Stock-Based Compensation (Notes)

3 Months Ended

Oct. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stock-Based Compensation

Incentive Stock Plans

The Company has an incentive stock plan under which the Board of Directors may grant nonqualified stock options to purchase shares of Class A Nonvoting Common Stock, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), or restricted and unrestricted shares of Class A Nonvoting Common Stock to employees and non-employee directors. Certain awards may be subject to pre-established performance goals. The majority of the Company’s annual share-based awards are granted in the first quarter of the fiscal year.

Total stock-based compensation expense recognized during the three months ended October 31, 2025 and 2024 was $6,746 and $5,813, respectively. The total income tax benefit recognized in the condensed consolidated statements of income was $1,411 and $632 during the three months ended October 31, 2025 and 2024, respectively.

Stock Options

The stock options issued under the plan have an exercise price equal to the market price of the Company’s stock at the date of the grant and generally vest ratably over three years, with one-third becoming exercisable one year after the grant date and one-third additional in each of the succeeding two years. Options issued under the plan, referred to herein as “time-based” options, generally expire ten years from the date of grant. The Company did not issue stock options in its annual grant of share-based awards to employees in the current fiscal year.

The following is a summary of stock option activity for the three months ended October 31, 2025:

Time-Based Options	Options Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at July 31, 2025	1,052,314	$	45.17
Granted	—	—
Exercised	(122,610)	41.22
Forfeited	(712)	54.80
Outstanding at October 31, 2025	928,992	$	45.68	4.6	$	28,192
Exercisable at October 31, 2025	915,638	$	45.56	4.6	$	27,895

The following table summarizes additional stock option information:

	Three months ended October 31,
	2025		2024
Intrinsic value of options exercised during the period (in thousands)	$	4,676	$	4,622
Fair value of options vested during the period (in thousands)	492		1,249
Cash received from the exercise of stock options during the period (in thousands)	5,001		5,855
Tax benefit on options exercised during the period (in thousands)	1,067		1,112

As of October 31, 2025, total unrecognized compensation cost related to stock options was $152 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 0.9 years.

RSUs

RSUs issued under the plan have a grant date fair value equal to the market price of the Company’s stock at the date of grant and generally vest ratably over three years, with one-third vesting one year after the grant date and an additional one-third in each of the succeeding two years.

The following is a summary of RSU activity for the three months ended October 31, 2025:

	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested RSUs as of July 31, 2025	162,667	$	65.19
Granted	97,750	78.19
Vested	(67,719)	61.32
Forfeited	(1,587)	68.21
Non-vested RSUs as of October 31, 2025	191,111	$	73.19

The RSUs granted during the three months ended October 31, 2024 had a weighted-average grant date fair value of $74.63. The total fair value of RSUs vested during the three months ended October 31, 2025 and 2024 was $5,305 and $4,201, respectively.

As of October 31, 2025, total unrecognized compensation cost related to RSUs was $7,524 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.3 years.

PRSUs

PRSUs are contingent on the achievement of predetermined market and performance targets. The PRSUs granted under the plan vest at the end of a three-year performance period provided the service period and specified performance targets are met. PRSUs granted during the three months ended October 31, 2025, 2024 and 2023 will vest based on achievement of performance conditions relating to Company revenue and diluted EPS targets.

The PRSUs granted during the three months ended October 31, 2025 had a fair value determined by the average of the high and low stock price on the date of the grant.

The following is a summary of PRSU activity for the three months ended October 31, 2025:

	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested PRSUs as of July 31, 2025	152,266	$	59.92
Granted	73,123	70.14
Vested	(25,074)	60.79
Forfeited	(11,105)	48.62
Non-vested PRSUs as of October 31, 2025	189,210	$	64.19

The PRSUs granted during the three months ended October 31, 2024 had a weighted-average grant date fair value of $71.24. The total fair value of PRSUs vested during the three months ended October 31, 2025 and 2024 was $1,934 and $595, respectively.

As of October 31, 2025, total unrecognized compensation cost related to PRSUs was $8,855 pre-tax, net of estimated forfeitures, which the Company expects to recognize over a weighted-average period of 2.1 years.