Megan Alexander

the op margin, you're now expecting at the high end of the guide. Could you maybe just talk about what's driving that?

as we think about the fourth quarter, maybe you can just help us with some of the building blocks as we think about top line and should shipments generally match consumption

Would you expect that two-year reported trend in R and F to accelerate versus the first half?

what are kind of the key swing factors or uncertainties that remain that justified keeping the EPS range wider now that we are halfway through the year rather than narrowing it?

can you just help us unpack the underlying expectation as it relates to consumptions in the context of, you know, flattish shipments

could things get worse before they get better on the salty side

give us some context on where you're hedged today for fiscal '27

should we still be thinking about Snacks declining in the fourth quarter?

if Q3 operating EBIT growth performance looks similar to Q2, obviously an improvement expected in the fourth quarter

Are there some incremental actions that you're taking that might mean that's not the case anymore

I wanted to ask about the higher cost of volume that you called out in the prepared remarks

I was just curious if you could give us an update on how the category growth within the quarter trended?

could you just clarify how category performance has evolved thus far year-to-date relative to your initial expectations?

could you just put a finer point on what we should expect for the second quarter

can you just help us understand whether the guidance iteration at this point is just consistent with your typical approach

can you just kind of take a step back and unpack some of the assumptions that are underlying your Magic guide for the year?

can you just talk a little bit about what's driving the momentum in this expanded partnership slate

It does seem like versus the third quarter, both segments are contributing. So can you just walk through some of the puts and takes by segment as we think about 3Q versus 4Q profitability?

how are you thinking about capital allocation priorities as we head into '26 with the balance sheet now at your leverage target?

Can we just take the high end of your updated outlook for this year. You could achieve most of that this year alone.

I think $44 million is the highest contribution you've ever recognized in a quarter game to date. So can you just talk a little bit about what you're seeing there?

Is there any way to kind of parse out what is being raised for one queue versus the rest of the year

Excluding that 4-point headwind from NERF and Transformers, you're implying the rest of the portfolios kind of flat to up 4%, which is pretty strong.

Is that 50 to 100 bps per year cumulative, i.e., 150 to 300 over three years? Or is it that the goal to grow 50 to 100 basis points per year kind of regardless of the starting point?

you're expecting an inventory reduction of more than 30% in the first quarter for touring as you did in 2024

has anything changed in April so far? Or are you still embedding that same level of conservatism on elasticity

the backdrop has gotten more challenging. You talked in your remarks, there's elevated geopolitical uncertainty

how do you think about kind of the need or desire for incremental reinvestment, you know, beyond what you're doing in '26

how should we think about cocoa within the framework? Were you able to kind of capture any benefit from what we've seen over the last month

would you say that anything has changed that would affect that view? Cocoa has obviously come down

could you just maybe give us what you're expecting for the fourth quarter explicitly

you could just expand on what you've seen in that nonseasonal portfolio in the second quarter and what's driving the acceleration

is it fair to say at this point, you do expect you could deliver on-algo growth versus the updated '25 guide in 2026

if we put tariffs aside, you would feel -- you would have felt better about the ability to grow EPS next year

Can you talk about whether anything you have seen so far has changed how you are thinking about concentrating some of those investments

anything else in the quarter in terms of upside versus your expectations to call out

maybe you can just update us on how you're thinking about timing of getting back to just maybe stabilization first and foremost, in North America retail

would you be able to just update us on what base input cost inflation is versus tariffs, if that's changed at all

what's your kind of assessment of cocoa as we sit here today?

what you're seeing in the competitive environment today? Clearly, it's been a big focus.

should we think about the net price cost relationship embedded in the guide as roughly neutral to the year

you talked about in the prepared remarks the new multiyear North America supply chain program

the guide does imply a step-up in the fourth quarter from an organic sales perspective. It sounds like that's mostly driven by Europe

How are you thinking about whether or not you might have to do a little bit more pricing, some more RGM

There was a comment in the prepared remarks just about some of these headwinds reducing your flexibility

you mentioned in your prepared remarks, the profit dollar generation in the quarter was a bit better than you expected

you have made a lot of progress over the last couple of quarters on your share. But at the same time, you're a category leader

can you maybe just unpack a bit more about where those investments are focused specifically?

you mentioned that the outlook does not assume any impact from tariff refunds at this point.

I think it's now you're expecting flat to slightly down versus flat prior. Can you just unpack a little bit more what changed there

how are you feeling about outside of coffee, kind of the rest of the U.S. Retail portfolio contributing to or getting back to algo OSG

Can you talk a little bit about how you're thinking about the pacing of coffee margins in 3Q and 4Q

I wanted to ask about the increased free cash flow outlook. It seems like there's a onetime benefit coming through this year

which segments we should expect to see kind of sequential improvement how we think about that in terms of the reported sales