The dilutive effect of performance-based restricted stock units is included when they have met minimum performance thresholds. The dilutive effect of stock appreciation rights (“SARs”) includes all outstanding awards except awards that are considered antidilutive. SARs are antidilutive when the exercise price exceeds the average market price of the Company’s common shares during the periods presented. For the three months ended August 31, 2026 and 2025, approximately 860,000 and 400,000 shares of stock, respectively, granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2026	Aug. 31, 2025
Cash Flows from Operating Activities:
Net Income	$ 256,626	$ 227,840
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53,075	51,464
Fair value adjustments to contingent earnout obligations	(4,945)	0
Deferred income taxes	(3,817)	1,304
Stock-based compensation expense	9,601	5,475
Net (gain) on marketable securities	(2,032)	(8,673)
Net (gain) on sales of assets	(10,505)	0
Other	244	(324)
Changes in assets and liabilities, net of effect from purchases and sales of businesses:
Decrease in receivables	142,204	49,331
(Increase) in inventory	(81,609)	(16,005)
(Increase) in prepaid expenses and other current and long-term assets	(9,868)	(18,051)
Increase in accounts payable	57,344	7,810
(Decrease) in accrued compensation and benefits	(121,260)	(99,296)
(Decrease) in accrued losses	(2,320)	(6,098)
(Decrease) increase in other accrued liabilities	(18,802)	42,733
Cash Provided by Operating Activities	263,936	237,510
Cash Flows from Investing Activities:
Capital expenditures	(58,505)	(62,461)
Acquisition of businesses, net of cash acquired	0	(115,695)
Purchase of marketable securities	(10,243)	(6,283)
Proceeds from sales of marketable securities	1,526	1,525
Proceeds from sales of assets	27,634	0
Other	(238)	523
Cash (Used for) Investing Activities	(39,826)	(182,391)
Cash Flows from Financing Activities:
Additions to long-term and short-term debt	148,886	35,000
Reductions of long-term and short-term debt	(276,448)	(14,972)
Cash dividends	(68,069)	(64,521)
Repurchases of common stock	(22,386)	(17,500)
Shares of common stock returned for taxes	(8,987)	(1,921)
Other	(278)	(221)
Cash (Used for) Financing Activities	(227,282)	(64,135)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	826	3,954
Net Change in Cash and Cash Equivalents	(2,346)	(5,062)
Cash and Cash Equivalents at Beginning of Period	315,188	302,137
Cash and Cash Equivalents at End of Period	312,842	297,075
Cash paid during the period for:
Interest	26,529	28,640
Income taxes, net of refunds	63,677	38,080
Supplemental Disclosures of Noncash Investing Activities:
Capital expenditures accrued within accounts payable at quarter-end	$ 12,287	$ 17,265

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2026	May 31, 2026
Current Assets
Cash and cash equivalents	$ 312,842	$ 315,188
Trade accounts receivable (less allowances of $38,236 and $39,179, respectively)	1,517,963	1,661,538
Inventories	1,140,432	1,058,911
Prepaid expenses and other current assets	405,141	423,198
Total current assets	3,376,378	3,458,835
Property, Plant and Equipment, at Cost	2,952,267	2,919,058
Allowance for depreciation	(1,399,118)	(1,362,540)
Property, plant and equipment, net	1,553,149	1,556,518
Other Assets
Goodwill	1,686,520	1,688,164
Other intangible assets, net of amortization	813,600	824,638
Operating lease right-of-use assets	389,937	396,936
Deferred income taxes	113,035	116,474
Other	298,019	303,040
Total other assets	3,301,111	3,329,252
Total Assets	8,230,638	8,344,605
Current Liabilities
Accounts payable	889,731	853,524
Current portion of long-term debt	407,497	407,834
Accrued compensation and benefits	185,200	307,299
Accrued losses	49,019	51,258
Other accrued liabilities	391,253	441,148
Total current liabilities	1,922,700	2,061,063
Long-Term Liabilities
Long-term debt, less current maturities	1,999,028	2,125,690
Operating lease liabilities	334,729	341,283
Other long-term liabilities	256,569	258,641
Deferred income taxes	237,280	244,823
Total long-term liabilities	2,827,606	2,970,437
Contingencies and Accrued Losses (Note 13)
Stockholders' Equity
Preferred stock, par value $0.01; authorized 50,000 shares; none issued
Common stock, par value $0.01; authorized 300,000 shares; issued 146,910 and outstanding 127,554 as of August 31, 2026; issued 146,578 and outstanding 127,643 as of May 31, 2026	1,276	1,276
Paid-in capital	1,220,252	1,210,651
Treasury stock, at cost	(1,067,754)	(1,036,645)
Accumulated other comprehensive (loss)	(446,690)	(447,200)
Retained earnings	3,771,739	3,583,451
Total RPM International Inc. stockholders' equity	3,478,823	3,311,533
Noncontrolling Interest	1,509	1,572
Total equity	3,480,332	3,313,105
Total Liabilities and Stockholders' Equity	$ 8,230,638	$ 8,344,605