
Talk about no taxes on tips, less about Medicaid cuts: How GOP is trying to sell Trump's landmark law
Donald Trump's aides and allies are embarking on a concerted bid to sell the president's 'big, beautiful bill' to voters who are mostly unfamiliar with its specifics and skeptical of what little they have heard about the administration's central domestic accomplishment.
The yearlong mission — relying in part on dispatching top Trump officials across the country to highlight the bill's economic benefits — is seen as critical to preserving GOP control of Congress in next November's elections, according to interviews with more than half a dozen White House aides, allies and Republican lawmakers.
And for a White House that's cast Trump's agenda as a financial boon for Americans, the midterms represent a high-stakes referendum that could determine the course of his final years in office.
'It comes down to whether people feel like they're doing better and have more money in their pockets,' said one Trump political adviser. 'And if they don't think the economy's going well, then we've got a problem.'
Republicans will have several months to make headway with voters before the midterm season heats up, after lawmakers passed nearly the entirety of Trump's domestic agenda in a single multitrillion-dollar package just ahead of the White House's self-imposed July 4 deadline.
But the urgency behind an extended campaign for the bill underscores how little time the GOP had to explain what was actually in the package before passing it — and signals a recognition of the steep uphill battle the party now faces in selling it after the fact.
What Americans did learn about the bill amid the rushed process was largely negative, polling has shown. Perhaps most alarming for Trump and Republicans, party operatives said, is that many voters remain concerned that rather than juicing the economy as the president promised, a package that includes deep cuts to Medicaid and food assistance might end up leaving them worse off overall.
'I'm not sure anybody completely understands what's in it, including most of the people who voted for it,' said Whit Ayres, a Republican pollster. 'But there are a lot of provisions in it that will be challenging to sell to many of the Trump voters who live in small-town and rural areas, a great many of whom are on Medicaid.'
White House officials and their allies have coalesced behind a plan to bolster enthusiasm for the sprawling bill by focusing mainly on the narrow slice of policies that have proved most popular — such as provisions eliminating taxes on tips and on overtime pay, according to GOP lawmakers and campaign officials. Republican leadership has also encouraged lawmakers to tailor their messaging on Trump's agenda to their specific constituencies' priorities.
'Energy states are going to talk about the things that are going to really help us build our energy dominance; border states, probably more about border security,' said Sen. John Hoeven of North Dakota. 'You've got all those general concepts that are important, and then how you present it is going to be a function of what you work on as a member and what's really important in your state.'
That strategy is aimed primarily at reframing voters' view of what Republican lawmakers privately acknowledge is an unwieldy and vaguely named bill, while also allowing them to paper over more unpopular elements such as the hundreds of billions of projected cuts to health care spending needed to help pay for the array of tax breaks.
Democrats have seized on those Medicaid cuts, betting that the backlash will propel them back into power next year. Within GOP circles, strategists plotting out the next several months are operating under the theory that if they can simply contain the damage done to the party on health care issues, they'll be able to press advantages elsewhere.
'As long as we level the playing field on the Medicaid aspect, we can talk about tax cuts and border security all day,' said one Republican campaign official. 'It's something we think about every day: What is the narrative of this cycle?'
In eastern Pennsylvania on Wednesday, Vice President JD Vance offered an early look at how Trump officials will try to execute on the strategy in forthcoming trips to key districts, touting the bill's tax breaks and energy policies in a state where the coal and gas industry plays a major role. He made no mention of Medicaid and the broader health provisions expected to eliminate coverage for nearly 12 million people over a decade, instead urging attendees to talk up the bill's benefits in their own communities.
'Go and talk to your neighbors, go and talk to your friends about what this bill does for American citizens,' Vance said.
The White House is still finalizing which Cabinet officials to send where to promote the bill over the next several months. In a statement, White House spokeswoman Abigail Jackson called the bill 'an encapsulation of the campaign promises that the American people elected President Trump to enact.'
'The Trump administration plans to communicate the massive achievements in the One Big Beautiful Bill at every opportunity,' she said.
