serving Fortune 500 and other leading companies.
Current wording
Kforce is a leading domestic provider of technology and finance and accounting talent solutions to innovative and industry-leading companies. At September 30, 2026, Kforce employed over 1,600 associates and had approximately 8,300 consultants on assignment. Kforce serves clients across a diverse set of industries and organizations of all sizes, but we place a particular focus on serving Fortune 500 and other leading companies.
Previous wording
We believe our results reflect disciplined execution and a meaningful shift in client behavior. We further believe that organizations are increasingly turning to flexible talent models to advance large backlogs of high-priority technology initiatives, particularly as AI accelerates transformation and CEOs remain measured in adding permanent headcount. Broader uncertainty, including geopolitical tensions and related volatility in global energy markets, has further reinforced the need for agility. We believe these dynamics highlight the value of flexible workforce solutions as clients adapt to near-term uncertainty while assessing the longer-term implications of emerging technologies on their businesses and talent strategies. We believe our go-to-market approach, shaped by our integrated strategy efforts, is gaining traction. Across Kforce, we see our people are operating more fully as One Kforce, bringing the full breadth of our capabilities to bear across our service offerings.
Current wording
We are operating in an environment where many companies remain hesitant to add full-time staff. Broader uncertainty, including geopolitical tensions, rising interest rates and related volatility in global energy markets, has further reinforced the need for agility. We believe these dynamics highlight the value of flexible workforce solutions as clients adapt to near-term uncertainty while assessing the longer-term implications of emerging technologies on their businesses and talent strategies. With our flexible technology talent solutions and consulting capabilities, we believe Kforce is well positioned to help clients modernize their operations, translate technology investments into business value, and build competitive advantage.
Previous wording
Based on data published by SIA, temporary employment figures and trends are important indicators of staffing demand from an economic standpoint. The national U.S. unemployment rate declined to 4.2% in June 2026 as compared to 4.4% in December 2025. In the latest U.S. staffing industry forecast published by SIA in March 2026, the technology temporary staffing industry is estimated to grow 1% in 2026.
Current wording
Based on data published by Staffing Industry Analysts (“SIA”), temporary employment figures and trends are important indicators of staffing demand from an economic standpoint. The national U.S. unemployment rate declined to 4.2% in September 2026 as compared to 4.4% in December 2025. In the latest U.S. staffing industry forecast published by SIA in September 2026, the technology temporary staffing industry is estimated to grow 2% in 2026 and 2% in 2027.
Previous wording
Operating Results - Three and Six Months Ended June 30, 2026 and 2025
Current wording
Operating Results - Three and Nine Months Ended September 30, 2026 and 2025
Previous wording
Flex revenue for our Technology business increased 4.0% and 2.1% during the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, primarily driven by an increase in consultants on assignment. In the third quarter, we expect Technology Flex revenue to increase in the low single digits sequentially and mid single digits year over year.
Current wording
Flex revenue for our Technology business increased 7.8% and 4.0% during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025, primarily driven by an increase in consultants on assignment. Our average Technology bill rate was approximately $91 for the three and nine months ended September 30, 2026, which increased 1% as compared to the same periods in 2025. In the fourth quarter, we expect Technology Flex revenue to increase in the low single digits sequentially and high single digits year over year.
Previous wording
Our FA business experienced an increase in Flex revenue of 6.0% and 5.8% during the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, primarily driven by an increase in consultants on assignment. In the third quarter, we expect FA Flex revenue to increase in the low single digits sequentially and year over year.
Current wording
Our FA business experienced an increase in Flex revenue of 4.6% and 5.4% during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025, primarily driven by an increase in consultants on assignment and bill rates. In the fourth quarter, we expect FA Flex revenue to remain flat sequentially and year over year.
Previous wording
Direct Hire revenue increased 27.0% and 2.1% during the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, which was primarily driven by an increase in placements. We expect Direct Hire to decrease in the third quarter due to seasonal impacts.
Current wording
Direct Hire revenue increased 5.0% and 3.0% during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025, which was primarily driven by an increase in placements.
Previous wording
Total gross profit percentage increased 140 and 100 basis points for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, primarily driven by an increase in Flex gross profit margins and a greater percentage of Direct Hire revenue.
Current wording
Total gross profit percentage increased 50 and 80 basis points for the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025, primarily driven by an increase in Technology Flex gross profit margins and a greater percentage of Direct Hire revenue.
Previous wording
Our Flex gross profit percentage increased 110 and 100 basis points for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025.
Current wording
Our Flex gross profit percentage increased 50 and 80 basis points for the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025.
Previous wording
•Technology Flex gross profit margins increased 120 and 100 basis points for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025, which was primarily driven by improved bill and pay spreads. In the third quarter, we expect Technology Flex gross profit margins to remain fairly stable sequentially but to increase year over year.
Current wording
•Technology Flex gross profit margins increased 60 and 80 basis points for the three and nine months ended September 30, 2026, respectively, as compared to the same periods in 2025, which was primarily driven by improved bill and pay spreads. In the fourth quarter, we expect Technology Flex gross profit margins to decline sequentially due to the typical seasonal impact of paid time off taken by our consultants, although the underlying bill and pay spreads are expected to be stable.
