We model 9% year over year sales growth in 3Q:F26 to $247.4 million, compared to the consensus of $253 million. We expect Water Treatment to continue to drive growth, with overall results normalizing sequentially following a strong 2Q:F26. We model gross profit of $56.5 million in 3Q:F26, up 17% year over year, implying a 23% gross margin. We model a richer mix of higher-margin Water Treatment sales driving margin expansion, consistent with trends discussed in our prior notes. We model diluted EPS of $0.87 in 3Q:F26, up 20% year over year, compared to the consensus of $0.74. While acquisition related costs, including amortization and earn-out accretion, continue to weigh on reported earnings in F2026, our EPS estimate exceeds the consensus expectation. We continue to model adjusted free cash flow (FCF) of $76.1 million in F2026, reflecting strong underlying cash generation that supports ongoing investment in the Water Treatment platform. We expect Hawkins to maintain a strong balance sheet and financial position in 3Q:F26, with conservative leverage and ample liquidity providing flexibility to fund tuck-in acquisitions, manage acquisition related costs, and support its dividend. We maintain our $184 price target on HWKN shares, based on an intact 36x multiple to our 2027 EPS estimate of $5.10. We justify this higher multiple relative to the company's five-year average of 20x based on Hawkins' strategy to continue investing in its higher-margin Water Treatment segment, which now represents approximately 54% of total company sales. Our moderate risk rating reflects Hawkins' critical products and services, historical and projected earnings expansion, solid balance sheet, and track record of dividends.