Still, there are lingering doubts across the GOP about how quickly the White House and Republican lawmakers can turn around public opinion — and whether enough voters will feel enough of the benefits in time to salvage their congressional majorities.
The bill's passage further widened an advantage Democrats hold over Republicans over which party's base is more energized to vote, CNN polling released last week shows.
The GOP has so far made little progress toward countering Democratic attacks over Medicaid cuts as well, even as Republicans point to data showing the specific policies in the bill imposing work requirements and restricting eligibility have majority support.
And while Republicans believe they will eventually find their footing, much of their fate may depend on whether Trump and his GOP allies can stay focused on promoting the bill for more than a year. In the weeks since July 4, Trump's heightened attacks on the Federal Reserve chair and his administration's botched handling of promised Jeffrey Epstein disclosures have created days of news cycles that distracted from the administration's core agenda.
'The sales job is important, and when the administration then gets in its own way with things that are going to garner a lot of media attention — let's say, Jeffrey Epstein, for instance — that impacts that,' said Doug Heye, a longtime Republican strategist.
The White House in the coming weeks is likely to face another decision point that could alter Republicans' trajectory ahead of the midterms: Whether to push Congress to pass new legislation enacting even more spending cuts, and potentially even pursue a second major policy bill at some point next year.
The prospect has animated budget hawks in the White House and on Capitol Hill eager to further shrink federal spending. But others are wary of the political fallout of slashing more from popular programs after congressional Republicans just passed a $9 billion cuts package taking aim at PBS and NPR.
And with little GOP consensus on what policies the party should pursue next, some Republicans say focusing on how to sell their one 'big, beautiful bill' is challenge enough for the coming year.
'Given the fact this bill is enormous,' Ayres said, 'I don't know that you really need much of anything else to try to explain.'
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Veralto Reports Second Quarter 2025 Results
WALTHAM, Mass., July 28, 2025 /PRNewswire/ -- Veralto (NYSE: VLTO) (the "Company"), a global leader in essential water and product quality solutions dedicated to Safeguarding the World's Most Vital Resources™ announced results for the second quarter ended July 4, 2025. Key Second Quarter 2025 Results Sales increased 6.4% year-over-year to $1,371 million, with non-GAAP core sales growth of 4.8% Operating profit margin was 22.8% and non-GAAP adjusted operating profit margin was 23.7% Net earnings were $222 million, or $0.89 per diluted common share Non-GAAP, adjusted net earnings were $232 million, or $0.93 per diluted common share Operating cash flow was $339 million and non-GAAP free cash flow was $323 million "We delivered a strong second quarter led by outstanding commercial execution and steady, broad-based customer demand. Our rigorous application of the Veralto Enterprise System continued to support global growth and operating discipline, while also helping mitigate impacts from changes in global trade policies," said Jennifer L. Honeycutt, President and Chief Executive Officer. "Through the first half, we grew core sales mid-single-digits, expanded adjusted operating profit margins and delivered double-digit adjusted earnings per share growth. These results are a testament to the focused efforts of our global team, our durable business model and secular growth drivers across our end markets," "Based on our first half performance, stable demand across our end markets and our current assessment of macro-economic conditions, we raised our full year core sales growth and adjusted earnings per share guidance. Veralto's financial position remains strong, and we continue to be prudent in evaluating capital allocation opportunities to fuel long-term shareholder value," concluded Honeycutt. 