Previous wording
SG&A Expenses. Total compensation, commissions, payroll taxes and benefit costs as a percentage of SG&A represented 83.6% and 83.7% for the three and six months ended June 30, 2026, respectively, as compared to 84.6% and 84.5% for the comparable periods in 2025. Commissions and other bonus incentives are variable costs driven primarily by revenue and gross profit levels. Therefore, as those levels change, these expenses would also generally be anticipated to change.
Current wording
SG&A Expenses. Total compensation, commissions, payroll taxes and benefit costs as a percentage of SG&A represented 84.3% and 83.9% for the three and nine months ended September 30, 2026, respectively, as compared to 84.1% and 84.4% for the comparable periods in 2025. Commissions and other bonus incentives are variable costs driven primarily by revenue and gross profit levels. Therefore, as those levels change, these expenses would also generally be anticipated to change.
Previous wording
Other Expense, Net. Other expense, net was $1.0 million for the three months ended June 30, 2026 and 2025. Other expense, net was $1.6 million for the six months ended June 30, 2026 and 2025. Other expense, net primarily includes interest expense related to outstanding borrowings under our credit facility.
Current wording
Other Expense, Net. Other expense, net was $0.9 million and $0.8 million for the three months ended September 30, 2026 and 2025, respectively. Other expense, net was $2.5 million and $2.4 million for the nine months ended September 30, 2026 and 2025, respectively. Other expense, net primarily includes interest expense related to outstanding borrowings under our credit facility.
Previous wording
Income Tax Expense. Income tax expense as a percentage of income before income taxes (our “effective tax rate”) was 30.5% and 25.4% for the six months ended June 30, 2026 and 2025, respectively. The increase in our effective tax rate was primarily attributable to higher nondeductible compensation expense under Internal Revenue Code Section 162(m), the expiration of the Work Opportunity Tax Credits program in 2025, and lower research and development tax credits associated with our strategic priorities.
Current wording
Income Tax Expense. Income tax expense as a percentage of income before income taxes (our “effective tax rate”) was 29.7% and 24.3% for the nine months ended September 30, 2026 and 2025, respectively. The increase in our effective tax rate was primarily attributable to higher nondeductible compensation expense under Internal Revenue Code Section 162(m), the expiration of the Work Opportunity Tax Credits program in 2025, and lower research and development tax credits associated with our strategic priorities.
Previous wording
To meet our capital and liquidity requirements, we primarily rely on our operating cash flows, as well as borrowings under our Credit Facility (as defined below). At June 30, 2026 and December 31, 2025, we had $107.1 million and $66.4 million outstanding under our Credit Facility, respectively, and the borrowing availability was $91.8 million and $132.5 million, respectively, subject to certain covenants. At June 30, 2026, Kforce had $111.5 million in working capital compared to $88.5 million at December 31, 2025.
Current wording
To meet our capital and liquidity requirements, we primarily rely on our operating cash flows, as well as borrowings under our Credit Facility (as defined below). At September 30, 2026 and December 31, 2025, we had $107.9 million and $66.4 million outstanding under our Credit Facility, respectively, and the borrowing availability was $91.0 million and $132.5 million, respectively, subject to certain covenants. At September 30, 2026, Kforce had $121.6 million in working capital compared to $88.5 million at December 31, 2025.
Previous wording
Cash used in operating activities was $6.7 million during the six months ended June 30, 2026, as compared to cash provided by operating activities of $18.6 million during the six months ended June 30, 2025. Our largest source of operating cash flows is the collection of trade receivables, and our largest use of operating cash flows is the payment of our associate and consultant compensation. The year-over-year decrease was primarily driven by higher trade receivables given the improvement in revenue trends.
Current wording
Cash provided by operating activities was $2.8 million during the nine months ended September 30, 2026, as compared to cash provided by operating activities of $41.9 million during the nine months ended September 30, 2025. Our largest source of operating cash flows is the collection of trade receivables, and our largest use of operating cash flows is the payment of our associate and consultant compensation. The year-over-year decrease was primarily driven by higher trade receivables given the significant levels of revenue growth we are delivering.
Previous wording
Cash used in investing activities was $7.2 million during the six months ended June 30, 2026, and primarily consisted of cash used for capital expenditures. Cash used in investing activities during the six months ended June 30, 2025 was $7.6 million and primarily consisted of cash used for capital expenditures.
Current wording
Cash used in investing activities was $10.8 million during the nine months ended September 30, 2026, and primarily consisted of cash used for capital expenditures. Cash used in investing activities during the nine months ended September 30, 2025 was $11.1 million and primarily consisted of cash used for capital expenditures.
Previous wording
Cash provided by financing activities was $12.1 million during the six months ended June 30, 2026, as compared to $8.9 million of cash used in financing activities during the six months ended June 30, 2025. This change was primarily driven by decreases in repurchases of common stock and higher net proceeds on our Credit Facility.
Current wording
Cash provided by financing activities was $6.1 million during the nine months ended September 30, 2026, as compared to $29.9 million of cash used in financing activities during the nine months ended September 30, 2025. This change was primarily driven by decreases in repurchases of common stock and higher net proceeds on our Credit Facility.
