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When IR references the academic year, which always span two calendar years, we reference the FIRST calendar year. For example, when we are reporting on the 2025-26 academic year, you will see "2025".
It's important to note that fiscal years are referenced differently than academic years. When the fiscal year is referenced, which also spans two calendar years, we reference the SECOND calendar year. For example, when we are reporting on the 2025-26 fiscal year, you will see "2026".
Typically, if a report includes both academic years and fiscal years, the longer label is used, such as "2025-26" for clarity.