2025 Guidance The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP sales, such as currency translation, acquisitions, and divestitures. The guidance below includes the Company's current assessment of the macro-economic environment, including tariffs and the Company's actions to mitigate adverse financial impacts. For the third quarter of 2025, Veralto anticipates that non-GAAP core sales will grow mid-single-digits year-over-year with adjusted diluted earnings per share in the range of $0.91 to $0.95 per share. For the full year 2025, the Company raised its adjusted earnings per share guidance range to $3.72 to $3.80 per share, up from its prior guidance range of $3.60 to $3.70 per share. The Company also increased its full year core sales growth assumption to mid-single-digits, up from its prior assumption of low-to-mid-single-digits. The Company maintained its expectation for full year adjusted operating profit margin expansion in the range of flat to +50 basis points year-over-year and for its free cash flow conversion in the range of 90% to 100%. Conference Call and Webcast Information Veralto will discuss its second quarter results and financial guidance for 2025 during its quarterly investor conference call tomorrow starting at 8:30 a.m. (ET). Access to the call, webcast and an accompanying slide presentation will be available on the "Investors" section of Veralto's website, under the subheading "News & Events" and additional materials will be posted to the same section of Veralto's website. A replay of the webcast will be available in the same section of Veralto's website shortly after the conclusion of the call and will remain available until the next quarterly earnings call. The conference call can be accessed by dialing +1 (800) 343-4136 (U.S.) or +1 (203) 518-9843 (INTL) (Conference ID: VLTO2Q25). A replay of the conference call will be available shortly after the conclusion of the call and until August 7, 2025. You can access the replay dial-in information on the "Investors" section of Veralto's website under the subheading "News & Events." ABOUT VERALTO With annual sales of over $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands help billions of people around the world access clean water, safe food and trusted essential goods. Headquartered in Waltham, Massachusetts, our global team of nearly 17,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World's Most Vital Resources™. NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached. In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Veralto's website ( under the subheading "Quarterly Earnings." FORWARD-LOOKING STATEMENTS Certain statements in this release, including statements regarding the Company's third quarter and full year 2025 financial performance and guidance, the Company's differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, asset values, pricing, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto's liquidity position or other projected financial measures; Veralto's management's plans and strategies for future operations, including statements relating to anticipated operating performance, customer demand, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs, initial public offerings, other securities offerings or other distributions, strategic opportunities, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets Veralto sells into, including the impact of changes to global trade policies, restrictions on imports, related countermeasures and reciprocal tariffs; future new or modified laws, regulations, accounting pronouncements or public policy changes; regulatory approvals and the timing and conditionality thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; results of operations and/or financial condition; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. VERALTO CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS ($ and shares in millions, except per share amounts) (unaudited) Three-Month Period EndedSix-Month Period EndedJuly 4, 2025June 28, 2024July 4, 2025June 28, 2024 Sales $ 1,371$ 1,288$ 2,703$ 2,534 Cost of sales (549)(514)(1,076)(1,013) Gross profit 8227741,6271,521 Operating costs:Selling, general and administrative expenses (442)(414)(861)(808) Research and development expenses (67)(61)(131)(121) Operating profit 313299635592 Nonoperating income (expense):Other income (expense), net —1(6)(14) Interest expense, net (28)(30)(55)(58) Earnings before income taxes 285270574520 Income taxes (63)(67)(127)(133) Net earnings $ 222$ 203$ 447$ 387 Net earnings per common share:Basic $ 0.89$ 0.82$ 1.80$ 1.57 Diluted $ 0.89$ 0.81$ 1.79$ 1.55 Average common stock and common equivalent shares outstanding:Basic 248.2247.2248.0247.1 Diluted 249.9249.3250.0249.1This information is presented for reference only. VERALTO CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Reconciliation of GAAP to Non-GAAP Financial Measures ($ in millions) Three-Month Period Ended July 4, 2025SalesOperatingprofitOperatingprofit marginNet earnings forcalculation ofdiluted netearnings percommon shareDiluted netearnings percommonshare Reported (GAAP) $ 1,371$ 31322.8 %$ 222$ 0.89 Amortization of acquisition-related intangible assets A —90.790.04 Other items B —30.230.01 Tax effect of the above adjustments C ———(2)(0.01) Adjusted (Non-GAAP) $ 1,371$ 32523.7 %$ 232$ 0.93 Three-Month Period Ended June 28, 2024SalesOperatingprofitOperatingprofit marginNet earnings forcalculation ofdiluted netearnings percommon shareDiluted netearnings percommon