Previous wording
During the six months ended June 30, 2026 and 2025, Kforce’s Board of Directors (the “Board”) declared and paid quarterly dividends of $13.5 million ($0.80 per share) and $14.0 million ($0.78 per share), respectively, which represents a 3% increase on a per share basis. While the Board has declared and paid quarterly dividends since the fourth quarter of 2014, and intends to in the foreseeable future, dividends will be subject to determination by our Board each quarter following its review of, among other things, the Firm’s current and expected financial performance as well as the ability to pay dividends under applicable law.
Current wording
During the nine months ended September 30, 2026 and 2025, Kforce’s Board of Directors (the “Board”) declared and paid quarterly dividends of $20.2 million ($1.20 per share) and $20.8 million ($1.17 per share), respectively, which represents a 3% increase on a per share basis. While the Board has declared and paid quarterly dividends since the fourth quarter of 2014, and intends to in the foreseeable future, dividends will be subject to determination by our Board each quarter following its review of, among other things, the Firm’s current and expected financial performance as well as the ability to pay dividends under applicable law.
Previous wording
We believe that existing cash and cash equivalents, operating cash flows and available borrowings under our Credit Facility will be adequate to meet the capital expenditure and working capital requirements of our operations for at least the next 12 months, and the foreseeable future, which we believe will provide us the flexibility to continue returning significant capital to our shareholders. However, a material deterioration in the macroeconomic environment or market conditions, among other things, could adversely affect operating results and liquidity, as well as the ability of our lenders to fund borrowings. Actual results could also differ materially from those indicated as a result of a number of factors, including the use of currently available resources for capital expenditures, investments, additional common stock repurchases or dividends.
Current wording
We believe that existing cash and cash equivalents, operating cash flows and available borrowings under our Credit Facility will be adequate to meet the capital expenditure and working capital requirements of our operations for at least the next 12 months, and the foreseeable future, which we believe will provide us the flexibility to continue returning significant capital to our shareholders. We believe that we have access to additional funds, if needed, through the capital markets to obtain further financing under the current market conditions. However, a material deterioration in the macroeconomic environment or market conditions, among other things, could adversely affect operating results and liquidity, as well as the ability of our lenders to fund borrowings. Actual results could also differ materially from those indicated as a result of a number of factors, including the use of currently available resources for capital expenditures, investments, additional common stock repurchases or dividends.
Previous wording
On November 5, 2025, the Firm entered into a senior secured credit facility with Bank of America, N.A., as administrative and collateral agent, BofA Securities, Inc. and PNC Capital Markets LLC as joint lead arrangers, BofA Securities, Inc. as bookrunner and the lenders referred to therein (the “Credit Facility”). Under the Credit Facility, the Firm has a maximum borrowing capacity of $200.0 million, which includes a $10.0 million sublimit for the issuance of standby and commercial letters and $10.0 million sublimit for swingline loans, and may, subject to certain conditions and the participation of the lenders, be increased up to an aggregate additional amount of $150.0 million. At June 30, 2026, $107.1 million was outstanding and $91.8 million was available on our Credit Facility, and at December 31, 2025, $66.4 million was outstanding. At June 30, 2026, we are in compliance with all of the covenants contained in the Credit Facility as described in our 2025 Annual Report on Form 10-K, and we currently expect that we will be able to maintain compliance with these covenants.
Current wording
On November 5, 2025, the Firm entered into a senior secured credit facility with Bank of America, N.A., as administrative and collateral agent, BofA Securities, Inc. and PNC Capital Markets LLC as joint lead arrangers, BofA Securities, Inc. as bookrunner and the lenders referred to therein (the “Credit Facility”). Under the Credit Facility, the Firm has a maximum borrowing capacity of $200.0 million, which includes a $10.0 million sublimit for the issuance of standby and commercial letters of credit and $10.0 million sublimit for swingline loans, and may, subject to certain conditions and the participation of the lenders, be increased up to an aggregate additional amount of $150.0 million. At September 30, 2026, $107.9 million was outstanding and $91.0 million was available on our Credit Facility, and at December 31, 2025, $66.4 million was outstanding. At September 30, 2026, we are in compliance with all of the covenants contained in the Credit Facility as described in our 2025 Annual Report on Form 10-K, and we currently expect that we will be able to maintain compliance with these covenants.
Previous wording
In October 2025, the Board approved an increase in our stock repurchase authorization, bringing the total authorization to $100.0 million. During the six months ended June 30, 2026, Kforce repurchased approximately 527 thousand shares of common stock on the open market at a total cost of approximately $14.7 million. In addition, $82.5 million remained available for further repurchases under the Board-authorized common stock repurchase program at June 30, 2026.
Current wording
In October 2025, the Board approved an increase in our stock repurchase authorization, bringing the total authorization to $100.0 million. During the nine months ended September 30, 2026, Kforce repurchased approximately 527 thousand shares of common stock on the open market at a total cost of approximately $14.7 million. In addition, $82.5 million remained available for further repurchases under the Board-authorized common stock repurchase program at September 30, 2026.