share Reported (GAAP) $ 1,288$ 29923.2 %$ 203$ 0.81 Amortization of acquisition-related intangible assets A —100.8100.04 Tax effect of the above adjustments C ———(3)(0.01) Discrete tax adjustments D ———30.01 Adjusted (Non-GAAP) $ 1,288$ 30924.0 %$ 213$ 0.85 VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURESNotes to Reconciliation of GAAP to Non-GAAP Financial Measures($ in millions) A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above):Three-Month Period EndedJuly 4, 2025June 28, 2024 Pretax $ 9$ 10 After-tax 77 B Costs incurred in the three-month period ended July 4, 2025 related to certain strategic initiatives ($3 million pretax and after-tax as reported in this line item). C This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Veralto estimates the tax effect of each adjustment item by applying Veralto's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. D Discrete tax matters relate to changes in estimates associated with prior period uncertain tax positions, audit settlements and excess tax benefits from stock-based compensation. VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURESSales Growth by Segment, Core Sales Growth by Segment % Change Three-Month Period Ended July 4, 2025 2024 PeriodSegmentsTotal CompanyWater QualityProduct Qualityand Innovation Total sales growth (GAAP) 6.4 %6.2 %6.8 % Impact of:Acquisitions/divestitures (0.1) %(0.1) %— % Currency exchange rates (1.5) %(1.1) %(2.2) % Core sales growth (non-GAAP) 4.8 %5.0 %4.6 % VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES Forecasted Core Sales Growth, Adjusted Operating Profit Margin, Adjusted Diluted Net Earnings per Share and Free Cash Flow to Net Earnings Conversion Ratio The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. Additionally, we do not reconcile adjusted operating profit margin (or components thereof), adjusted diluted earnings per share or free cash flow to net earnings conversion ratio to the comparable GAAP measures because of the difficulty in estimating the other unknown components such as investment gains and losses, impairments and separation costs, which would be reflected in any forecasted GAAP operating profit, forecasted diluted earnings per share or forecasted net earnings ratio.% Change Three-MonthPeriod Ending October 3,2025 vs. Comparable 2024Period Core sales growth (non-GAAP) +Mid-single-digitsThree-Month Period EndingOctober 3, 2025 Adjusted Diluted Net Earnings per Share (non-GAAP) $0.91 to $0.95% Change Year EndingDecember 31, 2025 2024 Period Core sales growth (non-GAAP) +Mid-single-digitsYear Ending December 31, 2025 Adjusted Operating Profit Margin (non-GAAP) flat to +50 basis points Adjusted Diluted Net Earnings per Share (non-GAAP) $3.72 to $3.80 Free cash flow to net earnings conversion ratio (non-GAAP) 90% to 100% VERALTO CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURESCash Flow and Free Cash Flow($ in millions) Three-Month Period EndedJuly 4, 2025June 28, 2024Year-over-YearChange Total Cash Flows:Net cash provided by operating activities (GAAP) $ 339$ 251 Total cash used in investing activities (GAAP) $ (40)$ (11) Total cash used in financing activities (GAAP) $ (15)$ (13) Free Cash Flow:Total cash provided by operating activities (GAAP) $ 339$ 251 ~ 35.0 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (16)(11) Free cash flow (non-GAAP) $ 323$ 240 ~ 34.5 %We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment ("capital expenditures") plus the proceeds from sales of plant, property and equipment ("capital disposals"). Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Veralto Corporation's ("Veralto" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors: with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers; with respect to core sales and related sales measures, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and with respect to free cash flow and related cash flow measures (the "FCF Measure"), understand Veralto's ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company's non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Management uses these non-GAAP measures to measure the Company's operating and financial performance. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Veralto Enterprise System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Veralto's ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Veralto's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to "restructuring charges" and "other adjustments", we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. View original content to download multimedia: SOURCE Veralto

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Simpson Manufacturing: Q2 Earnings Snapshot
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Central Garden & Pet to Announce Q3 Fiscal 2025 Financial Results
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